Allison Landa
Pebblebrook Picks Up Two Pacific Coast Hotels for $161.2M
In a matter of just two days, Pebblebrook Hotel Trust has plumped up its portfolio with two upper-upscale hotels encompassing a combined 639 guestrooms. In separate all-cash deals, the REIT shelled out $110 million for the Westin Gaslamp Quarter in San Diego and $51.2 million for the Hotel Monaco Seattle.
Dees Stribling’s Economy Watch Weekly
Economy Watch reporter Dees Stribling offers insights into the top economic news of the week ending April 8 and what to watch out for in the coming week.
Panasonic Relocates, Expands in SoCal
In need of more elbow room, Panasonic Corporation of North America took an entire building within Anaheim, Calif.’s 2,300-acre Anaheim Canyon Business Center industrial park. The company signed a lease with the landlord, Panattoni Development Co., to make its new home in the 300,000 square-foot Anaheim Concourse Distribution Center.
Atlantic | Pacific Lands Florida Assignment
The property management firm will attempt to counter the troubles encountered by Las Olas Riverfront, a 244,667-square-foot retail and entertainment complex in Fort Lauderdale.
Economy Watch: Consumers Spend, Home Prices Sink
In a spot of good news for the economy, retail sales were in gear in March, according to data compiled by Thomson Reuters. That came as a surprise to many observers, who had predicted that a late Easter and rising gas prices would cause retail sales to contract last month.
Industrial Income Buys 1.3 MSF Industrial Asset
The Atlanta-area property, which was purchased for $33.8 million, marks the firm’s fourth acquisition this year.
Economy Watch: Shutdown, Foreclosure Changes
With the clock still ticking on the end-of-the-week deadline for funding the federal government for a little longer, Congress continued to bicker about a few billion here and a few billion there. House Speaker John Boehner and Senate Majority Leader Harry Reid were reportedly at the White House for late-night talks with President Barack Obama.
CalPERS to Transfer Portfolio Management
It’s not a done deal yet, but the California Public Employees’ Retirement System recently announced plans to take management responsibilities for its $570 million CalSmart mixed-use real estate portfolio from RREEF and give it to Canyon Capital Realty Advisors L.L.C. The potential reallocation is part of the public pension fund’s ongoing real estate restructuring strategy.
CPE Blog: Howard Donovan on Winning Property Tax Disputes
Donovan, a partner in the Birmingham, Ala., law firm of Donovan Fingar L.L.C., ponders five factors to consider in ensuring a tax protest covers all the bases.
Trepp: Dramatic Drop in Bank Failures
CMBS and commercial mortgage information provider Trepp L.L.C. reported earlier this month that only three U.S. banks failed in March 2011. That is the slowest monthly pace since December 2008, which also saw three bank failures.