National
Sarasota Multifamily Property Trades for $13.5M
Tradition at Palm Aire—a 178-unit multifamily property located in the northern Sarasota community of Palm Aire—has been acquired by Preston Giuliano Capital Partners for $13.5 million, or $75,843 per unit.
Investcorp Buys 1,000+ Unit Multifamily Portfolio for $57M
Investcorp’s U.S. real estate arm acquired an interest from MHP Investments in a portfolio of 1,076 units in the master-planned Copperfield community of northwest Houston. The portfolio commanded a price of $57 million, or $52, 974 per unit, CoStar reports.
Home Properties Buys Two Virginia Apartment Communities for $112.2M
By Adrian Maties, Associate Editor Home Properties Inc. (NYSE: HME) on May 23 announced that it paid a total of $112.2 million in recent weeks for the acquisition of two Virginia apartment communities. Hunter’s Crossing in Leesburg was purchased on May 11 for $16.2 million, or approximately $99,000 per apartment unit. Woodway at Trinity Centre in […]
Maxitrol Announces $3 Million Expansion Plans
By Veronica Grecu, Associate Editor Maxitrol, a Southfield, MI-based manufacturer of natural gas control systems, announced plans to renovate and expand its corporate headquarters at 23555 Telegraph Road, where the company has 55 employees. Currently, Maxitrol occupies an eight-plus acre site that includes the company’s Administrative, Sales, Customer Service, Tooling & Product Prototyping, and Manufacturing […]
Oxford Development Unveils Redevelopment Options for 350 Fifth Avenue
by Adriana Pop, Associate Editor Oxford Development Co. announced plans for the redevelopment of its six-story building at 441 Smithfield Street, one of the company’s owned assets. Rebranded as 350 Fifth Avenue, the new Class A office property will feature upscale retail and restaurant space. In order to better suit market demands, Oxford has invested […]
Developer Wins Approval to Reclassify Agricultural Land in Maui
by Adriana Pop, Associate Editor The Hawaii Land Use Commission has approved Alexander & Baldwin Properties’ petition to reclassify 545 acres of agricultural land in Wailuku and Waikapu in Central Maui. The reclassification would allow the Honolulu-based company to build a master-planned residential community named the Waiale Community Project. The housing development will comprise 2,550 […]
Metro Denver EDC Unveils New Campaign
By Gabriel Circiog, Associate Editor The Metro Denver Economic Development Corporation unveiled a new campaign that aims to mobilize the region’s business leaders and perpetuate the image of Denver as a top place for innovative people and companies. The newly formed Metro Denver E-Force will be comprised of executives—known as agents—who will work in partnership […]
Construction on PNC Financial’s $400M HQ to Begin
by Adriana Pop, Associate Editor Demolitions of nine buildings in the east block of Wood Street clear the path for the construction of PNC Financial Services Group’s $400 million headquarters. The 33-story office tower will be located on the Southeast corner of Fifth Avenue and Wood Street, the same Pittsburgh intersection where PNC has been […]
Land Use Commission Delays Decision on Hoopili Master-Planned Community
by Adriana Pop, Associate Editor The Hawaii Land Use Commission (LUC) has granted D.R. Horton’s request that the agency delay its decision on a proposed 1,554-acre master-planned community in Ewa. D.R. Horton— Schuler Homes LLC is seeking approval to change the land classification of prime agricultural to urban, and needs more time to draft legal […]
Utah Jumps to 6th Place in U.S. Development Spending: NAIOP
By Alex Girda, Associate Editor Utah’s development and construction market recorded a substantial upswing in 2011, according to a report from NAIOP. The state’s $3.6 billion in spending on direct investment on all categories of commercial real estate ranked sixth nationwide. That investment propelled Utah from 26th place in 2010, a jump second only to […]