REBusinessOnline

Carr Properties Acquires Office Property in Metro D.C. For $105M

Carr Properties Acquires Office Property in Metro D.C. For $105M

BETHESDA, MD. — Carr Properties has acquired a 163,000-square-foot office building in the Central Business District of Bethesda for $105 million. The seller was an entity controlled by American Society of Health-System Pharmacists. Carr intends to redevelop and expand the four-story building into a mixed-use property that will include over 900,000 square feet of office, residential and retail space. The project will also include the addition of the Bethesda Purple Line Station, a new entrance to the Metro Red Line and a below-grade tunnel for the Capital Crescent Trail. The property is located at 7272 Wisconsin Ave. “We believe that the Apex site, as redeveloped, will be the new commercial hub of the Bethesda market with..

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New York REIT, JBG to Merge, Creating $8.4B REIT

New York REIT, JBG to Merge, Creating $8.4B REIT

NEW YORK CITY — New York REIT (NYSE: NYRT) has agreed to acquire all properties of JBG Cos. and some of its private funds, creating an $8.4 billion real estate investment trust (REIT) named JBG Realty Trust. JBG Realty Trust’s portfolio will span more than 14.5 million square feet of office, residential and retail properties across the gateway markets of New York City and Washington, D.C. The properties are concentrated in transportation-served, urban-infill submarkets. The combined company will be headquartered in Chevy Chase, Md., with a regional office in New York City. JBG has received all required approvals for the transaction from its owners and JBG Fund Advisory Committee members. The board of directors of NYRT has..

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Viability of Surface Level Parking Declines Amid Retail Shift to Pedestrian Mixed-Use Environments

Viability of Surface Level Parking Declines Amid Retail Shift to Pedestrian Mixed-Use Environments

The United States devotes a lot of land to parking, with nearly 500 million parking spaces nationwide. That equates to around 4 million acres or 6,000 square miles of surface parking — an amount of space roughly equal to the land area of Hawaii.  With about 250 million cars on the roads today, that’s more than 700 square feet or two surface parking spaces for every single car.  It probably doesn’t seem like it when you are circling the block for the tenth time looking for that perfect space, but trust me — we have plenty of parking in this country. Remember, that’s just surface parking — nothing above or below those spaces.  It doesn’t account for parking structures, mixed-use projects or garages attached to suburban..

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Sumitomo Buys Iconic Miami Tower For $220M

Sumitomo Buys Iconic Miami Tower For $220M

MIAMI — Sumitomo Corp. of Americas, a New York City-based subsidiary of a Japanese trading company, has acquired Miami Tower, a 47-story, 631,672-square-foot office tower in Miami’s central business district, for $220 million. LaSalle Income & Growth Fund V sold the 93 percent-occupied property. HFF arranged the transaction. LaSalle purchased the property in December 2010 for $105.5 million, according to the Miami Herald. The property was built in 1987 and was previously known as the CenTrust Tower. “We are excited to add Miami Tower to our portfolio of commercial properties here in the U.S.,” says Robert Obringer, vice president of Sumitomo Corp. of Americas. “As part of our constant management of assets, we are..

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