News
Miami Residential Tower Changes Format, Developers
En V Brickell, a 35-story apartment high-rise, will rise above a lifestyle center in Miami’s Brickell District, following its purchase by three developers in a joint venture.
Economy Watch: Employment Gains Meager; Transportation Indicators Mixed; QE3 Now a Maybe
National employment shows weak growth. Rail carloads show an overall dip, but a rise in intermodel traffic, and petroleum products. There is still discourse but no action on the topic of an economic stimulus.
KBS Grabs 264 KSF Suburban Denver Office Building
KBS Realty has bought Peakview Tower in the metropolitan Denver area. The 10-story tower has attracted notable tenants, including financial firms, banks and health insurance companies.
Lender-Owned Mixed-Use Project Trades for $13.2M
Waterford Park at Waterford Lakes—a Class A mixed-use retail and office building located near the nation’s second-largest university, the University of Central Florida—has traded hands for the reported amount of $13.2 million. A small land parcel across the street from the property and a potential billboard site on Lake Underhill Road were also included in the transaction.
Duke Realty Expands Atlanta Industrial Portfolio with Hartman Business Center Purchase
Duke Realty Corp. recently added a 569,674-square-foot warehouse-distribution building in Hartman Business Center to its portfolio, as part of its recent focus on increasing investments in quality industrial assets.
URI Debuts $75M Research Center at College of Pharmacy
The University of Rhode Island has formally unveiled a $75 million research center for its College of Pharmacy that will enable expansion of its graduate and undergraduate programs. At five stories and 144,000 square feet, the facility can accommodate 820 students and is the largest academic building on the South Kingstown campus. Financing was provided primarily by $65 million in general obligation bonds approved by voters in 2006. Private donations and university funds made up the remaining $10 million.
Hines-J.P. Morgan JV Secures $188M Loan for Office Campus
Arranged by Jones Lang LaSalle Inc.’s capital markets division, the loan provides debt and construction financing for the campus, where Hines is developing a 415,000-square-foot office building (pictured). Scheduled for completion in 2014, the building is fully leased to LPL Financial, which will consolidate operations from multiple local offices. LPL Financial’s lease is one of the largest ever in San Diego.
Steak n Shake to Acquire Historic Office Building in Downtown Indianapolis
The sale of the historic Ober Building in downtown Indianapolis has been approved by the Metropolitan Development Commission on behalf of the Capital Improvement Board of Marion County. According to the Indianapolis Business Journal, an affiliate of the locally based Steak n Shake restaurant chain will pay $3.8 million to purchase the 62,500-square-foot office building and another $2 million for improvements. Steak n Shake plans to move its headquarters to floors three through six in the six-story Ober Building located at 107 S. Pennsylvania St. The company’s local offices are currently in the Century Building on the opposite corner of Pennsylvania and Maryland streets.
Balke Brown Transwestern Plans 280-Unit Apartment Project at The Highlands
A new residential project is set to be added to the 26-acre Highlands mixed-use development,
Olympic-Bundy Media Campus Trades Hands for $89 Million
By Alex Girda, Associate Editor The Olympic-Bundy Media Campus has been snapped up by Hudson Pacific Properties, Inc. according to a statement the company released via its official website. The company had hinted at this move earlier this year when … Continue reading →