In property and other real estate related deals this morning, several large acquisitions with local and regional impact took place over the last several days. Michigan, California, Florida, Iowa, and other states are represented.
Here is are selected regional realty news stories for January 24th, 2013.
La-Z-Boy Incorporated just finalized the acquisition of a block of land interned for building a new World Headquarters for La-Z-Boy. The site, purchased from the Monroe-based Sisters of Monroe, Michigan, will see ground breaking in the Spring. Some 500 employees are expected to work at the new headquarters. The $50 million dollar project is scheduled for completion in late 2014 or early 2015.
Transaction leaders NetAuthority have just announced the grand opening of their new technology and product center in Freemont, California. Slated to meet the growing demand for NetAuthority R&D and product management, the new facility will also be for operational and technical support of their operations. NetAuthority is the leader in authentication of devices across financial, healthcare and other markets. The new facility is located at 39300 Civic Center Drive, Suite 180, in Fremont, California. The company headquarters will remain in downtown San Francisco.
Starwood Property Trust and Starwood Capital Group just announced an acquisition of LNR Property LLC ("LNR") for a total purchase price of $1.05 billion in cash. Founded in 1969, LNL is a diversified real estate investment and management firm of 12 offices and 550 employees in the US and Europe. CEO Barry Sternlicht of Starwood offered this:
"We are delighted to announce this transformative and highly strategic acquisition that diversifies Starwood Property Trust's revenue sources, adds significant scale to our operating platform and dramatically expands our proprietary origination capabilities. We expect the combination of LNR's capabilities, Starwood Property Trust's superior access to capital, and both firms' underwriting expertise to result in a long-term and sustainable competitive advantage."
The agreement states Starwood Property Trust is to acquire certain LNR businesses for a sale price of $856 million. For more information on this deal, please read the original press release here.
Waypoint Homes, Inc. has just announced offering homes for rent in Tampa and For Lauderdale, Florida. A leader in the rapidly growing REO to rental sector, Waypoint works with local agents and contractors to rejuvenate and market homes for rent or sale. Thus far the company owns some 3,000 plus homes, mostly in California.
In sustainability news, the University of Iowa Green Energy Initiative got a Biomass Hurst Boiler installed as part of that institution's Oakdale Research Park campus in Coralville, Iowa. Hurst Boilers is now part of the initiative to have 40 percent of its energy needs met with renewable resources by the end of 2020. The installed boiler replaced the old natural gas boiler, which Hurst had to custom fit exclusively. Capable of combustion of hundreds of different fuel types, the Hurst units are state-of-the-art technology for a sustainable future. The video below tells a bit more about their operations, but interested readers may want to visit the company's website.
There's also more information available via the original press release via PRWeb.
Fortune 500 construction company EMCOR Group, Inc. has just announced their subsidiary, Shambaugh & Son, having received the contract to design and build a new manufacturing facility for Cayuga Milk Ingredients. The Auburn, New York project will be a 110,000 square foot complex will undoubtedly add new jobs and revenue flow for this part of New York.
RBF Consulting (RBF) was just selected by Escondido, California to do construction management on the $30 million dollar Kake Wohlford Dam project. The reservoir project in San Diego County consists of enlarging and already existing dam and other engineering there. The reservoir provides some 30% of the city's water. RBF is a Company of Michael Baker Corporation, that provides engineering, design, and planning services worldwide.