Allison Landa
ProLogis, AMB Downgraded After Merger Announcement
Fitch Ratings placed ProLogis on Rating Watch Positive, while AMB Property Corp. was placed on Rating Watch Negative. RBC Capital Markets also downgraded ProLogis from “outperform” to sector perform”.
CRE Exposure to A.J. Wright Discount Stores
The TJX Cos. plans to consolidate its A.J. Wright division by converting 91 stores into one of its other brands and closing the remaining 71. In line with the consolidation, the company said it will cut about 4,400 jobs.
ProLogis, AMB Merger Official
The two industrial powerhouses have agreed to join forces in a merger that is expected to have a pro forma equity market capitalization of $14 billion, a total market capitalization in excess of $24 billion and gross assets owned and managed of $46 billion. The transaction is slated to close in the second quarter of this year.
Economy Watch: Consumers Spending Again
U.S. consumers have been itching to spend, and in December they seemed to be out scratching that itch. According to the U.S. Department of Commerce, spending among consumers rose a seasonally adjusted 0.7 percent during the last month of 2010. That compares with an increase in November of 0.3 percent.
J.H. Snyder Partners with Washington Capital
The Vermont is a $150 million transit-oriented apartment project that will sprout up in the densely populated Mid-Wilshire district of Los Angeles.
NAHB Chief Economist David Crowe Discusses Job Growth
Multi-Housing News TV interviews David Crowe, chief economist of the National Association of Home Builders, at the International Builders’ Show 2011.
MRA Completes $112.5M Multi-Family Sale
The Highlands at Plaza Square is a 415-unit Class A property located in downtown New Brunswick, N.J. It was purchased by Highlands Urban Renewal L.L.C., which is controlled by Manulife Financial Corp.
Economy Watch: GDP Growth Shows Strength
U.S. gross domestic product came in at an annualized growth rate of 3.2 percent for the fourth quarter of 2010, according to the Bureau of Labor Analysis’ advance estimate. That’s a little more than the historic norm for the last 30 years (3.05 percent growth per year), but not as much as expected nor as much as desired after a recession.
JLL Hires Data Center Expert Warner
Jason Warner will be responsible for expanding the mission critical solutions department throughout the West Coast along with coordinating with the firm’s corporate solutions group and its corporate clients’ technical real estate needs.
CPE Radio: Dees Stribling’s Economy Watch Weekly
Economy Watch reporter Dees Stribling offers insights into the top economic news of the week ending Jan. 28 and what to watch out for in the coming week.