Allison Landa
Economy Watch: Retail Shocker, or Mere Bump?
Retail sales are a closely watched measure of the U.S. economy, and considering all the hand-wringing on Friday after the U.S. Department of Commerce posted a disappointing 1.2 percent drop month-over-month in retail sales figures, maybe too closely watched.
Tishman Speyer Dodges Foreclosure Bullet with $700M Recap of Metro D.C. Office Portfolio
New York-based Tishman Speyer has recapitalized a 28-property Washington, D.C.-area office portfolio, owned in a partnership that includes Montréal-headquartered SITQ, to the tune of $700 million. The move was made in a nick of time, as foreclosure had been in the cards.
Aloft Hotel in Arizona Awarded LEED Certification
The Aloft Hotel in Tempe, Az., has become Starwood Hotels & Resorts’ seventh LEED-certified property. It is the first certified property amongst the 40-hotel Aloft brand.
Omega Buys 63 Long-Term Care Facilities with $293M Price Tag
The 63 facilities comprise 6,607 available beds in 19 states and are part of 30 in-place triple-net leases among 18 operators. The leases generate about $34 million in annualized revenue.
Ground Broken on $85M Film Studio in Suburban Philly
The 130,000-square-foot film and television production facility in Chester Township, Pa., will create 390 permanent jobs by its third year of operation and will serve as a new tourist destination as well.
REIT Week 2010: Neithercut Sees Good Times Ahead, and Not Just for Equity
David Neithercut, president and CEO of Equity Residential, speaking during REITWeek 2010 during a general session and also during smaller presentation by his company, expressed surprise not that the apartment sector is experiencing a recovery, but that it started so soon.
REIT Week 2010: Some Sectors Still Waiting for Recovery
If there were any overarching theme to Thursday’s REIT Week 2010 general session, “Magnificent Milestones–A Look Ahead,” it was this: some property types are fully in recovery, while others are still waiting for it, at least among REITs that specialize in one or another of the food groups.
1,000-Room Lodging Project at Fort Lee in Virginia Moves Forward with Selection of Builder
The military branch’s Morale, Welfare and Recreation Command has tapped The Korte Company to spearhead design-build responsibilities for a $120 million temporary lodging facility at Fort Lee, about 30 miles south of Richmond, Va.
Skanska Nabs $73M Hospital Expansion Contract
The project calls for Skanska to build a three-story healthcare facility encompassing approximately 72,000 square feet. Construction of the building, which will meet LEED certification standards, will commence this summer and wrap up by the close of 2012.