News
Dweck Properties Nabs Two DC Towers for Record $322M
In what is a record-setting deal, Dweck Properties has purchased Archstone Crystal Towers, located in Arlington, Va., for $322 million.
Economy Watch: Mixed Signals From Jobs Report; Trade Gap Narrows $1.5B
At only 88,000 new jobs created, March’s 2013 increase fell short of the 12-month trailing average of 169,000; intermodal rail traffic ticked up 0.5 percent last month.
Equus Sells 330-Unit Downtown Chicago Student Housing
Equus Capital Partners, a private equity real estate fund manager, has sold a 330-unit student housing facility in Chicago for $58.5 million to a JV of Atlas Real Estate Partners, Marc Real Residential and Angelo, Gordon and Co.
W of New Orleans – French Quarter Trades for $25.5M
Annapolis, Maryland-based Chesapeake Lodging Trust has announced finalizing the purchase of the 97-key luxury hotel.
New Convention Hotel Project Eyed for Seattle’s Downtown
With an opening tentatively set for 2017, the project would feature a six-story podium that will also contain around 40,000 square feet of retail space, the hotel’s lobby and an affordable housing component. The project aims to fill a void of new convention and meeting space, as the developer claims that around 100 conventions backed out of Seattle due to a lack of openings. The property would cash in on that existing demand and provide a space that would also boost the area’s hospitality stats to boot.
Thistledown Racino to Open on April 9
More gambling is coming to the Greater Cleveland area as Ohio is getting ready to welcome its second ”racino”. Rock Ohio Caesars’ ThistleDown Racino will celebrate its grand opening on April 9, in North Randall. American Idol winner and Las Vegas headliner Taylor Hicks will kick off the festivities with exclusive concerts.
PECo to Buy Dayton Facility, Bring 250 Jobs to the City
The Process Equipment Company (“PECo”) has announced on April 1 its plans to purchase a 425,000 square foot manufacturing facility at 2333 McCall Street, near downtown Dayton. The acquisition is part of the Tipp City-based company’s plan to consolidate and expand its local operations.
Hawaii Pacific University Takes Full Ownership of Aloha Tower Marketplace
Hawaii Pacific University (HPU) and its development partner Ed Bushor have resolved a dispute regarding the ownership of the Aloha Tower Marketplace in downtown Honolulu. According to the Pacific Business News, the university, along with its affiliate Hawaii Downtown Holdings LLC and Lifestyle Retail Properties LLC led by the California-based developer have agreed to proceed with a buyout agreement. Financial terms were not disclosed.
The resolution allows HPU to move forward with an approximately $30 million plan to redevelop the two-story waterfront property into a 300-unit student dormitory and multi-use complex. Plans call for housing on the upper floor and retail, dining and entertainment space on the first floor.
$95M Terminal B Redevelopment Nearly Complete; Tenant Line-Up Revealed
United Airlines has recently unveiled the dining and retail line-up soon to be featured at the new Terminal B south concourse at Houston’s George Bush Intercontinental Airport.
450-Unit Silver Spring Apartment Community Sells to JBG
The JBG Companies, a Chevy Chase-based private real estate development firm that develops, owns and manages office, residential, hotel and retail properties, has acquired the Falkland Chase apartments, a prominent apartment community in downtown Silver Spring. Home Properties of Rochester was the seller.