National
CareMore Medical to Open Fourth Medical Facility in Tucson
CareMore Medical Enterprises announced plans to open its fourth medical facility in Tucson near the Carondelet Heart & Vascular Institute. The new facility will occupy a vacant retail space at 4881 N. Stone Avenue, a former Cost Plus retail center, according to Inside Tucson Business.
La Casa Student Housing Development Opens in Chicago’s Pilsen Neighborhood
Governor Pat Quinn, representatives of The Resurrection Project and local legislators have announced the opening of the La Casa Student Housing development. Located in Chicago’s Pilsen neighborhood at 1818 S. Paulina St., the six-story residence hall offers students all the benefits of on-campus housing, including live in-resident advisors for ongoing academic support.
Waterton Associates Closes on Purchase of 276-Unit Community in Westminster
By Gabriel Circiog, Associate Editor Chicago-based Waterton Associates LLC recently closed on the acquisition of 9100 Vance Apartments—a 276-unit apartment community in Westminster, Colo. Located near Highway 36, the metro area’s primary link between Boulder and Denver, the community offers residents accessibility to the entire Denver metro area, the Rocky Mountains and numerous shopping and […]
Amazon.com Set to Break Records with Purchase of HQ from Vulcan
In a long-anticipated deal, Amazon.com, the world’s largest online retailer, finally acquired its 11-building headquarters in Seattle from owner Vulcan Real Estate. The Paul Allen-controlled investment company received a whopping $1.2 billion for the property, placing the transaction in a single-horse race for the title of the year’s largest U.S. office transaction.
Ground Broken on Cinemark Theater at Oakley Station
Construction crews recently broke ground on a new 14-screen Cinemark movie theater at Oakley Station, one of Cincinnati’s largest, new mixed-use developments.
Behringer Harvard, Trammell Crow Bring Luxury MF Project to Inner Loop
Two well-known developers—Behringer Harvard and Trammell Crow Residential—have partnered to bring a new luxury multifamily development to the West University submarket of Houston’s Inner Loop.
Creditor Files to Acquire Comfort Suites City Centre for $7.5M
New York-based German American Capital Corp. could become the new owner of the Comfort Suites City Centre in downtown Indianapolis. In February, the property’s current owner, Warsaw Hotel Partners LLC, an affiliate of Dora Brothers Hospitality Corp. in Fishers, filed for Chapter 11 bankruptcy protection. The petition listed $1 million to $10 million in assets and $10 million to $50 million in liabilities. According to the Indianapolis Business Journal, German American is owed $12 million, which makes it the company’s largest creditor. In a recent court filling, the bank has proposed a “credit bid” of $7.5 million to acquire the Comfort Suites City Centre from Warsaw Hotel Partners. If the plan is approved by a U.S. Bankruptcy Court judge, German American would take ownership of the property by the end of the year. Comfort Suites City Centre is a 3-star hotel that features 130 air-conditioned guestrooms. Amenities include banquet facilities, an indoor pool, a spa tub, a fitness center and a business center. The property was developed with the help of a $12.6 million loan that German American provided in February 2007. By the time the loan matured in November 2010, Warsaw Hotel Partners still owed the bank $11.2 million.
High-Profile Acquisitions Worth Over $400M Spice Up the Atlanta Office Market
In what seems to be a thriving week for Atlanta’s commercial real estate market, two major transactions brought new owners to both the Concourse Corporate Center—home to the “King and Queen” buildings—and Buckhead’s Prominence building. The seller of both properties is TIAA-CREF, a national financial services organization with $481 billion in combined assets under management, in partnership with Equity Office Partners.
St. John Starts Work on 270,000 Sq. Ft. BWI Technology Park II in Anne Arundel County
St. John Properties, Inc. has started work on BWI Technology Park II, a 44-acre mixed-use business community located near BWI Airport in Anne Arundel County. This is St. John’s seventh business community developed in Anne Arundel County. The initial R&D/flex building is the company’s 100th commercial office or retail project in this jurisdiction.
Lightstone Group Gets $51M Construction Loan for Upscale Multifamily Project in Queens
Manhattan-based development company The Lightstone Group, along with its branch Lightstone Value Plus Real Estate Investment Trust (LVPR), has recently closed a $51 million construction loan with the Canadian Imperial Bank of Commerce (CIBC) and plans to use the funds to create a multifamily complex in Queens Borough’s Long Island City. Work has already stated at the site with a delivery date set for April 2014.