News
KPMG Centre Posted for Foreclosure–Again
By Camelia Bulea, Associate Editor The 828,000-square-foot KPMG Centre (pictured at right) has been posted for the June foreclosure auction. The 34-story office tower is appraised at $44 million, according to data from the Addison-based Foreclosure Listing Service Inc. According to the Dallas Business Journal, this is not the first time the skyscraper, which has […]
Utah Jumps to 6th Place in U.S. Development Spending: NAIOP
By Alex Girda, Associate Editor Utah’s development and construction market recorded a substantial upswing in 2011, according to a report from NAIOP. The state’s $3.6 billion in spending on direct investment on all categories of commercial real estate ranked sixth nationwide. That investment propelled Utah from 26th place in 2010, a jump second only to […]
KBS Expands Salt Lake City Foothold With Gateway Tech Center
By Alex Girda, Associate Editor KBS Realty Advisors has added to its Utah portfolio with the acquisition of Gateway Tech Center, a 198,565-square-foot Class A office building located near the 40-acre Gateway District in Downtown Salt Lake City. Located at 155 North 400 West Street, the five-story Gateway Tech Center was built in 1909 as […]
Chestnut Hill Shopping Center Expands Tenant List with Cinema de Lux
National Amusements announced plans to open a state-of-the-art Cinema de Lux at the former Macy’s site at the Chestnut Hill Shopping Center, bringing an unparalleled cinema and dining experience to the area. Scheduled for opening in March 2013, the new movie theater will feature a top-class restaurant, premium reserved seating, and high end dining throughout the complex.
$46 Million Investment Brings Green Manufacturing to the Brooklyn Navy Yard
The Brooklyn Navy Yard Development Corporation will invest $46 million to convert three former Navy machine shops into a state-of-the-art Green Manufacturing Center, creating almost 300 construction jobs in the initial phase and approximately 400 permanent jobs.
Duke Realty Tapped to Build New Kuehne + Nagel Southeastern Headquarters
By Georgiana Mihaila, Associate Editor Global logistics service provider Kuehne + Nagel, Inc.—a unit of Swiss-based Kuehne + Nagel AG—has signed a built-to-suit lease with Duke Realty for its new southeastern headquarters. Wes Hardy, vice president leasing, represented Duke Realty in the transaction. Kuehne + Nagel, Inc. was represented by Bayne Porter of CBRE. In […]
Florida Crystals and IDI Form Strategic Alliance for South Florida Intermodal Logistics Center
Florida Crystals Corporation and IDI—one of the largest privately held logistics real estate companies in North America—have entered into a strategic alliance for the planning and marketing of the South Florida Intermodal Logistics Center in western Palm Beach County.
Missouri General Assembly Passes Land Bank Bill
By Gabriel Circiog, Associate Editor The Greater Kansas City Local Initiatives Support Corp. announced the Missouri General Assembly passed the legislation which supports the establishment of a land bank in Kansas City. Julie Porter, Greater Kansas City LISC Executive Director, said, “The passage of this important legislation is a victory for Kansas City residents as […]
Appling Lakes at Cordova Club Sold for $26.4 Million
By Eliza Theiss, Associate Editor Appling Lakes LLC of Salt Lake City has purchased the 312-unit Appling Lakes at Cordova Club apartment community from 27 tenant-in-common investors for $26.7 million. The sellers bought the property in 2005 for $26.9 million. The purchase was financed with a $19.9 million loan filed through Prudential Affordable Mortgage Co. […]
Mooresville to Become Mecca for Furniture Tourism
By Eliza Theiss, Associate Editor At least that is what Michael Bay, owner of Merinos Home Furnishings is hoping for. The 500 South Main Street furniture and indoor décor complex’s owner envisions his expanding furniture collection to become “one of the largest, most spectacular stores in the world, a center for furniture tourism that will […]