Development
Multi Corporation Investing $950M in Turkish Retail Market
In preparation for the upcoming international real estate show (MIPIM), Multi Corporation has arranged a presentation including its ramped up investments in the Turkish retail market.
Marriott to Build Courtyard Hotel in Lima
Marriott International is set to expand its operations in the South American state of Peru with a brand new Courtyard by Marriott Hotel location in Lima, the country’s third largest city.
The Rockefeller Group, IPA Break Ground on M-F Project in Suburban Phoenix
Late last summer, The Rockefeller Group and Investment Property Associates said they would break ground on the $58 million Liv Northgate in Gilbert, Ariz., in early 2013, and now they have.
SPECIAL REPORT: MBA Predicts M-F Funding Market Share May Fall Slightly in 2013
Mortgage originations for commercial properties will increase by 11 percent in 2013, the Mortgage Bankers Association (MBA) forecasted. Multifamily financing may tick down this year as capital supply to the other commercial real estate sectors make a comeback.
SPECIAL REPORT: Liquidity Returns to Commercial Real Estate
The commercial real estate financing industry cautiously greeted the rapid return of liquidity into the sector during the Mortgage Bankers Association’s 2013 Commercial Real Estate Finance/Multifamily Housing Convention & Expo.
IDS, Clarion Buy 70 Acres in Suburban Seattle for Industrial Park
IDS Real Estate Group and Clarion Partners have just acquired a 70-acre site in Kent, Wash., for the development of Stryker Business Center at Pacific Gateway, an industrial complex that will encompass as much as 1.5 million square feet of premier space.
Brandywine, Campus Crest Partner to Build $158M Student Housing in Philly
Two REITs and a real estate private equity firm are teaming up to develop a $158 million, 33-story, 850-bed student housing tower at Cira Centre South in Philadelphia’s University City section.
Plum Creek-Rockefeller JV Envisions Inland Ports, Manufacturing, Office Uses for 4,700 Acres
Plum Creek Timber Co., of Seattle, and New York’s Rockefeller Group have signed a memorandum of understanding “to evaluate and pursue joint venture development projects” on 4,722 acres of land in the U.S. Southeast. The tracts are intended for commercial development, including manufacturing and distribution facilities, as well as inland ports and office buildings.
Economy Watch: Number of Discouraged Workers Drops; Construction Employment Rises
As of January 2013, there were 2.4 million people “marginally attached” to the labor force, down by 366,000 from a year earlier. Among those, the number considered “discouraged workers” totaled 804,000, a decline of 255,000 from a year earlier. Meanwhile, construction employment rose by 28,000.
Silverstein Team Buys Beekman Tower, Plans Renovation
The Beekman Tower Hotel in Midtown Manhattan has found a new owner and will soon find a new life. Silverstein Properties and a group of partners have acquired the 174-room hotel from Lone Star and will transform it into a luxury corporate apartment destination.