NEW YORK AND TOKYO — SoftBank Group Corp., a Tokyo-based tech conglomerate, has entered into a definitive merger agreement under which the company will acquire equity firm Fortress Investment Group LLC (NYSE: FIG) for approximately $3.3 billion in cash. Founded in 1998, Fortress has 1,100 employees and $70.1 billion in assets under management as of Sept. 30, 2016. Private equity funds and permanent capital vehicles, including commercial real estate, comprise about 65 percent of the..
DETROIT — The Detroit Lions have unveiled plans for the Ford Family to invest approximately $100 million into Ford Field for new video boards and several other renovations to be completed in time for the 2017 season. Upgrades will be made to the sound system, The Corner Lounge, stadium suites and premium club areas. In each end zone, the Daktronics main video displays will be more than twice the size of the current displays and measure 39.5 feet high by 152 feet wide. Four additional..
As commercial property owners renew their insurance programs in 2017, they’ll be pleasantly surprised to see their property premiums continue to decrease. Those owners can thank favorable meteorological and financial conditions for their good fortune. Florida hasn’t been hit by a major hurricane in more than a decade. Hurricane Matthew skirted much of Florida’s coast, ultimately wreaking damage and disruption in Jacksonville, but overall, had a relatively small impact on the state and..
ATLANTA — Avison Young has acquired Rich Real Estate Services Inc., an Atlanta-based real estate brokerage firm. Established in 2001, Rich Real Estate Services specializes in third-party, landlord representation advisory services and provides brokerage and consulting services covering commercial and residential properties throughout the U.S. The company has represented more than 12 million square feet of commercial space over the past 15 years. Rich Real Estate Services now operates as Avison..
PARK RIDGE, ILL. — McShane Construction Co. has completed construction of the latest Fitness Formula Clubs (FFC) location in Park Ridge. The 67,000-square-foot fitness facility is located at 826 W. Touhy Ave. FFC Park Ridge features two stories as well as a mezzanine level. The facility includes cardio and strength training spaces, group exercise rooms, studios, an indoor basketball court, six-lane lap pool and three-story indoor climbing wall. McShane completed the facility two months ahead..
Engineering Facility Solutions Completes HVAC Work at Jonathan Byrd’s Fieldhouse in Westfield, Indiana
WESTFIELD, IND. — Engineering Facility Solutions (EFS) has completed work on the new $8.1 million Jonathan Byrd’s Fieldhouse at Grand Park in Westfield, about 20 miles north of Indianapolis. The 88,000-square-foot indoor sports facility is located at the Grand Park Sports Complex. EFS was the engineer of record and installing contractor for the design/build HVAC project. EFS designed and installed rooftop heating and cooling units to serve eight basketball and volleyball courts, mezzanine..
CHARLOTTE, N.C. — The Retail Brokers Networks (RBN), one of the nation’s largest retail real estate networking groups, has announced the formation of a new executive committee to help facilitate the company’s ongoing operations. The committee will be responsible for overseeing the retail, restaurant and investment sales councils, as well as the regional directors. Appointments include: [caption id="attachment_168353" align="alignright" width="150"] Debbie Currier of Currier Properties..
GREENVILLE, S.C. — Ziff Properties Inc. has purchased Buncombe Plaza, a mostly vacant, 52,000-square-foot shopping center located in Greenville’s Water Tower district. Ziff Properties will convert the asset to a 67,500-square-foot self storage facility comprising 777 controlled climate and non-controlled climate units. The property will also provide RV and boat parking. Ziff Properties will begin the redevelopment project in spring 2017.
MCLEAN, VA. — Carter Validus Mission Critical REIT II Inc., a Tampa-based REIT focused on owning data centers and healthcare properties, has purchased two data centers in McLean, a city in Northern Virginia roughly 10 miles outside of Washington, D.C. The REIT purchased the facilities from an undisclosed seller for $85 million. The acquisition includes a two-story, 65,794-square-foot colocation data center that was 94.9 percent leased at the time of sale. The asset’s major tenant is an..
NORTH PORT, FLA. — A joint venture between Passco Cos. and Perdew Investment Group has sold two Class A self storage facilities totaling 1,667 units in North Port for approximately $19 million. The joint venture developed both assets, Patriot Self Storage of Talon Bay and Patriot Self Storage of Bobcat Trail, in 2008. Life Storage purchased the Talon Bay property, and Southern Self Storage purchased the Bobcat Trail facility. Located about 8.4 miles apart, the two facilities were nearly fully..