WELLS ACQUIRES DETROIT OFFICE BUILDING
Wells Real Estate Investment Trust has acquired 150 West Jefferson, a 505,417 sq. ft. Class-A office building in downtown Detroit for $93.75 million. The building is home to two of Michigan's largest law firms: Miller, Canfield, Paddock and Stone PLC, and Butzel, Long. Other tenants include KPMG International, McKinsey & Co., Raymond James and ad agency Leo Burnett.
HOLMES RELOCATES WAREHOUSE OPS TO FONTANA
Home appliances retailer The Holmes Group Inc. has relocated its warehousing operations to a new 827,000 sq. ft. distribution center in Fontana, Calif. Insignia/ESG brokered the company's five-year lease, worth $14.5 million, at13052 Jurupa St. The building features 30-foot minimum clear heights and easy access to the ports of Los Angeles and Long Beach.
WAL-MART SUPER CENTER COMING TO CINCINNATI
Regency Centers has acquired 37.3 acres of land from B&Z Development in Fort Wright, Ky., and simultaneously sold a portion of the property to Wal-Mart Real Estate Business Trust for the development of one of the first Wal-Mart Super Centers in the greater Cincinnati area. The remaining property will be marketed for sale as six outlots. Prospective buyers include restaurants and financial institutions. In addition, Regency is developing a portion of the land into 18,650 sq. ft. of retail space.
JOHN Q. HAMMONS TO DEVELOP COLORADO CONVENTION CENTER
Developer John Q. Hammons has announced plans for a new $35 million, 250-suite Embassy Suites Hotel and adjoining 80,000 sq. ft. convention center in Loveland, Colo. The project is located across from the new Larimer County Fairgrounds. Construction is slated to begin in 2005, and will open in 2006. Amenities will include a private bedroom in every suite, a living room with sofa sleeper, wet bar, refrigerator and microwave, an indoor pool and a whirlpool.
NEW DIGS FOR MANHATTAN RESIDENTS
New York City's newest luxury residential tower, The Biltmore, is now open. The project, located on 47th Street at Eighth Avenue, is a joint venture between The Moinian Group and The Jack Parker Corp. The 53-story building contains 464 apartments — 67 two-bedroom units, 237 one-bedroom units, and 164 studios — and a 35,000 sq. ft., 3-story retail base.
LCOR BREAKS GROUND ON D.C. HIGH-RISE
LCOR International has begun construction on Andover House, a $40 million luxury high-rise apartment building in downtown Washington, D.C. The 171-unit project, expected to be completed next summer, is being constructed on land owned by the National City Christian Church, which entered a long-term ground lease with LCOR.
RYAN COS. PURCHASES 80 ACRES OUTSIDE CHICAGO
Ryan Cos. has acquired an 80-acre land parcel — the last remaining undeveloped land site along I-55 in suburban Chicago — to build a new business park. The price was undisclosed. Ryan will kick off Boldt park with a 471,500 sq. ft. speculative warehousing and distribution facility. The project is expected to break ground this month. Two additional spec buildings are planned for the park, which will measure a total of 1.5 million sq. ft. when completed.
VENTURE ONE, CLAYCORP TO DEVELOP $400M PARK 88
Venture One Real Estate LLC has formed a joint venture with Claycorp Inc. to develop the $400 million, 425-acre Park 88 in the I-39 Logistics Corridor in DeKalb, Ill. The industrial park is designed to accommodate up to 7 million sq. ft. of distribution, warehouse, manufacturing, assembly and office space. Sites in the mega-complex range from two to five acres. Each can include between 30,000 sq. ft. and 1 million sq. ft.