Allison Landa
BRE Properties Buys a Little, Sells a Little in California in Three Deals Totaling $209.6M
In the largest of the three transactions, BRE snapped up the 500-unit Aqua Marina del Rey in Marina del Rey for $166 million, a figure well below replacement cost.
Hoffman Spreads its Wings Northward
Hoffman has hired land acquisition specialist David Capel and partner Cameron Fowler to manage residential land deals in Sacramento, the San Francisco Bay Area, the Central Valley and along the Central Coast.
Merritt Properties Closes 36-Acre Land Purchase for Office Park Near Baltimore-Area Army Base
Preparing to answer growing demand induced by the federal government’s Base Realignment and Closure process, Merritt Properties wraps up the acquisition of a nearly 36-acre site for the development of a 265,900-square-foot office park in Aberdeen, Maryland.
Economy Watch: Construction Activity Lowest in Decade
Construction spending dropped in July to an annualized rate of $805.2 billion, a 1 percent decrease from the month before, according to the U.S. Census Bureau on Wednesday.
Century 21 Department Store Takes 61,000 SF in Old Barnes & Noble Location
Century 21 plans to take possession of the space, which is across from Lincoln Center, in February 2011.
Glimcher, Blackstone Partner on $245M Purchase of Hawaii’s Second Largest Mall
Pearlridge Center, a 1.2 million-square-foot mall in Honolulu, Hawaii, is on the verge of coming under new ownership.
Ground Broken on $200M National Cancer Institute Project in Suburban Washington, D.C.
Construction kicked off on Sept. 1.
Economy Watch: Good Housing News for a Change
The much-anticipated S&P/Case-Shiller home price index for June was released on Tuesday, indicating that prices for single-family homes in 20 major U.S. metro areas rose 4.2 percent from June 2009.
When You’re Stumped, Ask Glen
By Bob Bach, Grubb & Ellis:
This last week before Labor Day, I have come down with a bad case of writer’s block. For inspiration, I turn to my friend and colleague, Glen Esnard, president of the capital markets group at Grubb & Ellis. About six weeks ago, when I last caught up with Glen, there was great concern in the equity and bond markets that the economy could be headed for a double-dip recession, and Glen wondered aloud whether commercial real estate investors might pull back as a consequence. But neither scenario has transpired, at least not yet.