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Economy Watch: Consumers Down, GDP Rises
Consumer sentiment waxed pessimistic in March, according to the latest Reuters/University of Michigan Consumer Sentiment Index. These are nervous times, as evidenced by the final index, which came in at 67.5 compared with February’s final reading of 77.5.
Franklin Street Buys One Legacy Circle
The investment firm picked up the Plano, Texas, office property for $53.6 million. Completed in 2008, it is located in the Legacy Town Center complex.
HCP’s $1.1B Offering Pays for ManorCare Purchase
In response to a stronger than anticipated interest among the investment community, the healthcare real estate REIT just announced the pricing of its public offering of 30 million shares of common stock–a marked increase over the 24 million shares announced just a day earlier–at $36.90 per share.
BioMed Realty Prices $400M Public Offering
Some of the proceeds from the offering will be directed toward the partial repayment of borrowings under BioMed Realty L.P.’s $720 million unsecured line of credit. As of the close of 2010, the outstanding debt totaled $392 million.
Economy Watch: Older Workers, Detroit Drain
The only group whose workforce participation hasn’t dropped recently are workers over 55. The Congressional Budget Office cites the likes of better health overall for that age group and fewer jobs requiring physical strength.
Host Hotels & Resorts Closes On Pair of Properties
The company purchased the 1,625-room Manchester Grand Hyatt San Diego for $570 million and the 775-room New York Helmsley Hotel for $313.5 million.
Granite Sells 1.2 MSF Industrial Portfolio
Commercial real estate services firm Holliday Fenoglio Fowler L.P., charged with orchestrating the disposition of Granite Properties Inc.’s industrial assets, had marketed the properties as part of a larger 16-property portfolio with locations in Houston and Dallas.
Economy Watch: Single-Family Sales Rate Down, Fed Says No to B of A
New single-family home sales slid to an annualized rate of 250,000 in February, according to the U.S. Department of Commerce, down 16.9 percent from January. That’s the lowest annual rate since the government first took an interest in tracking new home sales, which was during the last year of the Kennedy administration.
Starwood Property Trust Deploys $352M in Three Transactions
Though the credit markets have not defrosted completely, there is capital out there.
Meritex Buys 306,000-SF North by Northeast
The business park came under lender control following the 2008 bankruptcy of Kobra Properties, but it is bank-owned no more.