News
RADCO Cos. Purchases Seven Georgia-Based M-F Properties in Two Weeks
The RADCO Cos. spent a total of $56 million on seven multi-family communities in Georgia in the closing days of 2012, adding 3,000 units to its portfolio.
Economy Watch: Markets Excited by Cliff Deal; Construction Spending, Shadow Residential Inventory Down
The market reflected the relief of the passing of the fiscal cliff bill, with Wall Street faring very well. Construction spending edged down in November. And residential shadow inventory as of October fell 12.3 percent from last year.
City Council to Approve Special Zoning Legislation for Buncher’s $400M Mixed-Use Project
The Pittsburgh City Council has approved zoning variances for Buncher Co.’s estimated $400 million mixed-use development in the Strip District. Called Riverfront Landing, the proposed development would stretch 55 acres from the Veterans Bridge to 21st Street, between Smallman Street and the Allegheny River. Pending further approvals, the project could bring 750 housing units with more than 1,000 parking spots, 800,000 square feet of office space, about 200,000 square feet of retail and a 140-room hotel. Plans also call for a walking trail, a park, an extension of the 17th Street, and the partial demolition and renovation of the historic Produce Terminal.
Iroko Moves into New HQ Building at Philadelphia’s Navy Yard
Iroko Pharmaceuticals hosted a ribbon cutting ceremony, which was attended by Philadelphia Mayor Nutter, local officials and more than 150 attendees.. “Iroko represents a growing presence within Philadelphia and The Navy Yard’s business landscape, and provides critical economic momentum to the region by triggering job growth at an important time,” said Philadelphia Mayor Michael Nutter who attended the opening ceremony at the South Philadelphia site.
UCF Starts Renting Units at the $55M NorthView Student Housing Project
With opening set for Fall 2013, UCF Housing and Residence Life is now taking applications to rent units in the $55 million NorthView student housing project. Currently under development just across McCulloch Rd. from the UCF campus and Bright House Networks Stadium, the apartments are being developed by Alan Ginsburg and designed by Orlando-based Cuhaci & Peterson Architects LLC and Finfrock.
New One Nashville Tenant Brings Occupancy to 99 Percent
One Nashville Place, one of Music City’s most attractive office towers has landed a new tenant bringing its overall occupancy to 99 percent. Daymark Realty Advisors has announced signing leading financial institution Region Bank for a 12.5-year lease at the downtown business districts skyscraper.
Sofitel Luxury Hotels to Open New Property in Bali
Sofitel Luxury Hotels continues to expand across Southeast Asia with the addition of a new property in Bali, one of the world’s most popular holiday destinations.
Caruso Targets a Host of Properties in Central Pacific Palisades for Renovation and Rebranding
The central properties seem to have cost Caruso a total amount in the $40-$50 million range. However, the financial terms of the transaction were not disclosed to the media and an accurate number is currently not available. Most of the properties are currently tenant-free and are 50-60 years old, making them perfect for a complete overhaul. The Times points out that even the tenants in place have clauses in their short-term contracts that stipulate that the owner has the right to modify the property and redevelop the site. Continue reading →
Five Downtown Detroit Buildings Add to Dan Gilbert’s Real Estate Portfolio
Two weeks after completing the purchase of One Woodward Building – a 26-story Class A office tower at the corner of Woodward and Jefferson avenues in downtown Detroit – Dan Gilbert’s Rock Ventures announced five additional acquisitions that were brokered by the company’s real estate arm, Bedrock Real Estate Services.
Picerne Military Housing to Build $72M Housing Complex at Fort Meade
Picerne Military Housing, a division of the Corvias Group, a privately-owned real estate firm, has announced on December 18 it has closed on a $72 million public-private partnership deal with the U.S. Army to build more than 1,400 garden-style apartments for junior enlisted single service members at Fort Meade, in Maryland. According to Picerne, this is the U.S. Army’s first-ever privately-developed, on-post apartment community for unaccompanied junior enlisted soldiers, sailors, airmen, marines and coast guardsmen.