Siemens-Westinghouse property sold to Lionstone Group

A recent property sale near Atlantic Station could pave the way for a major redevelopment in the area.

The former Siemens-Westinghouse property at 17th and Northside Drive has been sold to Houston-based The Lionstone Group for $19 million, according to real estate services firm Databank. While the buyer has only recently begun to explore the scenarios for the nearly 7-acre property, plans could run the gamut, from adaptive reuse as office and wholesale showroom to development as a mixed-use project.

The seller was represented by Steve Barton of CB Richard Ellis Inc. The Lionstone Group was represented by CB's Nelson Kramer and Bruce Lanehart. Kramer and Lanehart are also marketing the property for Lionstone.

The former Siemens-Westinghouse site bridges the retail, office and residential development blossoming in the Atlantic Station area with the ongoing rejuvenation of Midtown West, which has begun to attract new residential growth.

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source: bizjournals.com

UAlbany moves computing college onto Harriman

The University at Albany's College of Computing and Information, which opened in 2005, is moving its office to the 330-acre W. Averell Harriman State Office Campus.

By June 40 researchers are expected to be in building 7A.

Gov. Eliot Spitzer believes the new tenant will begin transforming the state office complex into a tech park.

Spitzer said the state will issue Request for Qualifications for companies interested in developing Harriman. The state also issued a Request for Proposals to develop specific parcels on the site.

The College of Computing and Information is made up of the departments of information studies, computer science and informatics.

It was created to target one of the fastest growing job markets in the country--information technology.

Spitzer and officials at Harriman say the school will act as a magnet to attract high-tech companies that want to tap into that work force. It also plays on the high-tech strength of UAlbany's College of Nanoscale Science and Engineering.

The idea to transform the Harriman campus into a tech park was first advanced by former Gov. George Pataki in 2002.

The $240 million plan, which was expected to take two decades to complete, called for 600,000 square feet of new Class A office space, 1 million square feet of renovated office space, 400,000 square feet of new R&D space, and 200,000 square feet of neighborhood retail space, along with a learning center and hotel.

There were 10,000 state workers on the campus in 2002. The goal was to move all but 1,000 jobs off-campus and create 8,000 private-sector jobs.

Today, 7,400 state workers remain, and plans have shifted.

"This pragmatic, comprehensive new plan will meet the area's existing needs even as it speeds the campus to an important role in 'innovation economy' new growth," Spitzer said. "This plan will transform an underutilized state asset into a center for technological innovation, job creation, and economic development in the Capital Region. The new Harriman campus represents a crossroads where technology and regional growth meet."

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source: bizjournals.com

Epic Center sold

The Epic Center and One and Two Brittany Place have a new owner.

The three Wichita office buildings are among 34 nationally that have been transferred to real estate investment firm Behringer Harvard, which announced this week it has closed on its acquisition of Toronto-based IPC US REIT.

The transaction, which originally was announced in August, was valued at $1.4 billion.

The 23-story Epic Center is the tallest building in Wichita and one of the city's largest office buildings with 298,000 square feet. Hinkle Elkouri Law Firm LLC, accounting firm Allen, Gibbs & Houlik LC and the North American headquarters of manufacturing firm Viega NA Inc. are its largest tenants.

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source: bizjournals.com

Housing Authority former employees, 'landlords' indicted

More than a dozen people involved with the Housing Choice Voucher Program with the Tampa Housing Authority have been indicted on charges they committed conspiracy to steal thousands of dollars from the program.

Three former Housing Authority employees are charged with conspiracy to steal government funds among other charges include Calvin Coleman, Carlton Mills and Mario Lovett.

Ten other people were indicted as "fictitious landlords" including Koungnum Brown, Kinta Starling, William Reeves, Mary Barker, Jose Oliver, Adrian Mosley, Jonathan Denson, Jeffrey Larkings, Jonathan Haile and Brian Montgomery.

Coleman and Mills also were charged with public corruption for stealing from the Housing Authority, which receives millions of dollars in federal funding every year.

Between summer 2004 and mid-2005, Coleman, Miles and Lovett allegedly listed 10 friends and family members as landlords in the authority's database to generate checks authorizing rental subsidy payments to be made to them. The 10 landlords then cashed the checks and shared those proceeds with Coleman, Miles and Lovett, according to interim U.S. Attorney Robert E. O'Neill, totaling more than $100,000.

If convicted, each of the 13 could face up to five years in prison and a $250,000 fine. Coleman and Miles each face an additional 10 years imprisonment as well as a $250,000 fine.

The case is being investigated by the Department of Housing and Urban Development Office of Inspector General and will be prosecuted by Cherie L. Krigsman and Thomas Palermo.

The Housing Authority is a part of The Encore, a planned $800 million redevelopment project in the former Central Park neighborhood of Tampa. It recently was named the government category winner for the Tampa Bay Business Journal Business of the Year.

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source: bizjournals.com

Enclave condos secure loan

A package of properties -- including The Enclave, a 280-unit condo conversion in Tampa -- is serving as collateral in a complex transaction to provide funds to SunVest Communities USA LLC.

Canyon Capital Realty Advisors funded the $35 million loan to refinance and acquire debt collateralized by the properties, according to a release. SunVest, a real estate development company headquartered in Hallandale, bought the properties in 2005 and 2006, then renovated and converted the units from apartments to condominiums. Since completing the condo conversions, SunVest has sold more than half of the portfolio units and the rest are offered for sale and for lease, the release said.

The property package includes 2,100 multi-family units in 12 condo conversion developments in Florida, Arizona and Nevada, the release said. Other Florida properties are in Orlando, Coral Springs and Miami.

Canyon Capital and its affiliate Canyon Capital Advisor LLC are a registered investment advisers and money management firms based in Beverly Hills, Calif.

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source: bizjournals.com