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Houston-based Situs Cos. has announced the debut of Compass, a secure online e-library that centralizes commercial real estate property data and collects and makes available up-to-date comprehensive global market research and reports. The new Compass product is being used already as an information management platform for Situs, and is now for sale as a customized application for other companies worldwide. Situs is responsible for the development of the product, will customize, install, manage the information and the internet host site, as well as provide daily backing up of all new data every night.Jennifer Bean, a director at Situs told CPN,…

In an effort to further penetrate international markets, Marlton, N.J.-based construction consulting firm Hill International has entered into an agreement to establish a joint venture company with Abu Dhabi-based Makan Capital Group for construction endeavors across the Middle East and North Africa.  The new entity, Makan Hill International Ltd., will be equally owned by Hill and MCG and will engage in the development of approximately $500 million in various real estate projects.MCG will be responsible for securing funds for Abu Dhabi-based Makan Hill’s pursuits, which will encompass commercial, mixed-use and residential properties, as well as infrastructural projects. By joining forces…

Although Manhattan’s office market may have slowed from a gallop to a trot in recent months, the 391 million-square-foot market continues to display solid fundamentals, according to Cushman & Wakefield Inc.’s year end wrap-up.  The first two months of the year should see plenty of leasing and investment sales activity in Manhattan, said Joseph Harbert (pictured), Cushman & Wakefield’s COO for the New York City metropolitan region: “Our uncertainty is about the second quarter,”  he noted. Upheaval in the national capital markets and other indicators have raised fears of economic slowdown, yet actions by the Federal Reserve Board and continued…

Ramco-Gershenson Properties Trust has finalized the acquisition of two retail properties as part of a $450 million joint venture with an investor advised by Heitman L.L.C.Together the two properties have an aggregate value of about $69 million, bringing the total amount invested by the JV thus far to $265 million.In an indication that debt financing hasn’t ground to a complete halt, the deal–which was inked in December–was financed at rates below 6 percent, with interest-only debt for five years at about 65 percent loan-to-value, according to Ramco-Gershenson.The larger of the properties is Olentangy Plaza in Columbus, Ohio. The 253,300-square-foot shopping…

In its second major announcement of the year, First Industrial Realty Trust Inc. has revealed the establishment of a new joint venture with the California State Teachers’ Retirement System for investment in industrial real estate in Toronto, Calgary and Edmonton.  The joint venture, FirstCal Industrial Canada L.L.C., has an initial total investment capacity of approximately $285 million.  CalSTRS will be the majority owner of the partnership, contributing a much as $90 million in equity for a 90 percent stake, leaving First Industrial with 10 percent equity interest for its $10 million contribution. First Industrial will manage FirstCal Industrial Canada and…

Related International, a subsidiary of Miami-based The Related Group, said today it was opening up sales on 75 high-end condominiums in The Grand Tower, the third and final tower at its $200 million ICON Vallarta development in Puerto Vallarta, Mexico.Prices for the 75 units in The Grand Tower will range from $775,000 to $1.4 million for condos with interiors designed by the renowned firm Yoo by Phillipe Starck. When built out, there will be 336 condos at the development and seven oceanfront villas. A construction timetable was not available by press time today. Bernardo Fort-Brescia of Arquitectonica designed the exteriors….

IBM’s Charlotte-based Lender Business Process Services recently announced integrated processing systems that include enhanced electronic loan file capabilities. Two aspects that were previously offered singly can now be implemented together to simplify the overall loan process, increase efficiency, and productivity.”We are really excited about these technological improvements” Greg Sullins, executive director of IBM’s lender business process services told CPN, “Regardless of how the end user wants to do business, whether by telephone, through the website, or in person at the bank or at the person’s home, the loan officer can now deliver a consistent experience.” The new move improves on…

Rent-A-Center has contracted Excess Space Retail Services Inc. to manage the disposition of 220 of its closed stores. The move follows its December announcement of plans to close approximately 280 stores across the U.S. The plan calls for the closure of the locations and for the merger of some of these locations with existing stores. The process is slated for completion in March.The company expects to incur pre-tax restructuring charges related to the store consolidation plan and other restructuring items in the range of $36 million to $43 million. These estimated costs are due mostly to lease terminations, fixed asset…

Behringer Harvard announced today that Behringer Harvard Opportunity REIT I, a non-traded real estate investment trust, reached full subscription. The REIT generated approximately $530 million in gross offering proceeds through the sale of approximately 53.1 million shares in its primary offering. The firm’s opportunity-style programs primarily invest in commercial real estate properties with value-added and opportunistic characteristics that are either operating or newly constructed, and that may require development, redevelopment, or repositioning to achieve favorable returns at exit. The Behringer Harvard Opportunity REIT I portfolio currently holds investments in nine office buildings, both domestic and international; four multi-family communities and…

Chicago-based First Industrial Realty Trust and the California State Teachers’ Retirement System–CalSTRS–have formed a joint venture to invest $475 million in industrial real estate in The Netherlands and Belgium. The venture called First Cal Industrial Europe L.L.C., is First Industrial’s first foray outside the western hemisphere. First Industrial announced plans to enter The Netherlands and Belgium markets last July. In a statement prepared then, the company said that both countries offer significant growth opportunities due to rising volumes of containerized cargo, growing demand for modern distribution facilities, and an emerging trend toward leasing versus direct ownership by corporate customers. The…