REBusinessOnline

Hartz Mountain Industries Buys North Atlanta Industrial Portfolio for $129M

Hartz Mountain Industries Buys North Atlanta Industrial Portfolio for $129M

ATLANTA — Hartz Mountain Industries, a real estate owner and manager based in Secaucus, N.J., has acquired a 2.5 million-square-foot portfolio consisting of 35 industrial buildings in north Atlanta. Hartz purchased the portfolio from Clarion Partners, a New York-based real estate investment management firm, for $129 million. Hartz has also recently purchased a pair of industrial assets in metro Charlotte and metro Baltimore. The company is targeting East Coast-based assets due to population growth and increased port traffic in the region’s major metros. “The expansion of the Panama Canal is creating additional transportation options to and from the Orient and the West Coast, making East Coast locations in large and growing..

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American Realty Capital New York City REIT Buys Times Square Office Building for $170.3M

American Realty Capital New York City REIT Buys Times Square Office Building for $170.3M

NEW YORK CITY — American Realty Capital New York City REIT (NYCR) has acquired a 170,000-square-foot office building in Times Square for $170.3 million. The institutional-quality office property is located at 570 Seventh Ave. NYCR plans to enter into a short-term lease with the seller, Carlyle Investment Management and Capstone Equities, for 33,000 square feet. The property’s occupancy rate will stand at 76 percent once this lease transaction is completed. Other notable tenants include NY Loves Us, Inc. and Klestadt & Winters LLP. The property is situated near a variety of Times Square’s retail and restaurant options. They include H&M, The Gap, Sephora, Duane Reade, Express, AMC Theaters, Aerosoles, Wolfgang’s Steakhouse,..

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Balfour Beatty Awarded $533M Texas Medical Center Project

Balfour Beatty Awarded $533M Texas Medical Center Project

HOUSTON — Memorial Hermann Healthcare System (MHHS) has selected Balfour Beatty Construction to provide preconstruction and construction services for a $533 million renovation and expansion of the Texas Medical Center campus in Houston. These improvements are intended to help MHHS provide the latest technology and procedures for the growing healthcare needs of the Houston area. The master-planned project includes construction of the Hermann Pavilion 2, a 17-story hospital spanning more than 1 million square feet, including an expanded emergency room, operating room, intensive care and administrative support capacity. The hospital will include 160 new inpatient beds, 71 replacement beds, 24 new operating rooms and six additional shell..

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Iconic 432 Park Avenue Tops Off in Manhattan

Iconic 432 Park Avenue Tops Off in Manhattan

NEW YORK — CIM Group and Macklowe Properties have topped off the iconic 432 Park Avenue at 1,396 feet. The luxury residential condominium tower is now the highest rooftop in New York City, rising above icons of the Manhattan skyline, including the Empire State Building at 1,250 feet and the Chrysler Building at 1,046 feet in height. “The topping out of 432 Park Avenue ahead of schedule is a testament to the efforts of CIM's internal investment and development resources and the talented project team assembled to reach this important milestone toward the completion of 432 Park Avenue,” says Avi Shemesh, principal and co-founder of CIM Group. Located on Park Avenue between 56th and 57th streets, 432 Park Avenue will offer..

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