DAILY READS: Feb. 27, 2022

Wells Fargo leads $973 million financing. New tower for sale in Chicago. Can this method really save construction costs? Here's a batch of other critical content for you to read, listen to or watch.

Wells Fargo Leading $973M Construction Loan for St. John’s Terminal

“The highly sought-after mandate isn’t surprising; St. John’s Terminal is one of New York City’s most buzzed about redevelopments and the 1.3-million-square-foot project boasts Google as its sole tenant.  As one lender source said last month: ‘If you can compete on this deal, you’ll compete.’”  Read more
Commercial Observer

Riverfront Skyscraper Owners Look to Cash Out

A joint venture of Riverside Investment & Development and Wanxiang America Real Estate has hired real estate services firm Jones Lang LaSalle to help market the 1.2 million-square-foot tower at 150 N. Riverside Plaza to prospective investors, according to industry newsletter Real Estate Alert. The owners, which have nearly filled the glassy tower with tenants including major investment, consulting and law firms, aim to sell a 49 percent interest in the building, the report said. But they are also open to selling the whole property. Read more
Crain’s Chicago

Truck Parking Could Be the Next Real Estate to Benefit From E-Commerce Boom

“According to the American Trucking Associations, there are 36 million commercial trucks on the road. And they all need somewhere to park.  Demand has only been increasing with e-commerce booming, plus “hours of service” rules that force drivers to take breaks, enforced by technology that logs drivers’ routes.” Read more

New Loans Lined Up for Area Medical Office Buildings

“The owners of two recently built medical office buildings in Sugar Land and the Museum District have refinanced the properties.  American Commercial Contractors obtained a $16.1 million loan to refinance Sugar Land Physicians Center, a 56,063-square-foot medical office building at 7616 Branford Place in Sugar Land.”  Read more
Houston Chronicle

Inside the Strategies to Control Construction Costs

“The design-build construction model—a collaborative development strategy—has rapidly grown in popularity as a way to control rising construction costs. Within the design-build model, there are several strategies to reduce costs that can accumulate throughout the construction cycle.” Read more