News
City Unveils Plans for Mixed-Use M-F Project in Downtown Indianapolis
City officials have announced the winning bid for the reconversion of a prime Mass Avenue parcel in downtown Indianapolis. The development team will be comprised of apartment specialist J.C. Hart Co., retail developer Paul Kite Co. and architecture firm Schmidt Associates. The anticipated cost of the project is approximately $43 million. Plans call for up to 235 market-rate apartments, up to 40,000 square feet of ground-floor retail and two levels of surface and underground parking. The project will be developed on a 1.45-acre property bordered by Massachusetts Avenue, North New Jersey Street and East North Street. The site is currently occupied by the Indianapolis Fire Department.
CORTEX Announces $186M Phase II in Biotech District
Phase II of CORTEX, midtown St. Louis’s bioscience and technology hub, will bring 384,000 square feet of additional lab and office space to the technology district. The total facilities space in the technology district will total over 1,000,000 square feet when the phase is complete.
Economy Watch Weekly: It’s Too Soon to Calculate Hurricane Damages
CPE’s economic analyst, Dees Stribling, gives his update for the week ending Nov. 2.
Low-Turnover Tulsa Sees Major 960,000 KSF Office Sale
Investment activity is not precisely brisk in Tulsa, Okla., so the recent trade of Warren Place I & II, a 960,000-square-foot office complex, turned heads.
Behringer Harvard Sells M-F Property in Fort Lauderdale Metro Area
Behringer Harvard has sold Parrot’s Landing, a 560-unit multi-family community situated on a 29-acre site in North Lauderdale, Fla., to a Toronto-based real estate investment company.
Binswanger Brokers Sale, Just Closed, of NW Georgia Industrial Building
The Atlanta office of Binswanger has arranged the sale of a former Mohawk Industries facility, a 220,569-square-foot industrial building on 47 acres in Rome, Ga.
Economy Watch: Non-Manufacturing Activity, Employment Trends Index Rise; Inflation Misperception Common
Economic activity in the U.S. non-manufacturing sector grew in October for the 34th consecutive month, according to the latest Non-Manufacturing ISM Report On Business released yesterday. The Conference Board Employment Trends Index increased in October, following a decline in September. U.S. inflation has been relatively low in recent years, but a study released on Monday by the Federal Reserve indicates that the perception of inflation has outrun actual inflation.
Vornado’s Sale of Philly Property Tied to Mall Redevelopment
Although Vornado is staying mum, and the chaos wrought by Hurricane Sandy didn’t help, the substance behind the REIT’s announcement earlier this week that it was selling four buildings is becoming clearer.
Highpoint Club Apartments Trade in $30 Million Deal
Tampa-based Robbins Property Associates has now assumed ownership of Highpoint Club Apartments in Orlando, following a $30 million deal. The price amounts to $86,207 per unit.
STAG Industrial Snags Two Properties for $13.4 Million; Veolia to Relocate HQs at Exchange Place
Boston-headquartered STAG Industrial, Inc., a full service real estate company focusing on the acquisition, ownership and management of single-tenant industrial properties throughout the United States, announced this week the acquisition of two properties totaling 325,000 square feet of space.