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BioBusiness Park at Elk Run Progress Continues With Support from City, State

By Press Release
January 27, 2009

Development Bolstered By $1.2 Million Dollar Grant for Onsite Infrastructure
 
Pine Island, Minn. - (January 27, 2009) - Tower Investments, LLC, owner and developer of the Elk Run master planned community and BioBusiness Park at Elk Run, today announced plans for the installation of onsite infrastructure funded in part by a $1.2 million state-sponsored grant.  Total project cost for this phase is expected to be $2.5 million.
 
The Bioscience Business Development Public Infrastructure Program grant, awarded to the City of Pine Island by the Minnesota Department of Employment and Economic Development (DEED), will provide the necessary resources to complete improvements at the site of the BioBusiness Park.
 
"This grant signals the next major step in bringing the BioBusiness Park at Elk Run from concept to reality, as we will now establish the physical foundation for this innovative bioscience development," said Geoff Griffin, Elk Run project manager for Tower Investments, LLC. "We credit the City of Pine Island with securing this important grant.  Mayor Perry and his administration have been staunch advocates for biobusiness development, and we applaud both the City and the State for recognizing Elk Run's profound potential to create jobs and encourage further economic growth throughout the region and state of Minnesota."

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Nashville: Movie City? Film studio complex proposed


Jae S. Lee/The Tennessean
By Ryan Underwood, Assistant Business Editor - The Tennessean
August 25, 2008

It's one of the ideas pitched to redevelop the Tennessee State Fairgrounds
 
Picture this: a film studio complex and public entertainment venue in Nashville that would capture the look and feel of Universal Studios Hollywood, only without the rides and with a project pipeline loaded with films targeted at heartland audiences.
 
That's the pitch being made to redevelop the Tennessee State Fairgrounds by Woodland, Calif.-based Tower Investments and Nashville's 821 Entertainment, whose projects include a forthcoming film about the life of the Rev. Billy Graham, as well as a biopic on music legend Hank Williams.
 
But whether that studio concept turns out to be one of the four ideas selected by the fair board to revamp the 117-acre site doesn't seem ultimately to matter to Tower Investments Senior Vice President Alex Marks and 821 co-founder Eric Geadelmann.

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Tower Investments Funds First Phase of Elk Run Infrastructure

By Press Release
July 16, 2008

Developer Funds Over a Million Dollars in Offsite Improvements to Bring Utilities to Site, A Landmark Step for Biotechnology Center at Elk Run
 
Pine Island, Minn. - (July 16, 2008) - Tower Investments, LLC today announced that it has funded $1.16 million to offsite improvements for Phase I development of the 2,325-acre Elk Run master planned community.  The infrastructure, which includes bringing sewer and water to the site, will cost a total $1.76 million.  The Minnesota Department of Employment and Economic Development (DEED) will contribute $600,000.
 
"The realization of this important milestone is a credit to officials at the local and state levels," said Alex Marks, senior vice president of Tower Investments, LLC.  "This has been many years in the making, and we are thrilled that the collaboration has created such great results.  Tower remains dedicated to Elk Run and to creating jobs through the continued development of bioscience industry in the state."

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Tower Investments Unveils Plans For Biotechnology Center at Elk Run Facility

By Press Release
June 18, 2008

Nonprofit Development and Manufacturing Center Includes 40,000 SF of Available Space for Research Institutions and Start-ups
 
Pine Island, Minn. - (June 18, 2008) - Tower Investments, LLC announced today at the Bio2008 International Convention in San Diego, Calif., plans for the Biotechnology Center at Elk Run (BCER) research, development and manufacturing facility. The center is a nonprofit organization committed to the development of biotechnology firms, technologies and services. Its first home - part of the 200-acre BioBusiness Park at Elk Run - is the first building slated for construction as part of the 2,325-acre master planned Elk Run development.
 
Slated to break ground in the fourth quarter of 2008, the 40,000-square-foot facility will be built-to-suit for institutions and start-up firms and will feature:
  • Efficient management to ensure low costs
  • An executive suite concept for development, quality and regulatory services
  • 20 ISO class production clean rooms
  • Support for cell/protein/tissue therapeutic platforms

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Guilford Mills site to get new life as retail


The former Guilford Mills plant off Hornady Road (credit: News & Record file)
By Lanita Withers - Greensboro News Record
March 4, 2008

GREENSBORO - It used to be a bustling textile mill until it fell on hard times.
 
Now, newly announced plans for the former Guilford Mills site will turn it into a place where customers could go buy the latest threads.
 
California-based Tower Investments has bought the vacant mill property off Hornaday Road in western Greensboro and plans to eventually raze the building and use the land for a retail development.
 
"With great visibility from the freeway and the neighboring presence of a healthy retail sector just off Wendover Avenue, this site is ideal for a well-planned retail development," said Matt Marks, a senior vice president for the real estate investment company.
 
Tower bought the property - which is close to Business 40, Interstate 40 and the new I-840 Urban Loop - for about $4.6 million, according to tax records.
 
Marks said it was too soon to know exactly what kind of retail will go on the site.

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Tower Investments Plans Greensboro Shopping Destination

By Press Release
March 3, 2008

California-Based Development Company Sees Retail Potential in Former Site of Guilford Products
 
GREENSBORO, N.C. - Tower Investments, LLC, a national real estate investment and development firm, announced today that it has purchased the 30-acre former home of the Guilford Mills plant off Hornaday Rd. in Greensboro, N.C., and plans to soon convert the property into a Triad shopping hot-spot.
 
Citing the prime location - fronting I-40 to the north and the recently completed the new 840 loop to the west - Tower Senior Vice President Matt Marks said the firm intends to eventually level the current structure, vacant since 2005, to make way for the new development. Marks said the 300,000-sq.-ft. industrial building is up for lease until Tower secures an anchor retail tenant for the new shopping development.
 
"Investing in underutilized or past-their-prime industrial properties and breathing new life into them is a Tower trademark," Marks said. "We take a specialized approach to each project, whether it involves converting a single tenant building for multi use, upgrading overall improvements or just redeveloping the site for enhanced use.  Local professionals play an important role in all of our projects and are involved from the outset for everything from brokerage and engineering to legal and architecture."
 
Don Moss, CCIM, broker with Hart Corporation represented Tower Investments in the sale and Tom Townes, CCIM, SIOR, managing partner of Triad Commercial Properties, represented the seller. First Bank of Illinois, a Chicago-based national real estate lender, handled financing.

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Tower Investments buys former Guide HQ in Pendleton


By Carlin K. Cook
February 7, 2008

Remy International Signs 64,654-SF Lease at Office Complex
 
Tower Investments purchased the former Guide headquarters at 600 Corporation Drive in Pendleton, IN, for $5.9 million, or about $49 per square foot. Days later the new owner gained its first tenant, Remy International Inc.

Remy International, which emerged from Chapter 11 protection just 12 days prior to its deal, leased 64,654 square feet. The lease went into effect on January 1 and will last for 10 years and four months. It is estimated that the tenant will pay nearly $5.08 million in rent over the duration of the lease.

The Madison Trace Business Park property at 600 Corporation Drive is a 120,000-square-foot office building.

Remy International Inc. is a designer, manufacturer, remanufacturer and distributor of electrical, powertrain/drivetrain and other related products. General Motors Corp. originally formed it in 1994 as a partial divestiture. Since then it has grown to become a $1.4 billion company that manufactures worldwide.

Zane Brown of CB Richard Ellis in Indianapolis represented Remy International. Kurt Mathewson and Tom Willey of Coldwell Banker Commercial Realty Services represented Tower Pendleton LLC.

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County to get closer look at proposed McCord Square

By Derek R. Smith - Greenfield Daily Reporter
February 6, 2008

Michael Dale likes what he's seen so far of McCord Square, the mixed-use development expected to redefine McCordsville.
 
"It's a well-thought-out proposal that has already received some preliminary nods from the town of McCordsville," said Dale, executive director of Hancock County Area Plan Commission.  "We've gone through this proposal with a fine toothed comb and think it's a good proposal."
 
Preliminary plans for McCord Square call for 538,000 square feet of civic, retail and commercial office buildings on an 80-acre site.  The project will include a town square area and a merchant's square area.
 
McCord Square's concept is similar to that of Clay Terrace in Carmel, where people can park their vehicles and walk around.
 
Kurt Mathewson, a broker for developer Tower Investments, expects McCord Square to be a $40 million project.
 
"We definitely look at it as a plus for the whole area in general, the town and the county," said Mathewson, senior vice president at Coldwell Banker Commercial Realty Services in Indianapolis.
 
At the end of this month, Tower will take preliminary plans for McCord Square to county zoning officials.
 
Tower will request a rezoning from r1.0 and Commercial Neighborhood to Commercial Regional at the county plan commission's meeting at 7 p.m. Feb. 26 in the courthouse annex.

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Binswanger Negotiates Major Sale to Tower Investments; Relists Dyersburg, Tennessee Property

By Atlanta - Business Wire
January 31, 2008

Representing both the seller, Bekaert Corporation, and the buyer, Tower Investments, Binswanger is pleased to announce the sale of a 639,000 sq. ft., one-story building on 63 acres located at One Bekaert Road in Dyersburg, Tennessee.
 
Tower Investments of Woodland, California is a real estate investment and development company specializing in adaptive reuse development, planning and design, construction management, leasing and property management.
 
After purchasing the property, Tower Investments relisted the facility with Binswanger for sale or lease.
 
"From an adaptive reuse perspective, this property is a gem due to its prime location and solid infrastructure," said David Marks, Senior Vice President of Tower Investments, who negotiated the deal on Tower's behalf. "The more we researched the facility and the area, the clearer the decision became."

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Rural McCordsville now a blooming burg - Retail-office project poised to unleash surge in growth

By Jeff Swiatek - The Indianapolis Star
January 16, 2008

An old farm house rots away at the main intersection in town, council members meet in a trailer and dining choices come down to Joe's Grille and the Wagon Wheel Eatery.
 
Not the description you would expect for one of the Indianapolis area's growth hot spots: the crossroads town of McCordsville, long seen as too rural and distant for developers to bother with.
 
Not so now.
 
"I wonder on a daily basis what's going on around us," said Jenny Adams, waitress-turned-owner of the Wagon Wheel. "We try to keep up (on new projects) with construction workers who come in here."
 
Suburban sprawl not only is lapping up against McCordsville's farmland, but turning it into tract subdivisions, three newly opened retail centers, a coming Meijer department store, and one of the largest mixed-use developments ever planned in Hancock County.

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