In the News—Week of April 4 2022
Lam Group gets financing for Apollo Theater residential project
Lam Group and Exact Capital Group has secured a $167.5 million construction loan on the Victoria Tower in Harlem near the historic Apollo Theater, The Real Deal reports. The 26-story tower will offer 191 apartments, with 103 set aside for low- and moderate-income households. The building is part of the larger redevelopment project that has been brewing for more than a decade to rejuvenate the area around the Apollo.
Energy & Efficiency
Will Russia invasion of Ukraine lead advances in sustainability?
Energy prices, which were already rising, shot up after Russia invaded Ukraine. And there is hope that the crisis will lead the commercial real estate sector to more sustainable practices, Commercial Property Executive reports. “If we look at the 1970s energy crisis, that was really impactful in starting to drive better attention and investment on efficiency and made efficiency be taken seriously as a resource,” Elizabeth Beardsley, senior policy counsel at the U.S. Green Building Council, says. “The cheapest unit of energy is the one you don’t need, and that’s still the case. We got a good start on efficiency in the last 50 years, but there’s still a ways to go.”
Mexcor International snaps up former Hewlett Packard campus
Mexcor International, a Houston-based global distributor of liquors, acquired Hewlett Packard Enterprise’s northwest Houston campus, the Houston Chronicle reports. No price was disclosed for the 66-acre property at 11445 Compaq Center West Drive. Hewlett Packard Enterprise is formally opening a new campus this week in the City Place development. Employees moved there in mid-February. Mexcor CEO Eduardo Morales says he plans to consult specialists to reshape the campus as well as to expand the company’s storage and distribution space.
Sentinel buys Dallas apartments in former Marvin Building
New York-based Sentinel Real Estate acquired three apartment buildings in downtown Dallas, previously known as Third Rail Lofts, Multi-Housing News reports. Sentinel rechristened the 164-unit property as Main 3 Downtown. The property was built in 2006 as a reuse of the historic Marvin Building. No price was disclosed. “Sentinel recognizes the opportunities to enhance value by upgrading older assets with dated finishes and outmoded amenity offerings and has invested in the expansion of its internal architectural and construction management capabilities. These teams will play an integral role in the comprehensive repositioning of Main 3 Downtown, which will compete with newer luxury apartments in the downtown submarket,” Michael Streicker, president of Sentinel, tells Multi-Housing News.
Conley Wolfswinkel sells over 12,000 acres for $142.5 million
Conley Wolfswinkel of W Holdings based in Tempe sold 12,081 acres in the West Valley of Phoenix to BA Pacific Sun Valley LLC for $142.54 million, AZ Big Media reports. Ownership of the land had been tied up in a legal battle for nearly 20 years. The land is near Loop 303 and the White Tank Mountains. “I don’ think many people could endure what I’ve had to endure on this deal,” Wolfswinkel tells the Phoenix Business Journal. “The venom on that other side taking me down, it backfired on them. That’s the great vindication. Life is good.
Chamber president says construction industry could grow by 6% this year
The president of the Mexican Chamber of the Construction Industry says the industry could grow by as much as 6% in 2022, Mexico Business News reports. Francisco Solares said that about 80% of the infrastructure works is done by private contractors. He said that public works developed by the military must be reviewed by the Superior Audit Office of the Federation to give the public confidence and increase the confidence of private investors.