National
Dominion-Prudential JV Plans New, 105,000-Sq.-Ft., Wade Office Park Building in West Raleigh
Dominion Realty Partners is planning the development of a third building at the Wade office park near PNC Arena in West Raleigh.
Business Property Trust Picks Up Broadway SelfStorage for $1.1M
Tucson’s Broadway Self Storage changed hands just recently, a trade publication reports. A limited liability company acquired the facility from Broadway Wilmot Self Storage, LLC and paid $1.1 million.
NewLife Homes Turns The Sundowner Motel, Former Bill Gates Abode, into Affordable Apt. Community
Famous for its location in the heart of Albuquerque on historic Route 66 and for having served as home to Microsoft founders Bill Gates and Paul Allen in the mid-1970s, the Sundowner Motel is no longer what it used to be; the property was transformed into a residential complex with commercial space for small businesses by NewLife Homes.
Blackstone Acquires The Cosmopolitan from Deutsche Bank in $1.7 Billion Deal
In one of the largest deals recorded this year in commercial real estate, Deutsche Bank recently announced that it had reached an agreement for the sale of The Cosmopolitan of Las Vegas, one of the most high-profile hotel & casino properties in the city. Buyer Blackstone Real Estate Partners VII is set to acquire the owning entity of The Cosmopolitan, Nevada Property 1 LLC for a fee of $1.73 billion. As per the terms of the deal, the Blackstone subsidiary will now own 100 percent of the hospitality facility.
ViCU Plans June Groundbreaking for Arts Center; Name to Honor Markel Corp. Gift
Virginia Commonwealth University will break ground this June on the Institute for Contemporary Art (ICA). The new center will be a combination exhibition and performance space. It will include a laboratory and incubator for the presentation of visual art, theater, music, dance and film, helping to complement and enhance the offerings of VCU.
Montgomery County’s Silo Inn Shopping Center Sells for $17M
The Silo Inn Shopping Center, a neighborhood retail center in the Olney section of Montgomery County, now has a new owner. Bethesda-based Finmarc Management, Inc. sold the property to Taylor Georgia, L.L.C., a real estate investment company headquartered in Ellicott City. The price of the transaction was $17.42 million. Over the last 22 months, Finmarc has disposed of more than $367 million worth of properties.
Nation’s Only Downtown Outlet Center Opens in New Orleans
The Howard Hughes Corporation’s much anticipated The Outlet Collection at Riverwalk is gearing up for its Memorial Day Weekend grand opening. Set to welcome shoppers from May 22, Riverwalk will be the only downtown outlet center in the U.S.
Terreno Buys Industrial Building in Capitol Heights for $18.1M
Terreno Realty Corporation continues to add new properties to its Suburban Maryland portfolio. In a transaction which closed on May 13, the San Francisco-based company has acquired another industrial building. The purchase price was approximately $18.1 million.
AC Development Breaks Ground on M-U Stonebridge Village Project; Hunt Properties Starts Work on Shawnee Marketplace
Local officials and developers recently gathered for the ground breaking ceremony of the Stonebridge Village development in Enid, Oklahoma.
Standard Pacific Launches New Community in Phoenix; Broadstone Camelback Awarded LEED Platinum
California homebuilder Standard Pacific Homes has officially launched its newest gated community in Phoenix.