News
Landmark Developments To Look Forward To in Downtown Pittsburgh
Pittsburgh’s growing downtown will soon welcome a new wave of development. According to the Pittsburgh Post-Gazette, 60 projects are currently planned for the Golden Triangle region, totaling about $2.2 billion in investment.
Developed by Millcraft Industries, the Gardens at Market Square is among the most notable mixed-use towers expected to break ground in the heart of downtown this year. Lucas Piatt, the company’s president and chief operating officer, has discussed the $95 million hotel, office and retail project during the recent annual meeting of the Pittsburgh Downtown Partnership.
Developer Plans Mixed-Use Complex on Vacant Brownfield in South Kensington
A 2.5-acre vacant site in Philadelphia’s South Kensington that once housed the Absco Inc. steel plant could be redeveloped into an energy efficient mixed-use community. The development proposal comes from Canus Corporation, a local company that has already invested over $8 million in cleaning and decontaminating the site located at 2nd and Thompson Streets.
LSU’s Nicholson Gateway Moving Forward; New Affordable Housing Opens
The Nicholson Development Plan was recently put to the vote and the Louisiana State University (LSU) Board of Supervisors unanimously approved it.
Faurecia Plans New HQ in Auburn Hills; Dan Gilbert Snags Another Downtown Building
Faurecia North America, Inc., the fifth largest automotive parts manufacturer in the world, is announced plans to expand its presence in the Detroit area by opening a new headquarters facility and technical center in Auburn Hills, MI.
Saint Thomas Starts $110 M Expansion
Determined to remain a state-of-the-art healthcare facility, Saint Thomas Hospital has not only announced plans to modernize the healthcare center, but already broke ground on a new structure.
Phillips Edison–ARC Acquires Three-Property Portfolio
Phillips Edison-ARC Shopping Center REIT Inc. continues what appears to be a bit of a buying binge with the acquisition of a three-state, three-property portfolio of shopping centers totaling 276,000 square feet.
Walnut Creek Apartment Portfolio Trades Hands for $64.3 Million
A multifamily portfolio recently traded hands in the city of Walnut Creek after the completion of a deal made between seller JB Matheson and new owner Interstate Equities Corporation. Arranged by Marcus & Millichap’s multifamily brokerage division of Institutional Property Advisors, the deal includes three different apartment buildings located in Walnut Creek, the main business and entertainment hub of Contra Costa County. The fee that IEC paid for the residential portfolio stood at $64.3 million, according to a press statement issued by IPA.
HFF Arranges $78M Refinancing for LA’s Alameda Square Campus
The owners of Alameda Square, an industrial and creative office campus with more than 1.6 million square feet in downtown Los Angeles, have secured a $78 million refinancing and will use part of it for renovations for new tenants.
C&W, Pyramid Brokerage Team Up to Lease High-Tech Facility
Cushman & Wakefield has teamed with Pyramid Brokerage Co. to market 2600 Manitou Road, an 800,000-square-foot high-tech office, lab, and manufacturing facility in Gates, N.Y.
Economy Watch: Case-Shiller: Home Price Increase Healthy; New Home Sales Dip; Durable Goods Sales Rise
Average home prices were up in the 12 months ending in January 2013. New home starts were down month to month in February. And new orders for durable goods were up 5.7 percent in February compared with January.