National
1001 Woodward Joins Dan Gilbert’s Properties in Detroit
Dan Gilbert’s investment spree in downtown Detroit is far from coming to an end. Rock Ventures, one of Gilbert’s companies that has become one of the big players on the Detroit real estate market, this week acquired another office building located on Campus Martius Park, in the city’s commercial heart. The company’s real estate portfolio has now reached 2.9 million square feet of commercial and residential space in Detroit.
Rio Nuevo Asked to Provide Loan for $22M Downtown Hotel Project
The 135-room hotel that developer Scott Stiteler is planning at the intersection of Fifth Avenue and Congress Street misses a final piece to become a reality – a $2.5 million loan that the Rio Nuevo board has been asked to provide.
Pleasant Hill Retail Property Trades Hands in $100 Million Deal as Retail Rates Make a Comeback
The Downtown Pleasant Hill retail center offers 345,687 square feet of commercial space in San Francisco’s Pleasant Hill community. The center is the area’s main commercial hub, featuring a 40-strong tenant roster that includes names such as Century Theaters, Lucky Supermarket, Bed Bath & Beyond, Michaels, Ross, Golfsmith, Paul Mitchell the School and Zachary’s Chicago Pizza. Loja Group LLC, a real estate investment management entity controlling Loja Real Estate LLC, has praised the newly offloaded property in a press statement as being a “strong property”. Katherine Burr, Loja Group LLC CEO said that “this was the opportune time to sell and advance other important initiatives at Loja”.
New Hyatt Place to Be Developed Near Angle Lake in SeaTac
Local development company Ariel Development has announced plans to develop a new hospitality facility in the suburban city of SeaTac. The seasoned developer is set to build a new hotel that will operate under the Hyatt Place brand. The investment will have a total value of around $25 million, and will benefit from its placement between the more dense urban areas of Seattle and Tacoma, as well as the nearby Sea–Tac International Airport.
Port Authority to Issue $90M in Bonds to Pay for New Cuyahoga County HQ
The Cleveland-Cuyahoga County Port Authority’s Board of Directors voted during its meeting on March 14 to sell up to $90 million in bonds to finance Cuyahoga County’s new headquarters. The project is expected to revitalize one of downtown Cleveland’s older business districts and also serve as an anchor for surrounding mixed-use redevelopment.
West Ave to Debut Two New Luxury Tenants
Two new luxury concepts are set to debut this spring at the chic West Ave mixed-use development set at the crossroads of Upper Kirby and River Oaks. The two new tenants—Del Frisco’s Grille and Jonathan Adler—will join an already impressive list of high profile retailers and restaurants.
Monday Properties, Goldman Obtain $200M Construction Loan for 1812 N. Moore St.
Monday Properties and Goldman Sachs’ Real Estate Principal Investment Area have closed a $200 million construction loan with Pacific Life Insurance Company for 1812 North Moore Street. The 390-foot building will be the tallest and greenest office tower in the Washington, DC region.
SunTrust to Anchor 105,000-Sq.-Ft. Sharon Square Office Component
Atlanta-based SunTrust Banks Inc. is consolidating its Charlotte area operation and has chosen Pappas Properties’ SouthPark mixed-use development as its future location.
New Renaissance Hotel will Join Already Impressive Hospitality Roster at L.A. LIVE
With the new Renaissance Hotel set to begin construction in Q1 of 2014 and a completion date set for 2016, the L.A. LIVE’s surroundings are set to feature a plethora of hospitality options, with 1,844 rooms featuring five different Marriott brands: Ritz-Carlton, Renaissance, JW Marriott, Courtyard and Residence Inn. The venues will ensure that visitors will be ensured a palette of choices for accommodation when checking out one of the many attractions of the entertainment district: STAPLES Center, the Los Angeles Convention Center, Nokia Theatre L.A. LIVE, Regal Cinemas and the GRAMMY Museum.
Pittsburgh Public Market Moving to Improved Facility on Penn Avenue
This summer, the Pittsburgh Public Market will relocate from 12,000 square feet in the Pennsylvania Fruit Auction & Sales terminal building on Smallman Street to a larger space, also in the Strip District.
The Pittsburgh Business Times reports that Neighbors in the Strip, the community organization that operates the public market, has closed on the lease of a 27,000-square-foot brick building at 2401 Penn Avenue. At its new location, the market will be able to add amenities such as a commercial kitchen, air conditioning, heating and restrooms.