News
ARCP-Affiliated REIT Closes on Chelsea Office Building for $112M
American Realty Capital New York Recovery REIT has closed on its $112 million acquisition of the fee simple interest in a 13-story, institutional-quality — but recently troubled — office building at 216-18 W. 18th St. in Manhattan’s Chelsea neighborhood.
Economy Watch: State Unemployment Declining; Consumer Sentiment Edges Up
Twenty-two states had unemployment rate decreases in February. And the consumer sentiment index for March was up month over month.
The Desmond will Join Creative Office Building Inventory in L.A.’s South Park District
The property features 15,600 square foot floor plates throughout, as well as an adjacent surface parking lot which the new owner will use to support the building’s office and retail residents. Renovations will deal with building mechanicals, new windows, brand new interior finishes while keeping the attractive sense of spaciousness and rooftop views. The location is in close proximity to the city’s Metro rail system, Downtown Dash Bus station and major roadways. Additionally, local authorities are pondering restoring the Downtown Streetcar service which would have a stop just next to The Desmond. Leasing operations for the building are already underway
Virginia Beach Investor Acquires West Raleigh Office Building for $8.3M
Continental Capital Management of Virginia Beach, Va. has recently purchased a three-story, 61,412-square-foot office building in West Raleigh. According to the Triangle Business Journal, shopping mall operator CBL & Associates Properties sold the asset for $8.3 million.
At the time of sale, the building at 1500 Sunday Drive within Trinity Corporate Park was 97 percent leased. Its tenants include the Hughes, Pittman & Gupton accounting firm, First Point Management Resources and RCI. The property was developed in 2000 and has a tax value of $9.2 million.
Scott Adams, Ben Kilgore and Brian Carr of CBRE-Raleigh brokered the transaction on behalf of the seller. The firm will also manage the building and handle leasing services, the newspaper reports.
Boston’s Housing Inventory to Grow by 30,000 Units by 2020
In a speech delivered on March 25 before the Boston Municipal Research Bureau, Mayor Thomas M. Menino unveiled an ambitious plan to add 30,000 new housing units in the city by the year 2020.
Baltimore’s Hunt Valley Inn Sold to Laurus Corporation
Laurus Corporation has completed the acquisition of the Baltimore Hunt Valley Inn located in Baltimore, Maryland. The U.S.-based private real estate investment and development firm made the announcement on March 26.
35K SF Nordstrom Rack Coming to Shoppes at University Town Center
Leading fashion specialty retailer Nordstrom, Inc. will soon be attending to its customers in the Sarasota-Bradenton metro area by opening a 35,000-square-foot Nordstrom Rack shop at the Shoppes at University Town Center.
World’s Largest Data Center Opens in Manhattan
Sabey Data Center Properties, a Seattle-based multi-tenant data center owner that also specializes in computer infrastructure, has powered up the first phase of the largest and tallest data center in the world. The 32-story high-rise is located at 375 Pearl Street in Lower Manhattan in the formerly foreclosed Verizon Building, most of which Sabey acquired for $120 million in 2011.
Waveland JV Plans $160M M-U for Suburban Denver
Waveland Ventures, along with partners Jackson Street Holdings and Arrival Partners, has a mixed-use plan in the works for the active Fitzsimons neighborhood in Aurora, Colo.
Hines, Boston Properties Break Ground on 101 First St. in San Fran
Boston Properties and Hines have closed on the $192 million purchase of 101 First St. in San Francisco, where they will erect the 60-story, 1.4 million-square-foot Transbay Transit Tower, the tallest building on the West Coast.