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NYC's Mercedes House Gets $229M in Financing
Thanks to Wells Fargo and JPMorgan Chase, Two Trees Management Co. now has a $229 million construction-financing package to commence the 850-unit second phase of the gargantuan Mercedes House complex on Manhattan’s Far West Side.
JLL Wins 3.6 MSF Management Portfolio from Equity Office Properties
JLL is now looking at 3.6 million square feet of property management and leasing responsibilities within Equity Office Property Trust’s portfolio across Florida, Illinois and Georgia.
Iron Gate Makes $106.5M M-F Pickup in Atlanta
The investment side of the Atlanta apartment scene continues to grow in volume, and the latest transaction is Iron Gate Realty Partners picking up the city’s Villas portfolio for $106.5 million from Davis Development.
LNR Land Buy Paves Way for SouthField Development
LNR has finalized a deal on 830 acres of land, which gives the company the final piece of property earmarked for the planned $2.5 billion SouthField development near Boston.
Economy Watch: Foreclosures Edge Down in November, PPI Up
RealtyTrac reported that U.S. foreclosure filings were down 3 percent in November, but the BLS found that the Producer Price Index for finished goods advanced 0.3 percent in the same timeframe. And during the week ending Dec. 10, initial unemployment claims were down 19,000 from the previous week.
Archstone Partnership Pays $131M for NYC High-Rise Apartment
Archstone has purchased Eastbridge Landing, a 209-unit apartment building in Manhattan, for $131 million from Madison International Realty and RFR Holding, the latter of which developed the asset in 1998.
BioMed Completes $343M Purchase of Cambridge Office/Lab Buildings
BioMed Realty Trust of San Diego has entered into a definitive agreement to acquire, for approximately $343 million, Prudential Real Estate Investors’ remaining 80 percent interest in two laboratory/office buildings.
Cornerstone Picks up $53M Office in Denver's LoDo
Cornerstone Real Estate Advisers has just make a nice pickup in the Rockies with the purchase of 1899 Wyncoop, a 165,727-square-foot office buiding in Denver’s LoDo submarket, for a reported $56 million.
Economy Watch: Consumers Express Desire to Cut Back on Luxuries
According to a poll by Harris Interactive, consumers in America seem to be trending toward austerity these days. Italy saw its five-year bond yields spike to 6.5 percent. And Wall Street had another down day on Wednesday, with the losses attributed this time to panicky feelings in the commodities markets.
Colonial Properties Sells Tennessee Retail Center for $132M
Colonial Properties Trust, along with its joint venture partner, has sold Colonial Pinnacle Turkey Creek in Nashville to an institutional pension fund advisor in a transaction valued at $131.8 million.