Nicholas Ziegler
Taubman Announces Construction of $315M, 880 KSF Mall in Sarasota
Taubman Centers, in conjunction with Benderson Development, will begin construction on the 880,000-square-foot Mall at University Town Center in Sarasota. The retail complex, which will cost an estimated $315 million, will feature Saks Fifth Avenue, Macy’s and Dillard’s among its approximately 115 stores.
Economy Watch: Case-Shiller Says Many Housing Markets Hit New Lows
The S&P/Case-Shiller indexes indicated that the housing market hasn’t found its bottom yet, with nine cities posting new lows as of February 2012. New-home sales were also down 7.1 percent in March. And consumer confidence declined slightly last month.
StonebridgeCarras, PN Hoffman, Northwestern Mutual Begin Construction on $200M Mixed-Use Project in Maryland
Four months after StonebridgeCarras and PN Hoffman formed a joint venture with Northwestern Mutual to develop a $200 million mixed-use property on the 3.3-acre parcel known as Lot 31 in Bethesda, Md., the site has kicked off construction.
Downtown NYC Hotel Site Sells for $28M; $70M Development Planned
A 6,160-square-foot development site at 133-135 Greenwich St. in Downtown Manhattan has been purchased by Hidrock Realty for $28 million, and the new owner plans to develop a 28-floor, 300-room hotel at the cost of $70 million.
GlenStar, USAA Spend $152M for Chicago Board of Trade
Two of the three buildings that comprise the Chicago Board of Trade complex at 141 W. Jackson have been sold to a joint venture of GlenStar Properties L.L.C. and USAA Real Estate Co. for approximately $151.5 million.
Normandy Real Estate Partners Buys 280 KSF Times Square South Asset
In the most recent development for the Times Square submarket of Midtown Manhattan, Normandy Real Estate Partners has acquired the 280,000-square-foot, 17-story office building at 1370 Broadway for a reported $125 million.
Economy Watch: Social Security Faces Shortfalls Sooner Than Expected
A new report from the Treasury shows that Social Security will run dry in 2033, three years sooner than 2011’s estimate. Home values, while not collapsing, are still on the decline. And, based on news from France, Spain and the Netherlands, investors are worried about Europe once again.
Arrow Operating Acquisitions Purchases 700 KSF Suburban Chicago Retail Asset
Arrow Operating Acquisitions has just purchased The Streets of Woodfield, a 700,000-square-foot shopping center in Schaumburg, Ill., and the company was able to secure a $100 million loan to seal the $118 million deal.