National
The Pontch Reopens as New Crowne Plaza Hotel
It’s been more than one year since Gabriel Ruiz, a developer and hotel investor based in Mexico, purchased Detroit’s historic Pontchartrain Hotel, affectionately referred to as “The Pontch” by Detroiters. Located at 2 Washington Boulevard on the former Fort Pontchartrain site—Detroit’s first permanent European settlement built in 1701—and across from the Cobo Center, the 25-story building designed in 1965 by King + Lewis Architects last operated as the Detroit Riverside Hotel.
Pittsburgh’s Liberty Center Complex Sells for $135M
Forest City Enterprises, Inc. and its partner, Jos. L. Muscarelle, Inc. have completed the sale of the Liberty Center complex in downtown Pittsburgh’s “Golden Triangle”. A subsidiary of Starwood Capital Group of Greenwich, Conn. acquired the property for $135 million. The transaction generated net cash proceeds, at Forest City’s share, of approximately $30 million.
Drawbridge Realty Trust Continues Heightened Activity with Office Purchase in Santa Rosa
Drawbridge Realty Trust has made a move into the Santa Rosa submarket with a recently completed double acquisition. The real estate company has paid a purchase fee of $18 million for the two office buildings, an indication that Drawbridge has begun to put its $150 million revolving credit facility to good use. A series of new investments thought out by the REIT are bound to follow as the company will look to expand and improve its current property portfolio. Seller Basin Street Properties was represented in the transaction by Cushman & Wakefield’s San Francisco office.
Luxury Student Housing Bought for $20M, Upgrades in the Works
Troy, Mich.-based real estate investment services entity Hayman Company has recently announced the acquisition of College Grove, an 864-bed luxury student housing community located in the vicinity of the Middle Tennessee State University (MTSU) campus in Murfreesboro, TN within the Greater Nashville Area.
Embassy Suites Going for $20M
FelCor Lodging Trust Incorporated, an Irving, TX-based REIT boasting a portfolio of primarily upper-scale and luxury hotels located in major or resort markets, has announced entering an agreement to sell the 223-key Embassy Suites Baton Rouge for $20 million in a transaction expected to close by the end of the month.
The Opus Group Announces Electrolux Expands Minooka Operations
Chicago-based The Opus Group recently announced that Electrolux Home Products Inc. will expand its existing operations in Minooka, Illinois by occupying the remaining vacant space within the Minooka Ridge II facility.
Harbert United States Real Estate Fund V and ColRich Investments Close on Conifer Creek Apartments
Harbert United States Real Estate Fund V L.P. together with ColRich Investments recently announced they have closed on the acquisition of a 480-unity multi-family community in Denver, Colorado.
Lone Star-Managed Fund Acquires 11 Distressed Office Properties in Raleigh and Morrisville
An investment fund managed by Lone Star Funds of Texas has acquired 11 office buildings in Raleigh and Morrisville for a total of $45 million, the Triangle Business Journal reports. U.S. Bank acquired the properties for $49 million at a foreclosure auction in January.
Conservative Group Challenges ACLU Over City’s Plan to Use Church for Senior Center
The nonprofit legal group, Liberty Institute, recently announced that it has submitted a letter of support to the City of Oklahoma City for its decision to lease or purchase a portion of the Putnam City Baptist Church in order to establish a Metropolitan Area Projects 3 senior wellness center. The City had been threatened for its decision by the ACLU, but Liberty Institute attorneys reviewed the subject and concluded that the City’s plans comply with constitutional standards.
Milhaus Breaks Ground on $26M Redevelopment in Historic District
Construction on the $26 million Circa Apartments at the former Mitchell & Scott industrial site in downtown Indianapolis is currently under way.