Nicholas Ziegler
Amid Changes, Furloughs at Grubb, Healthcare REIT Picks up $112M Portfolio
Amid the process of furloughing a small percentage of its workforce, Grubb & Ellis is still seeing one of its vehicles — Grubb & Ellis Healthcare REIT II — purchase an eight-property medical-office portfolio for $112 million.
Private Players to Fund $1B Solar-Energy Initiative for Military Housing
SolarCity and Bank of America Merrill Lynch have agreed on financing terms for SolarStrong, SolarCity’s plan to build more than $1 billion in solar power projects for privatized U.S. military housing communities across the country over the next five years.
$51.5M Bronx Multi-Family Purchase Leads to Green Redevelopment
Global One Real Estate Fund, in conjunction with the New York Affordable Housing Preservation Fund, a joint venture between L+M Development Partners and Citibank, has bought Lafayette Boynton from AREA Property Partners for $51.5 million.
Economy Watch: Central-Bank Action Cheers Investors
The major-league central banks of the world cut the price of borrowing dollars to forestall a liquidity crisis. The Beige Book found a few spots of growth in an otherwise tepid economy. And ADP said the U.S. economy added 206,000 jobs in November.
W.P. Carey REIT Affiliate Pays $163M for Self-Storage Portfolio
Corporate Property Associates 17-Global Inc., a non-traded REIT affiliate of W.P. Carey & Co., has spent $163.4 million on a 42-property portfolio of self-storage facilities located in California, Illinois and Hawaii.
Suffolk Breaks Ground on $220M Boston Residential Tower
Suffolk Construction has been busy in Boston, breaking ground on the $220 million, 390,000-square-foot Millennium Place III residential tower in Downtown — its second groundbreaking project in two weeks.
A $76M Sale, a Possible Revival for D.C.’s Watergate
Penzance has just purchased its own slice of American history for the price of $76 million, picking up one of the two office towers in the iconic Washington, D.C.-based Watergate complex.
Economy Watch: Consumers More Confident, Home Prices Stuck in Neutral
U.S. consumer confidence saw an unexpected bounce back toward the positive in November, but home prices didn’t move much during the third quarter. And investors are feeling more optimistic these days, according to the State Street Confidence Index.
Hartz Mountain Purchases Jersey City’s 99 Hudson Site for $35M
Hartz Mountain Industries has snapped up the one-acre parcel at 99 Hudson in Jersey City in a transaction valued at $35 million.