OFFICE TOWER PLANNED FOR DOWNTOWN D.C.
CarrAmerica Realty Corp. and Douglas Development are teaming up to build a new office and retail development at the corner of 950 F St. in Washington, D.C. CarrAmerica will provide investment capital in the form of mezzanine financing for the project, as well as leasing and property management services to Douglas Development, the owner of The Atlantic Building. The project will be comprised of a 10-story, 290,000 sq. ft. office building with four below-grade levels.is expected to begin in November 2003, with completion scheduled for October 2005. The cost was undisclosed.
GIANT INDUSTRIAL PARK SOLD FOR $20 MILLION
Tinicum Industrial Park, a 1.8 million sq. ft. manufacturing, warehouse and office complex located just south of the Philadelphia International Airport, has been purchased by Morgan Properties and Pen-Del Real Estate for $20 million. New York-based Viacom Realty Corp. was the seller. Tenants of the park, which is currently 70% occupied, include Esco, Olympic Steel, Iron Mountain and the General Services Administration. Michael Hines, Robert Fahey and Michael Blunt of Cushman & Wakefield of Pennsylvania Inc. represented both sides in transaction negotiations.
MINSHALL STEWART BUYS CLEVELAND LANDMARKS
Washington, D.C.-based Minshall Stewart Properties has purchased The Tower and Galleria at Erieview, an 888,000 sq. ft. mixed-use, retail and office complex in Cleveland, Ohio, for $30 million from Connecticut General Life Insurance Co. The firm plans an extensive repositioning and re-tenanting to return the property to its former landmark status. The Tower is a 40-story building in downtown Cleveland, while The Galleria is a 2-story retail complex.
DEVELOPER PLANS 420 APARTMENTS IN MICHIGAN
Gillespie Development LLC, based in East Lansing, Mich., has purchased 42.5 acres in Delta Township, Mich., that will be the site of Townsend on the Park, a luxury 420-unit apartment home development. The development will include 1-, 2- and 3-bedroom units and amenities such as a swimming pool, fitness facilities and a business center. Construction on the first phase of the development will begin this spring, with units ready for occupancy in the fall. The cost is undisclosed.
TUCKER SNAPS UP 500,000 SQ. FT. MALL
-based Tucker Development Corp. has purchased the 500,000 sq. ft. Courtland Center in Burton, Mich., from Cleveland-based Forest City Enterprises Inc. for an undisclosed amount. The company plans to redevelop the property, which is 80% leased, as well as reconstruct the parking lot.
PHILADELPHIA COUNCIL OKS $39M RETAIL CENTER
The Philadelphia City Council has approved a rezoning change that clears the way for a $39 million retail center that will be located in an abandoned factory in northeast Philadelphia. The site formerly was home to Whitman's chocolate factory. The 450,000 sq. ft. Whitman Square will be built as an open-air mall on 36 acres and will be anchored by Wal-Mart, Lowe's Home Improvement Warehouse and Barnes & Noble.
EXECUSTAY TARGETS FRANCHISE GROWTH IN '03
Marriott ExecuStay, the corporate housing division of Marriott International Inc., has signed three more franchise agreements in Greenville-Spartanburg, S.C., Orlando, Fla., and South Florida. The firm's goal is to close a dozen franchise markets by year-end 2003. With these additions, ExecuStay now has five franchised markets.