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Glimcher Plans to Acquire Blackstone's Interest in 1 MSF Hawaii Retail Center
In a transaction valued at approximately $289.4 million, Glimcher is looking to acquire the 80 percent indirect interest in Pearlridge Center, a 1 million-square-foot shopping mall in the community of Aiea, in metropolitan Honolulu.
JLL: Select-Service Hotels to Double Investment Volume in '12
Jones Lang LaSalle sees a continued flow of capital into the hospitality sector during 2012, but specifically sees increased investor interest in the select-service arena. Sales of those portfolios are expected to double their 2011 levels this year.
Economy Watch: Jobless Claims Down, Leading Indicators Up
During the week ending March 17, initial unemployment claims were 348,000, a decrease of 5,000 from the previous week. Home prices dropped more than 5 percent in the 12-month period ending January 19. And Wall Street ended on a down note for the day — with one exception.
Minshall Stewart Spends $62M on 10-Story D.C. Office Building
Five years after trading for $66 million, the Class A office building at 2001 L St., N.W., in Washington, D.C., has sold for nearly $62 million to Minshall Stewart Properties.
Economy Watch: Existing-Home Sales Down a Notch
Existing-home sales took an unexpected dip in February, falling 0.9 percent. CoreLogic reported that residential shadow inventory stands at 1.6 million units, the same as October 2011. And Bernanke, via some public appearances, assured listeners that the odds of a euro-zone default have fallen.
Invesco, Penzance JV on 280 KSF Mixed-Use D.C. Project
Invesco Real Estate and Penzance have made it official. The two companies just announced the establishment of their joint venture for the development of 3001-3003 Washington Blvd., a 280,000-square-foot mixed-use project in Arlington, Va., just outside of Washington, D.C.
Economy Watch: Housing Starts Edge Down, Permits Up
The residential housing market continues to make headlines: In January, starts were down, but permits were up. Ben Bernanke began a four-part lecture series on the Fed. And the Greek parliament approved its part of the country’s bailout deal.
Stiles Begins Construction on Ft. Lauderdale Mixed-Use Development
A new mixed-use development is sprouting up in Plantation, Fla., at the hands of Stiles. In a two-part endeavor, the developer will erect a new luxury apartment complex and redevelop a neighboring commercial retail segment in the city’s Midtown District within the greater Ft. Lauderdale area.
AvalonBay Spends $63M on N.J. Multi-Family Complex
After a $63 million purchase, AvalonBay Communities Inc. is the proud owner of Windsor at Crystal Ridge, a 334-unit, Class A multi-family complex in central New Jersey.
Pru Delays $444M Newark Tower
The near-term fate of Prudential Financial’s proposed $444 million, 650,000-square-foot office-tower development in downtown Newark rests with the New Jersey Economic Development Authority and the Appellate Division of New Jersey’s Superior Court.