News
American Realty Capital Properties to Acquire ARCT III for $2B
American Realty Capital Properties Inc. and American Realty Capital Trust III Inc., two separate net-lease REITs that count investment advisory firm American Realty Capital as their original sponsor, will soon become one.
Prudential’s Transition from Twardock to Durning Has Deep Roots
Yesterday’s announcement that Prudential Mortgage Capital Co. president David Twardock will retire in April, to be succeeded by David Durning, currently senior managing director and the company’s head of originations, goes back 20 years.
Savanna Completes Sale of Manhattan’s 104 West 40th St. for Reported $100M
Savanna, a New York-based real estate private equity and asset management firm, has completed the sale of 104 West 40th St., a 210,000-square-foot, 20-story Class A office building located next to Bryant Park in Midtown Manhattan, to Princeton International Properties.
Parkway Closes on $22.5M Tampa-Westshore Office Building Purchase
Parkway Properties, Inc., in the wake of its recent shopping spree, has also announced closing on the previously announced deal to acquire the Westshore Corporate Center in Tampa for a net purchase price of $22.5 million.
Indian Pueblos Marketing Plans to Build Shopping Center on Former Albuquerque Indian School Site
Indian Pueblos Marketing Inc. has recently announced plans to develop a shopping center on the former Albuquerque Indian School, near 12th Street and Indian School Road. Currently negotiating with a natural foods grocery store and two large restaurants to anchor the future retail development, IPM hopes to break ground on an ABQ Uptown-like retail center in 2013.
Economy Watch: Fiscal Cliff Deal? Holiday Travel to Peak; Empire State Survey: NY Manufacturing Down
There are rumors in Washington of a fiscal cliff deal on the table. More Americans are predicted to take road trips this holiday season, reflecting a better economy. And according to a New York state survey, New York manufacturing is receding.
Ashley Oaks Apartments Changes Hands in $30.8M Deal
Steadfast Income REIT, Inc. made its third acquisition in Texas on Nov. 29, with the purchase of Ashley Oaks in North Central San Antonio. The 462-unit garden-style apartment community was sold for $30.8 million. Built in three phases, in 1985 and 1995, the multifamily property is currently 93 percent occupied.
132-Key Hotel Indigo New Orleans Garden District Opens
Hotel Indigo, the first global boutique hotel brand has announced opening its two newest locations: Hotel Indigo London Kensington-Earl’s Court and Hotel Indigo New Orleans Garden District, thus passing the 50th property milestone.
Amazon’s Denny Triangle Campus Phase One Gets General Contractor in Sellen
By Alex Girda, Associate Editor
Amazon.com has recently announced the developer that will be taking charge of its first phase Seattle campus in the downtown area of Denny Triangle. The tech giant has named local company Sellen Construction as the contractor for the much talked about development in downtown Seattle, the Puget Sound Business Journal wrote. Sellen has handled a number of high profile Seattle developments in the past, including the redevelopment of the PacMed Tower, which interestingly enough became Amazon’s headquarters at the time it was finished, as well as the green tech-laden Federal Way South redevelopment. That last project, previously referenced on this page, was handled for the U.S. Army Corps of Engineers.
The phase that Sellen Construction was hired to handle will include a Seventh Avenue 37-story office tower, as well as a 2,000-seat gathering space. Plans filed by the developer indicate that a retail component is also part of phase one, as well as an underground parking facility that will be able to hold around 1,000 cars. A ground breaking won’t be held soon, although reports this summer placed the start of the construction process sometime during 2013. Now that most of the planning approvals are in place and a general contractor is selected, there should be no major stalls to keep Sellen from building phase one of the three-block, NBBJ-designed Amazon campus.
Cleveland Metropolitan School District to Auction Off Headquarters in March
The Cleveland Metropolitan School District’s headquarters building will go up for auction next year.