Regions

Silverstone Communities has completed the development of Park Broadway, a 96-residence condominium property located 15 miles south of San Francisco in Millbrae, part of California’s upscale San Mateo County. The concept behind Park Broadway adheres to Silverstone’s basic corporate tenet, which is to provide relatively reasonably priced, newly constructed homes with the same upscale tenor found at neighboring properties. Silverstone shelled out $74 million to complete the project. Located just outside of Millbrae’s downtown area, which is presently undergoing a $250 million upgrade, Park Broadway is geographically located to appeal to workers in the nearby Silicon Valley job market. Additionally,…

Jones Lang LaSalle has reshuffled some of its regional senior management, effective early next year. Alastair Hughes, currently CEO for EMEA (Europe, Middle East and Africa), has been named CEO for Asia Pacific, succeeding Peter Barge, who will become chairman for Asia Pacific. At the same, Christian Ulbrich, who currently leads the firm in Germany, will become CEO for EMEA and join the company’s Global Executive Committee. “The move is part of an orderly plan for executive succession,” a spokesperson for Jones Lang LaSalle told CPN. “We’re able to do that because of a deep talent pool, and smooth management…

Plans are underway for the development of Liberty Plaza, Newark, N.J.’s first Class A office and mixed-use project in 15 years, which will feature a 430,000-square-foot, 22-story office and retail tower in Phase I. Located on 3.5 acres adjacent to the New Jersey Transit Broad Street Rail Station, the project (pictured) is expected to cost at least $150 million. It is also less than a mile from Interstate-280. Because of its location near the rail station, the project has been pre-approved for New Jersey’s Urban Transit Hub Tax Credit, which could make it eligible for as much as $100 million…

Boston-based CresaPartners, the largest corporate real estate advisory firm in North America that focuses solely on tenant representation, has combined operations with Orlando-headquartered tenant representative firm Strictly Commercial, the only commercial real estate firm in Central Florida concentrating exclusively on providing office real estate solutions for area businesses. By joining forces, CresaPartners expands its presence in the Central Florida office market, and SCI gets a partner with international connections.”We have a similar culture and that is to only serve one side of the table–businesses,” John L. Gay, SCI president and co-founder, told CPN of the arrangement with CresaPartners; Gay co-founded…

Working toward expanding its presence in South Florida, Rockville, Md.-based Federal Realty Investment Trust has acquired Courtyard Shops, a 127,000-square-foot Publix-anchored neighborhood shopping center located in Palm Beach County, from an unnamed institutional owner for $37.9 million. In the upscale area of Wellington, Fla., the shopping center’s location in an affluent trade area made it an attractive investment while also meeting Federal Realty’s goal of expanding into South Florida, according to information from Federal Realty. Courtyard Shops (pictured) was built in 1990 and expanded in 1998 and is anchored by a 49,000-square-foot Publix supermarket. Publix, the largest and fastest-growing employee-owned…

Parkway Properties has wrapped up the $47.5 million disposition of Capitol Center, a 460,000-square-foot office building in Columbia, S.C. The Jackson, Miss.-based company, which acquired the 25-story tower in 1999 for $38 million, pocketed net proceeds totaling $45.8 million, which allowed for the prepayment of an $18.1 million first mortgage, as well as the paying down of debt under the company’s credit facility. Located at 1201 Main St. in Columbia’s Central Business District, Capitol Center was originally developed in 1987. The property is home to a bevy of law firms, in addition to a range of other businesses including the…

Canadian Real Estate Investment Trust (CREIT) has acquired a portfolio of eight retail properties from Canadian Tire for C$137.3 million. Canadian Tire has leased each of the eight properties back under 15-year triple-net leases at current market rental rates, with escalating contractual rents over the term. The properties have all been either significantly renovated or expanded within three years by Canadian Tire. The sale and leaseback form is somewhat atypical of Toronto-based CREIT’s acquisition patterns, according to Adam Paul, the company’s vice president for investments, who spoke with CPN today .The stores range from 54,000 to 130,000 square feet and…

Days after news emerged that Millbrook Properties had acquired the 445,200-square-foot Aviation Plaza retail property in Linden, N.J., in a 1031 exchange transaction, CB Richard Ellis Inc. has revealed it was the source behind the attainment of $60 million in financing for the transaction. Principal Real Estate Advisors provided the loan. Manhasset, N.Y.-based Millbrook snapped up the power center from BlackRock Realty Advisors, which came into possession of the property when it acquired SSR Realty for $325 million in 2004. SSR Realty Advisors paid $54.5 million for Aviation Plaza in 2003; Millbrook reportedly shelled out at total of over $90…

ARCWheeler has unveiled plans to purchase, rehab and add an adjacent hotel to the 80-year-old Boyd Theatre in Downtown Philadelphia, all at an estimated price tag of $95 million. The seller of the property is current owner Live Nation, a major live events company and concert promoter. The project (pictured) will comprise a historic rehabilitation of the landmark theater, construction of a 250-room Kimpton Monaco Hotel on a parking lot adjacent to the theater, and development of two restaurants, one in the hotel and a cafe in the theater, an ARCWheeler spokesperson told CPN. ARCWheeler plans to apply for historic…

Following a study ordered by the Clark County Development Services’ Building Division, the Monte Carlo Casino, and Resort in Las Vegas was instructed to work with a Nevada-registered fire protection engineer to determine how to address parts of the building’s facade that were treated with a non-fireproofed lamina. “We wanted to examine the totality of the incident and we needed to determine if any of the materials contributed or exacerbated the spread of the fire because they clearly didn’t cause it,” Ron Lynn, director of development for Clark County, told CPN. “Having found that there are some relatively minor discrepancies…