News
New Luxury Apartment Tower Planned Near American Airlines Center
Trammel Crow Residential announced plans to build a luxury apartment project near the American Airlines Center. The high-rise would include 365 apartment units within a 12-story residential tower and a five-story building.
COPT Announces Two New Virginia Data Centers
Corporate Office Properties Trust (NYSE: OFC), a Columbia, Md.-based office real estate investment trust, announced on Monday, January 14, it plans to build two shell buildings in Ashburn, Va. (Ashburn Crossing). The company’s total investment in Ashburn Crossing is projected to be $42 million. It includes the remaining land on which the company can build one additional building.
This is the latest addition to Loudon County’s growing data center market. The project will include two buildings with a total of 315,000 square feet. Construction on COPT DC-8, the first building, will start in early 2013. COPT DC-8 will total 200,000 square feet. The second building, COPT DC-9, will total 115,000 square feet. COPT plans to start work on in no later than mid-2014.
Wood Partners to Develop 155-Unit Luxury Community in Watertown
Wood Partners will break ground this month on a $40 million upscale apartment community in the suburb of Watertown, just six miles northwest of Boston. The real estate investment and development company has recently announced the acquisition of an 11.6-acre property located at 255 Waltham St., close to major employers such as Bright Horizons, iProspect, Staples, EMC, Boston Scientific, Genzyme, educational institutions, transportation, shops and other public spaces.
Loews & Universal Break Ground on 1,800-Room Cabana Bay Beach Resort
By Georgiana Mihaila, Associate Editor Loews Hotels & Resorts and joint venture partner Universal Parks & Resorts have broken ground on one of the largest hotels currently under construction in the U.S—the 1800-unit Universal’s Cabana Bay Beach Resort. The hotel will be built on a 37-acre site within Universal Orlando Resort and adjacent to Universal’s […]
Undisclosed Buyer Pays $293M for Metro Atlanta’s Largest Hotel
The 1,663-room Atlanta Marriot Marquis has recently traded owners, but no investor has yet claimed responsibility for the $293 million acquisition. Seller Host Hotels & Resorts announced that the sale went through on January 11, but has been reluctant to provide extra information.
Duke Realty Divests Six-Building Office Portfolio in Indianapolis
A joint venture between Middleton Partners and Romanek Properties has acquired the six-building Hillsdale Technecenter in suburban Indianapolis from locally based Duke Realty Corp. John Huguenard and Peter Harwood of Jones Lang LaSalle represented the seller in the transaction. Financial terms were not disclosed. According to the Indianapolis Business Journal, the sale of the 446,000-square-foot office complex is part of Duke’s plan to reduce its ownership of suburban office properties. The company’s long-term goal is to have 60 percent of its holdings in industrial, 25 percent in office and 15 percent in medical office.
Retail Market Livens Up in St. Louis
Several retail market-related news made headlines in St. Louis recently, regarding both traditional and online retail. Representing traditional retail was the sale of the Bellemore Village Center located at 3202 Nameoki Road.
Whitestone Realty Eyes Spring Start for 127-Unit Senior Housing at Pabst Complex
Milwaukee Pabst Senior Housing LP of New York City is moving forward with its plan to develop a 127-unit senior housing facility at the former Pabst Brewery in downtown Milwaukee. First proposed in 2011, the development is slated to replace the former Malt House and Malt Elevator buildings on West Juneau Avenue. The Business Journal reports that construction on the project could start in April and would be finished in 12 to 14 months. Upon completion, the developer plans to sell the complex to nonprofit operators United Housing and Community Services Corp. or Improved Living Foundation Inc.
Sentai Penthouse $27M Sale Sets New Record for South Florida
One of the coveted penthouse residences atop Miami Beach’s famed Setai Resort has just set a new record for the most expensive condominium ever sold in South Florida. An anonymous buyer paid $27 million for the 7,100-square-foot residence. Jeff Miller of Zilbert International Realty was the broker involved in the deal; Miller also set the prior sales record at The Setai in December 2011, when he brokered the sale of another penthouse for $21.5 million.
Brookfield Breaks Ground on $4.5 Billion Manhattan West Development
The first phase of Brookfield Office Properties’ newest and largest development project in New York City kicked off on January 15 with a groundbreaking event in the presence of Mayor Michael Bloomberg and other city and real estate officials.