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Posts from CIJ for 05/26/2016

Daily Commercial Real Estate News from Europe and USA
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In this edition: 05/26/2016

CTT to unveil new solutions for housing loans

May 26, 2016 11:16 am
The newly established bank CTT is looking into credit solutions for housing loans, which should be available to customers on the Portuguese market by the end of the year, said Francisco Lacerda, the lender’s CEO and CTT bank administrator. The bank was officially opened in March and has a current network of 52 branches in Portugal across 18 districts with a strong presence...
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Lisbon council auctioning 15 municipal buildings

May 26, 2016 11:12 am
The Lisbon City Council is planning to sell 15 municipal urban buildings under its “Rehabilitate First Pay Later” program. A building located on Calçada das Lajes has the lowest asking price of €69,000, while a property on Sapadores street, covering 1,895 sqm of space, will be auctioned for €825,000. The auction will officially launched next week in the municipality of...
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Portugal’s residential market continues to recover in April

May 26, 2016 11:09 am
Portugal’s residential making continues to recover with an uptick of activity reported in April, according to the latest RICS/Ci Portuguese Housing Market Survey, which notes that “acceleration of price increases” will help “boost consumer confidence to higher levels.” The country’s rental market, however, continues to face challenges, as there is a growing demand for...
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Church to turn Dolní Břežany chateau into four-star hotel

May 26, 2016 10:26 am
The Catholic Church is planning to refurbish a chateau in Dolní Břežany just outside Prague into a four-star hotel. The church intends to invest CZK 170m into the reconstruction and hopes to be able to open the 40-room hotel by 2018. Clearing the property in preparation of the renovation took a year. The church is now preparing the manor for the main phase of the...
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Multi to accelerate work on Forum mall in Prešov

May 26, 2016 10:21 am
Prešov, the city with least retail space per 1,000 inhabitants in Slovakia (200 sqm), has been attracting increasing attention from developers. Multi Corporation and J&T both have projects underway in the city of 90,000. Mark Seizen, leasing manager for Multi Corporation, told the retail magazine Across that the developer is determined to accelerate work on its Forum...
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LaSalle closes first acquisition on Czech market

May 26, 2016 09:54 am
LaSalle Investment Management closed its first deal on the Czech market with the acquisition of Na Příkopě 23, 25 and 27 in Prague on behalf of the French public pension fund EFRAP. LaSalle purchased the properties for €80m from the Austrian private investor Wolfgang Müller, who also rebuilt the Diamant building on Wenceslas Square in central Prague. The package includes...
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Triuva acquires Meandris in Frankfurt's Europaviertel district from Strabag Real Estate

May 26, 2016 09:52 am
Triuva Kapitalverwaltungsgesellschaft has bought the Meandris office building at Europa-Allee 48-54 in Frankfurt am Main from Strabag Real Estate in an off-market transaction. The total investment is around €105m. The seven-storey core property, constructed in 2014, offers over 21,000 sqm of rental space and 300 parking spaces. The main tenants of Meandris are Ed. Züblin...
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Bilfinger pioneers district heating project in Germany’s Ruhr area

May 26, 2016 09:50 am
Bilfinger is building a district heating pipeline from the city of Datteln to the existing district heating grid on behalf of Uniper. The 13.5 kilometer pipeline runs from the newly constructed Datteln 4 power plant via Castrop-Rauxel to Recklinghausen where it will be connected to the district heating grid. The order has a volume of €25 million and is being carried out by...
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Washington REIT buys Alexandria, VA apartments for $244.8m

May 25, 2016 03:12 pm
Washington Real Estate Investment Trust has paid $244.8 million for the acquisition of the Riverside Apartments in Alexandria, VA. There's potential to add to the current total of the 1,222 units, which sold for an average of $200,327 each. The three 15-story buildings are 98 percent leased and are located on a 28 acre site at 5860 Cameron Run Terrace. Amenities...
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Bank of China refinances acquisition of 63 Madison Ave. with $315m loan

May 25, 2016 03:07 pm
George Comfort & Sons, Loeb Partners Realty and their new partner Jamestown have secured a $313.5 million loan from the Bank of China. The proceeds from the loan will be used to refinance the existing mortgage as well as fund renovations on the building located at 63 Madison Avenue. The rent roll on the 15 story, 870,000 sqf building in NoMad includes IBM and the beauty...
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NAI Hanson helps Choice Properties acquire New Jersey office

May 25, 2016 03:04 pm
Choice Properties has picked up an office building in Parsippany, New Jersey. Located at 140 Littleton Road, the 30,459 square foot building was 80 percent leased at the time of the transaction. The asset is near the intersection of Routes 287 and 80 and provides easy access to the New Jersey Turnpike and Newark Liberty International Airport. NAI Hanson’s Josh Levering,...
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Wilson Butler Architects tapped to design Auburn University arts center

May 25, 2016 03:02 pm
Boston-based Wilson Butler Architects has been selected by Auburn University to design a new $50 million performing arts center. The new facility will include a 1,200-seat multi-purpose theater, a recital hall, practice rooms, and studio and support spaces for students, faculty and guest artists. The new 90,000 sqf performance center will be located at the southern...
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New Radisson opens in Baltimore's Inner Harbor

May 25, 2016 02:57 pm
Radisson opened the new Radisson Hotel Baltimore Downtown-Inner Harbor at 101 W. Fayette St. The property features 323 guestrooms and is in close proximity to Oriole Park at Camden Yards, the National Aquarium, the Baltimore Convention Center and Royal Farms Arena. Amenities in the hotel include free Wi-Fi, a business center, 24-hour fitness center, and over 18,500 square...
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KAS CTP buys Cinamon Tree Plaza in Broward county

May 25, 2016 02:54 pm
The Cinnamon Tree Plaza has changed hands with KAS CTP picking up the recently renovated office building for $4.15 million. The 40,000 sqf building is located in western Broward County at 5701 North Pine Island Road. The three-story building features a generous parking ratio, including covered, first-floor parking that could be converted into additional rentable square...
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Prologis closes deal with Embraer for new distribution building in Hollywood, FL

May 25, 2016 02:51 pm
Embraer Executive Jets Services has signed a 22,100 square-foot lease with Prologis for an industrial distribution building located within the Prologis Port 95 Commerce Park in Hollywood, FL. Embraer signed a five year lease for its relocation and expansion to the new larger space at building 500. The facility features cross-dock loading, a 24-foot clear span height, T-5...
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Orlando approves construction of new 153-unit senior home

May 25, 2016 02:47 pm
Excellence Senior Living has been given the thumbs up by the city of Orlando to start a new senior-living facility in MetroWest. The $20 million project will feature a 153-unit facility located at 2001 South Hiawassee Road. Ground breaking for the 186 bed facility is expected to start by the end of the year. The facility is expected to create 50 full time jobs, including...
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