REBusinessOnline

Joint Venture Breaks Ground on Historic School Renovation Project, Adjacent Office Building in D.C.

WASHINGTON, D.C. — A joint venture between Akridge, Corporate Office Properties Trust (COPT) and Argos Group has broken ground on the redevelopment of Thaddeus Stevens Elementary School in Washington, D.C. Akridge and D.C. officials have collaborated for 19 years to establish a plan for the historic school, which was one of the District’s first public schools built for the education of African American children. As part of the redevelopment, the joint venture broke ground on a …

Easterly Government Properties Agrees to Buy 1.5 MSF Government-Leased Office Portfolio for $430M

WASHINGTON, D.C. — Easterly Government Properties (NYSE: DEA) has agreed to purchase a 14-property office portfolio across the United States for $430 million. The nearly 1.5 million-square-foot portfolio is 94 percent leased by the U.S. government and 99 percent leased overall. The seller was undisclosed. “We believe the acquisition of this portfolio is a wonderful opportunity for the company,” says William C. Trimble III, CEO of Easterly. “This acquisition is expected to grow our …

Delta Unveils $1.86B Terminal Upgrade Project at LAX

LOS ANGELES — Delta Airlines, in a partnership with Los Angeles World Airports (LAWA), has unveiled plans for the $1.86 billion Sky Way project at Los Angeles International Airport (LAX). The undertaking calls for upgrades to two of the existing domestic terminals, as well as the Tom Bradley International Terminal, and delivery of infrastructure that connects the hubs. Construction of the project is scheduled to begin this fall. Upon completion, the terminals will offer a greater …

McCarthy Completes Phase I Expansion of Houston’s Museum of Fine Arts

HOUSTON — McCarthy Cos. has completed Phase I of an expansion project for the Museum of Fine Arts in Houston. The project revamped the Glassell School of Art, essentially doubling its size to 40,000 square feet and enabling the school to now serve more than 7,000 students per year. The school links to two gallery buildings and a sculpture garden as part of the redevelopment of a 14-acre portion of the campus. McCarthy self-performed certain aspects of construction, including the casting of …

Stages Repertory Theatre Breaks Ground on $30.5M Performing Arts Complex in Houston

HOUSTON — Stages Repertory Theatre, a production and promotions company for the performing arts industry, has broken ground on The Gordy, a $30.5 million theater complex in Houston. The property will feature three performance stages and total approximately 67,000 square feet, according to local magazine Houstonia. The complex will also offer rehearsal studios, production and design workshops, meeting and event space and a full administrative suite. The Gordy is expected to open during the …

Stan Johnson Co. Arranges $57M Sale of 21-Property Childcare Portfolio in Carolinas, Colorado

TULSA, OKLA. — Tulsa-based Stan Johnson Co. has arranged the $57 million sale of a Gateway Academy portfolio located throughout Colorado, North Carolina and South Carolina. The portfolio includes 21 single-tenant assets that are net-leased to the childcare organization. Six of the facilities are located in North Carolina, 10 in South Carolina and five in Colorado. Milo Spector, Chris Lomuto and Matt Lipson of Stan Johnson Co. arranged the transaction on behalf of the seller, which developed …

YMCA to Develop $41M Facility, School in Raleigh Using SunTrust-Backed Capital

RALEIGH, N.C. — YMCA of the Triangle has unveiled plans to develop a $41 million recreation center and school located at 1436 Rock Quarry Road in southeast Raleigh. The project is being funded with $21 million in New Markets Tax Credit (NMTC), and a loan from SunTrust Community Capital. CAHEC New Markets LLC, a subsidiary of Raleigh-based CAHEC, a nonprofit tax credit equity syndicator, provided YMCA of the Triangle with $15 million in NMTC allocations, and SunTrust provided the remaining $6 …

TCU to Open Real Estate Center at New Business School in Fort Worth

FORT WORTH, TEXAS — The Neeley School of Business at Texas Christian University (TCU) in Fort Worth will open a real estate center, according to the school’s website. The center, which has received more than $2 million in funding, will provide educational resources, research and networking opportunities for the Dallas-Fort Worth (DFW) real estate industry. The Neeley School of Business is currently undergoing a $5.5 million expansion project that should deliver new facilities by January …

Cadence McShane to Build 527,000 SF High School Campus in Sherman

SHERMAN, TEXAS — Cadence McShane Construction Co. will build a new, 527,000-square-foot campus for Sherman High School in north Texas. Designed by VLK Architects, the campus will include three main academic buildings, a 2,000-seat stadium, an 800-seat auditorium, a competition gym and four practice gyms, competition baseball and softball fields and a 50,000-square-foot fieldhouse. The project is being financed through a $176 million bond package approved by City of Sherman voters in November …

JE Dunn to Build $46M Research, Teaching Facility at Georgia Southern University

STATESBORO, GA. — JE Dunn Construction will soon break ground on a $46 million teaching and research facility for the engineering programs at Georgia Southern University in Statesboro. The new Center for Engineering and Research (CEAR) will centralize the various departments and multiple disciplines of the Allen E. Paulson College of Engineering and Computing, whose operations currently take place in three buildings. The 130,000-square-foot CEAR building will span three stories and will …