Junior boxes get a look, senior partners work out a merger, and a record price per unit sale. It’s all here at the Commercial Real Estate national news Roundup for May 18. 2015
- Foreign money is pouring into U.S. real estate, and it’s not just houses Bloomberg, May 13, 2015 – We’re back! Demand for warehouses to skyscrapers caused real estate deals to surge $129 billion during Q1 of this year triggering the most active start since 2007.
- Real estate firm DTZ buying Cushman & Wakefield for $2.04B, ABC News, May 11, 2015 – Chicago-based DTZ reported to buy New York- based Cushman & Wakefield by the end of 2015. Combined company will be called Cushman & Wakefield with $5.5 billion in annual revenue and 4 billion square feet of real estate.
- Dominion to raze downtown building, Richmond Biz Sense, May 13, 2015 – Historic 1922 block-long Richmond Plaza will be demolished within the year to make way for a significant mixed-use development.
- Here’s how high the interest is in the Fisher, Kahn buildings auction, Crain’s Detroit Business, May 13, 2015 – Detroit poised for comeback? 200 interested parties step forward for the Fisher Building, Albert Kahn Building. Could go for $27.5 million at auction next month.
- Buyer to pay $17.6 million for Hartford’s Goodwin Square, CT Now, May 13, 2015 – Three day auction garners a high bid of $17.6 million for Hartford’s Goodwin Square, calling future into question for this long-closed hotel.
- Valley industrial real estate market on the upswing, Fresno Bee, May 13, 2015 – U.S. Industrial market bullish as vacancies drop to 10 year low of 7 percent. Boom is partially due to foreign investors who see U.S. as a safe and stable environment compared to their own countries.
- 27-property industrial portfolio changes hands, Commercial Property Executive, May 13, 2015 – Investor appetite for industrial properties in the Dallas-Fort Worth area holding strong as Dallas-based Crow Holdings buys 27 building portfolio located in DFW and Houston.
- Zilber buys LakeView industrial buildings in $10.4M investment, Milwaukee Business Journal, May 13, 2015 – Zilber Properties continues to make a play for control of the I-94 corridor between Milwaukee and Chicago with purchase of LakeView industrial buildings for $10.4M.
- Retail development gains momentum, National Real Estate Investor, May 14, 2015 – New retail construction almost at peak levels last seen in 2005 where it topped out at 25.5 million square feet.
- Rhode Island Mall to be sold to Baltimore company, Providence Business News, May 12, 2015 – Plan moves forward to gut Rhode Island Mall’s 160,000 square foot interior and renovate space into two levels for up to six “junior box” retailers.
- Adjacent Brooklyn buildings net record sales price, MHN Online, May 13, 2015 – Record price per unit sale marks the potential for lease-up growth in a highly desirable pre-WWII apartment complex in Brooklyn.
- Fannie and Freddie hit the brakes on multifamily lending, National Real Estate Investor, May 13, 2015 – 2015 will be the year Fannie Mae and Freddie Mac could hit their 30 billion dollar caps for market rate multi-family lending early by both lending 10 Billion plus in Q1.
- Investors pivot to multifamily as distressed housing inventory dries up, Construction Dive, May 13, 2015 – Recovering housing market pushes 21 percent of investors to buy distressed multifamily properties up from 14 percent in 2013.