News
Lerner to Start Construction on Windmill Parc Luxury Apartment Community in Dulles Town Center
Lerner Enterprises, one of Washington, D.C.’s largest private real estate developers, has announced last week it started construction on the Windmill Parc at Dulles Town Center. This new luxury apartment home community will open in phases, with the first residents moving in next year.
Car Condos to Replace Former GM Property in Pontiac
A large piece of vacant land on Woodward Avenue in Pontiac that once used to serve as a validation facility for auto giant General Motors Co. will be reinvented as the ultimate destination for car enthusiasts. A joint venture between Birmingham-native and entrepreneur Brad Oleshansky and Revitalizing Auto Communities Environmental Response (RACER) broke ground this week on the first phase of M1 Concourse—a $40 million to $60 million investment that will transform the 80-acre site into an automotive event complex and recreational test track.
A Green District Emerging in Allston
After getting the green light from the Boston Redevelopment Authority (BRA), The Mount Vernon Company is preparing to break ground on a $17 million residential complex at 75 Brainerd Road in Allston. Called The Icon, the project is part of the Green District, which will be the largest privately funded, multifamily community in this Boston neighborhood.
Schorsch Strikes Again with Second GE Net Lease Deal for $1.5B
American Realty Capital Trust IV announced agreeing to buy from GE a 986-property retail portfolio for $1.45 billion.
Natixis Provides $128M for Chetrit M-F Redevelopment Project in NYC
Natixis Real Estate Capital has come through for Chetrit Group once again. The direct lender recently provided Chetrit–along with partners Clipper Equity and Robert Wolf of Read Property Group–with a $128 million loan for the purchase and predevelopment of the former Cabrini Medical Center complex on E. 19th St., in Manhattan.
UEA to Break Ground on Britain’s Most Sustainable Commercial Facility
The University of East Anglia in Norwich is about to break ground on the Norwich Research Park Enterprise Centre, an academic and office facility that promises to become the greenest commercial building in the United Kingdom.
ARCP Shows Hearty Appetite with $807M Deal for Restaurant-Heavy Portfolio
Barely days after announcing its intended $2.2 billion acquisition of CapLease Inc., American Realty Capital Properties, has jumped ahead of its own forecasts by agreeing to purchase from GE Capital an $807 million portfolio of 471 net-lease properties.
ClubCorp Buys Oak Tree Country Club in Edmond
One of Oklahoma’s premier private country clubs, Oak Tree Country Club, has been acquired by ClubCorp. Situated just 15 miles north of Oklahoma City in Edmond, Oak Tree is the only private country club in the metro area to feature 36 holes of golf.
Ryan Cos., Sunbelt Holdings Team for $600M Tempe Project; DMB Opens Mesa Master-Planned Community
Ryan Companies US, Inc., and Sunbelt Holdings have joined forces for what would be the biggest office development deal in Arizona history. The team is eyeing a $600 million transit-oriented project adjacent to Tempe Town Lake in Tempe.
Blackstone Buys Four-Property Hilton Portfolio
The private equity giant’s real estate affiliate has acquired a 751-room, four-property Hilton Select Service portfolio from Sage Hospitality and Apollo Global Management.