Business Specialties
Fountain Investments Buys 1.3M Acres of Nevada Land for $31M
In one of the largest land sales in U.S. history, Florida-based Fountain Investments has purchased 1.28 million acres of land and mineral rights in Nevada, giving it a parcel by acreage larger than the state of Rhode Island.
Macerich Nabs $230M Loan for Arrowhead Towne Center in Arizona
The Macerich has completed a substantial financing deal with Prudential Mortgage Capital, getting a $230 million loan secured by the 1.2 million-square-foot Arrowhead Towne Center in Glendale, Ariz.
GE Capital Launches $535M Investment in European Office Properties
Despite the European markets being as unsteady as — if not more unsteady than — domestic markets, GE Capital Real Estate is making a big bet on quality office assets in England, France and Germany with $535 million (400 million euro) secured from third-party sources.
Miami-Based Investment Firm Grabs 30-Story Chicago Multi-Family Tower
CH South Michigan Apartments, a vehicle of Miami-based Crescent Heights, purchased Chicago’s 1212 S. Michigan Ave., picking up the 30-story, 344-unit tower for approximately $60 million.
StonebridgeCarras, Northwestern Mutual JV for $200M Mixed-Use Development
StonebridgeCarras and PN Hoffman’s massive $200 million mixed-use project in Bethesda, Md., has gotten a big financial boost with the partners’ formation of a joint venture with Northwestern Mutual.
Economy Watch: Moderate Cheer about Europe – for the Moment
The latest idea to stave off Europe’s woes is the creation of a permanent European Stability Mechanism. U.S. purchasing and supply managers have reason to be optimistic. And Nevada and California are pooling resources to investigate robo-signing shenanigans.
Ad Agency Y&R Signs 340 KSF Lease, Acquisition Deal at 3 Columbus Circle in NYC
Young & Rubicam has staked a claim to nearly one-half of 3 Columbus Circle, a 765,600-square-foot office tower at 1775 Broadway in Manhattan.
Prudential Provides $160M in Financing for Prologis' Mexican Industrial Portfolio
Prudential has provided co-investment venture managed by Prologis with $160 million in funds for the refinancing of an industrial portfolio in Mexico City and Guadalajara.
Breaking News: Kennedy Wilson, Partners Acquire $1.8B U.K. Loan Portfolio
In what Ernst & Young research has found to be the largest European real estate transaction in the current cycle, Kennedy Wilson and its institutional partners have just completed the second phase of a $1.8 billion portfolio acquisition.
Analysis: Battle for Archstone Already Heating Up
Even as the bankruptcy estate of Lehman Brothers heads into court with its payout plan, it reportedly is in discussions with potential partners, trying to raise money for a counterbid to the offer yesterday from Sam Zell’s Equity Residential to buy more than a one-quarter interest in Archstone.