News
Brookhollow Park Office Building Changes Hands
The San Antonio office of Transwestern has recently brokered the sale of Brookhollow Park – a 102,466-square-foot Class A office building. Located in the North Central submarket of San Antonio the multi-tenant building is currently 100 percent leased.
Dr. Martin Luther King Jr. Charter School for Science, Technology Goes Solar
Fortune 300-company NRG Energy, Inc. has announced dedicating a solar photovoltaic installation and opening the NRG Playground at the Dr. Martin Luther King, Jr. Charter School for Science and Technology in New Orleans.
Schnitzer West Raises Funds Through Office Sale for Speculative Industrial, Office Development
Seven office buildings, part of Schnitzer West’s portfolio recently traded for $25.8 million, to Eastside investor Stan Rosen. The assets are located in Bothell, in the North Creek office campus. The deal was made for a 126,000-square foot campus, and Tech Center II, an office building totaling 31,000 square feet of office space. Speculations explain the deals as fundraising for Schnitzer’s two major office developments in the greater Seattle area: Madison Centre and a Bellevue project.
Fairlawn Town Centre Sells to Phillips Edison–ARC
Phillips Edison–ARC Shopping Center REIT Inc., a Cincinnati-based public non-traded REIT, has announced on February 4 the purchase of Fairlawn Town Centre, a 447,037 square foot community shopping center located in Fairlawn, Ohio. The acquisition brings Phillips Edison’s total portfolio to 33 properties with 13 leading grocers, in 15 states. The aggregate purchase price is approximately $409.7 million.
306-Unit M-F Property Trades in San Antonio’s Steaming Hot Market
Multi-family sales volume in San Antonio closed 2012 with a bang, and the change in ownership of the 306-unit Manor at Castle Hills was among the long list of transactions.
Chambers Closes on Two 300 KSF Suburban Philly Office Buildings
Chambers Street Properties, of Princeton, N.J., recently closed on its acquisition of 1400 Atwater Drive, a pair of five-story Class A office buildings, totaling 300,000 square feet, in Malvern, Pa.
Cousins Buys Houston’s Post Oak Central, Atlanta’s Terminus Properties
Atlanta-based real estate company Cousins Properties acquired Post Oak Central, a Class A office complex in the Galleria submarket of Houston, for $233 million from institutional investors advised by J.P. Morgan Asset Management. The company also bought the Terminus 100 and 200 towers in Atlanta’s Buckhead market.
Economy Watch: Shrinking Trade Gap Points to Q4 Growth; Railroads Ship More Construction Materials
The $10 billion decline in the trade gap from November to December hints at fourth-quarter economic growth.
Anderson Birkla Buys 580 Building in Downtown Cincinnati, Plans Apartments
With downtown Cincinnati’s apartment vacancy rate far below office space vacancies, some investors are purchasing office buildings and converting them into apartments. One such investor is Indianapolis-based Anderson Birkla Investment Partners. It acquired the 580 Building on February 5 for $13.7 million. The company now intends to redevelop the property into a mix of residential, office and entertainment space.
Planned 459-Key Condo-Hotel in Waikiki Gains Preliminary Approval
The Honolulu City Council has approved a height variance for the proposed $275 million Ritz-Carlton condominium hotel project in Waikiki. According to KHON, the 350-foot tower planned for a vacant 1.4-acre parcel at the corner of Kuhio Avenue and Kalaimoku Street will exceed the site’s standard limit by 50 feet.
Pending final approval from the city’s Department of Planning and Permitting, the project is expected to break ground towards the end of this year. Upon completion in early 2016, the Ritz-Carlton Residences Waikiki Beach will be the area’s first new luxury condominium property since Trump International Hotel Waikiki Beach Walk opened in 2009.