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CBRE Unit Acquires Historic Seattle Office Tower by Foreclosure
Smith Tower, an iconic 42-story office building in Seattle, and the adjacent Florence Building, a 6,000-square-foot retail-and-mixed-use building, have been acquired by CBRE Capital Partners following a foreclosure.
Wiedner Investment Services Spends $60M on Upscale Phoenix Apartments
Following the improving multi-family trends in Phoenix and the country at large, Weidner Investment Services has made a $59.5 million investment in Alta Phoenix Lofts, a 332-unit high-rise apartment community in the city’s Downtown area.
Economy Watch: Retailers Shed Jobs, Put Dent in March Employment Numbers
While 120,000 jobs were created in March, that number would have been higher were it not for the retail sector’s lackluster jobs performance. The Fed found that consumer credit rose in February at a smaller rate than in the preceding two months.
Deadline Extended to Friday! Enter the 2012 Distinguished Achievement Awards Competition
Deadline extended to Friday, April 6! Be sure to submit your project, program or deal to the 2012 Distinguished Achievement Awards competition! The awards program, now in its second year, recognizes the commercial real estate industry’s most noteworthy properties, programs, projects and transactions.
DivcoWest Grabs 170 KSF Class A Building in San Francisco
DivcoWest continues its office property-shopping spree, picking up the 170,200-square-foot building at 701 Gateway Blvd. in South San Francisco. The real estate investment and management firm purchased the Class A property from Broadway Partners.
PCCP Provides $73M in Senior Loans to Three Properties
PCCP has provided approximately $73 million in senior loans, including $46 million to KHP Fund II L.P., a real estate private equity fund sponsored by Kimpton Hotels & Restaurants, to finance the repositioning of two hotels and $27.4 to refinance Millbrae Paradise, a residential development in Millbrae, Calif.
Dorel Renews 528 KSF Industrial Lease in California's Inland Empire
In a deal brokered by services firm Cushman & Wakefield, Dorel Juvenile Group has re-signed for 528,000 square feet of industrial warehouse and distribution space in Fontana, Calif., renewing an arrangement that goes back to 2006.
Inland Buys Shopping Centers in Missouri, Tennessee for $74M
Inland Real Estate Acquisitions has picked up two shopping centers — one located in Branson, Mo., and the other in metro Knoxville, Tenn. — for a combined total of $74 million.
Economy Watch: Construction Falls in February, Rises During Last 12 Months
Domestic construction spending was down slightly in February, but is up 5.8 percent in the last 12 months. The U.S. manufacturing sector expanded in March for the 32nd consecutive month. And while the euro zone suffers with high unemployment, China’s economy saw some encouraging signs.
Lowe to Begin $70M Redevelopment of 13-Story Office Building in D.C. Suburb
Four years after acquiring the property formerly known as 1411 Jefferson Davis Highway in Crystal City, Va., Lowe Enterprises has kicked off a $70 million redevelopment of the building in an endeavor that will become the 308,000-square-foot 1400 Crystal Drive.