National Real Estate News Highlights
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Downtown Parking Lot Could Become $279M-MXU Nexus
A city-owned, shuttered parking lot at North Fourth Street and West Wisconsin Avenue in downtown Milwaukee could have a second chance as a mixed-use development, called Nexus. Local developer Jackson Street Holdings submitted a proposal that would offer three hotels totaling 506 guestrooms, along with 22,000 square feet of retail and restaurants. Also on tap
St. Jude Children’s Research Hospital Plans $412M Advanced Research Center in Memphis
A new era of scientific advancement is emerging at St. Jude Children’s Research Hospital in Memphis, TN, with the development of a $412-million advanced research center. Designed as an interactive hub of exploration and discovery, the more than 625,000-square-foot center will cultivate transformative research and collaboration and attract scientists and clinicians to St. Jude. “The advanced research
JV Snags Northern Virginia Office Property for $93M
Privately owned global real estate investment firm Hines and Oaktree Capital Management have acquired Two Liberty Center, a 178,700-square-foot office property in Northern Virginia for $93.2 million. Two Liberty Center is a nine-story office building featuring 20,500-square-foot floor plates, a new building lobby and parking for more than 300 vehicles. The property is currently 95%
MetroNational Launches Construction on 278-Unit McKinley Memorial City
Investment, development and management company MetroNational broke ground on The McKinley Memorial City, a 278-unit multifamily tower on Houston’s west side. The 25-story high-rise at 9757 Katy Fwy. will be the tallest multifamily tower west of Uptown Houston when it is completed in summer 2021. The apartment building will offer one-, two- and three-bedroom units
Starwood Capital Group Sells 276-Unit Lakes of 610
Starwood Capital Group sold Lakes of 610, a 276-unit multifamily complex in Houston. The buyer, Western Wealth Capital, secured a $19.7-million loan to acquire the asset, which delivered in the early 1980s. Berkadia’s Jennifer Ray and Ryan Epstein represented the seller. Andy Hill, also with Berkadia, arranged the Freddie Mac loan for the property at
Silicon Prairie: The Midwest’s New Moniker
Silicon Valley is known as a high-tech hub in the San Francisco Bay Area that generates jobs and a growing economy. Now some of those companies are moving east, to the plains of Nebraska and Kansas. What’s attracting these firms? A lower cost of living, local incentives and, in the case of Kansas City, plenty
Motorhome Manufacturer Increases Indiana Facility Footprint by 500K-SF
Thor Motor Coach is expanding operations in Elkhart, Wakarusa, and Bristol, IN. The growth in northern Indiana involves more than a 500,000 square feet of additional workspace, which will increase the motorhome manufacturer’s five Elkhart County campuses to 2.3 million square feet, spread across 300 acres. Thor Motor Coach’s Jeff Kime says, “We are expanding our
Duke Completes 1.5M-SF Leasing Activity in Cincy
Indianapolis-based Duke Realty Corporation completed 1.5 million square feet in leases in Cincinnati during the first half of 2017. The leasing activity involved new leases with several customers, as well as expansions and renewals by existing tenants. Duke’s Dan Colletto says, “We continued to see ongoing interest in our Cincinnati properties from both new and
Brooks Runs into 400K-SF BTS in Indiana
Browning/Duke LLC, a joint venture between Browning Investments and Duke Realty, executed a long-term lease agreement for a 400,140-square-foot, build-to-suit distribution facility for Brooks Running Company. Brooks, a designer and marketer of running shoes, apparel and accessories and a subsidiary of Berkshire Hathaway, will use the facility as its North American distribution center. The facility