News
Washington Trust Finances Historic Downtown Office Building, Parking Facilities
Washington Trust’s Commercial Real Estate Group has recently provided commercial mortgage financing to One Financial Center Plaza, LLC, a 12 story office building located at 10 Weybosset Street in downtown Providence.
The multi-tenanted historic building offers 128,000 square feet of space, as well as public lots with 170 parking spaces and an executive lot with 30 spaces.
FHFA Maps Out 2013 Plans for Future of Fannie, Freddie
Four-and-a-half years after the Federal Housing Finance Agency took over conservatorship of Fannie Mae and Freddie Mac, the roadmap for the revival of the troubled government-sponsored enterprises continues to evolve as the FHFA releases the 2013 Conservatorship Scorecard for the two entities.
TGM Buys Two-Property M-F Community in Chicago Area for $101M
New York-based multi-family investor TGM Associates has purchased TGM Willowbrook, a two- and three-story garden property, totaling 712 units in 76 buildings, located in Willowbrook, Ill., for $101 million.
Inland American Buys Student Housing in Fort Worth
Inland American Communities has purchased The VUE, a high-end student housing property one block from the Texas Christian University campus in Fort Worth.
Economy Watch: Employment Up Ahead of Sequester; Intermodal Shipping Spikes in February
Professional and business services added 73,000 jobs in February despite the looming sequester. And intermodal traffic totaled more than 983,000 containers and trailers nationwide in February, up 10.5 percent compared with the same month a year earlier.
IDS, TIAA-CREF Pay $60M For Kearny Mesa Campus
IDS Real Estate Group recently completed the purchase of a San Diego-area tech center. The real estate company operated through an affiliate involved in a joint venture created alongside an institutional partner for the acquisition of the Cabrillo Technology Center in Kearny Mesa. The seller was Cabrillo Properties LLC. Both parties were represented in the transaction by CBRE San Diego through a team consisting of Louay Alsadek, Evan August, Brad Black and Andy Taylor. The financial terms of the agreement were not released to the press.
Convention Center Officials Unveil $2.5B Makeover Plan
The $2.5 billion development project that is set to be known as the Las Vegas Global Business District, includes a number of completely new structures, such as a new World Trade Center building and a multimodal transportation hub. The first phase of the decade-long project the Las Vegas Convention and Visitors Authority is set to see the officials kick off the request-for-quotation (RFQ) process for the development. It will also focus on securing the financing for the massive plan, as well as starting the acquisition process for any of the land parcels that are needed for the actual construction.
Baldwin & Lyons to Spend $20M-$30M on New HQ Facility in Carmel
Baldwin & Lyons, one of Indiana’s largest insurance companies, plans to relocate its headquarters from downtown Indianapolis to Carmel. According to the Indianapolis Business Journal, the company’s lease for 81,000 square feet in the Landmark Center at 1099 N. Meridian St. will expire in August.
In Carmel, Baldwin & Lyons has agreed to invest between $20 and $30 million to acquire and improve a 184,000 square-foot facility at 111 Congressional Blvd. Rick Trimpe and John Vandenbark of CBRE represented the seller, Lauth Property Group, while Baldwin & Lyons was represented by Rich Forslund and Matt Waggoner of Summit Realty.
FedEx HQ Sold for $22M; New Walgreens Coming to East Memphis
Escondido, Calif.-based Realty Income Corp. has purchased the FedEx corporate headquarters, paying $22.6 million.
Raleigh’s Smoke-Free Apartment Communities in High Demand
Residents at the new Water Garden Village community in northwest Raleigh can breathe easy on the entire 11-acre property. According to WRAL, the recently opened 100 percent smoke-free apartment complex has been quite successful, leasing within nearly a month of opening.
Located at 8441 Mount Valley Lane, the 60-unit community has been developed by nonprofit DHIC. The newspaper reports that the property’s non-smoking policy extends beyond apartment walls and includes the fitness center, the clubhouse, the playground and even the laundry facilities.
“We were concerned that it might even limit our ability to rent the apartments,” DHIC President Gregg Warren said in regard with the smoking restriction.