News
Alexander & Baldwin Completes Construction of Hawaii’s Largest Solar Farm
Alexander & Baldwin, Inc. (A&B) and Kauai Island Utility Cooperative (KIUC) have recently announced the completion of Hawaii’s largest photovoltaic energy plant. The 6-megawatt solar farm is located on Kauai’s sunny south shore, on a 20-acre parcel of land owned by A&B nearby KIUC’s Port Allen Station power plant. Electricity from the facility began flowing on Dec. 7. Developed and operated by A&B’s subsidiary, McBryde Sugar Company, LLC, the project is expected to generate approximately 10,200 megawatt hours of electricity per year. KIUC and its members will be provided with renewable solar energy at a fixed rate for at least the next 20 years.
Shorenstein Buys Exxon Mobil Building; Hilton Westchase Also Gets New Owners
The downtown Exxon Mobil building recently traded hands, with San Francisco-based Shorenstein Properties now being its new owner. Shorenstein purchased the property for Shorenstein Realty Investors Ten, L.P., a fund formed in 2010 with $1.23 billion in committed capital. Along with the sale, former owner Exxon Mobil Corporation also leased back the entire building into 2015, when it plans to relocate to its new 385-acre corporate campus currently under construction north of Houston.
Sears Plans Major Redevelopment Project at St. Paul Site
Developers announced big plans for the site surrounding the St. Paul Sears store near the State Capitol. Redevelopment plans call for new retail, an office building as well as residential space.
KBS Expands DFW portfolio with 19-Story Las Colinas Office Tower
KBS Real Estate Investment Trust III (KBS REIT III) started the year with a new acquisition in the Dallas – Fort Worth metroplex — the 364,366-square-foot Tower on Lake Carolyn building in the Las Colinas submarket — considered to be one of the fastest growing communities in the DFW area.
Transwestern Team Sells Three Maryland Apartment Communities for Almost $100M
Transwestern’s Bethesda, Md.-based Mid-Atlantic Multifamily Group, the only fully-integrated, collaborative multifamily brokerage team serving the entire Mid-Atlantic region, finished 2012 strong. In December, the group headed by Co-Directors Dean Sigmon and Robin Williams closed three deals in Maryland, totaling almost $100 million.Transwestern represented the sellers in all three transactions. Two of them are located in the Washington, D.C. metro area, in Wheaton and Rockville, while the third is in Owings Mills.
Irongate Pays $98M for Kansas City Multifamily Portfolio
Pursuing its goal of increasing holdings throughout the country, Irongate Realty Partners, LLC has recently acquired three multifamily properties in Kansas City for $98.65 million. The Class A multifamily portfolio consists of 846 residential units and over 950,000 square feet, in three apartment communities.
LSU Master Plan Proposes to Redevelop Nicholson Drive Corridor, Spend Up to $200M
Louisiana State University (LSU), one of the economic driving forces in Baton Rouge has announced a new plan that could change the face of the city, or at least a less than up-to-date part of it: the Nicholson Drive Corridor.
New York Opportunity Fund Closes on $5.2M Acquisition of Long-Vacant Downtown Building
In a $5.2 million deal, real estate investor Howard Lavitt and his partners at LRC Opportunity Fund of New York have acquired the long vacant, 11-story office building in downtown Raleigh. The Triangle Business Journal reports that the transaction closed on Dec. 21. Ben Kilgore with CBRE in Raleigh represented the sellers, New York businessmen Morton Rosenfeld and Milton Schwartz. Located at 227 Fayetteville Street, the 100,000-square-foot property has been empty since its former tenant, Wachovia Bank, moved out in 2003. Wachovia developed the building in 1964, after signing a 50-year ground lease with the owners of the lot. The contract expired in January 2011 and the ownership of the structure was transferred to the land owners’ heirs. Plans now call for the interior renovation of the building, which should be complete by the fourth quarter of 2013. Project manager Steve Weitnauer with Solutions PDM is in charge with the demolition and reconstruction, while Davidson and Jones Construction Co. is the general contractor.
FFG Expands Downtown Footprint, Signs 38K Lease in SunTrust Tower
Financial services corporation Foundation Financial Group is pursuing its aggressive development goals by increasing its presence in downtown Jacksonville. According to a recent announcement, the company has recently signed for 38,000 square feet in the SunTrust Tower, which will accommodate about 150 people per floor.
Single-Tenant Office Complex in Tucson’s East Side Sells for $17.8M
A California non-profit group paid $17.85 million for an office complex located near east Speedway and north Kolb Road, on Tucson’s east side. The buyer is the H.N. and Frances C. Berger Foundation, based in Palm Desert.