News
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.
Waihonua at Kewalo High-Rise Receives Financing
Alexander & Baldwin has announced that a portion of the $206 million cost of the planned Waihonua condominium high-rise in Honolulu will be financed through a $120 million construction loan from First Hawaiian Bank, Wells Fargo Bank, Bank of Hawaii and Central Pacific Bank. Alexander & Baldwin’s subsidiary Waimanu Development L.L.C. is part of a consortium developing the high-rise under the name Kewalo Development L.L.C. and also including N1189 L.L.C., Armstrong Homes Ltd. and BSC Waihonua L.L.C., which is owned by BlackSand Capital Management, according to the Pacific Business News.
City of Raleigh Approves Dorothea Dix Lease Agreement to Create Urban Park
The Raleigh City Council’s lease of the Dorothea Dix Hospital campus will enable the city to move forward with its plan to reconvert the 325-acre property into an urban park. The city council has agreed to lease the Dorothea Dix Hospital campus from the State of North Carolina for up to 99 years. The lease agreement will be executed by the end of the year. “The plan is the most appropriate way of preserving this open space as a park, while at the same time providing revenue to the state,” Gov. Bev Perdue said in a news release. Under the terms of the agreement, the city will pay the state a rate of $500,000 annually, plus a 1.5 percent yearly increase over the length of the lease term.
PM Realty Buys Greenway Plaza Site for New Mixed-Use Development
Having recently broken ground on what could become Houston’s tallest apartment building—the 2929 Weslayan project—PM Realty Group has now purchased a 4.97-acre site with plans for a two-phase, mixed-use project.