National
Presidium Group Acquires Sentinel Pointe in San Antonio, Quarters in Dallas
Presidium Group, LLC continues its series of investments in the state of Texas. Recently the company announced the acquisition of two additional residential communities in the state of Texas – Sentinel Pointe, a 91-unit apartment complex located in midtown San Antonio, and Quarters, a 208-unit property in Dallas.
Joint Venture Buys Cleveland-Area Shopping Center for $47M
A joint venture between two east coast companies has purchased the Golden Gate Shopping Center in Mayfield Heights. New York-based Hornig Capital Partners, LLC and Hutensky Capital Partners of Hartford, Connecticut, have paid $47.05 million for the premier retail plaza. Cleveland-based Forest City was the seller. The deal represents one of the largest single asset retail sales in the Cleveland market during the past two years.
First Potomac Realty Trust Improves D.C.-Area Office, Business Park Portfolio
First Potomac Realty Trust is improving its portfolio of office and business park properties in the greater Washington, D.C. region. The real estate investment trust has recently paid $41 million for a Class-A office building in Reston, while selling its Corporate Campus in Ashburn for the exact same sum, in a separate transaction.
Scripps Memorial Hospital Encinitas Unveils $94M Expansion
The Scripps Memorial Hospital Encinitas in North County recently completed its high-profile expansion as an investment of approximately $94 million was finalized. The grand opening of the Leichtag Foundation Critical Care Pavilion was held on July 1st, marking the addition of the new emergency department and inpatient rooms to the existing facilities, as well as a number of other improvements. The name of the new facility was also announced during the opening ceremony, Leichtag Foundation being a local philanthropic organization that has contributed with a total in $10 million back in 2009.
Dornin Buys Seven Hills MOBs in Henderson
The Seven Hills Medical Center in Henderson was recently purchased by Dornin Investment Group in an all-cash deal. The buyer acquired the medical office buildings located in the planned Seven Hills community as part of a 1031 exchange arranged on behalf of both the buyer and seller by Jason Lesley of Colliers International.
Chinese Company Plans $2B Pulp and Paper Plant in Chesterfield County
The state of Virginia is celebrating its latest economic development win. Shandong Tranlin Paper Co., Ltd., a Chinese pulp and paper company, will invest $2 billion over five years to build its first advanced manufacturing operation in Chesterfield County and create 2,000 new jobs by 2020. Governor Terry McAuliffe announced the project last month. It represents the largest Chinese investment and job creation project in Virginia history, and also the largest Chinese greenfield economic development project in the United States.
Hines Receives LEED Platinum Certification for Williams Tower HQ
Hines Interests, LP has announced that their recently renovated headquarters in the Williams Tower has been granted the LEED Platinum Certification for Commercial Interiors, award given by the U.S. Green Building Council for outstanding ecological practices in the design of commercial, non-retail, spaces.
Tradition Senior Living Expands Prestonwood Property with Assisted Living, Memory Care
North Dallas will be home to a new four-story assisted living and memory care building through the initiative of Tradition Senior Living, LP. The new project represents an expansion to the current Tradition-Prestonwood, which opened in 2010, and it entails the development of 75 assisted living and 38 memory care apartments.
D.C.’s First Hyatt Place Hotel Opens in NoMa
Just a month after the opening of D.C.’s first Cambria Hotel & Suites, in the historic Shaw neighborhood, the District is saying ”hello” to another important hotel brand. Hyatt Hotels Corporation, The JBG Companies and Crescent Hotels & Resorts have announced last week the opening of the city’s first Hyatt Place.
Distressed Norris Apartments Housing Complex in North Philadelphia Receives $30 Million Revitalization Grant
Four communities that are part of the “Choice Neighborhoods Initiative” kicked off July on a strong note. The U.S. Department of Housing and Urban Development (HUD) announced this week that it has awarded a combined $119.7 million to redevelop severely-distressed neighborhoods in Columbus, OH, Norwalk, CT, and Pittsburgh and Philadelphia in Pennsylvania.