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AREA Property Partners, Commonwealth Ventures Plan $225M Office Project in Boston
An 11-story Class A office building along the South Boston waterfront is moving closer to construction now that the Boston Redevelopment Authority has approved the approximately 500,000-square-foot, $225 million project planned by AREA Property Partners and Commonwealth Ventures.
Economy Watch: Home Foreclosures on the Rise, but Shadow Inventory Falling; Jobless Claims Up
While U.S. home foreclosures spiked 9 percent in May – but were still down 4 percent from the year-over-year figure – housing shadow inventory fell to 1.5 million units. Jobless claims rose by 6,000 for the week ending June 9.
Scalable Class A, 384 KSF Office Planned for Tempe Park
Metro Commercial Properties and USAA Real Estate have announced the next phase of high-rise office development in Tempe, Ariz., and the firms plan for a Class A office tower, dubbed Fountainhead Park Summit, of up to 14 stories and totaling up to 384,300 square feet.
Economy Watch: Retail Sales Edge Down in May; Realtors See Shrinking Inventories
American shoppers pulled back a bit in May: Retail sales were down 0.2 percent compared with the previous month, but up 5.3 percent when compared with May 2011. And home inventories were down in all but two of 146 tracked markets nationwide.
Penzance, Invesco Get $94M Construction Financing for 280 KSF D.C. Development
Ground has broken on the trophy office project at 3001-3003 Washington Blvd. in suburban Washington, D.C., and Penzance and Invesco Real Estate have just gotten their hands on $94 million in construction financing for the 280,000-square-foot destination.
Marcus & Millichap: Net-Leased Retailers Expand Reach, See Investor Interest
Certain property types are well-positioned to take advantage of the fact that Americans’ personal incomes continue to stagnate, and net-leased properties – including discount retailers, drugstores, quick-service restaurants and even big-box chains – are seeing renewed investor interest in response.
Harbor Group Spends $100M on Florida Multi-Family Portfolio
Harbor Group International has made another multi-family purchase, snapping up a three-property apartment portfolio in three Florida markets for a total of $99.7 million – a purchase price of approximately $4,000 per unit.
Economy Watch: Fed Report Details Recession’s Impact; Cyprus Asks for Bailout
A recent Fed report quantified a very painful aspect of the recent recession: Real median household income fell 7.7 percent from 2007 to 2010. Independent businesses’ average optimism is relatively unchanged month to month, but is still low historically. And the island nation of Cyprus has asked for a bailout of up to $5 billion.
JLL Tapped for Role in Redeveloping Pittsburgh’s Civic Arena Site
The NHL’s Pittsburgh Penguins have selected Jones Lang LaSalle as the organization’s representative for the redevelopment of the former Civic Arena site in downtown Pittsburgh. The two entities will work to complete “a financially feasible master plan” for redevelopment of the 28-acre site.
Economy Watch: Spain Asks for Help, Gets $125B for Banks; Multi-Family Market Shows Improvement
On Sunday, Spain became the largest of the euro-zone countries to request a bailout, and European finance ministers agreed that banks of the beleaguered nation could receive up to $125 billion in funds to keep them afloat. Domestically, the multi-family market saw some gains, indexing the highest construction rating since 2005.