FOR $21 MILLION, HARBOR GROUP GETS A D.C. TROPHY
Norfolk, Va.-based Harbor Group Intl. (HGI) has acquired the 100,000 sq. ft. 1015 18th Street office building from the State of Illinois Pension Fund for $21 million. Tenants include The Hudson Institute, The Federalist Society, Delphi Intl. and the Mineralogical Society. The purchase continues HGI's aggressive acquisition strategy of the past few years, which included the purchases of the PNC Center in Cincinnati, the SunTrust Center in Norfolk and the Bank One Tower in Lexington, Ky.
PRIME RETAIL SELLS SIX OUTLET CENTERS FOR $118.7 MILLION
Baltimore-based Prime Retail Inc. has sold a majority interest in six outlet centers to PFP Venture LLC — a joint venture owned by PWG Prime Holdings and FP Investment LLC — for $118.7 million. Prime Retail will retain a 20% ownership interest in the properties and will continue to manage and lease the properties for five years. The centers contain a total of 1.3 million sq. ft. of gross leasable area and are located in Anderson, Calif.; Calhoun, Ga.; Gaffney, S.C.; Latham, N.Y.; Lee, Mass.; and Lodi, Ohio.
FUND PURCHASES 400-UNIT APARTMENT COMPLEX IN SEATTLE
The Drever Multifamily Opportunity Portfolio Fund LLC, headed by apartment investor Maxwell Drever, has acquired the 400-unit Overlook at Lakemont, a luxury hillside garden apartment community in Bellevue, Wash. The seller was a partnership managed by Dallas-based Trammell Crow Co. The purchase price for the complex, which is located less than five minutes from Microsoft's new Issaquah campus, was reportedly less than $100,000 per unit. Drever plans a $5 million renovation for The Overlook at Lakemont, which will include the creation of a fitness center, cyber café and business center.
APPLIED DEVELOPMENT BREAKS GROUND ON $95 MILLION PUBLIC/PRIVATE PROJECT
Hoboken, N.J.-based Applied Development has begun construction on Pier Village, a $95 million mixed-use oceanfront complex on the site of an old amusement park in Long Branch, N.J. The company ultimately will construct 420 upscale multifamily units and 100,000 sq. ft. of shops and restaurants on the 16-acre tract, which once housed Kids World. Initial occupancy is expected in December 2003. Because of its location and design — which includes a public park and boardwalk — the State of New Jersey has invested $11.2 million in the project.
CALPINE CENTER ATTRACTS MAJOR TENANT INTEREST
With the signing of the law firm of Jones, Day, Reavis & Pogue to a 54,600 sq. ft. lease, Houston-based Hines' 689,000 sq. ft. Calpine Center is now 56% leased. The 33-story tower is under construction at 717 Texas in Houston, and is scheduled for completion in November 2003. Power producer Calpine Corp. will anchor the building.
GENERAL MILLS JOINS TENANT ROSTER AT TEXAS OFFICE PARK
General Mills has leased a 670,000 sq. ft. build-to-suit distribution center at AllianceTexas, a 65-acre office park in Fort Worth. The company will move from its 367,815 sq. ft. distribution center in Haslet. Currently, there is 1.9 million sq. ft. of space being built at AllianceTexas for Ford, Bridgestone/Firestone and General Mills.
RITZ-CARLTON PLANS GRAND CAYMAN'S LARGEST RESORT
Ritz-Carlton is upping the luxury ante in the Cayman Islands. The Atlanta-based hotel company has begun construction on the largest resort on Grand Cayman — a 144-acre, 365-room complex scheduled for completion in October 2003. The Ritz-Carlton, Grand Cayman Resort also will include a 20,000 sq. ft. spa, a salon and fitness center and a Ritz Kids Club. An attached condominium complex with units ranging from 2,411 sq. ft. to 6,304 sq. ft. also will be completed in 2003.
$125 MILLION MIXED-USE PROJECT OPENS NEW CHAPTER IN HOLLYWOOD HISTORY
Bond Capital Ltd. has broken ground on a $125 million mixed-use urban village in the heart of Hollywood, Calif. The 620,000 sq. ft. project at Sunset & Vine will be developed in partnership between Canyon-Johnson Urban Fund, California State Teachers' Retirement System and HW Marketplace. The village, which will be completed in 2004, will include more than 300 multifamily housing units and 90,000 sq. ft. of restaurant and retail space on the site of the old American Broadcasting Co. and Merv Griffin studios. Over 60% of the retail space has been leased to anchor tenants Bed Bath & Beyond and Borders Books.