NATIONWIDE REALTY TO DEVELOP ALLIED INSURANCE'S CORPORATE HQ
Columbus, Ohio-based Nationwide Realty Investors — the real estate development affiliate of Nationwide Insurance — will develop a 486,000 sq. ft. corporate headquarters for Allied Insurance in downtown Des Moines, Iowa. The project will cost an estimated $137 million. The first phase is scheduled for completion in spring 2003.
INDUSTRIAL PARK LANDS AT BURBANK AIRPORT SITE
Voit Development Co. plans to build a $40 million, 450,000 sq. ft. industrial business park on a 22-acre parcel adjacent to the Burbank Airport in Woodland Hills, Calif. The project will consist of nine buildings ranging in size from 40,000 sq. ft. to 70,000 sq. ft. The locally based company has scheduled a groundbreaking for the first quarter of 2003, with completion of the first 225,000 sq. ft. expected by the end of the year.
KEARNY REAL ESTATE CO., MORGAN STANLEY BUY CORPORATE CENTER
Los Angeles-based Kearny Real Estate Co. and New York-based Morgan Stanley Real Estate Funds have acquired a controlling interest in Heritage Corporate Center, a 720,301 sq. ft. business park in Santa Fe Springs, Calif. The purchase, from an Orange County, Calif.-based partnership, is valued at approximately $40 million. Currently 87% occupied, the complex is comprised of 10 industrial buildings, six multi-tenant industrial buildings, four R&D buildings and three office buildings. Tenants include the County of Los Angeles, Kaiser Permanente, Sears Roebuck and Co. and State Farm Insurance.
FCL BUILDERS TO CONSTRUCT INDUSTRIAL CENTER
Chicago-based FCL Builders has been selected by REIT CenterPoint Properties Trust, Chicago, to build a 600,000 sq. ft. multi-tenant warehouse facility in Elwood, Ill. In addition, FCL will oversee a tenant build-out project for Partners Warehouse, which will occupy 300,000 sq. ft. of the CenterPoint Intermodal Center. The project, scheduled to come on line in November, also will include 4,800 sq. ft. of office space and 295,200 sq. ft. of warehouse space. The price was undisclosed.
ATLANTA'S CAMP CREEK MARKETPLACE GETS EVEN BIGGER
Due to strong retailer interest, Cincinnati-based North American Properties has expanded plans for its $90 million Camp Creek MarketPlace shopping center in Atlanta. The Cincinnati-based developer will add 395,000 sq. ft. to the 750,000 sq. ft. super regional power center, for a total of more than 1 million sq. ft. The addition, scheduled to begin in summer 2003, will feature five anchor tenants in addition to Target, BJ's Wholesale Club and Lowe's Home Improvement Warehouse, which currently anchor the complex. The site also includes six retail outparcels.
LAS VEGAS' MAXIM HOTEL SELLS FOR $38 MILLION
Houston-based Revanche LLC has sold the 795-room Maxim Hotel & Casino for $38 million to C.P. Las Vegas LLC. The Las Vegas hotel — which has been closed since August 2001 — is located two blocks east of the intersection of Flamingo Road and the Strip. C.P. Las Vegas plans to renovate the building and its 32,000 sq. ft. of casino space.
UNITED DOMINION PICKS UP THREE APARTMENT COMMUNITIES FOR $64 MILLION
United Dominion Realty Trust Inc., based in Richmond, Va., has purchased three apartment communities totaling 1,352 units for $64.2 million. The properties include the 426-unit The Ridgewood Apartments in Silver Spring, Md.; the 768-unit Grand Resort in Anaheim, Calif.; and the 158-unit Pine Avenue in Long Beach, Calif. All are at least 95% occupied, with average rents of more than $1,100 per unit.