National
Procaccianti Group Buys Historic Renaissance Providence Hotel
The Procaccianti Group, a Cranston-based hotelier and development company, has acquired the Renaissance Providence Hotel from Sage Hospitality of Denver, Providence Business News, reported.
Driftwood Hospitality Buys Hyatt Regency Tampa, Plans Hilton Rebranding
After being on the market for nearly six months, the 521-room Hyatt Regency in downtown Tampa is now under new ownership as Driftwood Hospitality Management, LLC purchased the property the property for an undisclosed amount. This acquisition marks Driftwood’s re-entry to the Tampa market;
Vulcan Real Estate Debates Multifamily Developments as Project Pipeline Grows Longer
The project is somewhat unusual for the Paul Allen-controlled entity as the company has focused its attention on South Lake Union, its only non-SLU development being the Martin apartments, an ongoing residential project next to the Cinerama Theater. The Seattle Housing Authority is currently considering Vulcan, along with a number of other developers, for the redevelopment of the Yesler Terrace public housing project in First Hill, while the company is also set to develop a City Hall complex for the city of Bothell. However, that last project is currently on standby on the municipality’s part.
Kent State Board of Trustees Approves $150M in Campus Construction Projects
Kent State University’s Board of Trustees hired the Ruhlin Company to manage the $150 million, four-year construction and renovation project known as the “Foundations of Excellence, Building the Future.” The Sharon Center, Ohio-based company was selected after a competitive bidding and interview process. During the next four years, Ruhlin will manage these four primary projects:
Two Downtown Cincinnati Office Buildings Auctioned Off for $3.5M
Two downtown Cincinnati Class A office properties were sold at auction on December 11 according to the Hamilton County Auditor’s website. The Cincinnati Enquirer reports that Neyer Properties was the buyer.
The two properties are part of the three-building Centennial Plaza office complex, on Central Avenue. Dan Neyer, president of Neyer Properties, told the Cincinnati Enquirer he acquired the two properties via the online auction house Auction.com. He paid $3.5 million for them. The seller was an affiliate of New Boston Citimark, New Boston Centennial LLC. In 1999, New Boston Centennial paid $13 million for the properties.
Opus Breaks Ground on Second Downtown Minneapolis Luxury Apartment Complex
By Gabriel Circiog, Associate Editor Opus Development Corp. recently announced plans to begin development and construction of a new boutique luxury residential apartment complex in downtown Minneapolis. The project, dubbed VÉLO, French for “bicycle,” will be owned by Twin Cities-based real estate investment company Sentinel Management Co. Located at 103 N. Second St. In the […]
PRI Profits from 1718 Connecticut Ave. Sale; Social & Scientific Systems Renews
An entity operated by Dave Schaeffer, CEO of the Cogent Communications Group Inc., has paid $14.4 million for a landmark office building located at 1718 Connecticut Avenue, NW in Washington, DC. Richard McBride and Roy Ayers of Washington, DC’s McBride Real Estate Services, Inc. represented both the buyer and the seller, PRI Inc.The building was constructed in 1982. It has 47,569 gross square feet and is fully leased to such office tenants as include the law firm of Katz, Marshall & Banks, Policy Study Associates, Electronic Privacy, and Martell & Associates. The building’s street level retail space is occupied by a Bethesda Bagels restaurant and A Brighter Image.
Glenwood Hospitality Debuts $15M New Hampton Inn and Suites Hotel in Raleigh
The new Hampton Inn & Suites Raleigh Downtown is officially open. Located in the Glenwood South District at 600 Glenwood Avenue, the boutique-style property offers 126 guestrooms. According to the Triangle Business Journal, it is the first hotel to open in the city’s downtown area since the Raleigh Marriott City Center opened on Fayetteville Street in 2008. The property is also the first new lodging construction project in the Glenwood South district.
Transwestern Brokers Sale of Oak Creek Center Office Portfolio
Transwestern’s Chicago office recently announced that it has brokered, on behalf of KBS Realty Advisors, the sale of the Oak Creek Center office portfolio in Lombard, Ill. A joint venture between Investcorp and Golub acquired the 427,161-square-foot office portfolio for $39.5 million.
Bayer to Construct $2.65M North American Bee Care Center
Bayer CropScience has announced plans for the development of a North American Bee Care Center at the company’s headquarters in Research Triangle Park. The estimated cost of the project is $2.65 million, the Herald Sun reports. Construction on the 6,600-square-foot LEED Gold-certified facility is expected to begin in February. Upon completion in July 2013, the center will serve as a gathering place between researchers, bee experts, students, visitors and leading Bayer scientists. “We understand the necessity for healthy bees as pollinators and their critical role to agriculture, and by working with scientists, growers, beekeepers and customers, we strive to create new approaches and solutions to benefit bee health and the global food supply,” said Jim Blome, president and CEO of Bayer CropScience North America.