News
Renovation Spree Hits Detroit Area Masonic and Hindu Temples
By Veronica Grecu, Associate Editor The Detroit Masonic Temple in the lower Midtown area and several blighted properties in the surrounding area could embark on a $38 million renovation project. According to The Detroit News, a team of state and local brokers is currently establishing the financial aspects of the investment, which could get the […]
Scalable Class A, 384 KSF Office Planned for Tempe Park
Metro Commercial Properties and USAA Real Estate have announced the next phase of high-rise office development in Tempe, Ariz., and the firms plan for a Class A office tower, dubbed Fountainhead Park Summit, of up to 14 stories and totaling up to 384,300 square feet.
Economy Watch: Retail Sales Edge Down in May; Realtors See Shrinking Inventories
American shoppers pulled back a bit in May: Retail sales were down 0.2 percent compared with the previous month, but up 5.3 percent when compared with May 2011. And home inventories were down in all but two of 146 tracked markets nationwide.
Penzance, Invesco Get $94M Construction Financing for 280 KSF D.C. Development
Ground has broken on the trophy office project at 3001-3003 Washington Blvd. in suburban Washington, D.C., and Penzance and Invesco Real Estate have just gotten their hands on $94 million in construction financing for the 280,000-square-foot destination.
Marcus & Millichap: Net-Leased Retailers Expand Reach, See Investor Interest
Certain property types are well-positioned to take advantage of the fact that Americans’ personal incomes continue to stagnate, and net-leased properties – including discount retailers, drugstores, quick-service restaurants and even big-box chains – are seeing renewed investor interest in response.
Waterton Residential Acquires Boutique Seneca Hotel; Two Affordable Housing Projects Receive $11M Support
By Gabriel Circiog, Associate Editor Chicago’s Seneca Hotel has been acquired by Waterton Residential, a subsidiary of Waterton Associates LLC. The boutique hotel, located in the Gold Coast neighborhood, will be restored to a select apartment community, with renovated apartments available for occupancy beginning in mid-June. The 260 newly restored luxury rental residences will be […]
Colorado Hoping to Land Next U.S. Patent and Trademark Satellite Office
By Gabriel Circiog, Associate Editor Colorado state representatives and business leaders are optimistic of the state’s chances of becoming home to a satellite patent office, The Denver Post reports. In 2011, the U.S. Congress approved, under the America Invents Act, the opening of three satellite offices outside of Washington, D.C. by 2014. Colorado missed out […]
10 Years, $6M Later… and No Development at Wildhorse Ranch
By Camelia Bulea, Associate Editor
The 1,700-acre Wildhorse Ranch project was a great dream, and would have been the largest deal of its kind at the time—as the city agreed to reimburse up to $30 million to install water and wastewater […]
$65M Mixed-Use Dover Landing Project in New Hampshire Moves Forward
Dickinson Development Corp.’s Dover Landing, an upscale mixed-use project that will sit along the Cocheco River in Dover, N.H., has been given the thumbs-up on the revised plans for the $65 million endeavor.
Harbor Group Spends $100M on Florida Multi-Family Portfolio
Harbor Group International has made another multi-family purchase, snapping up a three-property apartment portfolio in three Florida markets for a total of $99.7 million – a purchase price of approximately $4,000 per unit.