News
Local Investor Group Acquires 188,000SF Office, Storage, Industrial Space in Indianapolis
Private investor group Alcatraz Investments, LLC has acquired the 188,000-square-foot Indianapolis Enterprise Center on the near-east side of the city. Financial terms of the transaction were not disclosed. The facility features office as well as storage and industrial space, and serves small business customers in the downtown Indianapolis market. Alcatraz Investments now plans to upgrade the property, which has experienced four years of deferred maintenance. Scott Meyers, the company’s principal, has owned the center once before, from 2005 to 2007. “We’re genuinely excited about the opportunity to add this property back into our portfolio, having sold it back in 2007,” said Meyers. “The timing was perfect, as demand for storage and Industrial space is growing in this market, and the need for small, affordable office space has never been greater than during the recession.”
American Campus Purchases Baton Rouge Student Housing in $862.8M Deal
The Cottages of Baton Rouge and U Club Cottages, two Baton Rouge student housing complexes have sold as part of a large portfolio purchase by American Campus Communities, Inc.
Vornado Closes $707M Manhattan Retail Condo Purchase
The Manhattan retail market is on fire and Vornado just grabbed a coveted 114,000-square-foot piece of it.
HFF Markets $133M Loan for M-U Development in Texas
HFF has sold a $133 million non-performing loan secured by Watters Creek at Montgomery Farm, a mixed-use development in Allen, Texas, on behalf of a five-member bank group to a joint venture group led by Fort Worth-based Trademark Property Co.
Harbor Buys Chicago’s One South Wacker for $221M, Plans Upgrades
Affiliates of Harbor Group International, of Norfolk, Va., have acquired One South Wacker, a 40-story, 1.2 million-square-foot Class A office building in Chicago’s West Loop, for $221 million.
Economy Watch: Retail Gains Jobs, Construction Loses Them; Railroad Traffic Mixed; Consumer Sentiment Drops
Employment increased in the retail trade, professional and business services, as well as healthcare, but construction lost jobs in November. Intermodel traffic saw an increase in November again; the number of carloads shipped by rail, on the other hand, was down year over year. And the consumer sentiment index for December showed an unexpected decline.
Northwestern Mutual Unveils Plans for $300M Downtown HQ
Northwestern Mutual Life Insurance has announced plans for a $300 million, 840,000-square-foot office tower in Downtown Milwaukee. Pending city approvals, construction could be complete by 2017. The project is contingent on $48 million in tax increment financing. The new high-rise would replace Northwestern Mutual’s 34-year-old headquarters, the 451,964-square-foot, 16-story East Building at North Cass and East Mason streets (pictured). That facility currently houses about 1,100 employees. Northwestern Mutual expects to release renderings of the proposed tower by mid-2013.
Van Tuyl Group Plans $16M Cadillac Dealership in Glendale
The Van Tuyl Group is planning to develop a $16 million Arrowhead Cadillac dealership in Glendale. The 55,000-square-foot showroom and service center would be located on an eight-acre tract near 83rd Avenue and Bell Road.
Wiggin Plans M-F Makeover for Downtown Tulsa’s Arco Building
Wiggin Properties is under contract to purchase Downtown Tulsa’s Arco Building and is planning to repurpose the 63-year-old property as a rental apartment complex, the
Full House Resorts Starts Hotel Construction at Rising Star Casino Resort
Full House Resorts (NYSE MKT: FLL), an owner, developer and manager of gaming facilities, has announced last week that Rising Sun/Ohio County First, Inc. (RSOCF) and the Rising Sun Regional Foundation, Inc. (RSRF) have started work on a new 104-room hotel at its Rising Star Casino Resort in Rising Sun, Indiana.