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Breaking News: TIAA, CBL Partner for $1.1B on Four Shopping Malls
Call it a sign that retail is a hot commodity once again: TIAA-CREF and CBL & Associates Properties Inc. have just closed a $1.1 billion joint venture to invest in shopping malls.
LaSalle Hotel Properties Purchases Villa Florence in San Francisco for $67.2M
Villa Florence, a 182-room boutique hotel in San Francisco’s bustling Union Square district, comes under new ownership with LaSalle Hotel Properties’ acquisition of the asset for $67.2 million in cash.
Grubb REIT to Acquire 10-Facility Nursing Portfolio for $166.5M
One of the investment vehicles of Grubb & Ellis, the firm’s Healthcare REIT II Inc., has just entered into an agreement to purchase the 10-property Southeastern Skilled Nursing Family portfolio for $166.5 million.
DLA Piper Panelists: REITs Doing Well, but the CRE Market is Mostly Brutal
On the final day of the DLA Piper Global Market Summit in Chicago, panelists were honest about what scares them in CRE market trends but pointed out that REITs are still a bright spot for the industry.
Economy Watch: More Jobs, but Still Not Enough
The U.S. economy produced 103,000 jobs in September, according to the BLS. Obama signed an executive order to create an emergency board to help the dispute between freight-rail carriers and their unions. And banks worldwide took steps to defuse the debt bomb.
Karlin Purchases Two Scottsdale Retail Centers for $50M
Karlin Real Estate picked up the two shopping centers in the Phoenix area, Shea Scottsdale East and Shea Scottsdale Shopping Center, for a combined $50.3 million from Herberger Enterprises.
KPMG Survey: Economic Recovery? Not Until ’13 or Later
A recent survey by audit and tax firm KPMG falls in line with most other economic reports in the early part of October 2011: Things are slowly improving, but a real recovery is still years away.
Economy Watch: ADP Reports Middling Job Growth; BoA, Army Cause Layoff Surge
According to ADP, private U.S. businesses hired a net of 91,000 workers in September — but Bank of America plans a reduction of 30,000 workers and the Army plans a reduction of 50,000. Non-manufacturing activity grew in September for the 22nd consecutive month.
Penzance Purchases 155 KSF D.C. Suburb Office Building for $67M
Penzance just purchased the 154,922-square-foot office building at 1555 Wilson Blvd. in Arlington, Va., from Stuart H. Miller Co. for $67 million. The property is located in the bustling Rosslyn-Courthouse-Ballston Corridor.
Zell, Zuckerman Headline at DLA Piper Global Market Summit
Real Estate mavens Sam Zell and Mort Zuckerman co-headlined the DLA Piper Global Real Estate Summit held yesterday in Chicago, and both offered perspectives on how the political climate is affecting CRE.