News
Economy Watch: Existing Home Sales, Unemployment Dip; Driving Peaks
Existing home sales have dropped for both single- and multi-family dwellings. Unemployment has dropped in most states. Travel on all American roads, however, has risen.
Government Building LEEDs Through Example
Built by a team comprising design company ZGF Architects and developer Sellen Construction using funds provided through the Recovery Act, the building ushers in a new era of government properties. The $72 million office building offering up 209,000 square feet of space seems on track to achieve an Energy Star efficiency score of 100, a distinction only 1 percent of comparable U.S. buildings can claim. The building is also set to be awarded Gold certification through the U.S. Green Building Council’s Leadership in Energy and Environmental Design program.
Developers Start Work on Luxury Aloft Hotel in Beachwood
BGL Real Estate Advisors, a subsidiary of Brown Gibbons Lang & Co., and Cleveland real estate developer Scott Berkowitz broke ground on Monday, Oct. 15, on a luxury aloft hotel at the Chagrin Highlands corporate center in Beachwood.
Hayneedle Expands Distribution Center in Monroe
Hayneedle, the Omaha-based online retailer of home goods, announced last week it has expanded its distribution and fulfillment center in Monroe.
Honolulu Officials Approve Leasehold Sale of City-Owned Affordable Housing
The Honolulu City Council has approved Mayor Peter Carlisle’s plan to sell the city’s 12 leasehold affordable rental complexes situated in various parts of Oahu to a private entity for $142 million. Called Honolulu Affordable Housing Partners L.L.C., the corporation comprises Highland Property Development L.L.C. of Arcadia, Calif.; Richard Gushman of Honolulu, who has more than 40 years of real estate experience; and Stephen Gelber, a Honolulu real estate and tax attorney who has worked on many affordable housing transactions in Hawaii.
The leasehold purchase agreement requires the entity to make a a one-time payment of $142 million to the city and spend an additional $42 million within the first two years of the 65-year lease term to renovate the apartments.
Upscale BLVD Place Project Gets First Residential Component
While merely a few weeks ago local newspapers were reporting the construction start of phase II of the BLVD Place mixed-use development, Hanover Co. is now announcing that it will be adding a luxury apartment tower to the high-profile project.
AFL-CIO HIT Invests $15.7M in M-U Construction Uptown
The AFL-CIO Housing Investment Trust has invested $15.7 million in the construction of the City Walk Apartments, a mixed-use development in Minneapolis’ Uptown community.
Construction Begins on Oak Lawn Luxury Apartment Community
Addison-based Behringer Harvard has begun construction on a new luxury apartment community in the Oak Lawn/Uptown submarket of Dallas, at the intersection of Maple and Oak Lawn avenues. Trammell Crow Residential, the developer of the apartment community, partnered with Behringer Harvard on the acquisition.
Northwestern Mutual Provides Cathedral Commons with $91M in Financing
A joint venture between Giant of Maryland and the Bozzuto Group has managed to secure $91 million in construction and permanent financing for Cathedral Commons, a mixed-use development in Northwest Washington, D.C.
Archway Holdings Buys Glendale MOBs from Ventas for $20M
In a $20 million deal, Archway Holdings Corp. has acquired Arrowhead Health Center, a 103,216-square-foot, two-building complex located near Arrowhead Hospital in Glendale, from Ventas Inc., the Phoenix Business Journal reported. Formerly known as Arrowhead Orchards, the complex is about 65 percent leased, a level that Archway believes offers growth opportunities. The new acquisition expands Archway’s medical office portfolio in Arizona to about 400,000 square feet.