National
JV Pays $70M for Historic South Cathedral Mansions Apartments, with Plans to Start Renovation This Fall
South Cathedral Mansions is a landmark apartment building located 2900 Connecticut Avenue, NW, in D.C.’s Woodley Park neighborhood. It was constructed in 1922 by the iconic team of Harry Wardman and Mihran Mesrobian and is currently included in both the National Register of Historic Places and the D.C. Inventory of Historic Sites. During its almost one hundred years of existence, South Cathedral Mansions only changed hands four times, the last sale taking place recently.
DRA, Cypress Pay $41M for Sorrento Mesa Office Portfolio; NBC 7 Seals Move to Kearny Mesa
In what was yet another good week for San Diego’s office market, a large portfolio deal was completed by a partnership between DRA Advisors LLC and Cypress Office Properties LLC, while local news outlet NBC 7 San Diego also acquired an office asset. The two deals were worth a combined $50 million, greatly boosting the profile of the local commercial real estate market. The transaction was arranged by Cassidy Turley Executive Managing Editor Rick Reeder and Managing Director Brad Tecca on behalf of the seller.
Developers Break Ground on 65,000 Sq. Ft. Retail and Restaurant Component at Northville Park Place
A groundbreaking ceremony held on June 25 at the corner of Haggerty and Seven Mile roads in Northville Township marked the beginning of construction of the second phase of a large retail, restaurant and mixed-use complex that’s taking shape on the site of the former State of Michigan Regional Psychiatric Hospital.
PNC Financial Tops Off $400M Green Headquarters in Downtown Pittsburgh
The new home of one of America’s oldest and strongest financial institutions is nearing completion.
252-Unit Crescent Cool Springs Kicks Off Preleasing
Crescent Cool Springs, the 252-unit luxury apartment community in Nashville’s historic Franklin suburb has started preleasing, announced developer Crescent Communities.
Hartman Short-Term Income Properties XX Purchases Houston Industrial Property; Bascom Acquires Sierra at Fall Creek
Hartman Short Term Income Properties XX, Inc., a Houston-based REIT, recently announced that Harman Mitchelldale Business Park LLC, an affiliate, purchased the Mitchelldale Business Park from Falcon Southwest for an undisclosed sum.
Crescent Breaks Ground on $225M Office Tower
Crescent Real Estate Holdings LLC broke ground on their famous McKinney & Olive Tower, the first step in creating the first commercial building in Dallas to be designed by an internationally acclaimed architect since the 1980s.
CBRE, Maastricht University Rank Washington, D.C., as 10th Greenest U.S. City
Washington, D.C. is working hard to become one of the greenest cities in the United States and in the world. And its efforts seem to be paying off. Recently, CBRE Group, Inc. and Maastricht University, a public university in Maastricht, the Netherlands, have released the 2014 Green Building Adoption Index, a study which ranks the top 30 U.S. cities with the highest percentage of green commercial space. Washington, D.C. occupies tenth place on the list.
1155 Market Street Sold by Laurus Corporation for $72 Million
The Laurus Corporation has recently offloaded one of its most high-profile properties for a fee of $72.6 million. The private real estate investment and development firm has sold its 1155 Market Street in San Francisco, resulting in 56 percent Internal Rate of Return for investors.
Sterling Bay Companies Announces Partnership with IPDNA to Redevelop Chicago’s Historic Old Post Office
Sterling Bay Companies has recently announced a strategic partnership with International Property Developers North America to redevelop Chicago’s historic Old Post Office.