It’s like a condo for your cars. Garages of America plans to build a $30 million luxury storage facility in the Dallas-Fort Worth suburb of Carrollton.

The Dallas-based firm has built nine locations for its concept, all in Texas, and has two others under construction, according to its website. It offers ownership of climate-controlled garages, which buyers can finish out themselves. This 124,000-square-foot project works out to almost $242 per square foot and is adjacent to another Garages of America building at 2323 Tarpley Road. Construction is expected to be completed in the first quarter of next year, according to a filing with the Texas Department of Licensing and Regulation.

A California investor went big with its latest industrial acquisition in North Texas. Westcore Realty bought the Railhead Business Station, which spans 520,000 square feet across four buildings in North Fort Worth, the Dallas Morning News reported. The buildings are part of the 366-acre Railhead Industrial Park. Stream Realty Partners brokered the transaction. This is only Westcore’s latest deal in Dallas-Fort Worth. The San Diego-based firm bought a 300,000-square-foot warehouse in Rockwall last month and the three-building, 485,000-square-foot North Quarter 35 in North Fort Worth earlier this year, the outlet said.

Scout Capital plans to invest almost $18 million to develop an 88,000-square-foot cold storage building in Lancaster, south of Dallas. That’s about $204 per square foot. The Florida-based firm expects to start construction in September and finish in May 2025, according to a TDLR filing.

A China-based supplier of electric vehicle parts has leased 55,000 square feet of industrial space in Fort Worth. Junchuang North America, a subsidiary of Suzhou Junchuang Auto Technologies, plans to employ about 120 people in the 46 Ranch Logistics Park, the Dallas Morning News reported. Jackson Shaw developed the complex after buying the land in 2020. 

A Japanese investor is backing Falcon Commercial Development’s latest project in southeast Fort Worth. Dallas-based Falcon plans to build the 240,000-square-foot Oak Creek Distribution Center at 4851 East Loop 820, the Dallas Morning News reported. Newmark helped the firm arrange a joint venture equity agreement with Diamond Realty Investments, the real estate arm of Mitsubishi Corporation. 

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Meanwhile, residents in that part of Fort Worth are fed up with industrial development in their neighborhood and have asked the Fort Worth City Council to take action. At the same Aug. 8 council meeting where neighbors from Echo Heights complained, city council voted unanimously to give Empire Holdings permission to start four new light industrial developments in the neighborhood, the Fort Worth Report reported.

Microsoft is investing almost half a billion dollars to build data centers in the San Antonio area. The tech giant has two projects in the works totaling $446 million, the San Antonio Report reported. Since 2015, Microsoft has invested about $1.2 billion building eight data centers in the region, the outlet said.

Carr Lane Manufacturing recently moved into a 50,000-square-foot building 17 miles from its previous location in Austin. The St. Louis-based parts manufacturer spent $12 million to build the facility in the Elgin Business Park on Roy Rivers Road.

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First deal in federal program helps fund $1.5 billion wind-energy transaction.

There’s been plenty of chatter around office-to-residential conversions in New York, but there are also questions about who is actually pulling it off.

The Real Deal looked into it and found several properties scheduled for the major overhauls. And an analysis of alteration permits filed between 2022-2023 revealed the five biggest office-to-residential projects. Here’s a closer look.

25 Water Street

After the March ribbon cutting for Harry Macklowe’s One Wall Street, 25 Water Street has taken the title for the country’s largest office-to-residential conversion with proposals to alter more than 900,000 square feet of the building’s 1.1 million total square footage. Formerly known as 4 New York Plaza, the 22-story office used to house the New York Daily News, American Media and J.P. Morgan Chase, all of which cleared out during the pandemic. Owners GFP Real Estate and Nathan Berman’s Metro Loft Management nabbed the historied property for $250 million in December with plans to add another 10 floors while gutting its insides to offer new courtyard spaces. The eventual 1,200 rentals will range from studios to four bedroom apartments, squeezing 50 market and luxury rate units per floor. Some of those homes will offer 10 foot ceilings as well as windowless home office spaces.

160 Water Street

Gensler is the architecture firm behind a 487,000-square-foot conversion in the Financial District. Five new floors will be added to the 24-story former office building, offering 586 rentals that will have access to a communal rooftop terrace, a gym, coworking and dining spaces, a bowling alley and a spa. The massive redesign and expansion is thanks to a $272.5 million loan from Brookfield Real Estate Financial Partners, which will also allow its developer Vanbarton Group to reskin the building’s facade. Doors are expected to open and welcome tenants beginning September 2024, according to its construction website.

55 Broad Street

Steps from the construction site of Lower Manhattan’s soon-to-be tallest residential tower at 45 Broad Street, Silverstein Properties and Metro Loft Management have planned to convert an office building at 55 Broad Street into 571 market-rate rental units. The pair paid $172.5 million to Rudin Management for the property in July 2023, allowing the former owner to retain a stake in the project. Permits filed in August and signed by Metro Loft list 49 Broad Street as the location for more than 400,000-square-feet in construction, adding six additional floors to the 30-story building. Amenities will include a private club, a gym, coworking spaces and a 45-foot-long rooftop pool with landscaped sundeck and grilling area. Construction is expected to start this month, according to the developers.

650 1st Avenue

Lalezarian Properties scooped up this eight story office building for $33.5 million on March 23, one day after the New York City Department of Buildings gave them the green light to bring housing to the Murray Hill property, according to records. Once complete, the building will include 23,000 square feet of commercial space and upwards of 116,000 square feet of housing, according to DOB filings.

330 West 42nd Street

In Midtown, Resolution Real Estate has big plans for a partial conversion to its McGraw-Hill Building at 330 West 42nd Street. The 33-story art deco tower, which was designated as a New York City landmark in 1979, will convert more than 560,000 square feet into 224 rental units, ranging from studios to two-bedrooms from its 12th to 32nd floors. But the dramatic, $100 million renovation won’t nix office contracts — corporate tenants will continue to rent space on the building’s lower floors. Previously, its owners had spent $40 million to remove non-historical windows to restore the space’s iconic appearance along one of the city’s major arteries.

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The post GFP, Metro Loft’s 25 Water Street leads the pack of NYC’s largest office-to-resi conversions appeared first on The Real Deal.

It takes a lot of time and determination, but the payoff from the IRS could be huge. Here’s how to do it.

The two men posed no threat and were handed over to the police, officials said.

Inflation fears have led to a sell-off in stocks and bonds in August as the markets fret the possibility of more interest-rate increases.

China wants to boost its sluggish economy and keep its currency stable, but that is proving a difficult juggling act.

The hackers had the blessing of the White House and leading A.I. companies, which want to learn about vulnerabilities before those with nefarious intentions do.

The market’s best guess at the real, after-inflation, cost of money is back within the range of what once counted as normal. America has put the era of low rates behind it. Can it cope?

The annual rate of inflation slowed but it may not be falling fast enough to convince the Bank of England to pause interest rate increases.