Corporate Real Estate
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.
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.
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.
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.
Archstone Purchases Seattle, Silicon Valley Apartment Communities for $115M
Taking a 131-unit apartment complex off the hands of an affiliate of Continential Properties L.L.C., Archstone has added another Seattle-area multi-family property to its roster for $47.5 million. Additionally, the firm purchased a Silicon Valley apartment complex for $63 million.
As Grubb & Ellis Chapter 11 Begins, Questions Abound
Though the sale of Grubb & Ellis Inc. to BGC Partners Inc. and Grubb’s bankruptcy filing on Monday bring a harsh clarity to the troubled company’s recent travails, it might be a mistake to assume that we can now, finally, see where the situation is heading.
CBL & Associates Sells Two North Carolina Retail Centers for $40M
CBL & Associates Properties Inc. has sold two grocery-anchored retail centers in metropolitan Greensboro, N.C., pocketing a total of $40.4 million on the two separate transactions. The properties, Westridge Square and Oak Hollow Square, account for an aggregate 354,000 square feet of retail space.
Demmon Partners Sells California Multi-Family Community for $48M
FPA Multifamily has picked up Meridian at Stanford Ranch, a 452-unit multi-family community in Rocklin, Calif., for $48.3 million from Demmon Partners. Institutional Property Advisors, a multi-family brokerage division of Marcus & Millichap, represented both buyer and seller.
Cassidy Turley: CRE Recovery to Accelerate in 2012
What has been a slow but steady rebound of the commercial real estate industry is on track to pick up pace in 2012, according to a new forecast by commercial real estate services firm Cassidy Turley.