National
Pacrep to Revise Design for Ritz-Carlton Hotel Condo in Waikiki
The Honolulu Department of Planning and Permitting has granted conditional approval to the proposed $275 million Ritz-Carlton condominium hotel project in Waikiki. The Pacific Business News reports that California developer Pacrep LLC will need to revise the design of the 37-story tower known as 2121 Kuhio, in order to reduce its apparent mass. The company has also been asked to consider an expansion of the commercial space planned for the tower’s ground floor.
The Desmond will Join Creative Office Building Inventory in L.A.’s South Park District
The property features 15,600 square foot floor plates throughout, as well as an adjacent surface parking lot which the new owner will use to support the building’s office and retail residents. Renovations will deal with building mechanicals, new windows, brand new interior finishes while keeping the attractive sense of spaciousness and rooftop views. The location is in close proximity to the city’s Metro rail system, Downtown Dash Bus station and major roadways. Additionally, local authorities are pondering restoring the Downtown Streetcar service which would have a stop just next to The Desmond. Leasing operations for the building are already underway
Virginia Beach Investor Acquires West Raleigh Office Building for $8.3M
Continental Capital Management of Virginia Beach, Va. has recently purchased a three-story, 61,412-square-foot office building in West Raleigh. According to the Triangle Business Journal, shopping mall operator CBL & Associates Properties sold the asset for $8.3 million.
At the time of sale, the building at 1500 Sunday Drive within Trinity Corporate Park was 97 percent leased. Its tenants include the Hughes, Pittman & Gupton accounting firm, First Point Management Resources and RCI. The property was developed in 2000 and has a tax value of $9.2 million.
Scott Adams, Ben Kilgore and Brian Carr of CBRE-Raleigh brokered the transaction on behalf of the seller. The firm will also manage the building and handle leasing services, the newspaper reports.
Landmark Developments To Look Forward To in Downtown Pittsburgh
Pittsburgh’s growing downtown will soon welcome a new wave of development. According to the Pittsburgh Post-Gazette, 60 projects are currently planned for the Golden Triangle region, totaling about $2.2 billion in investment.
Developed by Millcraft Industries, the Gardens at Market Square is among the most notable mixed-use towers expected to break ground in the heart of downtown this year. Lucas Piatt, the company’s president and chief operating officer, has discussed the $95 million hotel, office and retail project during the recent annual meeting of the Pittsburgh Downtown Partnership.
Walnut Creek Apartment Portfolio Trades Hands for $64.3 Million
A multifamily portfolio recently traded hands in the city of Walnut Creek after the completion of a deal made between seller JB Matheson and new owner Interstate Equities Corporation. Arranged by Marcus & Millichap’s multifamily brokerage division of Institutional Property Advisors, the deal includes three different apartment buildings located in Walnut Creek, the main business and entertainment hub of Contra Costa County. The fee that IEC paid for the residential portfolio stood at $64.3 million, according to a press statement issued by IPA.
LGI Buys 200-Acre Site at Luckey Ranch, with Plans to Build 800 Homes
LGI Homes announced the purchase of 208 acres of land in San Antonio’s far West Side with plans to build approximately 800 new homes. Terms of the sale were not disclosed. The deal is part of a larger master-planned development in the area, called Luckey Ranch, which spans over 610 acres of land and will eventually include 2,400 homes.
Capstone Plans Redmond, Portland Developments
Two developments in the Northwest’s largest metro areas are moving forward after developer Capstone Partners cemented its involvement with them only recently. The company acquired a 28-acre development site in Redmond from Group Health Cooperative for a $32.55 million fee. The company plans to develop a mixed-use project on the newly acquired site, mainly to capitalize on Microsoft’s expansion in the area. The other project the company has lined up is a grocery-anchored community in Portland. That announced development would cost the company around $60 million.
Cleveland Clinic Plans to Expand Brunswick Facility
Cleveland Clinic plans to expand its medical building at 3574 Center Road, in Brunswick. The city’s Planning Commission approved preliminary site plans on March 7. Another review will take place on April 4. The clinic will then present more detailed site plans, including renderings of the building.
Plans Move Forward for $72M Mixed-Use Project on Maui
The Maui Planning Commission has recently approved the final environmental assessment for a $72 million mixed-use development in Kihei, one of the island’s most populated communities.
According to the Maui News, Krausz Companies Inc. will not need to conduct an environmental impact statement for the 250,000 square-foot Downtown Kihei project.
New York REIT Acquires Courtyard By Marriott Property in Pittsburgh
Carey Watermark Investors Incorporated of New York has acquired a 132-room Courtyard by Marriott hotel in Pittsburgh’s Shadyside area.
The company’s total investment in the Courtyard Pittsburgh Shadyside property is around $34.6 million. This amount has been financed with $21 million of debt and includes a purchase price of $29.9 million, $4.8 million in planned capital improvements and acquisition-related costs.
Open since 2003, the hotel offers approximately 1,600 square feet of meeting space, a Starbucks Coffee House, a fitness center, a business center and an indoor pool/whirlpool. It also provides easy access to the University of Pittsburgh Medical Center, the Western Pennsylvania Hospital, the Carnegie Mellon University and the University of Pittsburgh.