National
Prado Student Development Breaks Ground in San Antonio
Three new student developments encompassing 1,400 units have broken ground under the Fountain Residential Partners name. These projects will serve The University of Texas – San Antonio, the main campus of The University of Houston, and The University of Minnesota – Twin Cities. Leasing will start in the following months and occupancy in autumn of 2014.
Major Office High-Rise Trades Hands for $390M in City’s Financial District
As Seattle’s office market soared over the past year, a number of major office building transactions have been completed. The Russell Investments Center, 1201 Third Ave. and Vulcan’s Amazon campus have drawn massive amounts of money as investment companies are focusing on Seattle real estate. Continuing that trend is the recent sale of the Wells Fargo Center to Canadian real estate company Ivanhoé Cambridge for a fee of $390 million. According to a press release issued by the buyer, the acquisition brings the total amount of office space in Seattle’s financial district that is owned by Ivanhoé to eight percent.
BYTEGRID Buys Massive Data Center in Downtown Cleveland, Secures $100M Credit Facility
BYTEGRID, a privately-held data center company headquartered in Northern Virginia, has acquired the Cleveland Technology Center (CTC), Cleveland’s market leader in secured telecommunications and data center facilities. The price of the transaction was not disclosed.
Joint Venture to Open Ohio Racino in December
The state of Ohio will get a new racino by the end of the year. Miami Valley Gaming & Racing, a joint venture of Delaware North Companies Gaming & Entertainment, headquartered in Buffalo, N.Y., and Louisville, Ky.-based Churchill Downs Incorporated, will open a new harness racing and gaming facility near exit 29 off of Interstate 75, between Cincinnati and Dayton, in December.
A&B Properties to Acquire West Oahu’s Pearl Highlands Center for $141.5M
A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin, Inc., has agreed to acquire the Pearl Highlands Center in Pearl City for $141.5 million.
Fountain Residential to Add Housing Options at University of Houston
Following the University of Houston’s successful efforts of adding housing options in order to transform itself from an urban commuter-based campus to a Tier One research institution, a new student housing building will soon rise right across from the campus.
CBRE Arranges $27M Multifamily Sale, Finds New Tenant for HD Supply Building
This past week was quite an eventful one for CBRE’s Orlando office. Not only has the team grown by adding Jay Dixon—a former senior office leasing professional at Lincoln Property Company in Orlando with over ten years of experience—as an Office Building Sales Professional, but has also managed to close on the sale and acquisition financing for The Element, and land a new tenant for the HD Supply Building.
Hines Breaks Ground on Luxury Apartment Community near Boston
Hines’ newest luxury multifamily project in the Boston area kicked off this week at 36 River Street in Waltham, MA. Located just 10 miles west of downtown Boston, 36 River will create new high-quality housing opportunities for the city while supporting area businesses and community development along the Charles River.
Apartment Property in Downtown Memphis Sold for $43.6M; East Memphis Marriott Picked Up for $4.2M
Riverset, a 500-unit apartment community on Memphis’ Mud Island has just sold in a rare deal for the downtown Memphis apartment market.
Former Marriott Converts into Crowne Plaza
InterContinental Hotels Group has announced the opening of Crowne Plaza Charlotte Executive Park, the Crowne Plaza brand’s newest location.