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ProLogis Sells 90% Stake in Brazilian Development to Pension Fund
Powerhouse industrial developer ProLogis Inc. announced the sale of a 90 percent interest in its not-yet-complete ProLogis CCP Cajamar Industrial Park in São Paulo, Brazil, to Brazil’s largest pension fund, PREVI.
Economy Watch: Foreclosures Jump in October, Still Low Compared With 2010
Foreclosure activity nationwide was up 7 percent in October, but there was some good news domestically, such as a decrease in jobless claims. And the European panic took a break for the day.
MetLife Sells 50% Stake in Houston’s Wells Fargo Plaza to NY Fund
In a move to “diversify its portfolio,” MetLife Inc. announced that it has completed the sale of a 50 percent interest in Wells Fargo Plaza to New York State Common Retirement Fund.
780 KSF of Bronx Retail, Courtesy of Prestige Properties
In one of New York City’s larger projects this year, Prestige Properties has announced the development of a 780,000-square-foot retail center in the Bronx, to be anchored by a new Macy’s store.
Cleveland State, Co-Developers Break Ground on $50M Mixed-Use
In conjunction with partners Polaris Real Estate Equities and Buckingham, Cleveland State University has begun a $50 million residential project, the largest single such development in the city for more than three decades.
Economy Watch: Italy’s a House on Fire, Trucking Index Rises
Panic is setting in about Italy, the world’s eighth-largest economy. Zillow finds that residential prices have been flat for the last two quarters. And the trucking-based Pulse of Commerce index rose 1.1 percent last month.
Suffolk Construction Awarded Contract for 488 KSF Boston Residential Tower
Suffolk Construction recently received the contract for the 27-story Kensington residential tower in Boston from the building’s owners and partners, Kensington Investment Co. and National Development.
Holiday Retail Outlook Modestly Optimistic: Cushman & Wakefield
Two Cushman & Wakefield economists share their outlook for the holiday retail season, and, despite the best efforts of real estate strategy, it’s going to come down to one thing: consumer confidence.
Economy Watch: Conference Board Predicts Sluggish World Economy for a Decade, Berlusconi Out
The Conference Board released a big-picture report saying it’s going to be a long road ahead. Home prices in Las Vegas haven’t stopped dropping yet. And Italian PM Berlusconi will be out as soon as economic reforms are set.
Vornado’s Latest D.C. Deal to Support More Focused Strategy
Vornado Realty Trust has entered into an agreement to acquire Washington, D.C.’s Executive Tower, an 11-story, 130,000-square-foot Class A trophy office building in which it already owns a 2.5 percent stake.