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CANTOR FITZGERALD LAUNCHES NEW REAL ESTATE GROUP
NEW YORK — Cantor Fitzgerald, L.P. has launched a new real estate group, Cantor Real Estate, LLC. Andrew Stark, who will be the executive managing director of the firm, will head the new group up. Cantor Real Estate will create a real estate opportunity fund as an investment vehicle for Cantor partners and other investors. The fund will focus on opportunistic investments in various real estate sectors and dislocated assets. Prior to joining Cantor, Stark was the president of the Northeast and Mid-Atlantic regions of WCI Communities.
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Westfield Development Co. is building 1800 Larimer, a 22-story, 500,000-square-foot office tower in Denver’s central business district. |
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CONSTRUCTION BEGINS FOR 22-STORY OFFICE TOWER
DENVER — Westfield Development Co. has begun construction of 1800 Larimer, a 22-story office tower located in Denver’s central business district. The pre-certified Platinum LEED CS building will offer 500,000 square feet of office space. The project is nearly 75 percent pre-leased to a variety of tenants, including Xcel Energy, Westfield Development Co., Westfield Capital Partners, Frederick Ross Company, Apartment Realty Advisors and Citywide Banks. Wachovia is providing construction financing for the project, which is slated for completion in 2010.
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UNITED PROPERTIES TO DEVELOP FIVE-BUILDING OFFICE PARK
IINVER GROVE HEIGHTS, MINN. — Minneapolis-based United Properties has received preliminary approval from the city of Inver Grove Heights for the development of Inverwood Business Park, a five-building office park located at the intersection of Highway 55 and Barnes Avenue. Once complete, the park will contain 470,627 square feet of office space. Groundbreaking is set to occur late this year or in early 2009. NorthMarq Real Estate Services will handle leasing at the park.
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HFF SECURES $80 MILLION LOAN FOR BETHESDA OFFICE BUILDINGS
BETHESDA, MD. — Bob Donhauser, Bill Asbill and Cary Abod of Holliday Fenoglio Fowler’s (HFF) Washington, D.C. office have secured an $80 million loan for Rockwall I and II, two Class A office buildings totaling 345,885 square feet in Bethesda, on behalf of Chevy Chase, Md.-based The JBG Companies. The fixed-rate, 5-year loan was obtained through HFF’s relationship with ING Real Estate. The properties are currently 89 percent leased, with The Food and Drug Administration occupying 40 percent of the space. The buildings are located at 11400 Rockville Pike and 5515 Security Lane.
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GROCERY DISTRIBUTION FACILITY SECURES $4 MILLION
LUBBOCK, TEXAS — Portland, Ore.-based NBS Real Estate Capital has acquired a $4 million note from a national conduit lender secured by a grocery distribution facility in Lubbock. The 494,142-square-foot property is leased on a long-term basis to a strong credit tenant. The first mortgage is composed of a senior A note and a junior B note.
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Prevent Droughts from Putting a Damper on Your Commercial Landscape
By Margie Holly
Communications Manager, Brickman
In commercial real estate, the importance of curb appeal cannot be underestimated, particularly in today’s market. In order to keep vacancies low and property values high, it is essential for buildings to look their best year round. To keep commercial properties in tip-top condition, a well-maintained landscape is a must. Unfortunately, in Southeastern states like Georgia and the Carolinas, frequent droughts and stringent water restrictions have turned landscaping into a real challenge in recent years. However, with a little forethought and careful planning, there are ways to keep a commercial landscape green during even the driest of months. Consider the following information as while working with a landscape contractor to develop a drought-tolerant landscape plan.
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