BELEN, N.M. — Menlo Park, Calif.-based Signet Solar has planned to develop its first North American solar panel production facility in Belen. Located 30 miles south of Albuquerque in the 6,000-acre master-planned Rancho Cielo, the facility will produce large area thin-film silicon photovoltaic modules for commercial rooftop and ground-mounted solar power systems. “New Mexico was an obvious starting point for Signet Solar’s expansion into the growing U.S. renewable energy market,” said Rajeeva Lahri, co-founder and CEO of Signet Solar. “New Mexico has demonstrated commitment to renewable energy through public-private partnerships, leveraging its skilled workforce and world class research institutions.” The first phase of the facility will have an annual production capacity of 65MW and bring 200 high-wage jobs to the state. Operations are scheduled to begin in 2010. Long-term plans for the property will increase production capacity to 300MW per year with a 600,000-square-foot production facility. Coast Ranch Investments’ Rancho Cielo, an industrial and residential community, plans to use Signet panels on a 700-acre solar farm, which is designed to meet the majority of power requirements for the community.
SAN ANTONIO — Newtown Square, Pa.-based Balfour Beatty Communities has acquired an interest in Phase I and Phase II of a military housing privatization project at Lackland Air Force Base in San Antonio for approximately $142 million. Phase I of the project consists of 420 housing units that were completed in 2000 by a prior developer. Phase II, which is still in the planning stages, will consist of an additional 363 housing units. Balfour Beatty will take over property management and operation responsibilities for Phase I. In addition, it will oversee the design, development, construction, renovation and management of the Phase II units as part of its agreement. The project carries a 50-year term, and includes a 5-year initial development period for Phase II. Throughout this time, Balfour Beatty will earn management, construction/renovation and development fees, as well as returns on its invested capital. The acquisition was completed by Balfour Beatty through the purchase of membership interests in Lackland Family Housing LLC, which was previously owned by Realm Holdings, Inc. The Lackland Air Force Base project marks the 44th military base in the company’s portfolio. Balfour Beatty operates 17 military housing privatization projects and owns interests in Air Force family …
DALLAS — The Dallas City Council has approved a new TIF district focused on transit-oriented development. The district encompasses 559 acres, and includes eight DART rail stations going from the Lovers Lane/Mockingbird area to the Lancaster/VA Medical Center area. It is made up of three sub-districts: the first includes the areas around the Lovers Lane and Mockingbird stations; the second includes the Cedars station, as well as the station at 8th ad Corinth, both of which are tied to the new Trinity River Corridor project; and the third sub-district is the Lancaster Corridor, which includes Illinois Station, Crest Shopping Center, Kiest Station and VA Medical Center Station. The TIF district has a 30-year life and is expected to generate approximately $328 million in revenue. During that time, real property values within the district are expected to grow from $320 million in 2008 to $3.52 billion by 2038. The revenue produced by the district will be allocated for development projects in the district and public infrastructure that includes streets, sidewalks, lighting and landscaping. Numerous projects are currently under development in the area. Southern Methodist University is expanding its campus with projects that include the George W. Bush Presidential Library and numerous …
CHICAGO — General Growth announced that its syndicate of lenders has granted the REIT a loan extension for the $900 million Fashion Show and Palazzo mortgage loans. It entered into a Forbearance and Waiver agreement with the lenders that extends the term of the loans until February 12, 2009. General Growth also entered into a Forbearance and Waiver agreement with the syndicate of lenders for its 2006 Senior Credit Agreement. This new negotiation extends the agreement until January 30, 2009. As part of the extension, General Growth agreed to certain restrictions and covenants during the forbearance period.
O’FALLON, ILL. — Clayco Inc. and its joint-venture partner Legacy Building Group have been selected to construct a $30 million data center and medical office building on the Progress West HealthCare Center campus in O’Fallon. Clayco will oversee both projects, which are being completed on behalf of BJC HealthCare. Legacy Building Group will manage construction of the 60,000-square-foot medical office structure, and Clayco will manage the data center project. “Our approach with Legacy Building Group speaks to the overall mentality not only of BJC but also of Clayco,” explains Kirk Warden, Senior Vice President and Partner at Clayco. “We want to be inclusive in the diversification of subcontractors, and this kind of opportunity allows them not only to do a job for a fairly substantial client, but also it is a fairly important project, and probably beyond the size of something they could do on their own.” Like many healthcare facilities across the country, BJC initiated its project in response to a growing population and technological changes in the industry. While the medical office building is being constructed as part of a larger plan to bring more primary care and specialty physicians to the bustling St. Louis suburb, the data …
HAMPTON, VA. — White Marsh, Md.-based CSG Partners has acquired the 135,000-square-foot Executive Tower and the 72,000-square-foot Pinewood Plaza from Asset Capital Corp. for $20.7 million. The properties are located near Pennsylvania Town Center in Hampton’s Coliseum Central Business District. CB Richard Ellis’ J. Scott Adams represented the seller. CSG Partners had previously focused on buying office, flex and industrial properties in the Mid-Atlantic region. The two office purchases represent the company’s first acquisitions in the Hampton Roads region. “We intend to remain active players in the Hampton marketplace,” Alan C. Grabush of CSG Partners says in a statement. “CSG is encouraged by the new energy we see occurring in the Coliseum Central portion of the city.” CSG purchased the eight-story Executive Tower for $13.3 million. The building is 81 percent leased and houses the tenants General Dynamics, Gibbs & Cox and ARINC. The property features a café, a conference room and retail space. Renovations to the main lobby and elevator lobbies, the bathrooms and other common areas are planned. Pinewood Plaza, which stands at four stories and is 91 percent leased, was sold for $7.4 million. Tenants, who benefit from an on-site fitness center, include GSH Real Estate, the …
CHARLOTTE, N.C. — Charlotte-based Grandbridge Real Estate Capital will buy Live Oak Capital, a commercial mortgage banking firm, later this month for an undisclosed price. Live Oak Capital is a mortgage loan correspondent for more than 20 institutional lenders and has closed more than $7 billion in commercial real estate capital transactions. Grandbridge has a servicing portfolio of $22.5 billion. “These [deals] usually take anywhere from 6 months to 8 months,” says Thomas S. Dennard, CEO of Grandbridge. Because of Dennard’s business relationship with two principals from Live Oak Capital, the deal, Dennard says, “was real simple.” With the addition of Live Oak Capital, which is based in Houston, Grandbridge will expand its reach in Texas. The company already has an office in Dallas. Suddenly able to compete for a share of the market in Houston, Dennard sees CB Richard Ellis, Holliday Fenoglio Fowler and Capmark Finance as Grandbridge’s newest competition. “We know we’re going up against some formidable competitors,” he says. But location wasn’t the deciding factor. When planning the acquisition, Dennard only looked at companies that could bring in fee income. “We’re very biased toward companies that can generate servicing revenues for us,” he says. While talks of …
FISHERS, IND. — Indianapolis-based Edgeworth Laskey Properties has begun developing Concourse at Crosspoint, a $100 million office park located near Interstate 69 — between 96th and 106th streets — in Fishers. Situated on a 26-acre site, the five-building project will introduce approximately 600,000 square feet of Class A office space to this thriving Indianapolis suburb. “The town of Fishers has been cited in a number of national publications as one of the fastest-growing areas in the country,” explains Tom Laskey, a principal of Edgeworth Laskey Properties. “The explosion and the growth has been in the housing side and there really has not been the necessary office development of Class A space to follow.” As a result of this unmet demand for office space within the community, Edgeworth Laskey Properties has decided to move forward with its development plans despite unfavorable economic conditions. The well-capitalized project was able to secure financing from Urbana, Ill.-based Busey Bank. Upon completion of Concourse at Crosspoint in October, the master-planned office community will consist of four-, five- and six-story brick-and-stone buildings with spacious offices and ample parking. Fishers-based USA Funds, the nation’s largest guarantor of federal student loans, has already pre-leased the entire fourth floor …
MEMPHIS, TENN. — Portland, Ore.-based Daimler Trucks North America has leased 300,000 square feet at the Delp Distribution Center from ProLogis. Daimler, a company that manufactures and sells heavy-duty trucks and other commercial vehicles, will use the space as a distribution facility. Christian Ramsey of NAI Saig Co. in Memphis represented Daimler, and Ryan George served as ProLogis’ in-house broker. Andy Cates of Memphis-based Colliers Wilkinson Snowden provided further assistance to ProLogis. Details of the lease were not disclosed, but the lease is classified as a long-term commitment. Mo Sheahan of ProLogis says the deal is a boost to the area. In total, his company leases more than 9.2 million square feet of industrial distribution space in the Memphis metropolitan area. “The Memphis industrial market supports a variety of businesses looking for cost-effective options for distribution space. In addition, many third-party logistics companies are established in Memphis, giving companies many options to outsource their logistics needs,” Sheahan says. ProLogis has an extended business relationship with Daimler and has leased more than 800,000 square feet to the company in locations across the United States and Europe. ProLogis owns six buildings totaling 919,000 square feet in the park, which is located on …
BRIDGEWATER, N.J. — SL Green Realty Corp. and Gramercy Capital Corp. have agreed to sell their interests in a three-building office property in Bridgewater to Inland American Real Estate Trust for $230 million. The 670,000-square-foot property is situated on 150 acres at 55 Corporate Drive and is home to Sanolfi-aventis, a pharmaceutical company. “[The property’s] value has held up well, and the fact that our venture is able to sell it despite extremely difficult market conditions, demonstrates that fact,” says Marc Holliday of SL Green. The purchase price includes the assumption of an existing $190 million mortgage and the transaction is expected to finalize within two months. The transaction results in a capitalization rate of 6.9 percent to the seller. Andrew Merin and Gary Gabriel of Cushman & Wakefield, and the legal team of Greenberg Traurig represented the seller in the transaction. The buyer was represented in-house by Joseph Cosenza, Peter Harsy and Gary Pechter. SL Green is a REIT that acquires, owns, repositions and manages Manhattan office properties. As of September 2008, the company owned 30 New York City office properties making it New York’s largest office landlord.