MINNEAPOLIS — Kraus-Anderson Construction Co., a general contractor based in Minneapolis, plans to break ground this coming Monday, Oct. 23 on Ironclad, a $100 million mixed-use development in downtown Minneapolis. The site, currently a parking lot, is located within the historic Mills District near U.S. Bank Stadium, the newly opened home of the Minnesota Vikings NFL team. Designed by St. Paul-based Collage Architects, Ironclad will include a 14-story, 172-unit apartment building and an..
WASHINGTON, D.C. — Multifamily lending was up 8 percent year-over-year in 2016, with 2,822 different multifamily lenders providing a total of $269.2 billion in financing for apartment buildings with five or more units, according to a new report from the Mortgage Bankers Association (MBA). It was another record year for U.S. multifamily lending, according to Jamie Woodwell, MBA's vice president of Commercial Real Estate Research. Woodwell says that momentum is still strong in 2017, but this..
MADISON, N.J. — Physical office space can have a positive influence on its tenant base, which ultimately helps companies attract and retain employees, according to a new survey conducted by Coldwell Banker Commercial Affiliates, a Madison-based company made up of independently owned and operated commercial real estate service practices. The survey uncovered which popular office amenities resonated with respondents to see how office spaces could further improve the functionality of their..
Over the past 12 months, a surge in out-of-market activity has stabilized Richmond’s downtown office market, which had faced a seemingly insurmountable glut of space just last year. For years, Richmond’s Central Business District (CBD) struggled to retain tenants as many sought more affordable locations in the suburbs, while other tenants shed space as they optimized their footprints. However, with a steady flow of high-profile inbound operations into Richmond’s CBD, the momentum has..
ATLANTA — While speaking at the Oct. 5 luncheon hosted by the Atlanta chapter of Commercial Real Estate Women (CREW Atlanta), Emory University law professor Mindy Goldstein addressed some of the environmental issues facing Atlanta, namely the City of Atlanta Tree Ordinance and stormwater runoff in the metro area. “Stormwater runoff is a huge problem in Atlanta,” says Goldstein, who serves as director of the Turner Environmental Law Clinic at Emory University School of Law. The clinic..
At the mid-year mark, the Richmond industrial market has continued to strengthen, closing with an overall occupancy rate of 91 percent in the categories being tracked — Class A, B and C vacant and investor-owned product with a minimum of 40,000 square feet of total rentable building area (RBA). Class A occupancy decreased slightly from 96 percent at the end of the first quarter to 95 percent at the end of the second quarter, and Class B occupancy has remained steady at 92 percent. The..
BRISBANE, AUSTRALIA AND CLEVELAND — QIC, an Australian institutional investment management firm, has agreed to purchase Forest City Realty Trust Inc.’s (NYSE: FCE.A) interest in a 10-property regional mall portfolio. The overall transaction values the portfolio at approximately $3.18 billion, or $1.55 billion for Forest City's share. The assets include: The Shops at Northfield Stapleton in Denver; Westchester's Ridge Hill in Yonkers, N.Y.; The Shops at Wiregrass in Tampa, Fla.; Mall at..
Orlando’s industrial market is coming into its own. As high-profile users such as Amazon, Samsung and Best Buy continue to enter the market, major brands are taking a fresh approach to Central Florida’s logistical advantages, and an increased number of national REITs are combing the area for any opportunity they can uncover. Despite an unprecedented boom of speculative industrial building, demand continues to outpace supply. In the industrial sphere, Orlando has become the juggernaut of..
LOS ANGELES — Westfield Corp., a mixed-use developer based in Sydney, Australia, is opening its $1 billion redevelopment of Westfield Century City mall in the Century City district of Los Angeles on Tuesday, Oct. 3. Westfield expects the open-air development to have the majority of its more than 200 shops and restaurants open for the event, including a new three-level Nordstrom. The 1.3 million-square-foot development will also feature a remodeled, three-level Bloomingdale’s, a new..
The Central Florida market continues to be a bright ray in the Sunshine State with 68 million plus tourists in 2016, and over $10 billion currently invested in major projects either recently completed or underway. Area theme parks, such as Disney World, Universal Studios and Sea World, continue investments in new rides and attractions, drawing even more visitors to Orlando, and setting record attendance numbers on an annual basis. Tourism isn’t the whole story in Central Florida, though...