INTERNATIONAL FALLS, MINN. — Kraus-Anderson has completed Phase I construction of the new passenger air service terminal building at the Falls International Airport in International Falls, located near the border of Canada. The $10 million project replaces approximately two-thirds of the old terminal. Architecture firm Alliiance designed the 17,894-square-foot building. Phase I includes new arrival and departure services with check-in ticketing counters and kiosks, a secured gate lounge,..
FORT WORTH, TEXAS — CBRE has negotiated the sale of nine acres of land located at the corner of Interstate 30 and Westmoreland Road in Fort Worth. The tract will serve as the future site of a new QuikTrip location. The Tulsa, Okla.-based gas and convenience store chain purchased the land from Dallas County Hospital System for an undisclosed price. David Glasscock of CBRE represented the seller in the transaction.
DORAL, FLA. — New Boston Fund Inc. has sold One Park Square, a 281,786-square-foot, Class A office building in Doral, a city 15 miles northwest of Miami. The South Florida Business Journal reports Gateway Renellie, an affiliate of Boston-based TA Realty, purchased the asset from New Boston Fund for $96.1 million. Christian Lee, José Lobón and Andrew Chilgren of CBRE brokered the sale. Tere Blanca, Danet Linares and Andres del Corral of Blanca Commercial Real Estate handled the leasing..
DENTON, TEXAS — Vanguard Real Estate Advisors has negotiated the sale of a 14.7-acre tract of land situated at the corner of Mayhill and Mills roads in Denton. Jordan Cortez of Vanguard represented the buyer, a Texas-based private investor. Development plans for the site have not yet been established.
HOUSTON — The Harris County criminal justice center in Houston has sustained severe flood-related damage from Hurricane Harvey. Each of the building’s 20 stories received some degree of damage, and the property will be closed indefinitely. According to the Houston Business Journal, several million dollars worth of repairs will be needed. As a result of the damage, the county has decided that all criminal district courts hearing felony cases, as well as all county courts-at-law hearing..
Speaking to a panel of real estate professionals in the 1980s on the dangers of overbuilding during a period of economic expansion, Dallas real estate magnate Trammell Crow offered lenders in the crowd a simple proposition: “If you stop lending, I’ll stop developing.” Thirty-one years later, the nature of that relationship has manifested in the Texas self-storage market. After minimal delivery of self-storage properties in 2012 and 2013, development began to surge in 2014. The Texas Self..
ST. PETER, MINN. — Kraus-Anderson Construction Co. has completed St. Peter High school in St. Peter, about 65 miles south of Minneapolis. The $45 million, 183,500-square-foot school features a 720-seat auditorium, learning resource center,classrooms, science rooms, special education rooms, media center and video production studios. A large commons area serves as a lunchroom and meeting space. Athletic additions include a new gymnasium with three basketball courts, multi-purpose activity..
AUBURN HILLS, MICH. — The Palace of Auburn Hills, formerly home to the Detroit Pistons, is slated to close this fall. Bob Seger & The Silber Bullet Band will play the final show at the arena on Saturday, Sept. 23. Conceptualized and built in 1988 by Arena Associates, The Palace has experienced a series of upgrades and renovations during its history, including $40 million of capital improvements made during the ownership of Tom Gores. No decisions or timetable regarding future plans for..
ATLANTA — When businesses loosen their purse strings and increase their capital expenditures (CapEx), good things tend to follow. U.S. businesses this year have already doubled the volume of CapEx recorded for all of 2016, which has contributed positively to the nation’s real gross domestic product (GDP), according to Rajeev Dhawan, director of the Economic Forecasting Center at Georgia State University’s (GSU) J. Mack Robinson College of Business. Speaking at his quarterly economic..
ATLANTA — The Ardent Cos. has purchased five buildings within the 14-building Piedmont Center office park in Atlanta’s Buckhead district for $144 million. David Meline, Stewart Calhoun and Samir Idris of Cushman & Wakefield represented the seller, Northwestern Mutual, in the transaction. Gil Burstiner of Hartman Simons, a commercial real estate law firm, represented Ardent in the negotiations. KKR’s Real Estate Finance team financed the acquisition. Atlanta-based Ardent will invest in..