Meridian center in Charlotte’s University Research Park is taken back by Hartford Financial

Posted on July 31, 2009 by - Charlotte, In the News, Office

July 31, 2009
Charlotte Business Journal
The Meridian Corporate Center is officially out of receivership and under new ownership. The owner of the 1.9 million-square-foot University Research Park office complex handed the property over to its lender, The Hartford Financial Services Group Inc., earlier this month in lieu of foreclosure. The transaction was valued at $110 million…Although the litigation between Hartford and Cerberus continues, the Meridian Corporate Center likely becomes more marketable now that it’s out of receivership and has clear ownership, says Andrew Jenkins of Karnes Research Co. And given the current economy, it’s unlikely that Hartford would be able to find a buyer for the office park in the short term anyway, he says.
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Big construction in the Bull City

Posted on July 25, 2009 by - In the News, Office, Triangle

July 25, 2009
News and Observer
Plans for a massive mixed-use development are taking shape beyond the right field wall of the Durham Bulls Athletic Park.
Scientific Properties has won site plan approval for its Van Alen project, which would be downtown’s biggest new-construction project and could feature the city’s tallest building….Overall, the Triangle’s office vacancy rate hit a four-year high of 15.4 percent at the end of March. Downtown Durham’s office vacancy rate was 10.8 percent at the end of March, down from 16.1 percent a year earlier, Karnes Research data show. No other corner of the region filled offices as quickly.
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Riverwalk gets a boost in deal with Rock Hill council

Posted on July 17, 2009 by - Charlotte, In the News, Retail

July 17, 2009
Charlotte Business Journal
The developer of Riverwalk, a planned $600 million mix of businesses, homes and shops, has a new partner that could help get the stalled project near the Catawba River off the drawing board….Andrew Jenkins, managing partner of Karnes Research Co., a real estate consulting firm in Charlotte, says big projects such as Riverwalk are viable if financing can be found. The banks and big investors need some positive economic news to bring them back to the real estate development market. “So if (developers) are able to convince investors that their project is a long-term project with modest returns and a less risky investment to, say, the stock market, there should always be opportunity for larger projects in the future,” Jenkins says.
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