Cities
TODAY’S DEALS: Stockbridge Makes a Statement in Seattle
Vulcan sells a LEED Gold property for $138.2 million in Seattle; Hunt provides $8.4 million for an Orlando acquisition; and Greystone closes the first Fannie Mae M-PIRE mortgage loan.
MHN Interview: Crossing Rivers to Chase Value
As rents in Manhattan and Brooklyn continue to rise, renters are chasing value across both the Hudson and East rivers. Lincoln Equities Group is looking to capture that demand.
UCSD Awards Big Contract for La Jolla Project
General contractor Rudolph and Sletten Inc. was recently awarded an important preliminary contract for the development of a medical facility for UC San Diego Health Services in La Jolla. The company is now set to start work on an outpatient pavilion, with the contract set at around $78 million, and expected to be booked during Q3 of this year. The facility that Rudolph and Sletten Inc. is set to construct will act as support for the Jacobs Medical Center.
Renovating Sears for Multifamily Use
The adaptive reuse project including historic renovations of the Sears, Roebuck & Company building is nearing completion.
Balfour Beatty Completes Hollywood Mixed-Use Tower for Less than Expected
Balfour Beatty Construction recently announced that it has completed a high-end mixed-use tower in Hollywood at a considerably lower cost than was originally estimated. The company’s Southwest Division finished a project it had been developing for real estate and infrastructure investment firm CIM Group at a total cost of $76.2 million, roughly $12 million less than what was initially committed to the project. The change comes from the use of the contractor’s cast-in-place structures, as well as a re-design of the building’s mechanical, electrical and plumbing systems.
JLB Partners Open 350-Unit Allure Luxury Apartment Community
JLB Partners, LP has held a ribbon cutting ceremony for the 350-unit Allure, Charlotte’s newest luxury apartment community.
TODAY’S DEALS: Martin Fein Interests Completes Two Colorado Sales
ARA brokers two sales in Lone Tree, Colo.; Griffis Residential completes a $48.8 million sale in Colorado Springs, Colo.; and Oak Grove Capital arranges $27 million in financing involving only 45 days of processing for a value-add property.
Continental Seeks Rezoning to Develop M-F Project in Liberty Towship
Developers are getting ready to start work on another multifamily development in the Cincinnati area. The project calls for the construction of a 288-unit apartment complex in Liberty Office Park.
Dividend Capital Buys Pair of Class A Office Buildings
Denver-based Dividend Capital Diversified Property Fund (DPF) recently announced the expansion of its office portfolio through the acquisition of Rialto I and II from Lincoln Property Co. The two buildings, totaling 155,000 square feet, sold for $37.3 million, approximately $240 per square foot.