Business Specialties
Simon to Open First Premium Outlet Center in Canada
Simon Property Group Inc.’s Premium Outlets division is in growth mode, and the company has Canada in its sights. A letter of intent with Calloway Real Estate Investment Trust to develop a property in suburban Toronto paves the way for entrée into Canada.
Investors Ink Major Hotel Deals in L.A., Chicago
Deep-pocketed investors are returning to hotels as an investment vehicle, with two more big properties changing hands recently in major U.S. markets.
Forest City to Develop Mixed-Use in Dallas
Forest City Enterprises Inc. has big plans for the Dallas suburb of Frisco. The real estate company, acting through its Forest City Commercial Development subsidiary, has entered into a memorandum of understanding with the city and the Frisco Community Development Corp. to create Frisco North, a 320-acre mixed-use development that will sprout up in phases over an undetermined number of years.
Simon to Build First Premium Outlets in Arizona
Arizona’s very first Premium Outlets shopping center is in the works now that Simon Property Group Inc. has forged an agreement with the Gila River Indian Community’s Wild Horse Pass Development Authority. The REIT is building based on location, not demand, as the average vacancy rate in metro Phoenix is 12.4 percent.
Grubb & Ellis Healthcare REIT Grabs Medical Office Portfolio
Grubb & Ellis Healthcare REIT II Inc. added 10 medical office buildings spread out among eight properties to its portfolio with the acquisition of the Dixie-Lobo Medical Office Building Portfolio.
Economy Watch: Fewer Homes in Foreclosure, Housing Sales Drop, Leading Indicators Fall
U.S. mortgage foreclosures dropped during the first quarter of 2011 compared with the last quarter of 2010, while existing home sales declined 0.8 percent to an annualized rate of 5.05 million units in April and the Leading Economic Index also declined.
ULI Report: Office Developers Shy Away from Spec Developments
Office-development experts agreed that in-place assets are preferable to speculative development.
Lingerfelt Snaps Up Liberty Property Portfolio for $100M
Lingerfelt Cos. increased its large presence in the greater Richmond, Va., area by a whopping 919,000 square feet in one fell swoop with the purchase of a 14-building office and flex portfolio from Liberty Property Trust.
UC Davis Near Completion on First Phase of Massive Zero Net Energy Community
Work is nearly complete on the first phase of UC Davis West Village, which the university is calling the “largest planned zero net energy community,” in the country. That means that the property will ultimately generate at least as much, and possible more power than it consumes.
Behringer Harvard Sells 390-Unit San Francisco Apartment Property for $110M
Behringer Harvard just sold Waterford Place, a 390-residence apartment community in Dublin, Calif., for approximately $110 million. But it remains interested in the San Francisco market.