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$147M Miami Central Station Project Kicks Off
Yesterday marked the groundbreaking of the $147 million, 16.5 acre Miami Central Station, the central hub of the project that is slated to link South Florida’s ground-transport system to the Miami International Airport.
Savanna Makes $130M Building Grab in NYC’s Midtown
Savanna has just acquired 31 Penn Plaza in NYC’s Midtown area. The seller, a joint venture between C&K Properties and Zamir Equities, let the 18-story, 440,000-square-foot property go for approximately $130 million.
Economy Watch: Home Prices Up for the Month, Down this Year; Consumers Feeling Distorted
According to the S&P home-price indexes released on Tuesday, prices were up in July for the fourth month in a row. Consumers’ assessment of current conditions weakened further in September. But investors and Wall Street were chipper on Wednesday.
Behringer Harvard Buys 132-Unit Luxury Apartment Property Near San Francisco
Acting through a joint venture involving Behringer Harvard Multifamily REIT I Inc. and PGGM Private Real Estate Fund, Behringer Harvard has purchased the Renaissance, a luxury apartment community in Concord, Calif.
Saul Takes Three Grocery-Anchored Shopping Centers for $168.5M
Saul Centers Inc. has increased its footprint in the metropolitan Washington, D.C./Baltimore area by 635,000 square feet with the purchase of three shopping centers for $168.5 million.
Philly’s 1700 Market St. Sells for $143.5M
In a $143.5 million deal, the Class A office building at Philadelphia’s 1700 Market St. was purchased by a partnership formed by David Werner, a private real estate investor.
Economy Watch: New Home Sales Cruise Along Bottom, Wall Street Protest Sees Arrests
According to the Census Bureau, new-home sales dropped 2.3 percent from July to August. The Chicago Fed’s National Activity Index dropped to – 0.43 in August from + 0.02 in July. And the Occupy Wall Street protests saw arrests over the weekend.
MG Properties Grabs Seattle’s Park at Northgate Apartments for $22.3M
Investor interest in the Seattle apartment market continues to grow — MG Properties Group has just purchased the 146-unit Park at Northgate from Triad Villa Roma L.L.C. for $22.3 million.
Essex Spends $165.1M for Two Seattle Apartment Properties
Essex Property Trust Inc. has expanded its presence by nearly 1,000 residences in metropolitan Seattle with the purchases of Redmond Hill and The Bernard for an aggregate $165.1 million.
Fitch: Commercial Properties Have a Long Road to Recovery
U.S. commercial properties have seen some minor improvements of late, but the sector still has quite a ways to go before it can completely shake off the effects of the economic recession, according to Fitch Ratings.