National
Sterling Organization Acquires Hoffman Plaza Shopping Center
Palm Beach, Fla.-based Sterling Organization recently announced the acquisition of Hoffman Plaza—a 168,342-square-foot shopping center located in Hoffman Estates. The property was purchased for $14.15 million through the company’s institutional fund, Sterling Value Add Partners.
Walmart Takes Steps to Open Another Express Store In North Carolina
Wal-Mart plans to open a Walmart Express store in Rolesville. The NewsObserver reports that the retailer is using North Carolina as a primary test market for its smaller store concept. Wal-Mart is now in the process of acquiring a parcel of land at the corner of Rogers Road and Grand Rock Way. The company will then need to apply for a land reclassification and obtain a special-use permit for its new project. According to Thomas Lloyd, Rolesville’s planning director, the retailer is expected to submit more detailed architectural drawings within next week. Walmart Express stores are generally less than one-tenth the size of the company’s typical retail centers, which can be 200,000 square feet or larger. The smaller stores employ between 20 and 25 people and offer a good variety of products at the same prices. The company has opened 10 Express stores so far, half of which are located in North Carolina.
Construction Starts on $225M St. Joseph’s Hospital-South in Riverview
A groundbreaking ceremony marked the start of construction for the first not-for-profit hospital to serve southern Hillsborough County—the $225 million St. Joseph’s Hospital South.
Developers to Start $13.6M Affordable Project Near Albuquerque Downtown
Greater Albuquerque Housing Partnership plans to break ground on a 68-unit affordable housing apartment development located at the gateway to Albuquerque’s Downtown in January 2013. The $13.6 million project, dubbed Plaza Ciudana, is the first phase of a master-planned community planned to include between 250 and 300 units of affordable and market-rate housing, according to the New Mexico Business Weekly.
Southern Hotel Closer to Redevelopment
The Covington Historical District Commission recently approved the Wards’ plans for redeveloping the 105-year-old Southern Hotel.
Parmatown Mall Sold to Phillips Edison & Co.
Cincinnati-based Phillips Edison & Co., a fully integrated retail real estate company, is the new owner of Parmatown Mall, one of the largest retail properties in Northeast Ohio.
Beacon Pursues Texas Properties, Snags One City Centre
Following its purchase last month of Ashford 5, 6 and 7—a 560,000-square-foot office portfolio located in Houston’s Energy Corridor—Beacon Investment Properties has now closed on One City Centre, a Class A office building located in the heart of Houston’s Central Business District.
Valspar Announces $30M Campus Renovation, Expansion; St. Paul Reopens Ballpark Builder Selection Process
The Valspar Corp. announced plans to renovate its former headquarters building and expand its research-and-development campus in downtown Minneapolis. The campus is the anchor of the company’s research-and-development network worldwide, known as the Valspar Applied Science and Technology Centers (VAST).
Three Majestic Redevelopment Proposals Pitched for Grand Central Station’s Upcoming Centennial
One of New York City’s most iconic places, Grand Central Station—located at 42nd Street and Park Avenue in Midtown Manhattan, is just months away from celebrating its centennial. To honor this milestone and breathe new air into this historic area, the Municipal Art Society of New York (MAS) has invited three acclaimed architectural firms—Skidmore, Owings and Merrill (SOM); Foster + Partners; and WXY Architecture + Urban Design—to propose design ideas for Grand Central and the surrounding area.
Pittsburgh Neighborhood Developments to Receive Federal Funding
Two neighborhood development projects in Pittsburgh will receive $1.6 million in federal grants from the Office of Community Services, an agency of the U. S. Department of Health and Human Services. The funding was announced by the administration of Mayor Luke Ravenstahl. East Liberty Development Inc. has been awarded approximately $800,000 for the transformation of a historic East Liberty building into the city’s first boutique hotel. The five-story, former YMCA building has been vacant for 10 years. Plans call for 63 guest rooms, a restaurant, exercise facilities, coffee bar, specialty retail, and event and programming spaces.