Posted on Monday, 27th June 2011 by Blake James
In The Pipeline is a column on significant land sales, transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new project — to receive future In the Pipeline columns by e-mail.
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Former Trump Tower Tampa Site Sold to Partnership
A private partnership has acquired the former site of Trump Tower Tampa, a 52-story luxury condominium project that went bust during the recession.
Brownstone Tampa Partners, LLC bought the waterfront site for $5 million from BB&T, which acquired the asset as part of a merger with Colonial Bank. The transaction included the neighboring CapTrust building, a six-story Class B office building with 15,845 rentable square feet over 60% leased at the time the sale closed.
The buyer is an investment partnership of O,R&L Facility Services, a large property and facility management company; Owens Realty Network LLC, O,R&L’s sister real estate brokerage company, and Community Reinvestment Partners II, LP, a joint-venture investment fund of Forge Capital Partners, LLC and DeBartolo Development, LLC.
The vacant site, the only undeveloped parcel in the downtown area fronting the Hillsborough River, has such potential for large-scale development that O,R&L sought other strategic partners to maximize its resources. Owens Realty oversaw the sale and served as the owner’s broker of record.
Bob Owens, president and CEO of O,R&L, said the company chose Forge and DeBartolo because of their capital and development expertise.
“The nature of this project, with an existing revenue-producing, multi-tenant office building and an adjacent, highly-prized development parcel, affords us the opportunity to let the market come to us,” said Edward Kobel, president and CEO of DeBartolo Development. Kobel is brother of Edward J. DeBartolo Jr., former owner of the NFL’s San Francisco 49ers and NHL’s Pittsburgh Penguins.
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Inland Real Estate To Auction Six New Office Buildings
In another example of recent tough market conditions in Tampa, Inland Real Estate Brokerage & Auctions, Inc. announced it will hold an auction July 27 for six newly built office buildings in the 200-acre Grand Oaks at Tampa Telecom Park.
Originally priced as high as $225 per square foot, the properties will be offered at starting prices that are a deep discount to previous pricing, subject to minimum bids from $65 per square foot.
The buildings, near I-75 and I-275 and the University of South Florida, have high-speed fiber optic services, allowing for a wide range of medical, office or research and development uses.
The buildings offer both custom and finished space with flexible floor plans from 7,000 square feet to 16,000 square feet, divisible to 2,500 square feet.
$54M Apartment Project Opens in Yonkers
The 137-unit 330 Riverdale apartment complex, a $54 million, 12-story project built by L+M Development Partners, Inc., has opened in Yonkers, NY.
The development, built in partnership among city, county, and state public agencies and the private sector, is located on Riverdale Avenue between Morris and Post Streets near the Ludlow Metro-North station. The apartments are available to individuals and families with incomes no higher than 60% of the Westchester County area median income. Twenty percent of the units will be set aside for those earning 50% of the AMI.
“A few years ago, the site was nothing more than an undeveloped lot filled with weeds and debris,” said Mayor Philip Amicone. “Now with vital financial incentives from the Yonkers IDA [Industrial Development Agency] and the assistance of our partners in government and the private sector, hard-working families who struggle to make ends meet can live in the kind of high-quality apartments they deserve.”
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Sabey to Build Data Center In Northern VA
Seattle-based Sabey Data Center Properties plans to build a 490,000-square-foot data center campus on 38 acres the company acquired in Ashburn, VA, near Dulles International Airport.
Sabey’s in-house construction company will begin construction of Intergate Ashburn in late summer. The company said the data center will significantly expand its national footprint and provide direct access to all network exchanges in the region.
Sabey has been busy of late, recently announcing the purchase of 375 Pearl Street, a 40-megawatt, about 1 million-square-foot data center in New York City that will open in 2012. The company is building a 520,000-square-foot campus in Quincy, WA. The company completed another data center in central Washington, a 438,000-square-foot facility in Columbia, in December 2008. The project is fully leased to four investment grade tenants.
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Panattoni to Develop Op Center for ICF International
Fairfax, VA-based ICF International, Inc., has tapped Panattoni Development Co. to develop its 93,000-square-foot operations center in Martinsville, VA.
The 14-acre operations center, designed by MGMA Architects, will house ICF’s contracting support services operations. The new facility will add more than 500 jobs over the next several years.
Gregory Y. Lubar and Allen Tucker, managing directors of Jones Lang LaSalle’s Washington D.C. office, represented ICF. Christopher A. Ciliberti, partner with privately held Panattoni in charge of the Virginia/DC market, said ICF is among the region’s largest and most successful government services organizations.
Since 1969, ICF has been serving government at all levels, major corporations, and multilateral institutions. The firm has more than 3,700 employees that serve these clients worldwide. ICF combines industry expertise and innovative analytics to produce compelling results throughout the entire program lifecycle, from research and analysis through implementation and improvement.
Sacramento, CA-based Panattoni has completed more than 150 million square feet of industrial, office and retail facilities worldwide.
Gaylord Entertainment to Build Conference Hotel at High Point
LNR Property LLC has entered into an agreement with Gaylord Entertainment Co. (NYSE:GET) to develop a hotel and conference center on 85 acres at High Point, an 1,800-acre master-planned community in Aurora, CO.
LNR Commercial Property Investment Fund LP’s High Point includes up to 10 million square feet of current and future business park buildings, 500,000 square feet of retail, 1,600 single-family homes and 1,400 multifamily units, and High Point Academy, a public K-8 charter school started in 2006.
Under the proposal by Gaylord Entertainment, the resort would open in mid-to-late 2015 and initially include 1,500 guest rooms, 400,000 square feet of exhibition and meeting space and an atrium setting offering full Rocky Mountain views.
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