News
Hotel ZaZa Project Moves Forward, Gets Planning Commission Approval
Despite the opposition from residents living at the Plaza Lofts, the controversial hotel has recently received Austin Planning Commission recommendation. The 24-story mixed-use project called Hotel ZaZa is planned on West Fourth Street between Guadalupe and Lavaca streets, very close to the residential property.
Denver Union Station Redevelopment Team Expands with Addition of McWhinney
The redevelopment plan calls for the refurbishing of the Denver Union Station’s upper floors. The companies involved will convert the property into a new 112-key hospitality facility. The finished product would also include a ground floor retail component totaling around 22,000 square feet, Regional Transportation District’s commuter rail to Denver International Airport and an Amtrak station.
Construction Begins on 45-Story West Loop Office Tower
Chicago’s largest commercial real estate project in five years kicked off on January 15 in a $400 million joint venture between Canada-based Ivanhoé Cambridge—the real estate arm of Quebec pension fund manager Caisse de dépôt et placement du Québec, developer Hines of Houston and local business leader Larry Levy.
Mixed-Use Development Announced for Palms Neighborhood
L.A.’s Palms submarket has seen its fair share of turmoil but important changes are slated for the Westside neighborhood after a recent report announces a new mixed-use development. Frost/Chaddock Developers has announced that work has commenced at its $30 million Palms apartment community that will use the proximity of a planned Expo Line light-rail station as its hook. The Expo Line is a Los Angeles County Metro Rail line between Santa Monica and L.A.’s downtown area. Frost/Chaddock’s new residential complex has a construction deadline set for May 2014.
Industrial Properties Sell in the Baltimore Area
Baltimore’s industrial market has started 2013 strong, with three proprieties recently sold for a total of around $35 million. According to a report released on January 9 by CBRE for last year’s fourth quarter, industrial sales in the Baltimore market in 2012 are on a path to exceed sales from the previous year by 20 percent.
1021 Swan Creek Drive, a Class A industrial property leased by Nissan North America, has been sold for $13.5 million. Hartz Mountain Industries has purchased the property in Baltimore’s Curtis Bay neighborhood from Swan Creek 5R LLC, a subsidiary of the Belt’s Corp. CBRE arranged the sale.
ASU Plans Groundbreaking on 130 KSF Project in Tempe
Arizona State University has recently announced it would break ground on the 130,000-square-foot Block 12 project in Tempe on January 24. Developers target June 2014 as the completion date.
Kennedy Wilson Boosts UK Portfolio with $101M Purchase
Kennedy Wilson’s European presence continues to grow at a fast clip with the recent acquisition of a 1.1 million-square-foot commercial real estate portfolio in the U.K.
Inland American Buys Rockwell Plaza in Oklahoma City
Inland American Real Estate Trust, Inc. has recently purchased its sixth retail center in Oklahoma City. the Rockwell Plaza. The Chicago-based group of real estate investment trusts has announced the acquisition on January 9.
Rockwell Plaza is a first class retail shopping center conveniently located at the intersection of Northwest Expressway and Rockwell Avenue, one of the busiest retail intersections in Oklahoma City. The 254,690-square-foot shopping center has more than 40 tenants. Ross Dress for Less, Jo-Ann Fabrics and Crafts, PetSmart, K&G Men’s Warehouse, RadioShack, Rue21, GameStop, Dots and Dollar Tree are just some of them. The Rockwell Plaza shopping center is shadow-anchored by Target.
Vulcan Sells Kilroy $170M, 321 KSF Office Property
Vulcan Real Estate and Group Health Cooperative have sold Westlake Terry, a two-building, 321,000-square-foot office property in Seattle’s South Lake Union submarket for about $170 million to Kilroy Realty Corp. of Los Angeles.
Parkway Properties Buys 264 KSF Tempe Office Tower for $66M
Parkway Properties has cemented its presence in the Tempe office market with the $66 million acquisition of Tempe Gateway, an eight-story, Class A multi-tenant office building.