News Briefs
New Studio to Be Built Near Hollywood
May 15, 2008
The United States' largest independent movie studio, a $125 million facility, is slated to break ground in April, 2009, with a projected 18-month construction period, Commonwealth Studios has announced. When completed, its will have 14 state-of-the-art soundstages and an exterior backlot that will feature city and residential streets, plumbed for rain and fire effects, and all on a 37-acre lot that will ease the acute soundstage shortage in Southern California. The facility will be located 30 minutes from Hollywood in the City of Moorpark on California Highway 118. Two entertainment industry veterans are the driving force behind the project. Commonwealth Studios chairman & CEO Bernard Weitzman has held senior executive positions at several major studios. President & COO John Marshall is an independent producer with 32 years experience in the industry.
The United States' largest independent movie studio, a $125 million facility, is slated to break ground in April, 2009, with a projected 18-month construction period, Commonwealth Studios has announced. When completed, its will have 14 state-of-the-art soundstages and an exterior backlot that will feature city and residential streets, plumbed for rain and fire effects, and all on a 37-acre lot that will ease the acute soundstage shortage in Southern California. The facility will be located 30 minutes from Hollywood in the City of Moorpark on California Highway 118. Two entertainment industry veterans are the driving force behind the project. Commonwealth Studios chairman & CEO Bernard Weitzman has held senior executive positions at several major studios. President & COO John Marshall is an independent producer with 32 years experience in the industry.
Corus, Lehman Bros. Make D.C. Loans
May 15, 2008
Corus Bank closed a $72 million loan to MR BP Office #1 L.L.C. to finance the construction of a nine-story Class A office building located at 55 M Street SE in Washington, D.C. In addition to the senior Loan with Corus, the borrower closed simultaneously on a $12 million mezzanine loan with Lehman Brothers. At the time of closing, the project was approximately 60 percent complete.The project is being developed by a joint venture between Monument Realty and its investor partners, MacFarlane Partners and Lehman Brothers. The project will include 261,000 net rentable square feet of Class A office space, 13,000 net rentable square feet of retail space, and three levels of underground parking. The office building will be a part of Monument Realty’s “Half Street” project, which is planned to include additional retail, residential and hotel components.
Corus Bank closed a $72 million loan to MR BP Office #1 L.L.C. to finance the construction of a nine-story Class A office building located at 55 M Street SE in Washington, D.C. In addition to the senior Loan with Corus, the borrower closed simultaneously on a $12 million mezzanine loan with Lehman Brothers. At the time of closing, the project was approximately 60 percent complete.The project is being developed by a joint venture between Monument Realty and its investor partners, MacFarlane Partners and Lehman Brothers. The project will include 261,000 net rentable square feet of Class A office space, 13,000 net rentable square feet of retail space, and three levels of underground parking. The office building will be a part of Monument Realty’s “Half Street” project, which is planned to include additional retail, residential and hotel components.
Arent Fox to Relocate D.C. Office
May 15, 2008
Arent Fox L.L.P. has announced that it will relocate its Washington, D.C., office to 1000 Connecticut Ave. upon the expiration of its current lease in 2012. The former building at 1000 Connecticut Ave. is in the final stages of being demolished. Arent Fox will occupy approximately 255,000 square feet – floors 2 through 9 – of the 12-story, 370,500-square-foot building that will be erected on the site. The new building was designed by Pei Cobb Freed & Partners, specifically by James Ingo Freed before his death in 2005. The developer of the project is Connecticut & K Associates, L.L.C., led by Edward Kaplan, Albert Small, and Steven and Michael Gewirz.
Arent Fox L.L.P. has announced that it will relocate its Washington, D.C., office to 1000 Connecticut Ave. upon the expiration of its current lease in 2012. The former building at 1000 Connecticut Ave. is in the final stages of being demolished. Arent Fox will occupy approximately 255,000 square feet – floors 2 through 9 – of the 12-story, 370,500-square-foot building that will be erected on the site. The new building was designed by Pei Cobb Freed & Partners, specifically by James Ingo Freed before his death in 2005. The developer of the project is Connecticut & K Associates, L.L.C., led by Edward Kaplan, Albert Small, and Steven and Michael Gewirz.
Two Medical Colleges Snap Up Former Hospital in Westwood for $45M
May 14, 2008
Hackensack University Medical Center and Touro University College of Medicine have just completed the acquisition of the former site of Pascack Valley Hospital in Westwood, New Jersey, in a deal valued at $45 million. Pascack filed for bankruptcy last year, leaving the disposition of its assets in the hands of the U.S. Bankruptcy Court, which relied on Cushman & Wakefield's Metropolitan Area Capital Markets Group to help secure a buyer for the property. The 20-acre property is located in an affluent area of Westwood, about 25 miles north of Jersey City and New York City. HUMC and TouroMed plan to open a medical school at the former 251-bed acute care facility. .
Hackensack University Medical Center and Touro University College of Medicine have just completed the acquisition of the former site of Pascack Valley Hospital in Westwood, New Jersey, in a deal valued at $45 million. Pascack filed for bankruptcy last year, leaving the disposition of its assets in the hands of the U.S. Bankruptcy Court, which relied on Cushman & Wakefield's Metropolitan Area Capital Markets Group to help secure a buyer for the property. The 20-acre property is located in an affluent area of Westwood, about 25 miles north of Jersey City and New York City. HUMC and TouroMed plan to open a medical school at the former 251-bed acute care facility. .
CASTO Invests $400M in Puerto Rican Portfolio
May 14, 2008
Columbus-based CASTO has invested $400 million in 1.7 million square feet of retail and office space in Puerto Rico. The properties were owned by Vadim Nikitine, president of Puerto Rico-based Commercial Centers Management Inc. Nikitine and Casto will now split ownership of the assets.
The partnership--dubbed CASTO Caribbean--acquired nine retail properties located throughout Puerto Rico, along with a high-rise office tower in Downtown San Juan. The acquisition places CASTO Caribbean among the top five retail owners in Puerto Rico. CASTO and Commercial Centers Management will split ownership of the properties equally, and Commercial Centers will continue to operate and lease the assets.
This venture is the latest in a series of partnerships between the two firms, beginning with the development Winter Park Village in Winter Park, Fla. Since that project, the partnership has expanded their holdings to eight lifestyle centers totaling 2 million square feet, as well as three mixed-use developments that are currently under development. PACE Financial Group provided financial advisory on the deal, working with institutional investors advised by JP Morgan Asset Management.
Columbus-based CASTO has invested $400 million in 1.7 million square feet of retail and office space in Puerto Rico. The properties were owned by Vadim Nikitine, president of Puerto Rico-based Commercial Centers Management Inc. Nikitine and Casto will now split ownership of the assets.
The partnership--dubbed CASTO Caribbean--acquired nine retail properties located throughout Puerto Rico, along with a high-rise office tower in Downtown San Juan. The acquisition places CASTO Caribbean among the top five retail owners in Puerto Rico. CASTO and Commercial Centers Management will split ownership of the properties equally, and Commercial Centers will continue to operate and lease the assets.
This venture is the latest in a series of partnerships between the two firms, beginning with the development Winter Park Village in Winter Park, Fla. Since that project, the partnership has expanded their holdings to eight lifestyle centers totaling 2 million square feet, as well as three mixed-use developments that are currently under development. PACE Financial Group provided financial advisory on the deal, working with institutional investors advised by JP Morgan Asset Management.
Two Stores Underway for Retailers in Laveen, near Phoenix
May 14, 2008
Laveen Ranch Marketplace, a new 100,000-square-foot project by Evergreen Development Co. in the burgeoning Phoenix submarket of Laveen, prepares for new tenants as Safeway kicks off construction of a 55,000-square-foot store and work commences on a freestanding store adjacent to the supermarket for Fletcher Tire. Construction of the Safeway site is scheduled to reach completion in August, while Fletcher's digs will be ready for occupancy in August. Additionally, Evergreen has broken ground on a 15,000-square-foot shop space at the center, which already has a tenant roster that includes The UPS Store and others.
Laveen Ranch Marketplace, a new 100,000-square-foot project by Evergreen Development Co. in the burgeoning Phoenix submarket of Laveen, prepares for new tenants as Safeway kicks off construction of a 55,000-square-foot store and work commences on a freestanding store adjacent to the supermarket for Fletcher Tire. Construction of the Safeway site is scheduled to reach completion in August, while Fletcher's digs will be ready for occupancy in August. Additionally, Evergreen has broken ground on a 15,000-square-foot shop space at the center, which already has a tenant roster that includes The UPS Store and others.
IT Firm Signs Lease for New HQ in Bucks County
May 14, 2008
The 600,000-square-foot Neshaminy Interplex Business Center in Trevose will soon become the new corporate headquarters of Training Camp, now that the information technology training and programs provider has committed to a lease in the Class A business park. Training Camp signed a lease with Korman Commercial Properties for space in the 115,000-square-foot Six Neshaminy, one of several buildings that comprise the 78-acre park, located just 20 minutes from Philadelphia. CB Richard Ellis Inc. orchestrated the lease on behalf of the property owner.
The 600,000-square-foot Neshaminy Interplex Business Center in Trevose will soon become the new corporate headquarters of Training Camp, now that the information technology training and programs provider has committed to a lease in the Class A business park. Training Camp signed a lease with Korman Commercial Properties for space in the 115,000-square-foot Six Neshaminy, one of several buildings that comprise the 78-acre park, located just 20 minutes from Philadelphia. CB Richard Ellis Inc. orchestrated the lease on behalf of the property owner.
Work Gets Underway on $200M Portland Seniors Housing Property
May 14, 2008
Construction has commenced on Mirabella, a 30-story continuing care retirement community site on one acre in Portland's South Waterfront submarket. Pacific Retirement Services Inc. is behind the development of the not-for-profit seniors community, which will offer independent living residences and assisted living apartments, as well as skilled nursing facilities and special care memory support rooms. The building is being designed to meet standards for LEED Platinum certification, and is on target to open its doors in summer 2010.
Construction has commenced on Mirabella, a 30-story continuing care retirement community site on one acre in Portland's South Waterfront submarket. Pacific Retirement Services Inc. is behind the development of the not-for-profit seniors community, which will offer independent living residences and assisted living apartments, as well as skilled nursing facilities and special care memory support rooms. The building is being designed to meet standards for LEED Platinum certification, and is on target to open its doors in summer 2010.
$41M Financing Deal Closes for Dallas-Area MF
May 14, 2008
A financing package valued at approximately $41 million has been put in place for the 600-unit St. Marin/Karrington Apartments complex in Coppell, Texas, about 30 miles from downtown Dallas. The borrower, Williams Multifamily Realty Advisors L.L.C., relied on Irvine, Calif.-based Johnson /Capital to orchestrate the financing, which came in the form of two loans; an existing $31.3 million fixed-rate loan was assumed by Freddie Mac, and the lender supplied an additional $9.6 million loan at a fixed-rate of 5.64 percent. Presently 93 percent occupied, the 600,000-square-foot property consists of two separate structures built in 1999 and 2001, respectively.
A financing package valued at approximately $41 million has been put in place for the 600-unit St. Marin/Karrington Apartments complex in Coppell, Texas, about 30 miles from downtown Dallas. The borrower, Williams Multifamily Realty Advisors L.L.C., relied on Irvine, Calif.-based Johnson /Capital to orchestrate the financing, which came in the form of two loans; an existing $31.3 million fixed-rate loan was assumed by Freddie Mac, and the lender supplied an additional $9.6 million loan at a fixed-rate of 5.64 percent. Presently 93 percent occupied, the 600,000-square-foot property consists of two separate structures built in 1999 and 2001, respectively.
NYC Mega-Deal Updates: Tishman Speyer Sails from Hudson Deal, Madison Square Garden Redo Moves Ahead
May 13, 2008
First the Moynihan Station deal stalled. Now the Hudson Yards plan is billowing smoke.
This just in from Rob Speyer, president of Tishman Speyer: "We have negotiated in good faith with the MTA for the last several weeks regarding Hudson Yards and could not come to a final agreement that was satisfactory to both of us. This morning we informed the MTA that we are withdrawing from the process immediately so it can proceed in another direction.
"We appreciate the MTA's commitment to develop Hudson Yards into a great place for New York and wish it the best as it pursues other alternatives. We want to express our gratitude to Mayor Bloomberg for his extraordinary efforts and leadership through this negotiation to facilitate a deal."
The deal broke down when Speyer made a last-minute demand to hold off committing until after the rezoning took place. Not the original deal, and the MTA had earlier stated that such a change would be unfair to other bidders eager to work on the Manhattan deal.
Then, the Moynihan project, already in turmoil because Madison Square Garden has decided to go ahead with a redo of its own, took a further step towards never happening. Madison Square Garden has secured Jones Lang LaSalle Inc. as the overall project manager for the arena’s renovation project, slated to begin construction in Spring, 2009.
Jones Lang LaSalle will work with the Garden to oversee all aspects of the renovation, from managing related personnel to establishing and managing the project’s timeline, to creation of the overall budget and financial controls, to coordinating the activities of several dozen consultants and construction partners over the renovation period. The Jones Lang LaSalle team will be led by Richard Jantz, senior vice president.
First the Moynihan Station deal stalled. Now the Hudson Yards plan is billowing smoke.
This just in from Rob Speyer, president of Tishman Speyer: "We have negotiated in good faith with the MTA for the last several weeks regarding Hudson Yards and could not come to a final agreement that was satisfactory to both of us. This morning we informed the MTA that we are withdrawing from the process immediately so it can proceed in another direction.
"We appreciate the MTA's commitment to develop Hudson Yards into a great place for New York and wish it the best as it pursues other alternatives. We want to express our gratitude to Mayor Bloomberg for his extraordinary efforts and leadership through this negotiation to facilitate a deal."
The deal broke down when Speyer made a last-minute demand to hold off committing until after the rezoning took place. Not the original deal, and the MTA had earlier stated that such a change would be unfair to other bidders eager to work on the Manhattan deal.
Then, the Moynihan project, already in turmoil because Madison Square Garden has decided to go ahead with a redo of its own, took a further step towards never happening. Madison Square Garden has secured Jones Lang LaSalle Inc. as the overall project manager for the arena’s renovation project, slated to begin construction in Spring, 2009.
Jones Lang LaSalle will work with the Garden to oversee all aspects of the renovation, from managing related personnel to establishing and managing the project’s timeline, to creation of the overall budget and financial controls, to coordinating the activities of several dozen consultants and construction partners over the renovation period. The Jones Lang LaSalle team will be led by Richard Jantz, senior vice president.
Seven-Person East Coast Retail Team Joins HFF
May 13, 2008
Holliday Fenoglio Fowler L.P. has announced that a team of seven capital markets professionals and analysts will join the firm. The team members, formerly of Staubach Capital Markets, will focus on investment sales and capital markets transactions in the retail property sector. The team members will work primarily with the firm's east coast offices of Atlanta, Boston, Hartford and Westport, Connecticut, Miami, New Jersey, New York City and Washington, D.C. Whitney Knoll, who was a senior managing director and leader of the East Coast Retail Team at Staubach, will join as senior managing director in the Atlanta office. Lynn De Marco will join the New York City office as a managing director. Bradley Peterson will join the firm as a managing director. Peterson will be focusing on the Southeastern part of the country and will work closely the Miami office. Richard Reid, James Hamilton and Kevin Hurley also will join HFF in its Atlanta office. Justin Greider will continue working as part of Peterson’s team as a senior real estate analyst and was a senior financial analyst for the retail team with Staubach and Trammell Crow.
Holliday Fenoglio Fowler L.P. has announced that a team of seven capital markets professionals and analysts will join the firm. The team members, formerly of Staubach Capital Markets, will focus on investment sales and capital markets transactions in the retail property sector. The team members will work primarily with the firm's east coast offices of Atlanta, Boston, Hartford and Westport, Connecticut, Miami, New Jersey, New York City and Washington, D.C. Whitney Knoll, who was a senior managing director and leader of the East Coast Retail Team at Staubach, will join as senior managing director in the Atlanta office. Lynn De Marco will join the New York City office as a managing director. Bradley Peterson will join the firm as a managing director. Peterson will be focusing on the Southeastern part of the country and will work closely the Miami office. Richard Reid, James Hamilton and Kevin Hurley also will join HFF in its Atlanta office. Justin Greider will continue working as part of Peterson’s team as a senior real estate analyst and was a senior financial analyst for the retail team with Staubach and Trammell Crow.
Carlton to Market $69M of Loan Assets
May 13, 2008
Carlton has been retained to market and sell approximately $69.3 million of performing and nonperforming commercial mortgage loan assets on behalf of an institutional client, it has announced. There are seventeen performing and non-performing commercial loan assets. The portfolio is characterized by town homes, warehouse and condominium properties in various stages of completion. There are also prime residential land assets. Most of the properties are located in the Southeast region of the United States. The loan assets are being offered on a sealed-bid basis and Carlton will entertain bids on individual assets or groups of assets.
Carlton has been retained to market and sell approximately $69.3 million of performing and nonperforming commercial mortgage loan assets on behalf of an institutional client, it has announced. There are seventeen performing and non-performing commercial loan assets. The portfolio is characterized by town homes, warehouse and condominium properties in various stages of completion. There are also prime residential land assets. Most of the properties are located in the Southeast region of the United States. The loan assets are being offered on a sealed-bid basis and Carlton will entertain bids on individual assets or groups of assets.
American Systems Signs Five-Year Lease at New 75,000SF Flex-Tech Building
May 13, 2008
A new business will join the tenant roster at Challenger South, Phase II, now that American Systems Corp. has committed to occupying nearly 6,400 square feet of space at the 75,000-square-foot flex/tech facility in Orlando's Central Florida Research Park. Located in Northeast Orange County, the Challenger South facility was developed by Boston-based Taurus Investment Holdings L.L.C. The company's regional subsidiary, Taurus Southern Investments L.L.C., orchestrated the transaction on behalf of the ownership, while Staubach stood in for the tenant on the five-year lease.
A new business will join the tenant roster at Challenger South, Phase II, now that American Systems Corp. has committed to occupying nearly 6,400 square feet of space at the 75,000-square-foot flex/tech facility in Orlando's Central Florida Research Park. Located in Northeast Orange County, the Challenger South facility was developed by Boston-based Taurus Investment Holdings L.L.C. The company's regional subsidiary, Taurus Southern Investments L.L.C., orchestrated the transaction on behalf of the ownership, while Staubach stood in for the tenant on the five-year lease.
Law Firm Makes Move to 185,000SF Digs in New 52-Story NYT Building
May 13, 2008
Boston-headquartered law firm Goodwin Procter has settled into its new 185,000-square-foot home at the 1.6 million-square-foot New York Times Building. The firm signed a 15-year lease on the space, which spans six floors of the 52-story tower. Situated at 620 Eighth Ave., the Renzo Piano-designed building is a co-development project of Forest City Ratner Cos. and The New York Times Co., and now serves as the newspaper's headquarters. For Goodwin Procter, the relocation marks a significant expansion from its previous 100,000-square-foot locale at 599 Lexington Ave.
Boston-headquartered law firm Goodwin Procter has settled into its new 185,000-square-foot home at the 1.6 million-square-foot New York Times Building. The firm signed a 15-year lease on the space, which spans six floors of the 52-story tower. Situated at 620 Eighth Ave., the Renzo Piano-designed building is a co-development project of Forest City Ratner Cos. and The New York Times Co., and now serves as the newspaper's headquarters. For Goodwin Procter, the relocation marks a significant expansion from its previous 100,000-square-foot locale at 599 Lexington Ave.
Apple to Debut 20,000SF Store This Week
May 13, 2008
Apple will open the doors of a new store this week in a 20,000-square-foot space at 815 Boylston St., the Boston Globe reports. Located in the Back Bay area across from the Prudential Center, the three-story flagship store marks the computer company's largest retail venture in the U.S. to date. A two-story 16,500-square-foot building that had been occupied by a printing business was demolished to make room for the state-of-the art retail destination.
Apple will open the doors of a new store this week in a 20,000-square-foot space at 815 Boylston St., the Boston Globe reports. Located in the Back Bay area across from the Prudential Center, the three-story flagship store marks the computer company's largest retail venture in the U.S. to date. A two-story 16,500-square-foot building that had been occupied by a printing business was demolished to make room for the state-of-the art retail destination.
Doubletree Makes Tenth Debut in Atlanta
May 13, 2008
After undergoing a multi-million-dollar makeover, the hotel at 4156 Lavista Rd. in Tucker, Ga., that previously carried the Radisson flag has reemerged as the Doubletree Hotel Atlanta NE/Northlake. The opening of the 183-room hotel brings Beverly Hills-based Doubletree Hotels' presence in Georgia up to 10 properties. The new lodging facility, located 15 miles from downtown Atlanta and Atlanta Hartsfield International Airport, is being operated by Legacy Property Group subsidiary Legacy LaVista L.L.C. Among Doubletree's other recently introduced properties in Georgia is the Doubletree Hotel Augusta, which opened its doors under the flag after a $7 million renovation just over one year ago.
After undergoing a multi-million-dollar makeover, the hotel at 4156 Lavista Rd. in Tucker, Ga., that previously carried the Radisson flag has reemerged as the Doubletree Hotel Atlanta NE/Northlake. The opening of the 183-room hotel brings Beverly Hills-based Doubletree Hotels' presence in Georgia up to 10 properties. The new lodging facility, located 15 miles from downtown Atlanta and Atlanta Hartsfield International Airport, is being operated by Legacy Property Group subsidiary Legacy LaVista L.L.C. Among Doubletree's other recently introduced properties in Georgia is the Doubletree Hotel Augusta, which opened its doors under the flag after a $7 million renovation just over one year ago.
117,000SF of Premier Office Condo Space to Hit Auction Block
May 9, 2008
Office condominium space totaling about 115,000 square feet at The Plaza, a mixed-use project in downtown Orlando featuring 394,000 square feet of office condo space and 105,000 square feet of retail in two, circular towers, will hit the block this Thursday, May 15. Cameron Kuhn, embattled developer of the project, has tapped Stirling Sotheby's International Realty to auction off a group of more than 20 office suites valued at an estimated total of $30 million. Space at The Plaza was being marketed starting at $205 per-square-foot when work got underway in 2004. More recently, the asking price was between $245 and $285.
Office condominium space totaling about 115,000 square feet at The Plaza, a mixed-use project in downtown Orlando featuring 394,000 square feet of office condo space and 105,000 square feet of retail in two, circular towers, will hit the block this Thursday, May 15. Cameron Kuhn, embattled developer of the project, has tapped Stirling Sotheby's International Realty to auction off a group of more than 20 office suites valued at an estimated total of $30 million. Space at The Plaza was being marketed starting at $205 per-square-foot when work got underway in 2004. More recently, the asking price was between $245 and $285.
Developer on Board for $115M Stem Cell Research Facility
May 9, 2008
The San Diego Consortium for Regenerative Medicine has chosen local firm Lankford & Associates to build a new $115 million stem cell research facility, the San Diego Business Journal reports. The consortium--comprised of the University of California San Diego, the Burnham Institute for Medical Research, the Salk Institute for Biological Studies and The Scripps Research Institute--just won a $43 million grant from the California Instate for Regenerative Medicine as part of the organization's plan to assist in the funding of a bevy of new stem cell research facilities across California. Lankford will work in partnership with Phelps Development on the new 135,000-square-foot facility, which will occupy nearly 8 acres adjacent to the Salk Institute and UCSD.
The San Diego Consortium for Regenerative Medicine has chosen local firm Lankford & Associates to build a new $115 million stem cell research facility, the San Diego Business Journal reports. The consortium--comprised of the University of California San Diego, the Burnham Institute for Medical Research, the Salk Institute for Biological Studies and The Scripps Research Institute--just won a $43 million grant from the California Instate for Regenerative Medicine as part of the organization's plan to assist in the funding of a bevy of new stem cell research facilities across California. Lankford will work in partnership with Phelps Development on the new 135,000-square-foot facility, which will occupy nearly 8 acres adjacent to the Salk Institute and UCSD.
Internet Firm Grows in Boston
May 9, 2008
Atlanta-headquartered Internap Network Services Corp. has announced plans to increase its Boston presence by taking on an additional 15,000 square feet in a new 45,000-square-foot stand-alone building across from its current Beantown location. The addition of space in Boston is part of a strategic plan Internap announced last June calling for an approximately $40 million investment in new colocation facilities in its core markets. With the acquisition of the Boston space, the global internet business solutions provider will have a portfolio of nine owned facilities and 43 collocation service points. Its current footprint spans 185,000 square feet.
Atlanta-headquartered Internap Network Services Corp. has announced plans to increase its Boston presence by taking on an additional 15,000 square feet in a new 45,000-square-foot stand-alone building across from its current Beantown location. The addition of space in Boston is part of a strategic plan Internap announced last June calling for an approximately $40 million investment in new colocation facilities in its core markets. With the acquisition of the Boston space, the global internet business solutions provider will have a portfolio of nine owned facilities and 43 collocation service points. Its current footprint spans 185,000 square feet.
AHC Celebrates Opening of 108 New Affordable Rental Apartments in Arlington, Virginia
May 9, 2008
AHC Inc., the largest nonprofit developer and owner of affordable housing in Northern Virginia, celebrated the opening of The Frederick, a nine-story building with 108 new apartments for low- and moderate-income residents, it has announced. The homes are affordable to households earning less than 60 percent of the area median income (AMI). The project's innovative components -- extensive services for residents, unique mixed-use, mixed-income development, and location in one of Arlington's most urban and metro-accessible neighborhoods -- add up to one of the region's state-of-the-art affordable housing projects. The project also has programs for teens, families with children, adults with disabilities and seniors.
AHC Inc., the largest nonprofit developer and owner of affordable housing in Northern Virginia, celebrated the opening of The Frederick, a nine-story building with 108 new apartments for low- and moderate-income residents, it has announced. The homes are affordable to households earning less than 60 percent of the area median income (AMI). The project's innovative components -- extensive services for residents, unique mixed-use, mixed-income development, and location in one of Arlington's most urban and metro-accessible neighborhoods -- add up to one of the region's state-of-the-art affordable housing projects. The project also has programs for teens, families with children, adults with disabilities and seniors.
CT Takes Fleetwood HQ
May 9, 2008
Newport Beach, Calif.-based CT Realty Corp. has acquired Citrus Park, a 12-building office and industrial park in Riverside, Calif., from Fleetwood Enterprises Inc. CT Realty purchased the property for $24.5 million, making the acquisition one of the largest purchases in the Inland Empire so far in 2008, according to CT Realty President Robert M. Campbell. Fleetwood Enterprises is one of the nation’s largest builders of manufactured housing and recreational vehicles.
Newport Beach, Calif.-based CT Realty Corp. has acquired Citrus Park, a 12-building office and industrial park in Riverside, Calif., from Fleetwood Enterprises Inc. CT Realty purchased the property for $24.5 million, making the acquisition one of the largest purchases in the Inland Empire so far in 2008, according to CT Realty President Robert M. Campbell. Fleetwood Enterprises is one of the nation’s largest builders of manufactured housing and recreational vehicles.
GM to Buy Properties in Detroit, Michigan, Issues Mortgage-Backed Line to Subsidiary
May 9, 2008
An 10-Q filing has confirmed GM's buy of three properties, including its Detroit, Michigan-based corporate headquarters, for a total of $826 million. The headquarters cost $626 million. The other $200 million went for Pontiac and Michigan-based administrative offices, according to the filing. In addition, the SEC filing reported that GMAC Financial Services was issuing a $3.5 billion senior secured credit facility to its wholly owned subsidiary Residential Capital L.L.C. or ResCap.
An 10-Q filing has confirmed GM's buy of three properties, including its Detroit, Michigan-based corporate headquarters, for a total of $826 million. The headquarters cost $626 million. The other $200 million went for Pontiac and Michigan-based administrative offices, according to the filing. In addition, the SEC filing reported that GMAC Financial Services was issuing a $3.5 billion senior secured credit facility to its wholly owned subsidiary Residential Capital L.L.C. or ResCap.
Denver Office Building Gets Under Way with New 330,000SF
May 8, 2008
With a 330,000-square-foot lease agreement from Xcel Energy in hand, Westfield Development Co. has just commenced construction of a 500,000-square-foot office tower in Denver's central business district. Westfield is seeking Platinum LEED CS certification for the 22-story building at 1800 Larimer St., which will also have Westfield, Westfield Capital Partners, Apartment Realty Advisors, Citywide Banks and the property's leasing and marketing representative Frederick Ross Co. on its tenant roster. The building is on target to open its doors in 2010.
With a 330,000-square-foot lease agreement from Xcel Energy in hand, Westfield Development Co. has just commenced construction of a 500,000-square-foot office tower in Denver's central business district. Westfield is seeking Platinum LEED CS certification for the 22-story building at 1800 Larimer St., which will also have Westfield, Westfield Capital Partners, Apartment Realty Advisors, Citywide Banks and the property's leasing and marketing representative Frederick Ross Co. on its tenant roster. The building is on target to open its doors in 2010.
14 Net Lease Properties Go for $123M
May 8, 2008
Net lease brokerage Stan Johnson Co. completed the sale of a 14 property portfolio, containing more than 900,000 square feet to Cole Cos. for $123 million, it has reported. The portfolio includes 10 retail properties, three office properties and one industrial property in 14 different locations across nine states. Gill Warner of Team Warner and Craig Kenney of Team Kenney with Stan Johnson represented Cole. The seller was represented by Mark Allison at Investors Real Estate Agency.
Net lease brokerage Stan Johnson Co. completed the sale of a 14 property portfolio, containing more than 900,000 square feet to Cole Cos. for $123 million, it has reported. The portfolio includes 10 retail properties, three office properties and one industrial property in 14 different locations across nine states. Gill Warner of Team Warner and Craig Kenney of Team Kenney with Stan Johnson represented Cole. The seller was represented by Mark Allison at Investors Real Estate Agency.
CBRE to Be Leasing Agent for 300 New Jersey in D.C.
May 8, 2008
CB Richard Ellis Inc. has announced local real estate investor and developer Ralph Dweck selected the firm to handle leasing for Washington, D.C.’s 300 New Jersey Ave., N.W. The 10 story, 255,000-rentable-square-foot building is expected to deliver second quarter 2009. Mr. Dweck, who recently purchased the property from JBG, has called on CBRE to lease approximately 100,000 square feet. The entire project, bounded by Louisiana avenue, New Jersey Ave., D Street and F Street N.W., will be renamed America’s Square.
CB Richard Ellis Inc. has announced local real estate investor and developer Ralph Dweck selected the firm to handle leasing for Washington, D.C.’s 300 New Jersey Ave., N.W. The 10 story, 255,000-rentable-square-foot building is expected to deliver second quarter 2009. Mr. Dweck, who recently purchased the property from JBG, has called on CBRE to lease approximately 100,000 square feet. The entire project, bounded by Louisiana avenue, New Jersey Ave., D Street and F Street N.W., will be renamed America’s Square.
