National
Crescent Develops $33M Luxury Apartment Community in Charlotte
Crescent Resources continues its expansion in Charlotte’s multifamily market. For its newest project the Charlotte-based developer has partnered up with Global Growth Trust, Inc., a non-traded REIT focused on providing capital appreciation for investors.
Ground Broken on 281-Unit Luxury Apartment Community
Wood Partners recently announced that it has broken ground on a new 281-unit luxury apartment community in the Union Station neighborhood of Denver. Located at 1801 Chestnut St., the five-story Alta City House will be constructed west of Denver’s iconic train station at 17th and Wynkoop streets.
Dan Gilbert’s Investment Spree Continues with One Woodward Building
nother iconic downtown Detroit building changed hands this week. Much to no one’s surprise, local real estate tycoon Dan Gilbert and his partners completed the purchase of the historic One Woodward tower, located at the corner of Woodward and Jefferson avenues.
Highwoods Properties Acquires Landmark Office Building in Downtown Pittsburgh
In a $91.2 million deal, Highwoods Properties Inc. has purchased the 616,000-square-foot EQT Plaza skyscraper in downtown Pittsburgh. The transaction included the full acquisition of building owner Liberty Avenue Mezzanine LLC, a Delaware holding company. Highwoods Properties plans to invest another $8 million to improve the 32-story office building. Currently at 92.2 percent, the property’s occupancy rate will increase to 95.9 percent by the third quarter of 2013. Major tenants include EQT Corp., insurer AIG and law firms Cohen & Grigsby, McGuireWoods and Fox Rothschild.
Eleven North Fetches Record Sum; New Hotel Planned for Gulch Area
If we needed any more proof of how dynamic the Nashville multifamily market is, we just got it with the announcement of Eleven North’s record-setting sale price.
Dominium, U.S. Bank Open Affordable Artists’ Housing Financed by Tax Credits
Minneapolis-based Dominium has completed the newly renovated Metropolitan Artist Lofts. The grand opening ceremony for the property was attended by representatives from Dominium, financing partner U.S. Bank and the Grand Center neighborhood.
Sheraton Hotels & Resorts Completes $230M Renovation of Hawaiian Properties
Starwood Hotels & Resorts Worldwide Inc. has announced the completion of an approximately $230 million renovation of four of its Sheraton properties in Hawaii. The multi-year revitalization project included the $188 million renewal of the Sheraton Waikiki resort on Oahu. The 31-floor hotel features 1,636 renovated rooms, new landscaping and pools, redesigned convention facilities, as well as new restaurants and bars.
Sheraton Hotels & Resorts and the properties’ owners also invested $6.5 in the renovation of the 508-room Sheraton Maui Resort & Spa, $16 million in the improvement of the 394-room Sheraton Kauai Resort, and $20 million in the remodeling of the Sheraton Kona Resort & Spa at Keauhou Bay.
$21M Houston Sale Marks Weingarten Realty’s Exit from Industrial Sector
In a move to reinforce its position as a shopping center owner, manager and developer, Weingarten Realty Investors has closed on the sale of its interest in three industrial joint ventures to Exeter Property Group’s Fund II.
New York Opportunity Fund to Spend $17M on Acquisition, Rehab of Vacant Downtown Building
LRC Opportunity Fund of New York plans to purchase and renovate the vacant 10-story office building at 227 Fayetteville in Raleigh. According to the NewsObserver, the company expects to close on the sale by the end of the year. “Our plans are to do a total renovation,” Edward Kulik, a co-founder of LRC, told the newspaper. The investor intends to renovate the building’s façade while retaining some of the 1960s materials. Plans also call for a retail portion on the ground floor. The building has been on the market since a 50-year lease agreement between a branch of Wachovia bank and the owners of the land expired on Jan. 31, 2011. LRC expects to spend around $17 million on the acquisition and renovation of the property.
Santa Teresa Village Shopping Center Acquired by Maryland-based REIT
Cassidy Turley, along with Kidder Matthews representatives, arranged the transaction on the buyer’s behalf, while the seller was advised by Prime Commercial. The per-square-foot rate that Retail Opportunity Corp. paid for the complex is approximately $250. The Maryland REIT’s offer immediately convinced Barry Swenson Builder executives to finalize the sale.