Regions
JV’s $116M Investment Buys 48 Percent Stake in $1.5B Macquarie DDR Trust
EPN’s investment, which will make it Macquarie DDR’s largest unitholder, will be utilized to pay down outstanding Macquarie DDR financial obligations, including unsecured debt and derivative liabilities, and bolster the balance sheet; the move is expected to decrease leverage from 73.2 percent to 64.4 percent.
Aloft Hotel in Arizona Awarded LEED Certification
The Aloft Hotel in Tempe, Az., has become Starwood Hotels & Resorts’ seventh LEED-certified property. It is the first certified property amongst the 40-hotel Aloft brand.
Ground Broken on $85M Film Studio in Suburban Philly
The 130,000-square-foot film and television production facility in Chester Township, Pa., will create 390 permanent jobs by its third year of operation and will serve as a new tourist destination as well.
1,000-Room Lodging Project at Fort Lee in Virginia Moves Forward with Selection of Builder
The military branch’s Morale, Welfare and Recreation Command has tapped The Korte Company to spearhead design-build responsibilities for a $120 million temporary lodging facility at Fort Lee, about 30 miles south of Richmond, Va.
Skanska Nabs $73M Hospital Expansion Contract
The project calls for Skanska to build a three-story healthcare facility encompassing approximately 72,000 square feet. Construction of the building, which will meet LEED certification standards, will commence this summer and wrap up by the close of 2012.
1.7M SF Mixed-Use Life Sciences Project in Boston Area Gets Final Zoning Approval
Alexandria Real Estate Equities Inc. has received final zoning approval from the Cambridge Planning Board for its Binney Street Project, a 1.7 million-square-foot mixed-use office and laboratory development in East Cambridge, Mass.
WRIT Snaps Up Two Fully Leased Office Buildings near Quantico Marine Base for $68M
The Rockville, Md.-headquartered REIT acquired the fully leased assets, encompassing an aggregate 271,000 square feet of Class A space, from the developer of the business park, Fredericksburg, Va.-based Silver Cos.
USAA Adds 225,610 SF to Retail Portfolio
Wampanoag Plaza was sold by New York-based Emmes Asset Management Company and is currently 97 percent leased to 11 tenants.
Ground Broken on $70.4M Pharmaceutical Facility in Southern California’s Life Sciences Market
BioMed is developing the project at a cost of $400 per-square-foot, or a total of $70.4 million.
Voit Advances Distressed-Asset Mandate Via $100M Portfolio
Voit Asset Services executive managing director John Strockis said that the firm was retained based on its expertise as a real estate operator: specifically, developing, owning and managing comparable projects.