National
Phillips Edison-ARC Shopping Center REIT Buys 40th Grocery-Anchored Shopping Center
Phillips Edison–ARC Shopping Center REIT Inc. acquired another shopping center on April 23. The Cincinnati-based public non-traded REIT paid $7.3 million for the Hartville Center in the Greater Akron Metropolitan Area
Blackstone to Acquire Hyatt Regency Waikiki
The Blackstone Group has agreed to purchase the leasehold interest in the 1,230-room Hyatt Regency Waikiki Beach Resort and Spa in Honolulu.
According to the Real Estate Alert, the property’s current owner – a joint venture comprised of Goldman Sachs’ Whitehall Street Real Estate Fund and the Hyatt Hotels Corporation – is selling the hotel for approximately $450 million, or $366,000/room. Eastdil Secured is brokering the transaction on behalf of the seller.
Booming Local Economy Draws Buyers to Houston Multifamily Properties
With Houston’s booming economy expected to generate approximately 117,000 new jobs in 2013, possibly the most sizable gain since the 1980s, nearly all sectors of the local economy have been experiencing increased activity. The multifamily sector is no exception.
Normandy Hotel Sells in Washington
Modus Hotels, a Washington, D.C.-based owner and operator of lifestyle hotels, has partnered with Alex. Brown Realty (ABR), a real estate manager based in Baltimore, to purchase the Normandy Hotel in Washington, D.C.’s Dupont Circle. ABR Chesapeake Fund IV, a value-added real estate fund sponsored by ABR, invested in the venture.
Fishers Medical Office Building Wins BOMA’s TOBY Award
The Building Owners and Managers Association (BOMA) has named the St. Vincent Medical Center Northeast, a medical office building in Fishers, the North Central Region winner of The Outstanding Building of the Year (TOBY) program.
Developed and managed by Duke Realty, the approximately 119,800-square-foot facility at 13914 Southeastern Parkway opened in 2008. The building is part of Ascension Health’s newly built St. Vincent Fishers Hospital.
University of Missouri Health Care Opens $190M Expansion Project
University of Missouri Health Care has inaugurated its largest expansion ever for University Hospital in Columbia, Missouri. The $190 million addition was designed by renowned architecture firm HOK and will feature a new patient care tower and a facility which will replace the oldest cancer center west of the Mississippi River – the Ellis Fischel Cancer Center.
Development Partners Plan 197-Unit Apartment Project for South Main Arts District
Two heavyweights of the Memphis business world are looking to develop a new multifamily project in The Bluff City’s South Main submarket.
Florida Hospital Breaks Ground on Emergency Department, Plans Further Expansion
Florida Hospital East Orlando has recently celebrated its upcoming expansion that will double the size of its current emergency department through a special groundbreaking ceremony. Both hospital and community leaders attended the ceremony and planted 260 flowers—number that stands for the average number of patients seen on a daily basis in the emergency department.
Upscale Gated Community in Century City Set to Expand After Land Deal
Located at the corner of Century Park West and Solar Way, the site will house ten 5,000-square-foot homes that will form The Enclave at Century Woods. The development process is set to be fast tracked and construction should begin during the next few months, with completion tentatively set for the end of next year. Along with purchasing the land from a neighboring homeowner association, CLG also acquired JMB Realty Corporation’s option to build homes there.
Graffiti Landmark 5Pointz to Be Replaced by Residential Towers
Long Island City’s 5Pointz, a 90-year-old factory building that has been serving as an outdoor exhibit space for graffiti artists around the world, is slated for demolition as the property’s owners are seeking a special permit for a zoning variance that would allow them to replace the building with two apartment towers and a luxury shopping center.