News and Notes on Trends, New Projects and Construction In the Commercial Real Estate Development Pipeline Around the U.S.
In The Pipeline is a column on significant acquisitions of commercial
land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new
commercial real estate project --
and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.
GM to Add 500 Tech Jobs In Austin, Seeks Three More Sites
General Motors is hiring software developers, project managers, database experts and other information technology professionals in Austin to staff the first of several new IT Innovation Centers around the U.S.
In an announcement and conference call Friday, GM Chief Information Officer Randy Mott said the company anticipates hiring as many as 500 employees in Austin.
He did not disclose where the operation is sited in Austin or where else in the country GM is considering locating innovation centers. According to one published report, the automaker has leased a former Dell Computer building in Northeast Austin. According to CoStar information, GM leases 103,235 square feet of office space at Met Center 9 in Austin for a call center.
Follow me on Twitter for CRE news updates.
"We want IT to keep up with the imagination of our GM business partners, and to do that, we plan to rebalance the employment model over the next three years so that the majority of our IT work is done by GM employees focused on extending new capabilities that further enable our business," Mott said.
Austin was chosen for an Innovation Center because the city already has people with the skills GM is seeking. According to the May 2011 Bureau of Labor Statistics Occupational Employment Report, Austin is home to 46,000 such residents.
Read the Full Story...
Sheetz To Build New Food Distribution Center In Burlington
Altoona, Pa-based Sheetz, Inc. will build a new $32.8 million, 245,000-square-foot distribution and food production center in Burlington, NC, creating 254 new jobs.
The move is a key part of the company's rapid expansion plans for new convenience restaurants, particularly in its North Carolina and Virginia markets. The distribution center will be similar to the company's facility in Claysburg, PA.
The Burlington area between Greensboro and Raleigh-Durham "has an exceptional highway network allowing for fast, fresh distribution of our products as well as a having skilled and highly motivated workforce," said Stan Sheetz, president and CEO. "Across our six state market area from Ohio to North Carolina Sheetz is known for providing a wide variety of freshly made foods and specialty coffees," Sheetz adds.
Read the Full Story...
Crescent Resources Starts $68M Apartment Project
Crescent Resources, LLC is starting work on Circle Bayshore, a new 367-unit apartment community at 319 Bayshore Blvd. in Tampa, FL.
The location of the $68 million development is ideal for multifamily residential with its close proximity to the water, entertainment and dining venues, said Brian Natwick, president of Crescent Resources' multifamily division.
Crescent recently
announced the raising of $350 million and a $50 million credit line to make targeted investments in residential and multifamily.
Circle Bayshore will feature studio, one-, two-, and three-bedroom floor plans with a two-story health club and fitness center, resort-style swimming pool, an outdoor living area with grilling stations and a fire pit, a business center and clubroom.
Read the Full Story...
Compass Acquires Land In NC, TN For Data Centers
Compass Datacenters has completed the acquisition of parcels in Franklin, TN, and Research Triangle Park in Durham, NC, that will serve as the campuses for its first two data center complexes.
Terms of the acquisitions were not disclosed. The campuses will feature a total of eight wholesale standalone data center facilities when development is completed. The property in Franklin is an undeveloped 14.6 acre parcel for which Compass has received planning approval from local authorities to develop a total of five 1.2 MW data centers.
In Durham, Compass has received planning approval from local authorities to develop a total of three 1.2 MW data centers on 16.5 acres.
Read the Full Story...
Stratus Properties Sells 154-Acre Development Site In Austin
Stratus Properties Inc. has completed the sale of eight of its remaining 11 undeveloped tracts of commercial land at its Lantana development project in Austin.
A subsidiary of The Lionstone Group, Lincoln Property Co., and Greenfield Partners acquired the land for $15.8 million cash on Aug. 20, Stratus said in a statement. The tracts have entitlements for 1.13 million square feet of office space.
Stratus applied the bulk of the net proceeds from the sale, $15.3 million, to its outstanding principal balance under the Comerica credit facility, leaving an outstanding balance of $20.9 million, with $17 million available under the credit facility.
Stratus acquired the 738-acre Lantana project in January 1994 for $4.1 million. Stratus has since sold properties at Lantana for a total of about $100 million and with a total cost of sale of $46.1 million.
The Austin-based company's remaining holdings at Lantana include three undeveloped commercial tracts of land totaling 60 acres entitled for 325,000 square feet of
retail space and 230,000 square feet of office space.
Read the Full Story...