Commercial Real Estate News and Resources

Nick Matt returns to HFF

After leaving the Pittsburgh office of HFF (NYSE: HF) to join CBRE in April 2010, Nick Matt has returned to his former employer.

HFF made the announcement that Matt has rejoined the firm this week as a managing director in its Downtown Pittsburgh office. That was title when he left the firm before.

“Nick is one of the top producers in the Pittsburgh market and HFF is fortunate to have him back with the firm,” said Mark Popovich, a senior managing director in HFF’s Pittsburgh office, in a statement.

Matt, who spent more than 10 years with HFF in his previous engagement, returns to his established focus on debt and investment sales transactions, working most often on multi-family housing.

Matt has been involved in some the biggest real estate transactions in recent years, including the August 2009 Read More...

Shula family expands restaurant, real estate holdings

Not only is legendary Miami Dolphins head coach Don Shula expanding his restaurant empire, but his family also continues to expand its real estate holdings.

Shula Spirit Investments LLC recently purchased 10 commercial condominium units in the Tides at Bridgeside Square, at 3020 N.E. 32nd Ave. in Fort Lauderdale, for $249,400.

The condos are in the same building where the company has its corporate offices. In 2010, it purchased seven units there from Ironstone Bank for $453,330.

Shula spokesman Bill Herman said Shula’s wife Mary Anne purchased the property, although she didn’t have any immediate plans for it.

“They saw a great investment opportunity and bought it,” Herman said.

He said the company doesn’t need the space right now for its corporate offices since it only has 14 employees, but that could change as the company begins to grow.

Shula’s restaurant concepts have continued to expand over the years. He has Shula's Steak House, Shula's Read More...

Viking Partners adds Indiana shopping center

Viking Partners Fund I LLC acquired a more than 54,000-square-foot shopping center in Muncie, Ind.

Viking Partners acquired McGalliard Mall Shops, located next to Muncie Mall. The private equity real estate firm purchased the nonperforming note secured by center. Terms of the acquisition were not disclosed.

The development’s tenants include Panera Bread, Buffalo Wild Wings, Subway, Dairy Queen and other retailers. Viking plans to increase the occupancy and reduce overall operating expenses within the shopping center.

McGalliard Mall Shops is the seventh acquisition by Viking in 2011 and the 10th Fund I acquisition. Other acquisitions include a 70,000-square-foot Atlanta-area shopping center and a Kroger-anchored center in Michigan.

Blue Ash-based Viking Partners is seeking opportunities secured by commercial real estate in the Midwest and Southeast regions of the U.S.

McDaniel College to break ground on $8M stadium

McDaniel College will break ground Friday on a new $8 million stadium on its Westminster campus.

Plans call for a two-story brick and concrete stadium with features like concession stands, restrooms, observation boxes, a large press box and filming areas. It will also feature additional seating, home and visiting team meeting rooms, and a reception and gathering room.

The new stadium will cost $8 million to build, according to the McDaniel College website. The school funded the project solely through individual gifts and not from the its operating budget, the school’s website said.

The new stadium will house the Green Terror’s football, women’s field hockey, men and women’s lacrosse and men’s and women’s track and field teams.

McDaniel was the home of the Baltimore Ravens’ training camp from 1996 to 2010. The Ravens announced last December that it would be Read More...

Civilian BRAC bill will go before House panel Friday

A House committee is slated to meet Friday to consider creating a commission to sell off or consolidate the federal government’s real estate holdings, making it the second congressional panel to take up President Obama’s call to raise about $15 billion through the sale of excess government properties.

But the version of the so-called Civilian BRAC bill the House Rules Committee will weigh in on Friday does not include several controversial amendments passed by the Transportation and Infrastructure Committee in October such as transferring the Federal Trade Commission’s headquarters to the National Gallery of Art and selling the Department of Energy’s Independence Avenue SW property.

U.S. home prices fall for third straight month

Home prices fell in most U.S. cities tracked by Standard & Poor’s/Case-Shiller in November. It was the third consecutive month home prices dropped.

The home-price index released Jan. 31 revealed prices fell in 19 of the 20 cities Standard & Poor’s/Case-Shiller tracks.

Read more in the Daily Record.

Civilian BRAC bill to go before House panel

A powerful House committee is slated to meet Friday to consider creating a commission to sell off or consolidate the federal government’s real estate holdings, making it the second congressional panel to take up President Obama’s call to raise about $15 billion through the sale of excess government properties.

But version of the so-called Civilian BRAC bill the House Rules Committee will weigh in on Friday does not include several controversial amendments passed by the Transportation and Infrastructure Committee in October such as transferring the Federal Trade Commission’s headquarters to the National Gallery of Art and selling the Department of Energy’s Independence Avenue SW property.

Removing those specific properties could raise the chances that H.R. 1734 will be called for a vote on the House floor, by eliminating territorial battles by legislators wh Read More...

Paramount Group acquires 2099 Pennsylvania Ave. NW

New York's Paramount Group Inc. has acquired 2099 Pennsylvania Ave. NW for an undisclosed price, nearly four years after the downtown building's last sale set a new high water mark for property sales in the District.

Paramount reached a deal to buy the 206,000-square-foot trophy building late last year from Vico Capital for $155 million, or about $750 per square foot, according to Jones Lang LaSalle Inc. The building is Paramount’s fifth office property in the Washington area, combining for 1.5 million square feet.

Renderings of Arlington mixed-use development released

Renderings for a six-story, 259-unit building along Columbia Pike in Arlington at the site of a former Rosenthal Jeep/Chrysler dealership have been released, ARLnow.com reports.

The "north block" of the mixed-use development will include 15,000 square feet of retail space. The "south block" will consist of 44 townhouses. The two blocks are separated by a new, to-be-constructed street, which would be dubbed 11th Street South.