News
The District, Woodvale Apartments Change Hands as D.C.’s Apartment Market Heats Up
Apartments in the Washington, D.C. metro area are selling fast and for a lot of money. Just this past month, investors paid close to one billion dollars for properties totaling around 3,500 units.
After 100 Years, Sunbeam Family Services Mounts $12M Campaign for New HQ on North Classen
Sunbeam Family Services, in an effort to raise funds for their relocation, has recently launched their “New Home, Forever Family” capital campaign.
Hendricks Breaks Ground on $30M Redevelopment of Retail Strip in Indianapolis
Developed by Hendricks Commercial Properties of Wisconsin, the five-story mixed-use project will replace the vacant Woodfield Centre retail strip at the southwest corner of Keystone Avenue and East 86th Street with 120 high-end apartments and 36,000 square feet of ground-level retail space. According to the Indianapolis Business Journal, a 10,000 square feet restaurant could soon become the property’s anchor tenant. The developer expects to have a commitment by June, the newspaper reports.
Plans also call for 350 surface parking spaces for shoppers and a 150-space underground garage for residents. Construction is expected to be complete by next summer.
Hayden to Convert Top Floors of Millennium Center to Apartments
Downtown St. Louis’ first glass-walled office tower, the Millennium Center, has been acquired by developer Brian Hayden who intends to move the existing tenants to lower floors and renovate the higher floors as apartments
Compass Acquires 56K SF Storage Facility; Medical Office Building and Retail Centers Sold
Amsdell Companies member Compass Self Storage LLC has purchased its sixth property in the Greater Memphis Area.
Blue Ribbon Management Plans June Start for 73 KSF Office Building at the Brewery
Blue Ribbon Management LLC is proposing the construction of a 73,100-square-foot office facility on the site of the former Pabst brewery complex near downtown Milwaukee. JSOnline reports that the company will also manage the building on behalf of its owner, Blue Ribbon Redevelopment Fund III LLC of Chicago.
Entailing an investment of $10 million to $12 million, the project is expected to break ground in June and be complete by the end of 2014. Called the Pabst Business Center, the 5-story structure will be developed on a vacant site at the corner of North 11th Street and West Juneau Avenue. Plans call for 42,000 square feet of leasable office space across three floors, as well as 68 parking spaces on two floors.
Atlanta Property Group Acquires 536 KSF Office Campus in Atlanta
Atlanta Property Group, a privately held real estate investment firm, has acquired Northcreek Office Park, a four-building Class A office campus located in Atlanta’s Buckhead/West Paces Ferry corridor, for $72 million from CBRE Global Investors.
Economy Watch: Americans Borrowing More (for Schooling); PC Sales, Unemployment Claims Dip
Total consumer credit was up at an annualized rate of 7.8 percent in February, compared with a 5.5 percent increase in January. Worldwide shipments of PCs in the first quarter of 2013 were down almost 14 percent compared to last year. And unemployment claims dropped from the previous week by 42,000.
New Rental Buildings Headed For Williamsburg, Murray Hill
The Rabsky Group, a Brooklyn-based developer, is working on a mixed-use building located in Williamsburg at 146 South 4th Street, Buzz Buzz Home reports. Designed by Nataliya Donskoy of ND Architecture LLC, also of Brooklyn, the new brick, glass and steel building is set for completion in the 4th Quarter of 2013.
Walmart Supercenter Opens in Davie, Adds 300 Jobs
A grand opening ceremony was held on April 10 for the new 154,400-square-foot Walmart Supercenter, where residents gathered to celebrate both the new retail options and the addition of 300 new jobs to the town of Davie, Fla.