Business Specialties
Sears' Store Sales, Rights Offering 'A Brilliant Move'
In the wake of the announcement that Sears would be selling 11 stores to General Growth Properties and spinning off two of its brands, industry sources called the actions “a brilliant move.”
NAR: Commercial Vacancy Rates Improving, Rents Firming
In its quarterly Commercial Real Estate Market survey, the National Association of Realtors predicts a widespread fall in vacancy rates for nearly all property types, with multi-family continuing to lead the way.
OneRoof Energy Brings 100 New Green Jobs to San Diego; LaSalle Investment Management Expands Portfolio
By Gabriel Circiog, Associate Editor Mayor Jerry Sanders, CleanTECH San Diego and OneRoof Energy have announced the creation of over 100 new green jobs. OneRoof Energy is the first U.S. residential solar company working directly with roofers to sell and install its solar systems. Last year, the company received $50 million in financing to create […]
Midway, Pension Fund JV on 119 KSF Houston Office-Building Purchase
Midway Cos. and its joint venture partner, a pension fund client advised by L&B Realty Advisors, have sold part of the office segment of their 1.8 million-square-foot City Centre mixed-use development in Houston.
FedEx to Build $142 Million Flight Facility; Memphis Multifamily Properties to Be Auctioned Online
By Eliza Theiss, Associate Editor FedEx Express, a unit of Memphis-based FedEx Corp., plans to build a $141.9 million flight-training facility adjacent to the existing Airways Boulevard location, reports The Memphis Daily News. The company currrently leases several flight-training facilities scattered throughout Shelby County. The new Air Operation Training Center would consolidate all flight-training into […]
Pivotal Group Acquires 21-Property, 3,200-Unit Texas Apartment Portfolio
Pivotal Group, in a joint venture partnership with an institutional investor, just completed the purchase of a 21-property portfolio of Class B apartment communities from TRA Midland Properties in an off-market transaction.
Marcus & Millichap Hired as Consultant on $1B Kelly Park Project in Florida
Marcus & Millichap Real Estate Investment Services Inc. will be playing key roles as a broker and consultant on a $1 billion, 9.2 million-square-foot development in Apopka, Fla., that is expected to include a regional mall, offices, a college campus, hospital, housing and a merchandise mart.
Silverstone, RWN Purchase Manhattan Multi-Family Building for $53M, Plan Repositioning
Silverstone Property Group and equity partner RWN Real Estate Partners have acquired a 109,000-square-foot, mixed-use residential tower in the Murray Hill submarket of Manhattan for $53 million.
Prism to Manage 12-Property Hotel Portfolio Across Three States
Prism Hotels & Resorts’ management responsibilities have just expanded by 1,877 guestrooms, now that the company has taken on an assignment from a New York-based REIT to oversee a group of 12 full-service hotels in Pennsylvania, Maryland and North Carolina.
Economy Watch: Sears to Raise Cash With RE Sales
Sears intends to sell some of its real estate holdings, including an expected 11 stores to General Growth Properties for as much as $270 million. Unemployment claims continue to move in the right direction. And Europe is going to face an economic contraction in 2012.