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News From October 14, 2005


NORTHEAST

GVA WILLIAMS CLOSES SALES FOR RETAIL AND MIXED-USE PROPERTIES
STAMFORD, CONN. — Stephen Westerberg of GVA Williams of Connecticut has represented the buyer of three Stamford retail and mixed-use properties, which sold for a combined total of $23.25 million. The properties include 68 Greenwich Ave., a two-story, 3,720-square-foot retail building; 98 Greenwich Ave., a two-story, 4,300-square-foot building with office space over retail space; and 102-108 Greenwich Ave., a two-story, 15,363-square-foot property also featuring office space over retail space, plus another two-story luxury office built off the back. Ivey, Barnum & O'Mara represented the seller.


PENNSYLVANIA CONVENTION CENTER UNDERGOES EXPANSION
PHILADELPHIA — The Pennsylvania Convention Center in Philadelphia is poised to undergo an expansion that will nearly double its capacity and make it the largest continuous exhibit space in the Northeast. The project includes the addition of 540,000 square feet of space to the downtown Philadelphia facility, along with 93,000 square feet of ballroom space and 87 meeting rooms.


NORTHERN POWER PURCHASES BARRE INDUSTRIAL FACILITY
BARRE, VT. — Northern Power, a subsidiary of Distributed Energy Systems Corp., has acquired a 110,000-square-foot manufacturing facility in Barre for $1.5 million. The acquisition is in line with Northern Power's long-term expansion plans, as it adds much-needed capacity for the company's growing power systems and product business.  


ALLEN & O'HARA LEADS STUDENT HOUSING REDEVELOPMENT
INDIANA, PA. — Education Realty Trust's development company subsidiary, Allen & O'Hara Development Co., has been selected to lead the redevelopment initiative for Indiana University of Pennsylvania in Indiana. The project is a four-phase, $230 million replacement of all 3,600 student housing beds on the university's campus. Construction is scheduled to begin in spring 2006.



WEST

McCarthy Building Cos. has begun construction on the 237,734-square-foot West Tower of Huntington Memorial Hospital in Pasadena, Calif.
MCCARTHY BUILDING BEGINS CONSTRUCTION OF HUNTINGTON MEMORIAL HOSPITAL'S WEST TOWER
PASADENA, CALIF. — McCarthy Building Cos. has begun laying the foundation for Huntington Memorial Hospital's West Tower in Pasadena. The 237,734-square-foot, seven-story West Tower will consist of 128 private patient care rooms that can be converted into intensive care rooms if necessary. Pasadena-based HDR Architecture is the project architect. Completion of the $170 million tower is scheduled for early 2008.


HENDRICKS & PARTNERS ARRANGES SALE OF 221-UNIT APARTMENT COMMUNITY
CHANDLER, ARIZ. — Chuck LaBenz, Mark Forrester and Brent Long of the Phoenix office of Hendricks & Partners have negotiated the $21.95 million sale of Palm Trails, located at 235 E. Ray Rd. in Chandler. Las Vegas-based Heers Demaree LLC sold the 221-unit apartment community to Rancho Santa Fe, Calif.-based Palm Trails Realty.


BIRTCHER DEVELOPMENT SELLS LARGEST BUILDING IN CORONA CROSSROADS
CORONA, CALIF. — Birtcher Development & Investments has sold the largest building in the 39.5-acre Corona Crossroads industrial project in Corona for $20.3 million. Menlo Park, Calif.-based TA Associates purchased the 289,297-square-foot building, located at 1283 Sherborn near the crossroads of Sherborn and Magnolia. US Foods occupies 210,000 square feet of the build-to-suit warehouse and distribution center on a 15-year lease. The building includes 60,000 square feet of refrigeration and freezer space, insulated floors, a 30-foot clear height and a secured yard. Darla Longo, Jim Koenig and David Consani of CB Richard Ellis represented both parties in the transaction.


NEW HILTON SAN FRANCISCO HOTEL SET TO OPEN IN JANUARY 2006
SAN FRANCISCO — The Hilton San Francisco Financial District, an upscale business hotel, is scheduled to open in January 2006, following a $34 million renovation. The 552-room hotel is located at 750 Kearny St. and features the new 750, A Taste of the Mediterranean restaurant; Tru Spa; The Chinese Culture Center of San Francisco; valet parking; 450 underground parking spaces; 20,000 square feet of meeting space; a fitness center; Hilton's signature Serenity Beds; a Starbucks Coffee bar; and complimentary limousine service to downtown destinations. To focus on the business traveler, the hotel offers a 24-hour business center, and each room is equipped with a wrap-around work desk and Internet access.



MIDWEST

AMCAP PURCHASES $102 MILLION POWER CENTER THROUGH JOINT VENTURE
ANN ARBOR, MICH. — On behalf of an institutional investor, Stamford, Conn.-based AmCap has purchased Arborland Center, a 409,000-square-foot power center in Ann Arbor, through a joint venture with Los Angeles-based Hart Realty Advisers. The $102 million purchase was brokered by Stanley Nitzberg and James Goodman of Oakbrook Terrace, Ill.-based Mid-America Real Estate Corp. Retailers include Borders Books & Music, Hiller's Market, Toys "R" Us, Circuit City and Petco.


Lauth Property Group has completed the sale of INTECH One in INTECH Park, the largest office park in Indiana.
LAUTH PROPERTY GROUP COMPLETES TWO-BUILDING SALE
INDIANAPOLIS — Indianapolis-based Lauth Property Group has completed the sale of two buildings at INTECH Park, the largest office park in Indiana, located at 71st Street between Interstates 465 and 65 in Indianapolis. The buildings, INTECH One and INTECH Two, total 282,000 square feet. The buyer was an affiliate of Chicago-based Romanek Properties. Lauth will continue to lease and manage both buildings. John Huguenard, Rebecca Wells, J. Jeffrey Castell and John Crisp of the Indianapolis office of Colliers Turley Martin Tucker, in partnership with Joe Delogu and Richard Mann of Washington, D.C.-based Spaulding & Slye Colliers, represented Lauth in the transaction. Lauth began development of INTECH Park in 1999 and has built more than 750,000 square feet since then. INTECH's amenities include hotels, restaurants, on-site daycare, a fitness center, trails and a recreation area.


NAI HIFFMAN ASSISTS WAL-MART IN ESTABLISHING 3.4 MILLION-SQUARE-FOOT DISTRIBUTION CENTER
ELWOOD, ILL. — Oakbrook Terrace, Ill.-based NAI Hiffman has assisted Wal-Mart in establishing a 3.4 million-square-foot bulk distribution center at CenterPoint's Intermodal Center in Elwood. Wal-Mart's facility will include two distribution buildings within the 1,100-acre industrial business park and will be completed in summer 2006. Daniel Leahy and Adam Roth of NAI Hiffman assisted Wal-Mart with the project.


AMB PROPERTY CORP. EXPANDS IN CHICAGO AREA
DUPAGE COUNTY, ILL. — San Francisco-based AMB Property Corp. has expanded its presence in the Chicago area with two distribution facility projects. AMB recently began development of a 179,400-square-foot, multi-tenant distribution facility in Chicago's Central DuPage submarket. The estimated $10.5 million project will be the sixth building in the fully leased AMB Turnberry Distribution park and offers immediate access to the Elgin-O'Hare Expressway and O'Hare International Airport.
     AMB has also acquired AMB High Grove Distribution, a fully leased 98,500-square-foot facility within the master-planned High Grove Center in DuPage County. The $6.2 million property has excellent proximity to Interstate 355.


KWAME BUILDING GROUP SELECTED AS CONSTRUCTION MANAGER OF NEW DEVELOPMENT PROJECT
ST. LOUIS — St. Louis-based Kwame Building Group (KWAME) has been selected as construction manager of the new $2.5 million Vantage Credit Union branch on Wentzville Parkway in St. Louis. The new 6,000-square-foot branch will incorporate the same design features as the existing Greenway Chase branch. Construction on the new state-of-the-art project will be broken into three packages and will begin in November. Completion is scheduled for July 2006. KWAME also assisted Vantage in selecting St. Louis-based Arcturis, the project architect.



SOUTHEAST

AMC DELANCEY GROUP AND PARAMOUNT HOTEL GROUP ACQUIRE GREATER ORLANDO HOTEL
MAITLAND, FLA. — Philadelphia-based AMC Delancey Group and Paramount Hotel Group have acquired the former Orlando North Hotel located off Interstate 4 and Maitland Boulevard in Maitland. The 394-room hotel will undergo a multimillion-dollar, comprehensive renovation, which will be completed in 2006. The hotel will feature 16 individual conference rooms, nine conference rooms, two executive boardrooms, a 7,500-square-foot ballroom and a 45-seat tiered classroom. LaSalle Bank National Association sold the property.


NEWTON OLDACRE MCDONALD TO DEVELOP THE HIGHLANDS
BRISTOL, VA. — Newton Oldacre McDonald will develop The Highlands located off Exit 7 along Interstate Highway 81 in Bristol. Construction on the 140-acre, 800,000-square-foot shopping center is scheduled to begin this fall, with businesses opening in late 2006. The site will also provide opportunities for freestanding restaurants and other retail. The Highlands is a joint venture between Newton Oldacre McDonald and local entrepreneur Mack Trammel.


BEHRINGER HARVARD REIT ACQUIRES RIVERVIEW TOWER
KNOXVILLE, TENN. — Behringer Harvard REIT has acquired Riverview Tower located at 900 S. Gay St. in the central business district of Knoxville. The 24-story office building includes 334,196 square feet of rentable space situated on 1.23 acres. Lawler-Wood, the original developer and manager of the property, will retain management of Riverview Tower. The property is 95 percent leased.


Donohoe Construction Co. has completed the South Tower at Potomac Place in Washington, D.C.
DONOHOE COMPLETES CONSTRUCTION OF POTOMAC PLACE
WASHINGTON, D.C. — Donohoe Construction Co. has completed the South Tower at Potomac Place located at 355 Eye St. S.W. in Washington, D.C. The North Tower was completed last year. Potomac Place consists of two seven-story buildings containing 302 condominiums. Monument Realty developed the project, and Weihe Design Group was the architect.


WELLS REIT COMPLETES BUILD-TO-SUIT
FORT MILL, S.C. — Atlanta-based Wells Real Estate Investment Trust has completed a build-to-suit Class A office development in Fort Mill, 20 miles southwest of Charlotte, N.C. The 165,000-square-foot, three-story facility will serve as a call center for Citigroup, which will occupy the property under a 15-year lease. Childress Klein developed the project.



TEXAS & OKLAHOMA

GRAPEVINE STATION'S RETAIL SEGMENT TO BREAK GROUND DURING FOURTH QUARTER
GRAPEVINE, TEXAS — Grapevine-based Westwood Group plans to break ground on the retail segment of Grapevine Station, a 38-acre mixed-use project, during the fourth quarter of this year. Grapevine Station, which is located at the southwest corner of Texas Trail and SH-26 in Grapevine, will feature 34,500 square feet of multi-tenant retail space. The Weitzman Group is the retail leasing agent for the project, which is set for completion in late 2006.


YANCEY-HAUSMAN TO BEGIN PHASE II OF THE OFFICES AT PARK 10 NEXT MONTH
HOUSTON — Yancey-Hausman Development plans to begin construction of Phase II of The Offices at Park 10 next month. The second phase, which features a six-story, 155,000-square-foot office building, will be located at the corner of Interstate 10 and Park 10 Boulevard at the main entrance to Park 10. The Class A building is scheduled for completion in August 2006.






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