News
Dominium, U.S. Bank Open Affordable Artists’ Housing Financed by Tax Credits
Minneapolis-based Dominium has completed the newly renovated Metropolitan Artist Lofts. The grand opening ceremony for the property was attended by representatives from Dominium, financing partner U.S. Bank and the Grand Center neighborhood.
Sheraton Hotels & Resorts Completes $230M Renovation of Hawaiian Properties
Starwood Hotels & Resorts Worldwide Inc. has announced the completion of an approximately $230 million renovation of four of its Sheraton properties in Hawaii. The multi-year revitalization project included the $188 million renewal of the Sheraton Waikiki resort on Oahu. The 31-floor hotel features 1,636 renovated rooms, new landscaping and pools, redesigned convention facilities, as well as new restaurants and bars.
Sheraton Hotels & Resorts and the properties’ owners also invested $6.5 in the renovation of the 508-room Sheraton Maui Resort & Spa, $16 million in the improvement of the 394-room Sheraton Kauai Resort, and $20 million in the remodeling of the Sheraton Kona Resort & Spa at Keauhou Bay.
$21M Houston Sale Marks Weingarten Realty’s Exit from Industrial Sector
In a move to reinforce its position as a shopping center owner, manager and developer, Weingarten Realty Investors has closed on the sale of its interest in three industrial joint ventures to Exeter Property Group’s Fund II.
Opus Closes on Financing, Prepares to Break Ground on Luxury High-Rise Apartment Building
Opus Development Corp. recently announced it has closed on financing for a planned luxury high-rise apartment building, The Nic on Fifth. The name of the development reflects the location of the project on Nicollet Mall and Fifth Street in downtown Minneapolis.
Investor Buys Meridian Tower, Picks Stream Realty for Leasing and Management
The Meridian Tower, a 228,500-square-foot Class A office building off the LBJ Freeway, was recently purchased by a private investment group. 2711 LBJ Partners, a subsidiary of DFW Integrity Group Ltd., plans to upgrade the office building with the addition of modern office suites and tenant conference rooms, as well as providing enhancements to the common areas. The building was developed in 1984.
Morguard Corp. Acquires LEED Gold M-F Complex in Chicago for $300M
Morguard Corp., an Ontario-based investor, agreed to purchase Alta at K Station, an 848-unit multi-family complex in Chicago’s West Loop, for $300 million, with the acquisition expected to close at the end of December.
Apple REIT Six to Merge with Blackstone Affiliate in $1.2B Deal
Less than one month after rejecting an unsolicited tender offer by a group led by MacKenzie Capital Management, Apple REIT Six has signed a deal to be acquired by BRE Select Hotels, an affiliate of Blackstone Real Estate Partners VII.
Paramount Sells 228 KSF Property in Times Square
After owning the Candler Tower for six years, Paramount Group sold the 228,000-square-foot office space in Times Square to Epic.
Economy Watch: Sandy Puts Dent in Incomes, Spending; GSEs Report Dropping Delinquencies; Restaurant Owners Less Optimistic
U.S personal income has remained flat and spending decreased 0.2 percent, with the blame attributed to Hurricane Sandy. Both Fannie Mae and Freddie Mac reported that serious single-family delinquencies on loans associated with the GSEs declined in October. And restaurant owners have a pessimistic short-term outlook on sales growth due to the economy.
New York Opportunity Fund to Spend $17M on Acquisition, Rehab of Vacant Downtown Building
LRC Opportunity Fund of New York plans to purchase and renovate the vacant 10-story office building at 227 Fayetteville in Raleigh. According to the NewsObserver, the company expects to close on the sale by the end of the year. “Our plans are to do a total renovation,” Edward Kulik, a co-founder of LRC, told the newspaper. The investor intends to renovate the building’s façade while retaining some of the 1960s materials. Plans also call for a retail portion on the ground floor. The building has been on the market since a 50-year lease agreement between a branch of Wachovia bank and the owners of the land expired on Jan. 31, 2011. LRC expects to spend around $17 million on the acquisition and renovation of the property.