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..
CHICAGO — The University of Illinois has unveiled plans to develop an interdisciplinary public-private research and innovation center known as the Discovery Partners Institute (DPI) in Chicago. The $1.2 billion project will be situated at The 78, a mixed-use development by Related Midwest. DPI will be developed on a donated portion of the 62-acre site bordered by Roosevelt Road, Clark Street, 16th Street and the Chicago River. The facility is the first step in the development of the..
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..
LOS ANGELES — Northwood Investors has purchased 800 Corporate Pointe, a 245,786-square-foot office building in the Los Angeles submarket of Culver City, for $148 million. The Class A building is situated off Slauson Avenue and Bristol Parkway near State Route 90. The four-story building was developed in 2007. It was 98 percent occupied at the time of sale. The LEED Gold-certified asset houses six tenants within the financial services, media, technology and engineering industries. The..
DALLAS — The Statler Hotel, an iconic hotel located in downtown Dallas, has reopened as part of the Curio Collection by Hilton following a $255 million redevelopment. The 19-story hotel originally opened in 1956 as one of Conrad Hilton’s first convention properties. Owned and redeveloped by Centurion American Development Group, the hotel offers 219 luxury residences, 159 guest rooms, restaurants and retail. Amenities at The Statler include a rooftop pool; 33,000 square feet of meeting..
Strong Tech Sector, Robust Construction Pipeline Influence U.S. Office Fundamentals, Says Cushman & Wakefield
CHICAGO — A strong tech sector and the effects of a robust construction pipeline influenced U.S. office fundamentals during 2017’s third quarter, according to Cushman & Wakefield. The commercial real estate services firm today released its third quarter statistics, which demonstrated that nationally markets remained stable during the past three months. Overall, though, the strength of these and additional top markets — including Midtown Manhattan and Dallas — was offset by..
SAN JOSE, CALIF. — Greystar has received a $201 million loan for the development of The Reserve, a 636-unit multifamily community that will be located at 897 S. Winchester Blvd. in San Jose. The site previously housed a 216-unit community that was also branded "Reserve." Demolition of that property began in August. The Reserve will be situated within walking distance of Santana Row, a 42-acre mixed-use development that houses about 70 shops, 20 restaurants and nine spas and salons. In..
NEW YORK CITY — Columbia Property Trust Inc. (NYSE: CXP) has purchased two office properties in the Chelsea submarket of New York for $514 million. The acquisition includes two adjoining office buildings that total 281,294 square feet at 245-249 W. 17th St., as well as a 165,670-square-foot office building at 218 W. 18th St. The seller was not disclosed. Twitter’s New York headquarters occupies the majority of the boutique buildings on 17th Street. The adjoining buildings include a..
PITTSBORO, N.C. — Eco Group, a joint venture between John Fugo of Montgomery Carolina LLC and Kirk Bradley of Lee-Moore Capital Co., has unveiled plans for Mosaic, an $800 million mixed-use project in Pittsboro, 30 miles southwest of Raleigh-Durham. Upon full completion, Mosaic will feature over 200,000 square feet of local and regional retailers, restaurants and services including a micro-brewery, specialty grocer and farm-to-table restaurant cluster; a 120-room hotel; 210 apartment units..
DALLAS — Fueled by a growing population, a healthy flow of capital from a variety of investment sources and an emerging emphasis on quickness of delivery of services, the American healthcare real estate market is poised for expansion. The heightened demand for both new and old healthcare properties is forcing operators in the sector to consider alternative locations. Healthcare operators are thus finding new real estate opportunities from emerging trends in other property classes, like the..