National
PRG Real Estate Acquires 352-Unit Memphis Apartment Community
Philadelphia-based PRG Real Estate Management Inc. has announced the acquisition of Church Lake Apartments, a 352-unit garden-style apartment community located in Southaven, MS.
Big Money Land Deal Paves Way for $750 Multifamily Development Project
As far as land deals go, reports rarely come in about landmark transactions in a major city’s Central Business District. However, a joint venture between Mack Urban and AECOM Capital has recently made public the acquisition of a six-acre land parcel in L.A.’s CBD. The value of the deal is estimated at around $80 million, making it by far the largest transaction of its kind in the area since 2008. The JV acquired the downtown property from former owner, EVOQ Properties.
Acer Exhibits and Events Buys 167,000 Sq. Ft. Warehouse in Havre de Grace
Acer Exhibits and Events, LLC, a full service custom exhibits agency, has purchased the 167,270-square-foot facility at 1601 Clark Road, in nearby Havre de Grace, and plans to turn it into its new headquarters. The Belcamp-based company acquired the warehouse from Michigan-based Becker Properties for $3 million, or about $17.94 per square foot.
LexisNexis Chooses 120,000-Sq.-Ft. in Centennial Campus for Expansion
Legal research firm LexisNexis has announced it would relocate its software division from Cary to Raleigh to accommodate the company’s growth. According to the Triangle Business Journal, LexisNexis will occupy the 120,000-square-foot office building on Centennial Campus that technology firm Red Hat had vacated earlier this year when it relocated to downtown Raleigh.
Tampa Council Approves $6.5M Restoration of Long-Closed Water Works Park
Water Works Park, tucked away just north of Interstate 275 on the edge of downtown Tampa, is soon to be reopened after decades of neglect. The City Council voted on Thursday the 26thof September to move ahead on a $6.5 million plan to restore the park until the spring of 2014.
First Baptist Church in Albuquerque Listed at $7.5M
At the corner of Broadway Boulevard NE and Central Avenue is resting vacant the First Baptist Church. The property has sat so for several years, with transients every now and then, and now is back on the market listed by Keith Meyer and Jim Wible with NAI Maestas & Ward.
PREI Pays Reported $57M for Mission Valley Office Building
The San Diego office market recorded an important transaction on its road to recovery as the Rio San Diego Plaza recently traded hands. The office asset was acquired by Prudential Real Estate Investors from AEW Capital Management, who sold the property on behalf of one of its institutional clients. The property had been acquired by AEW Capital Management back in 2006 from 8954 Rio San Diego LP. The deal was handled by real estate company Jones Lang LaSalle. The JLL team in charge of the deal was made up of Managing Directors Lynn LaChapelle and Bob Prendergast.
Allied Builders System Tapped to Develop Kamehameha Schools’ Retail Project in Haleiwa
Honolulu-based general contractor Allied Builders System has been selected to oversee the construction of a 27,000-square-foot commercial center in the Oahu North Shore town of Haleiwa. Kamehameha Schools made the announcement during the project’s groundbreaking blessing ceremony on September 26th.
Skanska Sells 3009 Post Oak for $112M; MIG Grabs 240-Unit Woodlands M-F Community
Skanska USA, one of the leading development and construction companies in the country, announced plans to sell its recently completed office tower in Houston. The buyer, Post Oak Building LLC, will purchase the property for $112 million. The transaction will be recorded and settled in the third quarter 2013
Savvis to Open New Data Center in Minneapolis
Savvis, a CenturyLink company, specializing in cloud infrastructure and hosted IT solutions for businesses, recently announced plans to expand its North American footprint by opening a new data center in the Minneapolis-St. Paul area in the spring of 2014. The new Savvis MP2 data center, built to support 4.8 megawatts of IT load on 100,000 square feet of raised floor space, will open with an initial 1.2 megawatts and 13,000 square feet of raised floor space.