National
65-Year-Old Downtown Portland Office Asset Trades Hands as Local Vacancies Dwindle
One of Portland’s landmark office properties traded hands this week when a Unico Properties LLC-controlled investment fund paid a hefty $41 million for a downtown asset. The joint venture between Unico and Cigna Realty Investors purchased the Commonwealth Building from seller Commonwealth Acquisition LLC. Unico Properties previously acted as the property’s manager, a position that it will maintain after the transaction.
Cleveland City Council Approves Financing for FirstEnergy Stadium Modernization Project
It’s been a rough couple of weeks for Cleveland Browns fans, as their team recently lost to two long-time rivals, the Cincinnati Bengals and the Pittsburgh Steelers, in the 2013 NFL regular season. But the Cleveland team did manage to score one important victory. On Monday, November 25, the Cleveland City Council has approved a financing plan for the FirstEnergy Stadium modernization project.
$33.5M Water Street Project Expected to Start Construction in December
Water Street, one of the largest development projects in downtown Dayton in years, is getting ready to break ground. The Dayton City Commission has approved last week a development agreement with the project’s developer, Water Street Redevelopment LLC, a joint venture between Dublin-based Crawford Hoying Development and Dayton-based Woodard Real Estate Resources.
A&B to Acquire Hawaii Commercial Portfolio from Kaneohe Ranch and the Harold K.L. Castle Foundation
In a $373 million deal, Alexander & Baldwin, Inc. has agreed to purchase the Hawaii commercial real estate portfolio of Kaneohe Ranch and the Harold K. L. Castle Foundation.
Intercontinental Acquires Sawyer Heights Lofts for $61.6M; Construction Underway on Phillips 66 Corporate Campus
Boston, MA-based Intercontinental Real Estate Corporation, a national real estate investment, development, and management firm, acquired the Sawyer Heights Lofts, a 326-unit apartment community in Houston’s Downtown/West Inner Loop for $61.6 million.
Plan Approved for New $763M Minnesota Multi-Purpose Stadium
The Minnesota Sports Facilities Authority, in collaboration with the Minnesota Vikings, recently announced it has reached an agreement with Mortenson Construction on the Construction Management Plan for the new Minnesota Multi-Purpose Stadium. Together with the approval of the plan, a Guaranteed Maximum Price of $763 million that includes a letter of credit from the Vikings, for the project was also agreed.
HFF Secures $100M in Acquisition Financing for Tower at Cityplace
HFF secured $100 million in financing for The Tower at Cityplace, a 42-story, 1.3 million-square-foot office building in Dallas’ Uptown Market.
JBG to Open 245-Unit Apartment Community in D.C.’s Shaw Neighborhood in 2015
Washington D.C.’s Shaw neighborhood, located in the city’s Northwest quadrant, has attracted a lot of attention over the last few years. The JBG Companies is just the latest developer interested in this area named after Union Colonel Robert Gould Shaw. The Chevy Chase-based private real estate development firm plans to bring a new, dynamic, mixed-use apartment community at the intersection of 8th Street and Florida Avenue.
Citizen Potawatomi Nation, Interior Department Approve Landmark Leasing Deal
The 25th of November 2013 has become a historic day as Secretary of the Interior Sally Jewell and Assistant Secretary of Indian Affairs Kevin K. Washburn joined Citizen Potawatomi Nation Chairman John Barrett and formally approved tribal leasing regulations.
ITRA Global Invites Bioscience Companies to Tucson
Commercial Real Estate Group of Tucson, affiliated with ITRA Global, issued a white paper suggesting bioscience/biotechnology companies to relocate or expand their activities to Tucson.