Allison Landa
Economy Watch: Spending, Sales, Optimism
Incomes were up in January, mainly because of the cut in Social Security taxes approved in December, but consumer spending didn’t quite match, according to the U.S. Department of Commerce. Incomes were up 1 percent, the largest increase in about two years, while consumer spending inched up only 0.2 percent.
Water Levels Delay $347M Casino
Pinnacle Entertainment Inc. was on schedule to complete development of the Baton Rouge, La., project, but low Mississippi River water levels have forced the company to push back the gaming property’s debut to the first quarter of 2012.
Economy Watch: GDP Estimate Pared Down
U.S. GDP wasn’t quite as robust in the fourth quarter of 2010 as the U.S. Department of Commerce had previously estimated. Growth was recalibrated by the Bureau of Economic Analysis to an annualized rate of 2.8 percent, down from an earlier estimate of 3.2 percent.
National Association of Realtors Forecasts More Stabilization in CRE
The organization’s latest report anticipates increasing improvement across the board for the national commercial real estate market.
CPE Radio: Dees Stribling’s Economy Watch Weekly
Economy Watch reporter Dees Stribling offers insights into the top economic news of the week ending Feb. 25 and what to watch out for in the coming week.
New Denver Office Building Trades for $213M
The 500,000-square-foot office building at 1800 Larimer St. comes under new ownership just nine months after developer Westfield Co. Inc. put the finishing touches on the technologically advanced tower.
Pebblebrook Buys Argonaut Hotel for $84M
The REIT recently acquired the Argonaut Hotel, a 252-room upper-upscale property in San Francisco, from Maritime Hotel Associates L.P.
CoStar Turns Profit on D.C. Headquarters
Exactly one year after acquiring a 169,500-square-foot office building in a $41 million deal, CoStar Group Inc. closed the disposition of the property in a $101 million sale-leaseback transaction with GLL L-Street 1331 L.L.C., an affiliate of GLL Real Estate Partners GmbH. CoStar walks away from the transaction with all cash in its pocket.
New Owner for 1.1-MSF Distribution Center
A bevy of investors was hoping to acquire the fully leased property at the Rockefeller Group Foreign Trade Zone/Charleston in Charleston, S.C., but USAA Real Estate Co.’s U.S. Industrial REIT III emerged victorious.
Studley Expands with Acquisition of Gravitas Real Estate Resources
Studley executive vice president Thomas Bogle told CPE that several existing clients wanted the firm to meet a broader array of their needs. Gravitas provides experience in lease administration as well as a background in technology and process consulting.