Investors land deals on the tarmac, and the TRAINsformation of the Washington metro area
Jun 27, 2014
Here are the news stories you might have missed this week:
The New York Times: Tysons, a Northern Virginia crossroads, waits impatiently for the train
Once a rural crossroads just outside of downtown Washington, D.C., Tysons, Virginia is now poised to become the next hot live, work, and play community. Tysons currently ranks eighth in retail square footage among national shopping hubs, but the region is eagerly awaiting the new Metro rail line extension to foster even more local growth. Service on the Silver Line is expected to begin next month, and experts predict that the nighttime population could swell to nearly 300,000 residents and workers by 2050. To read more, visit NYTimes.com.
Philadelphia Business Journal: Dietz & Watson rebuilding in Philadelphia not N.J. after fire
After a devastating fire destroyed its South Jersey distribution center, well-known deli meat company Dietz & Watson is building anew — this time in Philadelphia. Both New Jersey and Philly fought to host the new 200,000-square-foot distribution center, but following a set of complex real estate transactions and an appealing land and incentives package from Philadelphia and the Commonwealth of Pennsylvania, the company inked a deal to open the new center in Frankford Arsenal in Philly. Find out more at BizJournals.com.
The Wall Street Journal: Investors gasp for air space
Airport real estate is flying off the tarmac as investors are snatching up space at some of the country’s biggest airports. One Chicago-based investment firm recently signed a deal to acquire three industrial buildings on the grounds of the Bergstrom International Airport in Austin, Texas, citing limited competition, rising demand, and constrained supply as the impetus for the move. This airport real estate will give tenants, like FedEx and UPS, easy access to the tarmacs — a key attribute as shipment numbers continue to rise. Learn more about this trend at WSJ.com.
Los Angeles Times: Downtown L.A. building boom stretching west of financial district
Downtown Los Angeles is racing to expand its traditional boundaries, as developers continue to gobble up inexpensive fringe real estate. Holland Partner Group, the latest firm to jump on this trend, kicked off construction on a 648-unit apartment complex west of the financial district, and announced plans to transform the adjacent 1920s-era building into more multi-family units. While developers heavily weigh job proximity and entertainment when selecting investment sites, affordability might play a key role in redefining Los Angeles’ borders for good. Click through to LATimes.com to keep reading.