Transforming offices into luxury apartments, and Newark’s recent industrial revival
May 9, 2014
Washington Business Journal: MGM National Harbor gets planning board nod
The Prince George’s County Planning Board in Maryland approved a site plan that brings a 1-million-square-foot casino-resort one step closer to its projected July groundbreaking date. But the project — titled the MGM National Harbor — doesn’t come without pushback, with some area residents testifying in opposition to the development. District Council approval is the next step in determining the project’s fate, but that won’t be on the agenda until as late as July. Click over to BizJournals.com to learn more.
GlobeSt.com: REIT results pre-RECon
Real Estate Investment Trusts (REITs) are top of mind this week as the industry gears up for the International Council of Shopping Centers’ (ICSC) RECon convention, set to kick off in Las Vegas later this month. REITs are already passing around their opinions on the market, with one REIT not anticipating a new wave of developments any time soon and others claiming that the time is right for expansion for both national retailers and mom-and-pop shops. Tanger Factory Outlets also made the case for a healthy current and future outlet sector. Find more details at GlobeSt.com.
Silicon Valley Business Journal: Tesla supplier Futuris Automotive inks big lease in Newark
The city of Newark just added a new name to its growing industrial tenant roster as Tesla Motors — supplier Futuris Automotive Inc. — signed a deal for 160,000 square feet of office and industrial space in Overlake Place. Futuris made the move to be closer to Tesla’s Fremont operations site, but they aren’t the only ones setting up shop in the region. Leasing momentum for large warehouses picked up steam across the board last quarter, with Futuris marking just one of seven 100,000-square-foot industrial leases along the Interstate 880 corridor in 2014. Visit BizJournals.com for more information.
The Wall Street Journal: Developers turn former office buildings into high-end apartments
Cleveland’s East Ohio Gas building holds a storied past, having housed some of the state’s most respected companies over the years. But after half a decade sitting vacant, the iconic building is now being transformed into a 21-story luxury apartment complex as the trend of repurposing offices into living space sweeps the nation. This movement also brought a great shift in rent and vacancy rates, with landlords charging more than ever given the growing demand. Learn more at WSJ.com.