News
Pittsburgh Public Schools Plan Sale of Closed Facilities
Pittsburgh Public Schools is considering the sale of 19 of its 20 closed buildings across the city. Only the Knoxville property at 324 Charles Street will be kept for use as a warehouse. According to the Pittsburgh Post-Gazette, the School District has selected Fourth River Development to market its portfolio.
Combined, the 20 properties have a debt of $9.15 million, as well as an annual operating cost of $681,850. The buildings with the greatest amount of debt are Northview in Northview Heights with $1.96 million; Fort Pitt in Garfield with $1.86 million; and Belmar in Homewood with $1.34 million.
Ashford Secures 30-Year Lease for Existing Convention Center
Self-administrated real estate investment trust Ashford Hospitality Trust, Inc. has announced entering, along with its joint venture partner, a series of agreements with the City of Nashville and Davidson County regarding its ownership of the Renaissance Nashville Hotel and the existing Nashville Convention Center.
New Wood Partners Transit-Oriented Community Breaks Ground in San Mateo
The Peninsula is set to see even more apartments hit the market in the future as developer Wood Partners recently broke ground on a new community in San Mateo. The company is reportedly investing a total of $43.7 million in its new apartment project, one that will be focused on improving the current transit-oriented residential stock for the area between San Jose and San Francisco. With the number of jobs in the tech sector being in constant growth, demand for housing in the San Francisco Bay area is also rising, and Wood Partners is looking to seize the opportunity.
$260M M-U Runway Project Underway in L.A.’s Playa Vista
Construction has gotten off the ground on Runway, the $260 million mixed-use center that will sit on the former runway of billionaire Howard Hughes’ aerospace complex in the L.A. community of Playa Vista.
McWhinney Announces Fifth Multifamily Project in Colorado
By Gabriel Circiog, Associate Editor McWhinney, a Colorado-based developer, has announced plans to start construction this month on a new multifamily project just north of Denver in Westminster, Colo. Dubbed as Arbour Commons, the development is the company’s fifth multifamily project. An official groundbreaking ceremony is scheduled for May. Located off Interstate 25 and 144th […]
Global Law Firm Renews Lease at Former Sears Tower
Dentons, the world’s seventh-largest law firm, has extended its lease in Chicago Willis Tower for 15 years. The global law firm is relocating within the building and taking as much as 144,000 square feet.
KBS REIT II and Hines Announce LEED Platinum Certification of 300 North LaSalle Office Tower
KBS REIT II along with Hines recently announced that 300 North LaSalle in Chicago has been awarded Platinum certification under the U.S. Green Building Council’s LEED for Existing Buildings category. The tower had previously received Gold certification under the LEED for Core & Shell Rating System.
Economy Watch: Housing Starts, Industrial Production Rise; Inflation Low
Housing starts were up in March by 7 percent compared to last month. The Consumer Price Index for All Urban Consumers decreased 0.2 percent in March. And industrial production rose 0.4 percent in March after an increase of 1.1 percent in February.
SCRA Will Have Presence at 4,500-Acre Master Planned Community
SCRA is moving. The applied research corporation has announced entering a deal to buy 10 acres at Nexton, the 4,500-acres master planned community that broke ground earlier this year
CPE Exclusive: Marty Lanigan Talks About His Move to Greystone
Marty Lanigan, a veteran commercial real estate finance expert, chats with CPE about joining Greystone, a leading multi-family and healthcare mortgage lender, as executive vice president.