News
NuStar Energy to Sell Local Refinery
As part of a strategic shift to focus on more stable operations, NuStar Energy L.P. plans to sell its San Antonio refinery while boosting its investment in Eagle Ford Shale. The company announced the intention of buying a crude oil pipeline and related assets, along with natural gas liquid assets, for $425 million. The seller is TexStar Midstream Services L.P.
Seattle’s Booming Office Market Prompts Developers to Dive In Head First
By Alex Girda, Associate Editor
The local office market has seen a number of blockbuster transactions this year, illustrating high interest in what Seattle has to offer. In fact, there doesn’t seem to be enough space to go around, and developers like Skanska USA are currently considering speculative construction, Skanska on its 400 Fairview Ave. N. project.
Oswald Cos. Leases Three Floors in 1100 Superior Building
Oswald Cos., one of the nation’s largest independent, employee-owned insurance companies, has been looking for space all over Cleveland to accommodate its needs.
Gateway Unveils Plans for $80M Urban Campus in Covington
Gateway Community and Technical College last week released the details of the master plan for its urban campus in downtown Covington.
DCT Industrial Trust Completes Purchase of Four-Building Portfolio
DCT Industrial Trust of Denver has completed the previously announced acquisition of a four-building portfolio totaling 563,000 square feet.
Ala Moana Center Redevelopment to Begin in Early 2013; New Residences Coming to Lahaina
The $543 million redevelopment of the Ala Moana Center in Honolulu is expected to start early next year, the Pacific Business News reports. The completion date has been set for late 2015, General Growth Properties Inc. said in a filing with the U.S. Securities and Exchange Commission. The Chicago-based company plans to expand Hawaii’s largest shopping mall by replacing the current 340,000-square-foot Sears store with approximately 700,000 square feet of retail and restaurant space, including a three-level, 160,000-square-foot anchor tenant. Plans also call for a fourth-level parking deck.
2929 Weslayan Multifamily Project Adds 5 Stories, Gets Construction Loan
The 2929 Weslayan development that just broke ground at the northeast corner of Weslayan and West Alabama will be taller than expected, as new plans for the tower include an extra five stories.
Chambers Street Properties Acquires Industrial Building in Rogers
A New Jersey-based real estate investment trust, Chambers Street Properties, has acquired a warehouse/distribution building in the northwestern Minneapolis suburb of Rogers.
CPPIB Expands into Brazil with Global Logistic Properties Partnership
Canada Pension Plan Investment Board announced its entering into a JV with Global Logistic Properties, the world’s second largest owner of industrial property, entailing the purchase of two Brazilian logistics portfolios.
New Tenants Signed at Bronx’s 285 KSF Throggs Neck Shopping Center
The Throggs Neck Shopping Center in the Bronx, N.Y., will not open its doors until early 2014, but already the tenant roster is beginning to fill up with national and local businesses.