National
State Approves Massive Redevelopment Project Backed by “Magic” Johnson
The Michigan Land Bank Fast Track Authority voted unanimously in favor of a redevelopment plan that was proposed last year by a group of investors including basketball star Earvin “Magic” Johnson.
Prime Properties Breaks Ground on $70M Retail Development in South Valley
The long awaited Las Estancias retail project in the South Valley is finally set to break ground. Scheduled for February 16, the groundbreaking ceremony will mark the first phase of the area’s first large-scale retail development, a project that has been in the works for several years.
Brookhollow Park Office Building Changes Hands
The San Antonio office of Transwestern has recently brokered the sale of Brookhollow Park – a 102,466-square-foot Class A office building. Located in the North Central submarket of San Antonio the multi-tenant building is currently 100 percent leased.
Schnitzer West Raises Funds Through Office Sale for Speculative Industrial, Office Development
Seven office buildings, part of Schnitzer West’s portfolio recently traded for $25.8 million, to Eastside investor Stan Rosen. The assets are located in Bothell, in the North Creek office campus. The deal was made for a 126,000-square foot campus, and Tech Center II, an office building totaling 31,000 square feet of office space. Speculations explain the deals as fundraising for Schnitzer’s two major office developments in the greater Seattle area: Madison Centre and a Bellevue project.
Fairlawn Town Centre Sells to Phillips Edison–ARC
Phillips Edison–ARC Shopping Center REIT Inc., a Cincinnati-based public non-traded REIT, has announced on February 4 the purchase of Fairlawn Town Centre, a 447,037 square foot community shopping center located in Fairlawn, Ohio. The acquisition brings Phillips Edison’s total portfolio to 33 properties with 13 leading grocers, in 15 states. The aggregate purchase price is approximately $409.7 million.
Anderson Birkla Buys 580 Building in Downtown Cincinnati, Plans Apartments
With downtown Cincinnati’s apartment vacancy rate far below office space vacancies, some investors are purchasing office buildings and converting them into apartments. One such investor is Indianapolis-based Anderson Birkla Investment Partners. It acquired the 580 Building on February 5 for $13.7 million. The company now intends to redevelop the property into a mix of residential, office and entertainment space.
Planned 459-Key Condo-Hotel in Waikiki Gains Preliminary Approval
The Honolulu City Council has approved a height variance for the proposed $275 million Ritz-Carlton condominium hotel project in Waikiki. According to KHON, the 350-foot tower planned for a vacant 1.4-acre parcel at the corner of Kuhio Avenue and Kalaimoku Street will exceed the site’s standard limit by 50 feet.
Pending final approval from the city’s Department of Planning and Permitting, the project is expected to break ground towards the end of this year. Upon completion in early 2016, the Ritz-Carlton Residences Waikiki Beach will be the area’s first new luxury condominium property since Trump International Hotel Waikiki Beach Walk opened in 2009.
Forum Energy Tech to Occupy 68% of New Duke Realty Building
Duke Realty Corporation’s Houston office found a tenant for Sam Houston Crossing Two, its new, speculative suburban office building. Forum Energy Technologies, Inc.—a provider of manufactured technologies and applied products for the energy industry—signed a 108,639-square-foot lease and will be occupying the second and third floors of the building.
Wood Partners Kick-Starts 200-Unit Community in Southwest Orlando
National multifamily developer Wood Partners will soon be adding 200 units on Spring Lake, at the entrance of Doctor Phillips, one of Orlando’s most desirable residential districts. The apartment complex, dubbed The Rialto, will rise on a 5.95-acre site set at the northwest corner of Sand Lake Road and Turkey Lake Road in southwest Orlando.
Duke Realty Closes Multiple Industrial Leases in Northeast Atlanta
In what seems to be a thriving week for Duke Realty’s Atlanta office, four companies have signed leases totaling 365,180 square feet at business parks in the northeast submarket of Atlanta.