National
First Residents Moving into Kamehameha Schools’ Kakaako Development
Kamehameha Schools’ Six Eighty apartment project in Honolulu recently welcomed its first residents. The newly renovated building is located at 680 Ala Moana Blvd. in Kakaako and offers 54 loft-style units affordably priced for median-income workers. On the ground floor, the project also includes 8,600 square feet of commercial space. Designed by Architects Hawaii, Six Eighty offers 42 studios and 12 one-bedroom units. The apartments are equipped with stainless steel appliances and feature designer touches like vinyl whitewashed floors, open-concept floor plans and 12-foot ceilings.
W.P. Carey Affiliate Buys KBR Tower for $174.6M
The 1.04 million-square-foot KBR Tower in Houston’s Central Business District, along with its adjacent 1,500-space garage, have traded hands for $174.6 million; the buyer is Corporate Property Associates 17-Global, a public non-traded REIT affiliate of W. P. Carey Inc.
Ala Moana Center Redevelopment to Begin in Early 2013; New Residences Coming to Lahaina
The $543 million redevelopment of the Ala Moana Center in Honolulu is expected to start early next year, the Pacific Business News reports. The completion date has been set for late 2015, General Growth Properties Inc. said in a filing with the U.S. Securities and Exchange Commission. The Chicago-based company plans to expand Hawaii’s largest shopping mall by replacing the current 340,000-square-foot Sears store with approximately 700,000 square feet of retail and restaurant space, including a three-level, 160,000-square-foot anchor tenant. Plans also call for a fourth-level parking deck.
$14M Supportive Housing Project for Veterans Opens in the Bronx
A ribbon-cutting and recognition ceremony held on Nov. 8 marked the grand opening of Kingsbridge Terrace Veterans Residence—a six-story housing facility dedicated to New York City veterans who served in Iraq and Afghanistan, as well as for those struggling with homelessness and substance abuse.
New Joint Venture to Acquire Burbank Media District Office Campus
Hudson Pacific Properties, Inc. has announced that it has entered a new joint venture, with M. David Paul & Associates/Worthe Real Estate Group, that will move to acquire one of the largest properties in the Burbank Media District. The new JV is set to close on the two-building facility named The Pinnacle, one of the highest-rated office properties in the district. MDP/Worthe is contributing its ownership of the Pinnacle II building to the venture. The joint venture will own the Pinnacle buildings for approximately $342.5 million, subject to $218.6 million of project financing.
Texas Developer Breaks Ground on South Boston Residential Tower
Hanover Co., a Houston-based real estate company specializing in the acquisition, development, and management of multifamily properties, broke ground on November 16 on one of the largest housing developments in Boston’s Seaport District.
National Retailer Opens 220,000-Sq. Ft. Store at Atlanta’s Perimeter Mall
Von Maur Department Store opened its second Georgia store and one of the company’s largest national locations at Atlanta’s Perimeter Mall on November 10.
Hines to Begin Work on 7,000-Acre Research Triangle Park Master Planned Community
The Research Triangle Foundation has formally unveiled its new master plan for the future growth of the 7,000-acre Research Triangle Park (RTP). It is the first update to the master plan since the park was created in 1959. The foundation has also announced it has selected the Houston real estate company Hines to work on the initial phase of the project. The Herald Sun reports that RTP leaders have envisioned three development clusters in three main areas of the park. Called “Triangle Commons,” the first area to be developed will bring a 7 million gross square feet mixed-use center to the Durham County end of RTP.
Last Hotel in Larkspur-Farallon Capital Portfolio Trades Hands in San Francisco
By Alex Girda, Associate Editor San Francisco’s hot hospitality market continues to heat up, as another hotel transaction joins an already packed roster of deals. It was recently reported that the last remaining property in the Larkspur portfolio was traded to a group of Canadian investors for a total of approximately $16.6 million. The Larkspur […]
Mixed-Use Transit-Oriented Development Gets Green Light in Adams County
The Adams County Board of Commissioners recently unanimously approved the Clear Creek Transit Village—a mixed-use transit-oriented development project in Denver,