News
Developers Weigh Options for “Superman Building” Makeover
High Rock Westminster LLC, the owner of the 26-story Industrial Trust Tower in downtown Providence, has hired Cornish Associates to study conversion options and redevelop the property. The Providence Business News reports that Cornish has recently commissioned a feasibility study to determine whether a residential reuse of the city’s tallest building is physically and economically viable.
David Sweetser, founder of High Rock Development LLC, told the newspaper that he is also considering the possibility of creating a mix of uses for the tower. The redevelopment project could also address the city’s strong demand for student housing.
KBS Realty Acquires Iconic Building in Suburban Raleigh for $98.4M
On January 31, a joint venture partnership between the Indianapolis-based real estate investment trust Duke Realty Corp. and the Raleigh-based real estate development firm Kane Realty Corp. sold the prestigious 17-story Captrust Tower in the city’s North Hills area. KBS Realty Advisors of Newport Beach, California acquired the approximately 300,000-square-foot property for $98.4 million, or nearly $326 per square foot.
Developed in 2009, the LEED Gold-certified high-rise at 4208 Six Forks Road offers 275,630 square feet of office space, 26,813 square feet of retail space and a six-level parking deck. The property is 95 percent leased to 18 companies, including Captrust Financial Advisors, the American Board of Anesthesiology, CBRE, Regus, RBC Capital Markets, as well as other national and regional tenants.
Rosemont Realty Adds 288KSF Office Complex for $31.75M
Marking its fifth Florida acquisition, Rosemont Realty, LLC has recently purchased the three-building Concourse office complex in Jacksonville. According to Financial News & Daily Record, the company—which specializes in commercial real estate acquisition and asset management—paid $31.75 million for the 288,147-square-foot property.
NY Developer Acquires Last Lots in Master-Planned Community from Forest City
New York-based Petrus Partners Ltd. has recently announced the acquisition of the last undeveloped lots remaining in Gladden Farms, a 1,350-acre master-planned community in Marana. This is Petrus’ 13th residential land acquisition in Arizona since 2008.
Luxury Hotel in Downtown Indianapolis Open for Business
A new four-star hotel has recently opened in the heart of downtown Indianapolis, as part of the CityWay development.
Called The Alexander, in honor of Alexander Ralston, the engineer and architect who in 1820 led the creation of the city’s plan, the property offers 157 guest rooms with stunning views of the city, along with 52 extended stay suites. Amenities include a fitness center, multiple restaurants and meeting rooms totaling 16,500 square feet of indoor and outdoor event space.
The new hotel has been developed by Indianapolis-based Buckingham Companies and designed by the Gensler architecture firm. Dolce Hotels and Resorts of Rockleigh, N.J. is managing the property.
UMKC to Add First Student Housing to Hospital Hill Campus
The first student housing project for the Hospital Hill Campus was recently green lighted by The Board of Curators of the University Missouri System. The panel voted to allow the University of Missouri-Kansas City to issue bonds and request proposals from developers.
LNR Affiliate Picks Up Memphis Marriott for $12.4M; New Breed Logistics Announces $23M Expansion
The 315-key Memphis Marriott at 2625 Thousand Oaks Blvd has sold for $12.4 million in a foreclosure auction to an affiliate of LNR Partners LLC, the Miami Beach, Fla.-based special servicer.
SPECIAL REPORT: Fannie Mae Stresses Loan Quality, Risk-Sharing & Profitability for U.S. Taxpayers
Fannie Mae’s priority in 2013 will be to continue focusing on loan quality, said Jeffrey Hayward, senior vice president, Head of the Multifamily Mortgage Business, Fannie Mae.
SPECIAL REPORT: MBA Predicts M-F Funding Market Share May Fall Slightly in 2013
Mortgage originations for commercial properties will increase by 11 percent in 2013, the Mortgage Bankers Association (MBA) forecasted. Multifamily financing may tick down this year as capital supply to the other commercial real estate sectors make a comeback.
Blackstone to Buy UBS’s Majority Stake in 40-Property Retail Portfolio
Blackstone Group L.P. is on the verge of snapping up a majority interest in 40 high-quality shopping centers. UBS, which co-owns the collection of U.S. retail properties with Kimco Realty Corp., will sell its controlling interest to Blackstone for $1.1 billion.