News
Two Local Retail Centers Change Hands for $42.6M
The local real estate market started the year on a positive note with two significant deals taking place in January; two retail centers were sold to investors for a total of $42.6 million.
718-Room Radisson Resort Orlando Trades, Prepares for Immediate Renovation
Radisson Resort Orlando – Celebration is now a member of the Interstate family, as a joint venture between Interstate Hotels & Resorts and Waramaug Hospitality LLC has recently acquired the 718-room hotel for an undisclosed amount.
Haley Group Picks Up 223-Unit M-F Complex in $51M Portfolio Buy
Omaha, Neb.-based Haley Real Estate Group recently announced a $51.2 million acquisition of four multifamily properties including Park Place in Oklahoma City. The other properties included in the transaction are Oakbrook Apartments in Jackson, Miss., The Hamlins at Cedar Creek Lake near Dallas/Fort Worth and Nantucket Harbor in Shreveport, La.
Regency Scored County’s Top 2012 Retail Buy: $81M Grocery-Anchored Center in Hillcrest
Uptown District is a grocery-anchored urban center that offers 148,638 square feet of retail space and is currently the main destination in its category in the Hillcrest area. It stands at 940 University Ave, in the immediate vicinity of Highway 163, offering customers increased accessibility. Approximately 550,000 residents populate the five-mile radius area Uptown District services. The shopping center is anchored by Ralphs and Trader Joe’s, while other big names in its tenant roster are Starbucks, Party City, Pier 1 Imports, Wells Fargo and Panera Bread. The facility has an attractive occupancy rate of about 95 percent.
Roseland Breaks Ground on $67 Million Portside at Pier One Apartment Project
Roseland Property Company, a subsidiary of Edison, NJ-based real estate investment trust Mack-Cali Realty Corporation, broke ground on a five-story apartment project that is part of Portside at Pier One, a planned mixed-use community located at Marginal and Lewis Streets on the East Boston waterfront.
New $265M Frost Museum of Science Takes Shape in Downtown Miami
With the building’s structural foundation now complete, vertical construction on the Patricia and Phillip Frost Museum of Science will now be underway. The 250,000 square-foot complex is a world-class, state-of-the-art facility designed by Grimshaw Architects that will take shape in the heart of downtown Miami.
Palisades Office Park’s Green Efforts Rewarded with LEED Gold Certification
Palisades Office Park, Shorenstein Properties’ Class A complex located in Atlanta’s dynamic Central Perimeter, has recently received LEED certification at the Gold level, Existing Building Operations and Maintenance (EBOM). LEED for Existing Buildings: Operations & Maintenance addresses energy efficiency, whole-building cleaning and maintenance issues (including chemical use), recycling programs, exterior maintenance programs, and systems upgrades.
Woodbridge Capital Partners, Oaktree Capital Management to Redevelop Century Plaza Hotel
The project calls for a two-tower residential complex that will also feature a 100,000 square-foot plaza featuring retail space and dining area. Two acres of land would be transformed into public open space that would feature fountains and courtyards. Pei Cobb Freed’s project designs also include the restoration of Century Plaza Hotel’s iconic arched building, the end result being transformed into a building that would feature 394 hotel rooms and 63 high-end residential units.
St. John Properties will Deliver More Offices to Greater Baltimore
St. John Properties is working hard to bring Class ”A” offices to the Greater Baltimore area. In recent weeks, the Baltimore-based commercial real company has started work on two projects that will deliver over 360,000 square feet of office space.
St. John Properties, Inc. announced on January 15 it is working together with Greenebaum Enterprises on the construction of a four-story, 138,000 square foot Class “A” office building at 8135 Maple Lawn Boulevard. The building is located within Maple Lawn, a 600-acre mixed-use business community located in Howard County, Maryland. Development of this project includes 388,000 square feet of existing office space, as well as the development rights for more than 800,000 of additional square feet of office space.
AVS Housing Group Takes Charge of UNLV’s On-Campus Student Housing
It was recently announced that a joint venture has assumed the property management of the entire on-housing campus system of the University of Nevada, Las Vegas. The joint venture is the result of the affiliation of The Scion Group, and entities linked to real estate companies American Nevada Company and The Vista Group. Working under the name of AVS Housing Group, the newly formed property manager will handle marketing, resident contracts and room assignments, facility planning and management, financial and vendor management, as well as residence hall operations.