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Taubman Announces Construction of $315M, 880 KSF Mall in Sarasota
Taubman Centers, in conjunction with Benderson Development, will begin construction on the 880,000-square-foot Mall at University Town Center in Sarasota. The retail complex, which will cost an estimated $315 million, will feature Saks Fifth Avenue, Macy’s and Dillard’s among its approximately 115 stores.
Economy Watch: Case-Shiller Says Many Housing Markets Hit New Lows
The S&P/Case-Shiller indexes indicated that the housing market hasn’t found its bottom yet, with nine cities posting new lows as of February 2012. New-home sales were also down 7.1 percent in March. And consumer confidence declined slightly last month.
StonebridgeCarras, PN Hoffman, Northwestern Mutual Begin Construction on $200M Mixed-Use Project in Maryland
Four months after StonebridgeCarras and PN Hoffman formed a joint venture with Northwestern Mutual to develop a $200 million mixed-use property on the 3.3-acre parcel known as Lot 31 in Bethesda, Md., the site has kicked off construction.
GlenStar, USAA Spend $152M for Chicago Board of Trade
Two of the three buildings that comprise the Chicago Board of Trade complex at 141 W. Jackson have been sold to a joint venture of GlenStar Properties L.L.C. and USAA Real Estate Co. for approximately $151.5 million.
Economy Watch: Social Security Faces Shortfalls Sooner Than Expected
A new report from the Treasury shows that Social Security will run dry in 2033, three years sooner than 2011’s estimate. Home values, while not collapsing, are still on the decline. And, based on news from France, Spain and the Netherlands, investors are worried about Europe once again.
Arrow Operating Acquisitions Purchases 700 KSF Suburban Chicago Retail Asset
Arrow Operating Acquisitions has just purchased The Streets of Woodfield, a 700,000-square-foot shopping center in Schaumburg, Ill., and the company was able to secure a $100 million loan to seal the $118 million deal.
Capri Capital Nabs '360 Residences' Mixed-Use Project in San Jose for $118M
360 Residences, a mixed-use apartment high-rise in downtown San Jose, has come under the ownership of Capri Capital, courtesy of a $118 million transaction. Capri purchased the upscale multi-family property from SJ Real Estate Partners, a subsidiary of Kennedy Wilson.
$480M Buy Nets CommonWealth Partners 872 KSF Seattle Office Building
CommonWealth Partners has purchased Seattle’s Russell Investments Center for $480 million. CBRE, which orchestrated the sale on behalf of Northwestern Mutual, described the trade of the 872,026-square-foot property as “the largest single-asset office sale in the Western United States since 2006.”
Zell, Mack Talk Leverage, Recovery at Schack REIT Conference
In an annual REIT conference sponsored by New York University’s Schack Institute of Real Estate, Sam Zell and William Mack offered several hundred real estate professionals and NYU students their views on leverage, consolidation and the industry’s uneven recovery.
Economy Watch: Unemployment Drops in Most States in March
The BLS reported that 30 states saw decreases in unemployment numbers during March, led by North Dakota’s energy boom. Gas prices have declined six cents per gallon in the last two weeks. And the IMF has raised another $430 billion in lending capacity.