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Posts from CIJ for 06/01/2016

Daily Commercial Real Estate News from Europe and USA
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In this edition: 06/01/2016

GSK opens production unit in Gödöllő

Jun 01, 2016 10:11 am
The Hungarian unit of the British drugmaker GlaxoSmithKline opened a production facility at its vaccine plant in Gödöllő, near Budapest. In the new production facility will manufacture components for for diphtheria and tetanus vaccines. The cost of the investment was HUF 3bn. GlaxoSmithKline was the world’s eighth largest research-oriented pharmaceutical company in 2015....
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Lanidor to open store at Park Lake

Jun 01, 2016 10:06 am
Portuguese fashion retailer Lanidor is planning to open a store at the Park Lake shopping center in Bucharest in September. The 125 smq store will mark the retailer’s debut on the Romanian market. Lanidor currently operates stores in 10 countries. Its brands include LA Woman, LA Kids & Junior, LA Accessories, LA Caffe, LA Outlet, LA Shop Online and LA Eyewear....
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Vlad Marin named senior consultant at CBRE

Jun 01, 2016 10:05 am
Vlad Marin joined CBRE’s advisory and landlord transaction and investor services team as a senior consultant. Marin has more than 10 years of real estate consultancy experience. He most recently worked for Immofinanz. Marin is a graduate of the Faculty of Law in Bucharest. “He is an excellent professional and his experience and achievements as a consultant to developers...
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Ikea to build €33m outlet center in Croatia

Jun 01, 2016 10:05 am
Ikea Centres is preparing to braek ground on Designer Outlet Croatia located next to the Swedish retailer’s furniture store in Rugvica, near Zagreb. The total investment for the new 40,000 sqm scheme is expected to hit €33m. Construction is scheduled to start in 2017, with completion set for the following year....
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Retail turnover in Macedonia up 24.8% in April

Jun 01, 2016 10:03 am
Turnover for food, beverages and tobacco products on the Macedonian market increased by 24.8 percent y-o-y in April, according to data from the State Statistical Office. Sales of non-food products, excluding fuel, was up 13.8 percent and retail trade, excluding automotive fuel, increased by 18.9 percent....
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Czechoslovak millionaires investing in farmland

Jun 01, 2016 10:00 am
Farmland is among the most popular investments among wealthy Czechs, according to information compiled by J&T Banka in a poll of 200 Czech and Slovak businessmen with over USD 1m on their accounts. Millionaires tend to be conservative in their decisions, and prefer to invest into their own business, land or property. Just 20 percent of their money tends to go into...
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IKEA to build new department store in Prague - Čestlice

Jun 01, 2016 09:46 am
IKEA plans to build its fifth department store in the Czech Republic on the southern outskirts of Prague in Čestlice. The furniture department store will go up along the D1 motorway connecting Prague to Brno and will be part of a large shopping zone, developed by Domo Development. The zone will focus on furniture and leisure. The developer is reportedly working on the...
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Waldemar Lesiak steps down from board of Echo Investment

Jun 01, 2016 09:18 am
Nearly two decades after joining Echo Investment, Waldemar Lesiak has resigned as a member of the board without revealing the reasons behind his decision. Lesiak joined Echo in 1997, as head of the company’s residential division. During his time at the company, Lesiak also led its retail, office and hotel business. Before joining Echo, he worked for Mitex-Trade/Ahold Polska...
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CBRE GI remodeling Europa shopping center in Banská Bystrica

Jun 01, 2016 09:09 am
CBRE Global Investors has begun construction work on an extension to the Europa shopping center in Banská Bystrica. A new section of shopping space will replace rooftop parking space, with 1,400 sqm of extended retail area to be added to the mall. In addition, the work will result in a remodelled entrance to the shopping center. The center’s manager Tomáš Hollý says new...
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Domo Gestora bidding to acquire Edificio España

Jun 01, 2016 09:07 am
Domo Gestora, which specializes in the management of housing cooperatives, has submitted an offer to acquire the historical Edificio España building in Madrid from the Chinese group Dalian Wanda. JLL is managing the sale, which Dalian Wanda hopes to finalize by August. Domo Gestora is hoping to partner with a hotel operator or another investor. No other details regarding...
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Patrizia Immobilien to develop the Hofmann Höfe in the Munich

May 31, 2016 03:14 pm
Patrizia Immobilien is moving forward with the development of Hofmann Höfe in Munich, having brought together the various state bodies and offices needed to complete the urban planning process. Its goal is to create the framework for a trend-setting urban district with about 1,000 residences on the location of the former Siemens facility. With construction expected to start...
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Hadi Teherani to design project in Honsell-Dreiecks in Frankfurt

May 31, 2016 03:12 pm
The Hamburg-based architectual studio Hadi Teherani will provide the designs for around 250 apartments and a 400-room hotel in Honsell-Dreiecks, Frankfurt. The development is being led by B & L Group, which awarded the design work to the Hadi Teherani studio following a workshop that five other studios took part in. The workshop was held in November while the results...
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Cushman & Wakefield to lease new industrial scheme in NJ Meadowlands

May 31, 2016 03:11 pm
Sitex Group and an institutional client of Connecticut-based Cornerstone Real Estate Advisers has tapped Cushman & Wakefield’s East Rutherford, NJ office to lease a new two-building industrial development in Ridgefield, NJ. The 278,000 sqf close-in property provides access to the New Jersey Turnpike, and is located just four miles from the George Washington Bridge and...
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White Eagle acquires The Hawthorne in Bloomfield, CT for $52m

May 31, 2016 03:09 pm
The Hawthorne at Gillette Ridge apartment complex in Bloomfield, CT has been sold for $52 million. White Eagle Property Group picked up the 246-unit community, located four miles from Interstate 91 at 2 Francis Way, for $211,000 per unit. Marcus & Millichap's Institutional Property Advisors represented the seller, Bouwfonds Hawthorne LP and procured the buyer. “The...
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Carr Properties to redevelop $105m Bethesda, MD CBD office asset

May 31, 2016 03:06 pm
Carr Properties has closed the purchase of a 4-story office property in the Central Business District of Bethesda, MD. for $105 million. Trading for a little over $644 per sqf, the 163,000 sqf building is located at 7272 Wisconsin Avenue. Carr intends to redevelop the property into a high quality, mixed-use development project that will include office, residential and...
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Orlando construction permit values plummet 34%

May 31, 2016 03:04 pm
A new report from Dodge Data & Analytics has found that permit values in the greater Orlando area have dropped 34 percent over the first four months of 2016 when compared with the same time last year. A total of $761.4 million worth of permits where taken out in Orange, Seminole, Osceola and Lake counties this year versus $1.15 billion for the first four months of last...
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Intergrated to build two assisted living facilities

May 31, 2016 03:01 pm
Integrated Construction, based in Jacksonville, has won two tenders for the construction of two separate assisted living facilities that totaling $10.3 million. The first project is for a 40 unit addition of 40,894 sqf at the Brennity Traditions facility in Port St. Lucie. The company started work in May on the site and anticipates a April 2017 completion date. The second...
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Senate candidate's company buys development land in Sarasota

May 31, 2016 02:57 pm
Medallion Homes has acquired a 49 acre development site near South Tamiami Trail and Bispham Road in Sarasota County for $3.9 million. The homebuilder plans to develop a gated community with 108 homes on what was previously the Gulf Gate Golf Course. The plans will go before the Sarasota County Commission for approval this July. Medallion's owner, Carlos Beruff, is...
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Arbor Oaks in West Boca sells for $77m

May 31, 2016 02:51 pm
An affiliate of Los Angeles-based JRK Property Holdings has bought a Palm Beach County apartment complex for $77 million. The 360-unit Arbor Oaks, located at at 9703 Arbor Oaks Court in West Boca, was built in 1995 and traded for just under $213,890 per unit. Built on a 5.2 acres site, the property features a 5 acre lake, clubhouse, pool, fitness center, and tennis and...
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