News alert: Owners of Perkins Rowe to acquire chilled water plant

The owners of Perkins Rowe have reached an agreement with developer Tommy Spinosa to acquire Central Facilities, the plant that provides chilled water for the air conditioning system at the mixed-use development. Terms of the deal were not disclosed, but the agreement resolves a months-long dispute over rates for chilled water between Spinosa and the Texas-based investment group, TGP Capital Partners, that bought the development out of foreclosure last year. TGP and its management team, Stirling Properties, had gone so far as to begin constructing their own chilled water plant on the site earlier this year, but halted construction when negotiations with Spinosa resumed. In a prepared statement, Perkins Rowe General Manager Bill Pietri says, “This is great news for our tenants, residents and customers. We’re looking forward to the future here at Perkins Rowe.” The agreement, which is expected to officially close later this month, ensures that air conditioning for all Perkins Rowe buildings will continue uninterrupted. Spinosa did not respond to a request for comment. —Stephanie Riegel