National
Tower Point at the Highlands Sold for $23.7M to Greenfield Partners
Connecticut-based Greenfield Partners LLC has acquired Tower Point at the Highlands, a corporate campus, situated on 60-acres in Sparks, Maryland. The seller was Equus Capital Partners Ltd. The property sold for $23.7 million or $124 per square foot..
Tower Point is a 162,646-square-foot campus about 20 miles north of Baltimore. It includes two Class A office buildings located at 920 and 930 Ridgebrook Road. 920 Ridgebrook Road is the largest of the two buildings. It has three stories and 94,071 square feet of space. 930 Ridgebrook Road is a three-story building with 72,406 square feet of space. According to the campus’ website, a third three-story, 81,000 square foot Class A office building, 934 Ridgebrook Road, is a planned adjacent to 920 Ridgebrook Road. It is fully approved for development and available for lease and build-to-suit and expansion opportunities.
KBS Realty Acquires Iconic Building in Suburban Raleigh for $98.4M
On January 31, a joint venture partnership between the Indianapolis-based real estate investment trust Duke Realty Corp. and the Raleigh-based real estate development firm Kane Realty Corp. sold the prestigious 17-story Captrust Tower in the city’s North Hills area. KBS Realty Advisors of Newport Beach, California acquired the approximately 300,000-square-foot property for $98.4 million, or nearly $326 per square foot.
Developed in 2009, the LEED Gold-certified high-rise at 4208 Six Forks Road offers 275,630 square feet of office space, 26,813 square feet of retail space and a six-level parking deck. The property is 95 percent leased to 18 companies, including Captrust Financial Advisors, the American Board of Anesthesiology, CBRE, Regus, RBC Capital Markets, as well as other national and regional tenants.
Rosemont Realty Adds 288KSF Office Complex for $31.75M
Marking its fifth Florida acquisition, Rosemont Realty, LLC has recently purchased the three-building Concourse office complex in Jacksonville. According to Financial News & Daily Record, the company—which specializes in commercial real estate acquisition and asset management—paid $31.75 million for the 288,147-square-foot property.
NY Developer Acquires Last Lots in Master-Planned Community from Forest City
New York-based Petrus Partners Ltd. has recently announced the acquisition of the last undeveloped lots remaining in Gladden Farms, a 1,350-acre master-planned community in Marana. This is Petrus’ 13th residential land acquisition in Arizona since 2008.
Luxury Hotel in Downtown Indianapolis Open for Business
A new four-star hotel has recently opened in the heart of downtown Indianapolis, as part of the CityWay development.
Called The Alexander, in honor of Alexander Ralston, the engineer and architect who in 1820 led the creation of the city’s plan, the property offers 157 guest rooms with stunning views of the city, along with 52 extended stay suites. Amenities include a fitness center, multiple restaurants and meeting rooms totaling 16,500 square feet of indoor and outdoor event space.
The new hotel has been developed by Indianapolis-based Buckingham Companies and designed by the Gensler architecture firm. Dolce Hotels and Resorts of Rockleigh, N.J. is managing the property.
Developer Completes Multifamily Conversion Project in Pittsburgh
Burns & Scalo has completed the redevelopment of the former Goodwill Building at 2600 E. Carson Street on Pittsburgh’s South Side. Dubbed “The Brix at 26”, the $34 million reconversion project is now ready for occupancy and offers 87 market rate apartments, 91 parking spaces and 10,397 square feet of retail space.
According to CoStar, 20 percent of the building’s residential units are already pre-leased. Most of the apartments are one-bedroom units, while only a few have two bedrooms.
“This project could not have happened without the support of the Mayor and the URA’s active involvement,” said Jim Scalo, President and CEO, Burns & Scalo.
Microsoft Set to Open First Store in Michigan
Software giant Microsoft Corporation (NASDAQ:MSFT) confirmed this week that it will open five new retail stores in five different states by summer. According to the list of locations revealed on the company’s official blog, Michigan’s first Microsoft location will open in Troy at the Somerset Collection shopping center, where its direct competitor, Apple Inc. (NASDAQ:AAPL), has already opened a store on the first floor.
Duke Realty Corporation Expands Portfolio in Chicago with Purchase of 288,000 SF Industrial Building
Duke Realty Corporation recently announced the acquisition of 335 W. Crossroads, a 288,000-square-foot industrial building in the I-55 submarket, which is Chicago’s second largest industrial market. The real estate investment trust, which specializes in the ownership, management and development of bulk industrial facilities, also announced it has leased 190,080 square feet in the building to RTC Industries.
Johns Manville Renews Lease with Crescent Real Estate to Keep World Headquarters in Downtown Denver
Johns Manville has renewed is lease and remains the anchor tenant and namesake for Johns Manville Plaza in Downtown Denver. Crescent Real Estate Holdings LLC recently announced the deal for 118,865 square feet which keeps Johns Manville’s world headquarters in Downtown Denver for at least another 12 years.
Gold’s Gym Adds Two New Facilities in Alamo City
Gold’s Gym International (GGI) continues to add new fitness facilities in growing San Antonio areas. The company has recently announced plans to open two new gyms, totaling 103,000 square feet of space that will be added to the 20 locations it already operates in the Alamo City.