In the News—Week of January 4, 2021
Around the Nation
Software investor bets on Viking village in Vermont
Since 1960, it has been well accepted that the Vikings had a settlement in Newfoundland around 1,000 AD. There has been speculation the Vikings explored or settled in modern-day New England. Now a software entrepreneur is betting that tourists will be open enough to the idea to visit a recreated Viking village in southern Vermont, the Bennington Banner reports. Paul Belogour has built a Viking village with six cabins and a central gathering near Guilford. There are 17 miles of trails open to the public for hiking, biking. The village is just one of Belogour’s investments in the area. “Right now, people are leaving the cities,” he says. “Right now, your office can be anywhere. Why not Vermont?”
Energy & Environment
Car-makers closing, selling, converting plants that make combustion engines
Carmakers find themselves under pressure to close down, convert or sell their facilities that make internal combustion engines as regulators seek to create a fleet of electric cars, the Guardian reports. The auto companies are trying to avoid being stuck with stranded assets. Their ability to rid themselves of outdated factories will affect their pricing structure and profitability.
California-based Marcus & Millichap acquires Houston-based LMI
Marcus & Millichap, based just outside Los Angeles, has acquired Houston-based LMI Capital, the Houston Chronicle reports. LMI arranges debt and equity capital for commercial properties. LMI has completed more than $1.2 billion in transactions over the past three years across the Southwest. The deal broadens Marcus & Millichap’s services. Terms of the transaction were not disclosed.
Converting parking garages into office space a solution
If you’ve ever longed for a convenient parking spot at an office building, you might be surprised to learn that some people in commercial real estate believe there is too much parking. Don Powell, a principal at BOKA Powell, believes there is. And the problem will only get worse in the post-COVID-19 world, as people rely more on ride-sharing and mass transit. The unneeded parking wastes capital expenditure and material. Powell writes in D Magazine that that spaces for garages should be used instead for office, perhaps incorporating some office space within the garage.
DPC Development completes one of biggest office deals of 2020
DPC Development has acquired a mixed-use development, The Park at San Tan, in Chandler, for $65 million, making it the second-largest office transaction in the state in 2020, AZ Big Media reports. Located on the west side of Loop 101 and Ray Road, The Park at San Tan includes a five-story office tower a parking structure and three retail buildings. The office building and retail buildings total about 250,000 square feet. Among the tenants in the office building is Pearson Digital Learning. DPC is based in Denver and owns other property in the Phoenix area.
Mexico’s infrastructure projects surpass the $26-billion mark
President Andrés Manuel López Obrador has revealed a second phase of national infrastructure projects that will be built by the government and the private sector worth about $11.34 billion, Mexico Business reports. The 29 projects included in this round bring the total to $26.11 billion worth of Investments in 68 projects. Sources claim the total amount of investments is a little bit more than 2% of the country’s GDP. The plan has been criticized for only involving nine energy projects, none focused on renewable energy.