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Economy Watch: Governments Out to Pop Oil Bubble
Reports by British, French and American sources said that the countries are considering releasing strategic oil stocks. Despite the increase in fuel costs, total truck tonnage on American roads was up 0.5 percent in February. And orders for durable goods increased 2.2 percent in February.
Bostonia Partners Secures $72M in Financing for NOAA Weather Center in Maryland
A $72 million financing deal secured by Bostonia Partners L.L.C. helped complete construction on a new NOAA Center for Weather and Climate Prediction in Maryland after it was stalled for more than two years because the original developer went bankrupt.
Economy Watch: Home Prices Still Moving Downward
Home prices were down 3.8 percent for the previous 12 months in the country’s 20 largest markets. The Consumer Confidence Index fell slightly in March. And the JOBS Act passed the House, with similar approval expected from both the Senate and Obama.
Madison Spends $123M for 57 Percent Share in Iconic Frankfurt Office Complex
Madison International Realty of New York, together with its German subsidiary Madison Real Estate, has signed a purchase agreement for Morgan Stanley P2 Value’s 56.95 percent interest in the Trianon complex in Frankfurt — for a reported $123 million.
Post Brothers Secures $52M Loan for Philly Multi-Family
Residential developer Post Brothers has obtained a $52 million loan for Post Rittenhouse Hill L.P. to complete the redevelopment of the Rittenhouse Hill multi-family property in the Germantown section of the city. The loan was funded by an undisclosed European bank.
Economy Watch: Bernanke Excites Markets
In a speech to the National Association for Business Economics, Ben Bernanke talked about economic growth, but didn’t specifically mention QE3. And the Chicago Fed reported an uptick in its three-month economic average for the period ending in February.
Ashkenazy Nabs 309 KSF Shops at The Bravern in Washington State
The Shops at The Bravern, the 309,000-square-foot retail component of the 1.6 million-square-foot The Bravern mixed-use property in Bellevue, Wash., has just come under new ownership as Ashkenazy Acquisition bought the swank suburban Seattle retail center from Schnitzer West.
Wells Core REIT Purchases 10-Story, 268 KSF Office Building in D.C. Submarket
Wells Core Office Income REIT of Norcross, Ga., has acquired a 10-story Class A office property in Herndon, Va., near Dulles International Airport outside Washington, D.C.
Economy Watch: New-Home Sales Down in February
According to the Census Bureau, new-home sales were down were down 1.6 percent in February. Despite high gas prices, Americans are driving more miles. And mass layoffs — defined as 50 or more employees — fell by 141 from January to February.
JLL Completes Construction of $536M Medical Facility in Indiana
Jones Lang LaSalle Inc.’s job as program manager for the development of Parkview Health’s Parkview Regional Medical Center is done, now that construction of the 975,000-square-foot hospital in Fort Wayne, Ind., has reached completion. The big-ticket project came with an equally big price tag of $536 million.