National
Industrial Properties Sell in the Baltimore Area
Baltimore’s industrial market has started 2013 strong, with three proprieties recently sold for a total of around $35 million. According to a report released on January 9 by CBRE for last year’s fourth quarter, industrial sales in the Baltimore market in 2012 are on a path to exceed sales from the previous year by 20 percent.
1021 Swan Creek Drive, a Class A industrial property leased by Nissan North America, has been sold for $13.5 million. Hartz Mountain Industries has purchased the property in Baltimore’s Curtis Bay neighborhood from Swan Creek 5R LLC, a subsidiary of the Belt’s Corp. CBRE arranged the sale.
‘Detroit Future City’ 50-Year Strategic Plan Unveiled
By Veronica Grecu, Associate Editor In an ambitious effort to bring back Detroit’s lost glory and after two years of community surveys that involved around 150,000 Detroiters, Mayor Dave Bing has released a comprehensive document that will serve as a strategic revitalization plan for the financially troubled city. The document dubbed Detroit Future City is […]
Nashville Hospitality Market Going Strong – New $65 M Hotel Project Planned
With the 1.2 million square foot Music City Center’s grand opening just around the corner, it’s no surprise that hotels are springing up all round Nashville, especially in the neighborhood of the state-of-the-art convention center. In fact there are no less than six hotels currently under construction in Nashville’s downtown market.
Hampton Hotel Opens 11th, 136-Room, Property in Raleigh
by Adriana Pop, Associate Editor Global hospitality brand Hampton Hotels announced the opening of the Hampton Inn & Suites Raleigh/Crabtree Valley. Located at 3920 Arrow Drive, on the site of the former Crabtree Inn building, the 136-room hotel is the 11th Hampton property in Raleigh. Amenities include a business center, meeting space, a fitness center, […]
Preliminary TIF Plan Moves Forward for Pittsburgh’s Largest Riverfront Project
The Urban Redevelopment Authority has initiated a historic tax increment financing (TIF) process for the nearly $1 billion redevelopment of the former LTV Steel site along the Monongahela River in Hazelwood. If approved, the master plan would turn Pittsburgh‘s last major abandoned industrial site into a hub of activity comprised of approximately 2.1 million square feet of high-tech research and office space, and more than 1,200 residential units. Located close to Downtown, the 178-acre site has sat dormant for 15 years. Almono LP purchased the brownfield property in 2002 for $10 million. The consortium is made up of four local foundations: Claude Worthington Benedum Foundation, Heinz Endowments, Richard King Mellon Foundation and McCune Foundation. The Regional Industrial Development Corporation of Southwestern Pennsylvania is currently managing the property on behalf of the partnership.
Starwood Capital Purchases North Fayette Office Property in Pittsburgh
An affiliate of Starwood Capital Group has purchased the seven-story 2000 Park Lane office building in North Fayette, Pittsburgh. The acquisition was part of a larger transaction that involved nine commercial office buildings located predominately in the country’s Sun Belt region. Wells Real Estate Investment Trust II, Inc. sold the properties for a combined $260.5 million. According to the Pittsburgh Business Times, the North Fayette office building was constructed in 1993 and has an assessed value of $23.5 million. Wells Real Estate Investment Trust II purchased the 231,213-square-foot property from a subsidiary of Computer Associates International, Inc. in December 2005 for $29.5 million.
900,000 SF Mixed-Use West End Summit Brings 2,000 Jobs to Midtown
Nashville’s Midtown is about to see one of the biggest developments and investments in the city’s and region’s history: the long-marketed, two-tower West End Summit by Alex S. Palmer & Co. featuring a 900,000-square-foot Class A office space component.
Hines Lines Up Transit-Oriented Multifamily Development in Pasadena After Completing Land Deal
A new multifamily development is set to take shape in Pasadena after international real estate firm Hines recently announced that it has acquired a patch of land on which it intends to develop a residential community. The company will develop a for-rent residential complex in a submarket that it has deemed one of the strongest for such projects in Southern California. Handling the development process will be Hines’ Multifamily Division, and entity created back in 2011 in order to better manage and develop the company’s multifamily assets.
Owings Mills Corporate Center I & II Aquired by BECO Management
Rockville, MD-based BECO Management, Inc. has announced on January 2 the acquisition of Owings Mills Corporate Center I & II, two properties in Owings Mills, MD that total more than 330,000 square feet of office space. The commercial real estate management company plans to invest significant capital in infrastructure, cosmetic and amenity improvements and has unveiled its 100-day action plan on January 8, 2013. Owings Mills Corporate Center I was built in 1987 while Owings Mills Corporate Center II was built a year later. The campus is home to a variety of corporate tenants such as Aon Corporation, BB&T, the Law Offices of Sheila Murthy, and CareFirst of Maryland. It is adjacent to the Owings Mills Mall and within walking distance of the Owings Mills Metro Station. I-95, I-695 and I-795 are also close by and downtown Baltimore is just 25 minutes away.
Retrofitted Kennesaw Facility to Serve as Novelis’ New Global R&D Center
Rolled aluminum and aluminum can recycling giant Novelis prides itself with a new 160,000-square-foot Global Research & Technology Center in Kennesaw. The facility, located merely 25 miles from the company’s corporate headquarters in Atlanta, previously served as office and warehouse space for a chemical manufacturer.