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Economy Watch: ADP Numbers, Construction Spending
The equity markets were all atwitter — that is, stock-index futures plunged — after ADP Employer Services reported that U.S. employers added only 38,000 jobs in May.
Pebblebrook Breaks into Miami Hotel Market
The $36.5 million all-cash transaction involved the Viceroy, which opened its doors in 2009 with the distinction of providing the longest infinity-edge swimming pool in the state of Florida.
Construction Begins on $137.5M Radisson Blu
Carlson Hotels, the global hospitality and travel company, and equity partner Mortenson Construction have commenced construction of the upper-upscale hotel, which will become the first lodging facility to be linked to the 4.2 million-square-foot Mall of America via skywalk.
Target Expands Canadian Reach
The firm has selected an initial group of sites now occupied by discount retailer Zellers Inc. In January, Zellers sold more than 200 leases to Target for approximately $1.9 billion.
Economy Watch: Case-Shiller, Consumers Down
The U.S. national home price index dropped 4.2 percent during the first quarter of 2011, which comes on the heels of a 3.6 percent decline during the fourth quarter of 2010.
Economy Watch: Greece Bailouts, Pending Home Sales
It was a long holiday weekend in the United States, but across the Atlantic, Euro-bureaucrats and -bankers were at work trying to keep Greece from defaulting on its debts and thus doing some kind of unpredictable harm to the euro.
McClatchy Sells Miami Herald HQ for $236M
The property encompasses 14 acres and 750,000 square feet along with an adjacent parking structure.
Testimony: HUD Fails to Keep Up with Mortgage Apps
The National Multi Housing Council and National Apartment Association told Congress that thousands of construction jobs could be in jeopardy, as well as revenues that could be generated for the federal government.
WTC’s 1 MSF Condé Nast Lease to Lead Downtown’s Return to Glory
New York City’s office market has been in the slow-but-sure post-recession rebound mode for the last several months but the long-awaited announcement has created such a buzz that industry experts believe it will kick the recovery of Manhattan, and downtown in particular, into high gear.
Economy Watch: REOs Up, GDP Low
RealtyTrac reported in its latest U.S. foreclosure sales report, which covers the first quarter of 2011, that REOs and other properties in some stage of foreclosure now account for 28 percent of U.S. residential sales, up slightly from the fourth quarter of 2010, when the total was 27 percent.