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Economy Watch: Beige Book Issued, Debt Ceiling Debated
The Federal Reserve released the latest “Summer of Commentary on Current Economic Conditions by Federal Reserve District” (a.k.a. the Beige Book) and it was a mixed bag.
Cassidy Turley Hits $2B Mark in D.C. Office Investment Sales
The year-to-date figure marks a 450 percent increase in activity for the firm from mid-2010 to mid-2011.
Trade Street Acquires The Trails at Signal Mountain
The 172-unit apartment community is the investment firm’s third purchase in the city of Chattanooga, Tenn., in the last year.
Economy Watch: Jobs Figures, CRE Prices
In more unsettling employment news, the Conference Board said that its employment trends index declined for the second month in a row in May to 99.7, down from April’s revised figure of 100.1. On the other hand, the May figure is still up 5.3 percent from a year ago.
Change in the Air as REITWeek Approaches
With NAREIT’s investor’s forum on tap, several firms are making major announcements — including the departure of AvalonBay Communities Inc.’s Bryce Blair.
ProLogis, AMB Complete Merger
The combined entity is ProLogis Inc. and boasts a 600 million-square-foot global portfolio of industrial assets under management valued at $46 billion.
Economy Watch: Hiring, Non-Manufacturing Stats
Anemic hiring in May meant, essentially, that it was more of the same for the economy during the month. That is, according to the Bureau of Labor Statistics, a lot of labor indicators were “essentially unchanged”–unchanged from crummy, unfortunately.
Penn National Takes Ownership of $1B Resort
This was no hostile takeover. The acquisition of the M Resort Spa Casino in Las Vegas was simply the exercising of an option.
Economy Watch: Employment Weak, Bankruptcies Down
According to the U.S. Department of Labor, the U.S. economy added 54,000 jobs during May, which was a weak showing indeed.
Transwestern Wins 4 MSF Management Gig
The commercial real estate firm has been given the assignment for Cabot Industrial Properties’ portfolio in Florida, a market Transwestern has targeted for the expansion of its management business.