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TIAA-CREF Picks JLL as Leasing Manager for 475 Fifth Avenue in NYC
The Manhattan office building at 475 Fifth Ave. came under new ownership last fall when TIAA-CREF acquired it for $144 million, and now it has come under new management. Jones Lang LaSalle has been chosen to serve as the exclusive property manager and leasing agent for the 280,000-square-foot asset.
NKF Brokers 916 KSF Chicago Industrial Lease
Following the trend of positive industrial fundamentals in the Chicagoland area, supply-chain firm M. Block & Sons has signed a 915,645-square-foot lease at 18801 Oak Park Ave. in Tinley Park, Ill. Newmark Knight Frank Epic represented the tenant in the lease transaction.
Khoshbin Co. Makes 395 KSF Office Investment in Houston
The Khoshbin Co., a privately held Irvine, Calif.-based real estate firm, has just completed its acquisition of two office buildings in Houston’s Greenspoint submarket, picking up 333 N. Sam Houston Parkway East and 10700 Interstate 45 North, two multi-tenant office buildings spanning 395,424 square feet.
Economy Watch: Retail Sales Spike Unexpectedly
The Census Bureau reported that retail sales jumped a higher-than-expected 0.8 percent in March, showing consumers are more optimistic across all categories. Homebuilders weren’t as chipper, as the Housing Market Index fell three points last month. But home remodelings were up 3 percent in February.
Best Buy to Shutter 50 Stores
Over the weekend, the giant electronics retailer Best Buy said that it will close about 50 stores out of its total of around 1,100. The announcement came not long after the sudden resignation of CEO Brian Dunn, for as-yet unclear but possibly scandalous reasons, though it seems unlikely that the two events are directly related.
Miami's 4.2 MSF Flagler Station Sold to AEW for $340M
The industrial portfolio of Flagler Station, South Florida’s largest business park at approximately 4.2 million square feet, has been sold by its developer to AEW Capital Management for a reported $340 million.
Economy Watch: CPI Sees Uptick, Driven by Gas
U.S. consumers were paying a bit more for everything in March, with the CPI rising 0.3 percent during the month. The main culprit? The price of gas, which jumped 1.7 percent. And those gas prices may be eating into consumers’ assessment of the overall economy.
KBS Legacy Partners Acquires 255-Unit Multi-Family Property Outside Baltimore for $65M
KBS Legacy Partners Apartment REIT has just completed the purchase of the 255-unit The Residence at Waterstone in Pikesville, Md., taking it off the hands of Avalon Village Green Associates for $64.7 million.
Clarion Partners Nabs $60M Loan for California Office Complex
Clarion Partners, owner of the 338,700-square-foot Plaza at Walnut Creek office complex in suburban San Francisco, just obtained a $60 million permanent loan for the two-building property.
Economy Watch: Foreclosures Drop Temporarily
First-quarter foreclosure filings dropped 16 percent from this time last year, but the good news may not last. State tax revenues grew by nearly 9 percent on average for the year. And while weekly jobless claims rose, things are much better than in 2011.