News
Lincoln Property Hired to Manage, Lease, Sell 388,367-Square-Foot Portfolio
GE Capital Real Estate recently assigned management, leasing and sales duties for a substantial portfolio of office/flex properties to Lincoln Property Company Southeast. The portfolio, encompassing 388,367 square feet, consists of three properties, all located in Orlando. While in 2010, GE Capital Real Estate foreclosed on this portfolio, the companyrecently decided to change real estate service providers.
Iconic Penobscot Building Sold to Canada’s Triple Properties
The foreclosed Penobscot Building located in the heart of Detroit’s Financial District was sold for an estimated price of approximately $5 million to Triple Properties, a Canada-based real estate investment company that also owns the Silverdome in Pontiac. The 47-story Art Deco building was designed by architect Wirt C. Rowland in 1928 as one of the tallest buildings in the world and the tallest structure in the city until 1977, when the 73-story Central Tower of the Renaissance Center was raised.
Bluegreen Communities Sells for $29M
By Camelia Bulea, Associate Editor SouthStar Communities acquired Bluegreen Communities for $29 million. According to the San Antonio Business Journal, the buyer took ownership of some residential communities as part of the deal , as follows: Vintage Oaks at the Vineyard and Havenwood at Hunters Crossing, both in the city of New Braunfels, which is located […]
Nalco Announces $18.7M Expansion in St. John
By Eliza Theiss, Associate Editor Nalco Inc., a company specializing in water, hygiene and energy technologies and services, has announced an $18.7 million expansion at its Garyville facility in St. John the Baptist Parish. According to a company press release, the company will add a 300,000-square-foot dry polymer production facility to its existing complex. It […]
New 138kV Substation Coming to Lorain
By Adrian Maties, Associate Editor
FirstEnergy Corp. (NYSE: FE) started work on May 2 on a new substation and associated transmission lines in Lorain, Ohio. The facility is designed to support the new arc furnace that Republic Steel is building there. On May 3, FirstEnergy officials and representatives from the city of Lorain participated in the […]
Sterling McMillan Student Housing Community Sold; Towne Properties Plans Oakley Apartment Complex
By Adrian Maties, Associate Editor
M&A Real Estate Partners, a Los Angeles-based real estate company, has purchased the Sterling McMillan student housing community near the University of Cincinnati. The deal was closed on May 1 at an acquisition price of $19.8 million, according to the Cincinnati Business Courier. Sterling University Housing, the student housing division of […]
Post Properties to Deliver 242 Luxury Units on Richmond Avenue in 2013
In conjunction with its first quarter earnings announcement, Post Properties made official its intent of developing a new Houston apartment community.
KBR to Construct Luxury Aurora High-Rise in North Bethesda
By Adrian Maties, Associate Editor LCOR, a leading real estate development company, has awarded a contract last week to the KBR Building Group to provide construction services for an 18-story luxury high-rise residential project in North Bethesda, Md. Named the Aurora, it will be the second of four high-rise residential buildings LCOR plans to construct […]
Retail Dynasty: Family-Run CBL Thrives Under Stephen Lebovitz
As a real estate expert and Harvard Business School management professor, Arthur Segel is in demand around the world as a guest lecturer. But since he took over the reins of CBL & Associates three years ago, he’s also shepherded the company through the aftermath of a difficult recession.
In $300M Makeover, Sahara Will Be Reborn as SLS Las Vegas
By Alex Girda, Associate Editor
Once famously associated with the swinging Las Vegas of the Rat Pack era and the original “Ocean’s 11″ movie, the Sahara Hotel & Casino closed in 2011 after falling on hard times. But the 60-year-old property is getting a new lease on life thanks to a $300 million makeover planned by the property’s […]