National
180,000-Sq.-Ft. Shopping Center Purchased by Misuma Holdings
Austin’s 180,000-square-foot shopping center, Lincoln Village, has just been purchased by veteran developers Misuma Holdings for an undisclosed sum. The new owner has not made public its plans regarding the repositioning of the acquisition, but the involved parties can await consistent changes throughout the year. Among the current tenants are Chase Bank, Gold’s Gym, the Marchesa Theater and Men’s Warehouse.
New Student Residence, Fellowships Funded by Historic $110 Million Gift from U-M Alumnus
The University of Michigan (U-M) has received a $110 million donation from Charles T. Munger, vice chairman of Berkshire Hathaway Inc. and investor. This is the largest gift awarded to the university in its almost 200-year history and, as the school revealed in a statement last week, it will be mostly used to build a graduate students residence at its Ann Arbor Central Campus, on a site currently housing a parking garage between South Division and Thompson streets. A considerably smaller part of $10 million will go to fellowships that will be offered to students enrolled at U-M’s 19 schools and colleges.
Local Developer Proposes New Plan for Mixed-Use Stanhope Center in Raleigh
Local developer Melton “Val” Valentine has submitted a new plan for the three-building mixed-use project along Hillsborough Street near N.C. State University in Raleigh.
According to the Triangle Business Journal, Valentine is proposing two five-story retail and residential buildings, as well as a 70-foot-tall parking deck. The new development will spread across a 12-acre site known as Stanhope Center, bringing a total of 154 apartments and more than 55,700 square feet of retail space. The Site Group LLC of Raleigh is designing the project, the newspaper reports.
New Housing Complex to Revitalize Tucson’s South Side
Tucson’s multifamily market continues to show signs of improvement mainly due to a steady job growth and an increasing student population in the area. Investor interest in apartment assets remains strong, with larger real estate companies targeting luxury properties, especially developments close to the University of Arizona and major employment hubs.
CIM Group Acquires Creative Office Building in Strong SoMa Submarket
330 Townsend is a creative office property with an occupancy rate of 98 percent, in keeping with the area’s high average rates. The building is also located in close proximity to the CalTrain San Francisco Station, as well as the currently under-construction Central Corridor transit line. Besides having zoning in place for additional development, in conformity with the West SoMa Community Plan, the newly acquired property is also within the city’s Central Corridor planning district, an area which is currently seeking new development guidelines. This could mean that current land uses and building heights may be adjusted in the near future, as well as an overall plan to turn the area into a more pedestrian-friendly one.
New $251M State-of-the-Art Malcolm X College Campus Plans Revealed
Mayor Rahm Emanuel and City Colleges of Chicago Chancellor Cheryl Hyman recently announced plans for the new Malcolm X College campus, a major investment in Chicago’s west side. The state-of-the-art learning facility aims to provide Chicago’s students access to the tools which will enable them to succeed in the fast-growing fields such as health sciences.
Community College Breaks Ground on 37KSF Facility; Hyatt Place Germantown Sold for $11M
Northwest Mississippi Community College is keeping up with the Mid-South’s increase in manufacturing operations by the addition of a new Mechanical Technology Building, as part of the college’s Career-Technical facilities.
Developers, City Move Forward on $54M Spec Office High-Rise in Downtown Raleigh
Locally based developer Dominion Realty Partners has joined Charter Square, LLC and the City of Raleigh to develop a speculative office project in the heart of the city’s downtown.
Construction on the first of the two Charter Square buildings in the 400 block of Fayetteville Street is expected to begin this fall and take about a year to complete. At 215 feet, the structure will be slightly taller than the Marriott City Center Hotel across the street.
LaSalle Group to Build City’s First Memory-Care Community
The LaSalle Group, a leader of the senior industry with over ten years of experience in the field, in partnership with MedProperties Investment Partners, LP, a private equity fund with specialized investment strategy in healthcare real estate, and Frost Bank, recently announced their plan to build the firm’s first memory care community in San Antonio. Called Autumn Leaves of Stone Oak, it will be located at 20272 Stone Oak Parkway and is expected to open in spring of 2014.
Apartment Building Trade in Upscale Queen Anne Breaks Record
A growing multifamily market is the result of the city’s booming office sector, and with the end well out of sight for growth in Seattle, records are starting to fall. Recently, the sale of a small apartment building in the city’s upscale Queen Anne neighborhood set a new high for properties with less than 100 residential units. The buyer is 17910 Burbank Limited Liability Co. who paid $14.65 million to developer Zaser & Longston Inc. for the Elliott Bayview Apartments.