National
Arts District Gets New Mixed-Use Community, Big on Outdoor Experience
One of the largest new mixed-use complexes in downtown L.A. is set to spruce up the city’s Arts District with construction now officially on at the 905 East Second Street site. Developed by a joint venture between Lowe Enterprises, Megatoys and institutional investors advised by J.P. Morgan Asset Management, the building will replace two vacant warehouses at the address, currently being demolished.
Maryland Officials Celebrate Topping Off of New Enterprise Homes Senior Housing Development
Maryland officials joined Enterprise Homes on Wednesday, September 25, to celebrate the topping off of The Greens at English Consul, an affordable, senior housing development located in the Lansdowne/Baltimore Highlands neighborhood of Baltimore County. The Greens at English Consul is the first new construction in this neighborhood in almost 20 years.
Crecent Signs up 6 Tenants for Property’s 17,900 SF Retail Component
Six new tenants have recently committed to occupy the entire 17,900-square-foot street level retail component at Crescent Cameron Village, a mixed-use 282-unit residential community currently under construction in Raleigh’s historic Cameron Village.
Candelaria Business Center For Sale at $2.9M
A new investment opportunity is available in Albuquerque’s NE Heights market. Candelaria Business Center has been listed for sale under the representation of Todd Clarke CCIM of NM Apartment Advisors. The mixed-use business park includes office, retail and warehouse space with flexible zoning, marketed as a stable investment with steady cash flow. The list price is of $2,995,000, $86.06 per square foot.
Hersha Sells Hotel Portfolio to Blackstone; Tower Place Seeks New Owner
Hersha Hospitality Trust, a Harrisburg,PA-based real estate investment trust that owns and operates 48 luxury hotels located in urban gateway markets, will sell a large part of its portfolio to BRE NE Hospitality Holdings LLC, an affiliate of Blackstone Real Estate Advisors, for $217 million. The deal is subject to customary conditions for real estate transactions and is expected to close by the end of Q1 2014.
Penguins Choose Residential Developer for Former Civic Arena Site
The Pittsburgh Penguins hockey team has selected St. Louis-based McCormack Baron Salazar as the lead residential developer for the site of the former Civic Arena.
Fontanel Grows With IHG Partnership
InterContinental Hotels Group (IHG) has announced plans to develop two new properties under the Holiday Inn Resort brand: the Deadwood Mountain Grand, in Deadwood, SD and the Fontanel, in Nashville.
University of Michigan Expands with $185 Million Student Residence in Ann Arbor
Backed by two historic donations coming from two prominent alumni—Charles Munger and Stephen Ross— the University of Michigan (U-M) has embarked on a veritable building spree. The university’s Board of Regents recently approved the design plans for a new apartment-style residence hall located at its Ann Arbor campus at the intersection of South Division and Packard Streets.
R&D Property Trades Hands in Santa Clara; Last Milpitas Mervyns Completes Portfolio
As commercial development in Silicon Valley runs rampant with huge new projects, existing properties also continue to drive investor interest, recent deals show. Foster Enterprises recently acquired an R&D building in Santa Clara, while Shapell Properties completed the acquisition of the last vacant Mervyns store in Milpitas for a fee of $12 million.
$55M IBM Project Holds Groundbreaking; Shell Teases $12.5B GTL Facility
Prior to the groundbreaking of IBM’s 800-job Baton Rouge project, the Louisiana Governor’s Office announced the selection of Ascension Parish as the potential site for a 740-job Shell facility.