ALEXANDRIA, VA. — The American Clean Skies Foundation (ACSF), a Washington D.C. nonprofit, released a $450 million plan today for transforming the waterfront site of the coal-fired Potomac River Generating Station (PRGS) in Alexandria, Va., into an environmentally friendly mixed-use community. Picture courtesy of http://potomacrivergreen.blogspot.com/ ACSF's Chief Executive Gregory C. Staple initiated the real estate development plan, dubbed “Potomac River Green.” The plan features: 89,600 square feet of office space and 114,500 square feet of retail and restaurants 467 multi-family and 96 townhouse units A 125-room boutique hotel A working Energy Museum that will demonstrate 21st century energy technologies A compressed natural gas (CNG) and fast-charge electric car refueling station for government, commercial fleet and individual vehicles Enhanced access to water taxis and mass transit to facilitate public access to the rebuilt site Recreation and open space that will tie Daingerfield Island, a nearby federal park, into the Alexandria waterfront through new recreation space and an eco-trail system “The Potomac power plant is no longer required to meet the D.C. area's electricity needs, and pollution from the plant has long posed a local health hazard,” Staple said. “But until now, no road map existed for phasing out this 60-year-old power …
WASHINGTON — The National Association of Real Estate Investment Managers (NAREIM) has named Gunnar Branson (pictured) CEO and President of the association, effective August 8, 2011. As only the third CEO in the organization’s 20-year history, Branson brings more than 20 years of commercial real estate experience from all sides of the industry ranging from design to property management, asset management, investing and finance. He joins NAREIM from Branson Powers Inc., a business development consulting firm he founded in 2003, to help clients such as Jones Lang LaSalle, Wrightwood Capital, Fidelity Investments and Wells Fargo develop new markets and new products. Prior to this, he held positions as chief marketing officer of Heller Financial, and director of global communications at GE Capital Real Estate. NAREIM is an association for companies engaged in the real estate investment management business, and its members manage investment capital on behalf of third party investors in commercial real estate assets. Investment sectors include office, retail, multi-family, industrial and hotels. Many of its members represent the largest institutional organizations in this marketplace. NAREIM members serve the investment goals of public and corporate pension funds, foundations, endowments, insurance companies and individuals-domestic and foreign. Collectively, they manage more …
BLOOMFIELD HILLS, MICH. — Taubman Centers, Inc. (NYSE: TCO) and TCBL Consulting Limited, a Beijing-based retail real estate consultancy, have entered into a definitive agreement through which Taubman Asia is acquiring a 90 percent controlling interest in TCBL. The new company, Taubman TCBL, will combine the local insights and network of TCBL with the global industry expertise and reputation of Taubman Centers. The total consideration for the transaction is $24 million, subject to final closing adjustments. Taubman Asia will pay approximately $12 million in cash for its controlling interest in TCBL and will credit the noncontrolling owners with approximately $12 million of capital in the newly formed company. Taubman Asia will fund any additional capital required by the business and will receive a preferred return on any capital contributed. The ownership agreements provide for the distribution of preferred returns on capital as well as returns of all such capital prior to the sharing of profits on relative ownership interests. The transaction has been approved by the board of directors of each company and is expected to close by October 2011, subject to government approval and necessary registration. “China is fast developing into one of the world’s leading consumer markets, with …
NEW YORK CITY — Hines, along with partner Pacolet Milliken Enterprises, Inc., is planning the development of a new-build 28-story, 450,000-rentable-square-foot trophy-class office tower on Avenue of the Americas in New York City. The building will be constructed on property that Pacolet Milliken has owned since 1954, a parcel with full-block frontage at the southwest corner of Bryant Park. “Pacolet Milliken is committed to stewardship of long-term, quality assets, so they make a great partner for Hines,” said Tommy Craig, Hines senior vice president and head of the firm’s New York/tri-state regional activities. “The project will be a singular opportunity for mid-sized tenants in the Midtown market, an urban campus where Bryant Park can be a backdrop for the identity of building tenants.” Designed by renowned architects Henry N. Cobb and Yvonne Szeto of Pei Cobb Freed & Partners, the development will be built as an as-of-right project within existing zoning guidelines. Demolition has been completed, allowing construction to start as early as 2012 and occupancy as early as 2014. The project is slated for LEED certification. In the recent past, Hines has been particularly active build-to-suit projects, including those for Morgan Stanley, Goldman Sachs, Royal Bank of Scotland, UBS …
LOS ANGELES — Wood Partners has acquired a more than 4-acre development in Warner Center in Los Angeles where it will break ground for the $75 million, 298-unit luxury apartment community Warner Park. Construction will begin mid-August, with estimated completion slated for early 2013. The complex will be located at 6701-6703 Eton Ave. in Warner Center in the San Fernando Valley, and units will feature granite countertops, stainless steel appliances and vinyl flooring. Amenities include a resort-style pool, clubhouse with bar area, televisions, gaming consoles, an Internet café, business center, universal Wi-Fi and a state-of-the-art fitness center. Brian Hansen, director of development for southern California for Wood Partners said in a statement: “Our Warner Park development is occurring at an ideal time; we will be building during a favorable construction market, delivering when all the supply of 2007-2010 in Warner Center has been absorbed and competing against limited new supply. It’s an attractive, well-located property that we will be building at a significant discount to acquisition cost and we anticipate renting the first units in 2013 when the market will be at its most receptive.” Wood Partners has been involved in the development of more than 36,000 homes with a …
PRINCE WILLIAM COUNTY, VA. — Irvine, Calif.-based SunCal Cos. has acquired the 1,920-acre Harbor Station, a master-planned community located along the Potomac River in Prince Williams County. SunCal purchased the parcel as a bank-owned property for an undisclosed price. The development, which has been idle for more than 3 years, has been approved for up to 4,000 residential units and 3.7 million square feet of commercial uses. Additionally, the 18-hole Potomac Harbor Golf Course, a Jack Nicklaus Signature Golf Course, is slated for construction on the site, and a Virginia Rail Express commuter rail station has been proposed for the northeast portion of the site. The train will provide access to Washington, D.C. and other major commerce centers. “We’re very excited to be involved with this special property that is located in a spectacular waterfront setting and is planned to offer a mix of residential, commercial and recreational uses,” Casey Tischer, vice president of land acquisitions for SunCal, said in a statement. “We understand the importance of Harbor Station as a destination community and we’re looking forward to working with the county and area residents as we develop the site.” Joe Aguirre with SunCal Public Affairs said, “Being that it …
BOSTON — New York-based Savills has arranged joint venture equity capitalization for the development of a new apartment project in downtown Boston. The Victor will be a 365,000-square-foot luxury tower containing 286 apartments atop 17,000 square feet of ground-floor retail space and 138 parking spaces. According to Savills, the project is the first major apartment development project to break ground in Boston since 2008. The owner and developer for the project is a new joint venture between Simpson Housing and an affiliate of Chicago-based Heitman. They will be ground leasing the land for the project from the Massachusetts Department of Transportation. The Victor will be located directly above the Big Dig tunnel system. Simpson Housing will oversee the project's construction and will manage it upon completion. The Victor will feature a fitness center with a sport court, a resident lounge, a business center, concierge service, a 10th floor roof deck and a roof garden. The project will be seeking LEED certification. “This transaction demonstrates confidence in the strong fundamentals for the multifamily sector and the availability of capital for top=quality development projects led by premier sponsors,” says Jeffrey Baker, executive managing director of Savills. Construction is expected to be complete …
AUSTIN AND HOUSTON, TEXAS — A joint venture between Ascension Commercial Real Estate and Moriah Real Estate Co. has acquired a 4,568-unit portfolio of Class B apartment buildings in Texas for an undisclosed amount. The venture acquired the portfolio from the seller in cooperation with its lenders. The portfolio comprises one property located in Austin and 14 properties located in Houston. The Austin property is the 192-unit Aubry Hills. The Houston properties include: • Sierra Pines – 804 units • Walnut Bend – 556 units • The Meadows – 480 units • Pointe at Steeplechase – 316 units • Hayes Place – 307 units • Spring Meadows – 304 units • Shadow Creek – 296 units • Princeton Club – 291 units • The Berkshire – 227 units • Bay Place – 193 units • Sheffield Square – 190 units • The Park on Burke – 160 units • Timber Run – 156 units • Bay Crest Village – 96 units Assisting both sides of the deal was the Jones Lang LaSalle team of J. Michael Lewis, Greg Austin, Chip Nash and Wade Schmitz. “Houston and Austin are considered two of the premier multifamily markets in the United States, and …
Chicago — General Growth Properties has approved a plan to spin-off 30 malls to a newly formed entity, Rouse Properties, Inc. Rouse is expected to qualify as a real estate investment trust and be listed on the New York Stock Exchange. The new Rouse portfolio will consists of 21.1 million square feet, and the portfolio is currently 87.7 percent leased. The portfolio includes centers in a mix of primary and secondary markets, such as The Boulevard Mall in Las Vegas; Collin Creek in Plano, Texas; Chula Vista Center in San Diego; Cache Valley Mall in Logan, Utah; Birchwood Mall in Port Huron, Mich.; and Bayshore Mall in Eureka, Calif. The company said in a statement that while other divestiture options were considered, the spin-off best enables shareholders to participate in the upside potential of these centers. Shareholders of GGP common stock will receive a taxable special divided, expected to be comprised of common stock in Rouse Properties.
SPRINGFIELD, MO., AND EDMOND, OKLA. — United Trust Fund (UTF) has completed two build-to-suit/sale-leaseback transactions with a total value of $203 million with Sisters of Mercy Health System. The properties include a 196,000-square-foot to-be-built orthopedic hospital in Springfield, as well as a 225,000 square foot to-be-built medical office building in Edmond, for which UTF simultaneously provided the capital. Both of the transactions were structured as a forward funding build-to-suit/sale-leaseback, and the development cost is $111 million for Springfield and $92 million for Edmond. Sisters of Mercy is one of the largest Catholic Health Systems in the U.S., and while they had a builder, they had other demands, according to Paul Domb, asset management with United Trust Fund, including: Funding of construction at low cost of capital; To sign a lease that would begin upon completion of construction at pre-determined rents based upon today’s low cost of capital; Immediate close; UTF to pay for everything in order to achieve favorable accounting treatment; and Certainty of closure. “There are companies that understand and view this structure as a cost effective and balance sheet friendly means to expand their presence without any outlay of capital,” says Domb. “The result of this innovative sale …