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MINNEAPOLIS — The first high-rise rental building in downtown Minneapolis in nearly three decades will begin construction by the end of the month. Opus Development and Founders Properties, both of Minnetonka, recently shored up financing with SunTrust Bank for a 26-story apartment tower, expected to cost $100 million. Atlanta-based SunTrust Bank is providing the loan. Next week, crews will demolish a two-story building on the site to make way for the 253-unit tower, called Nic on the Fifth, located on the corner of Nicollet Mall and South Fifth streets. It will go up next to the new Xcel Energy building Opus is also developing. “With the financing secured, Opus is thrilled to begin work on The Nic on Fifth,” says Dave Menke, senior vice president and general manager of Opus. “Minneapolis is definitely a top-tier city for both equity investors and lenders.” The high-rise will include 26 penthouses, and Opus also plans to pursue LEED certification for the project. Additionally, the building will boast several high-end amenities, including a 24/7 door attendant and concierge service, outdoor roof terrace with pool and spa, yoga studio, outdoor fire pit and dog play area. It will also be connected to the skyway system. …

NEW YORK CITY — An iconic landmark is in the making in Manhattan. Construction is under way on 50 United Nations Plaza, a luxury 44-story condominium tower designed by famed architect Foster + Partners and developed by Zeckendorf Development and its partner Global Holdings Inc. The residential skyscraper, which will be located adjacent to Dag Hammarskjold Plaza at First Avenue and 46th Street and across from the United Nations headquarters, is scheduled for completion in late 2014 at a cost of $500 million. Featuring 87 units with expansive interior layouts, 50 United Nations Plaza will include “spectacular views” of the UN Secretariat building, the East River, the Chrysler Building and the New York City skyline, according to the developers. William L. Zeckendorf, co-chairman of New York-based Zeckendorf Development, says that 50 United Nations Plaza is destined to become an international landmark due to its modern architecture and renowned location. “This neighborhood is of great personal significance to my brother Arthur and I, as our maternal grandfather, Trygve Lie, was the first UN Secretary General, and our paternal grandfather assembled the land upon which the UN Secretariat building now stands,” he points out. Zeckendorf Development has a long history of developing …

NEW YORK CITY — Carlton Group has arranged the $400 million sale of 701 Seventh Avenue, a mixed-use project in Times Square. Simultaneously, the company has secured $600 million in equity and debt capital to facilitate the acquisition and development of the property. On Oct. 16, a group led by New Valley LLC, which is wholly owned by Vector Group Ltd., The Witkoff Group and Withrop Realty Trust, acquired 701 Seventh Avenue. The future value of the asset once completely built and sold out is estimated at more than $2 billion. The mixed-use project is located at the intersection of 47th Street and 7th Avenue, which was declared the busiest intersection in Manhattan by the city of New York. The site includes more than 300,000 square feet of retail, signage and hotel. Carlton Group procured two major investment groups to complete the $400 million controlling sale of the asset. Additionally, on behalf of the buyers, Carlton Group arranged $600 million in capital to facilitate the acquisition and the future development of the project. Steve Witkoff led the investment group that acquired the asset. He plans to develop the site into 85,000 square feet of retail, in addition to 24,000 square …

LA JOLLA, CALIF. — Westfield UTC in La Jolla is unveiling a newly upgraded mall today, during a celebrity-hosted grand opening party. The shopping center underwent a 14-month, $180 million renovation, adding new retail stores, restaurants, resort-style amenities and a luxury movie theater. Along with the renovations, crews added 40,000 square feet of new space to the more than 1 million-square-foot shopping center. Westfield Group acquired the open-air mall in 1998, which is located near the University of California, San Diego campus. Since the renovation began, Westfield UTC added several new retailers including Tiffany & Co., J. Crew, Vans, Ben Ridge/Rolex, Kiehl's, The Art of Shaving, Sarku Sushi Bar and Deco Floral. Additionally, five retailers opened their first locations in the San Diego market at Westfield: Splendid, Tesla Motors, ArcLight Cinemas, Eureka! Burger and Seasons 52. The renovation was designed to give the mall a “retail-resort inspired experience, including alfresco dining, new shops and entertainment,” the company states. The San Diego City Council initially approved plans for a full-scale renovation of the property in 2008, but the project was delayed due to the recession. In addition to the upgrades, the project also aims to achieve LEED Gold certification. Environmentally friendly …

BOARDMAN, ORE. — In a $200 million expansion, ConAgra Foods Inc. (NYSE: CAG) will construct an additional 192,000 square feet at its Lamb Weston frozen potato facility in Boardman. The addition of a new production line at the plant will increase capacity for making french fries and other frozen potato products. The expansion is expected to begin in early 2013 with completion slated for 2014. As consumer demand for frozen potato products continues to grow not only domestically, but internationally, this significant capacity increase is needed to fulfill Lamb Weston’s customer growth projections, according to company officials. The Boardman facility is strategically located with easy access to the Port of Morrow, further supporting domestic and international growth plans. The plant reflects ConAgra's green initiatives. The Energy Star-certified facility has reduced energy costs and increased recycling at the property. Additionally, the plant relies on reusable water. “Our need to expand is a testament to our strong customer partnerships, our great tasting french fries, and the outstanding work our employees do every day to create food people love,” says Rick Martin, vice president of global operations for ConAgra Foods Lamb Weston. “We specifically appreciate the efforts and support of the Columbia River …

INDIANAPOLIS — Indianapolis-based Duke Realty Corp. has acquired two portfolios of medical office assets totaling more than 1.5 million square feet. With these acquisitions, Duke Realty's investment in medical office assets now accounts for 15 percent of its total portfolio investment, a goal the company established in 2009 as part of its five-year strategy to reposition its portfolio. “These two recent transactions are significant for Duke Realty because they have enabled us to successfully meet our goal of having 15 percent of our investment in medical office assets ahead of our year-end 2013 target date,” says Denny Oklak, chairman and CEO of Duke Realty Corp. The company recently acquired a seven-building medical office portfolio totaling 334,000 square feet from Harbin Clinic LLC, the largest independent operator of multi-speciality practice clinics in Georgia. Duke also bought a 14-building medical office portfolio totaling 1.2 million square feet from Seavest Healthcare Properties. Seavest is a real estate investment management firm focused on medical office buildings and related outpatient facilities. Oklak says the high-quality properties are located in healthcare markets that Duke projects will experience high growth. “In addition, we now have a significant presence in Florida, a targeted Duke healthcare market, and expanded …

BURBANK, CALIF. —Hudson Pacific Properties (NYSE: HPP) has entered into a joint venture with M. David Paul & Associates/Worthe Real Estate Group (MDP/Worthe) to acquire The Pinnacle, a two-building Class A office property in the Burbank Media District, for $342.5 million. MDP/Worthe, the developer of Pinnacle I and Pinnacle II, will contribute their existing ownership interests in The Pinnacle to the newly formed joint venture. The Pinnacle spans 625,640 square feet and is located directly adjacent to Warner Bros. Studios and Burbank Studios in Burbank. The office complex is currently 95 percent leased to several media and entertainment companies, including Warner Bros. Entertainment, NBC Universal, Sony and Clear Channel Communications. The property is expected to secure long-term cash flow due to the limited capital improvement requirements and minimal leases expiring. “The Pinnacle will be extremely complementary to our portfolio and will provide Hudson with an immediate foothold in one of the top media and entertainment submarkets in Los Angeles,” says Victor Coleman, chairman and CEO of Hudson Pacific Properties. “The quality of the asset, its location and tenancy exemplifies the company’s acquisition strategy to own and operate best-in-class office properties, with a strong media and entertainment tenancy.” Pinnacle I spans …

NASHVILLE, TENN. — The Lionstone Group, a real estate investment trust based in Houston, has acquired The Carothers Building, a four-building, 509,000-square-foot office park in Nashville. The purchase price was nearly $100 million, according to the Nashville Business Journal. The Class A complex is situated on 50 acres in the heart of Nashville’s Cool Springs office submarket along Carothers Parkway with convenient access to I-65. Originally constructed as a build-to-suit for Ford Motor Credit Co. in 1994, the property was expanded in 1997 and has room for an additional 600,000 square feet of office space. The seller, J.P. Morgan Asset Management, purchased the property in 2006 for approximately $70 million. It is now fully leased to five credit tenants. The deal was originally announced at the end of September, but closed on Monday. Stewart Calhoun and David Meline of Cushman & Wakefield’s Atlanta office, along with Don Albright of the firm’s Nashville office, represented the seller in the transaction. J.P. Morgan Asset Management is part of JPMorgan Chase & Co. (NYSE: JPM) with $1.4 trillion in assets under management. JPMorgan’s stock price closed at $40.48 per share on Wednesday, up from trading at $33.25 per share a year ago.