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Economy Watch: IMF Says World Economy on Knife-Edge; Housing Starts in the Mire
The IMF released two reports, each describing how things could get worse in a hurry. According to the Census, housing starts dropped in August. And Bernanke has unveiled a new plan for short- and long-term T notes.
CBRE Facilitates 2.1 MSF Industrial Portfolio Sale
CB Richard Ellis just completed the sale of a seven-asset, 2.1 million-square-foot national portfolio consisting of 10 buildings throughout Georgia, Michigan, Minnesota, Ohio and Texas.
Highwoods Picks Up Pittsburgh’s PPG Place for $214.1M
Highwoods has purchased Pittsburgh’s 1.5 million-square-foot PPG Place for $214.1 million, snapping it up from Market Associates L.P., an affiliate of The Hillman Co.
California’s Great America Amusement Park to Trade for $70M
Cedar Fair, owner of California’s Great America in Santa Clara, Calif., has signed a deal to sell the amusement park to JMA Ventures L.L.C. in an all-cash transaction. The active property owner will pocket $70 million on the deal.
125 KSF Lease by MSCI Brings 7 WTC to Full Occupancy
Slightly more than a week after the tenth anniversary of 9/11, the World Trade Center site has achieved another milestone: The first completed tower, 7 WTC, has reached full occupancy with the signing of MSCI Inc. to a 125,000-square-foot lease.
Iconic Wrigley Building Sold to BDT Capital, Groupon Co-Founders
In a move as noteworthy for its investors as for its property, the Wm. Wrigley Jr. Co. announced that it sold Chicago’s iconic Wrigley Building to a consortium of investors for an undisclosed amount.
Economy Watch: Obama Proposes Budget, Republicans Want to Dispose of It
On Monday, President Obama unveiled his plan to cut federal deficits, which Republicans immediately denounced. For homebuilders, September was a bad, bad month. And it appears Greece is about to file for the nation-state equivalent of Chapter 11.
AREA Scores Again, Takes $40.9M M-F Community in Alexandria, Va.
AREA Property Partners has nabbed the Heritage at Old Town, a 244-unit apartment community in the Old Town section of Alexandria, Va., for $40.9 million.
WRIT Shells Out $73.5M for 233 KSF Suburban D.C. Office
Washington Real Estate Investment Trust continues to fill the gaps with Washington, D.C.-area assets, with the $73.5 million purchase of John Marshall II in Tysons Corner, Va.
KBS Realty Grabs $137M Fountainhead Office Plaza in Tempe, Ariz.
In a deal orchestrated by CBRE, KBS purchased the two-building Fountainhead Office Plaza in Tempe, Ariz., for $137 million. The Class A buildings, developed by USAA Real Estate Co., feature more than 439,000 square feet of office space.