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FTC Approves CoStar’s Acquisition of LoopNet—with Conditions
Last week’s announcement that the Federal Trade Commission had approved CoStar Group’s acquisition of LoopNet Inc. brings to fruition—almost a year to the day later—a much-noted transaction that also contains the seeds of further change not far down the road.
Beck Ventures Plans $2B Transformation for 1.7 MSF Dallas Mall
The 39-year-old Valley View Center, a mall located on 1.65 million square feet of property in North Dallas, will be transformed into Dallas Midtown, a mixed-use lifestyle project, as part of a $2 billion redevelopment project planned by its new owners.
Bell Partners Spends $66M on Tampa Apartment Complex
In a solid rental market that’s dropped below 5 percent vacancy, Bell Partners has made a significant buy. The firm has just purchased the 422-unit Seaport Channelside apartments in Tampa for $66 million, bringing its total portfolio in the city to four properties.
Economy Watch: Pending Home Sales Index Spikes
The NAR’s Pending Home Sales Index rose nearly four points in March, giving some small room for optimism. Jobless initial claims fell slightly from the previous week. And Spain’s long-term credit rating took a big hit, dropping from A to triple-B-plus.
Vision Group Ventures Plans 1.9 MSF Distribution Center in Pennsylvania
Vision Group’s plan for the sprawling industrial center in Lebanon County, Penn., entails three Class A facilities totaling nearly 1.9 million square feet and Panattoni has purchased a 129-acre tract for a 1.5 MSF development.
Viacom’s New 1.6 MSF Office Lease Now Manhattan's Largest
SL Green, which has been extremely busy in the Times Square submarket of Manhattan during the past year, has just notched another record: The signing of what the firm calls Manhattan’s largest office lease, which keeps media giant Viacom in the 1515 Broadway building through 2031.
$600M Mixed-Use Development in Atlanta Suburb Gets Green Light
Avalon, a $600 million, 87-acre mixed-use project to be developed in Alpharetta, Ga., by North American Properties, passed its last regulatory hurdle Monday night when the Alpharetta City Council approved the development.
Economy Watch: Fed Stays the Course
The FOMC decided to keep the federal funds rate at no higher than 0.25 percent. Orders for durable goods — such as cars, steel and machinery — were down 4.2 percent in March. But the amount of tonnage shipped by trucks on U.S. roads increased from February to March, rising 0.2 percent.
Hines, J.P. Morgan Begin Construction on 415 KSF Office Building in La Jolla
Hines and its joint venture partner — a group of institutional investors advised by J. P. Morgan Asset Management — have broken ground on the second office tower at La Jolla Commons in San Diego’s University Towne Center submarket. The project will result in a 415,000-square-foot building that will be occupied in its entirety by LPL Financial.
NYC's 530 Fifth Gets Upgrade, Shows Retail Demand Continues to Expand
The new owners of 530 Fifth Ave. in Manhattan are targeting fashion tenants as they upgrade and reconfigure the building’s retail spaces — and are riding the crest of a wave that shows the world-famous corridor is once again seeing rising rents for the sector.