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Senior Housing Properties Grabs Assets for $304M
Senior Housing Properties Trust is planning to beef up the senior living segment of its multi-faceted healthcare real estate holdings with the acquisition of a 20-property, multi-state portfolio.
Economy Watch: Foreclosures, Jobs, Prices
Foreclosures took a dip in February, according to RealtyTrac. Foreclosure filings — including default notices, scheduled auctions and bank repossessions — were reported on 225,101 U.S. properties in February, a 14 percent month-over-month decrease. Year-over-year, the drop was 27 percent.
Duke Secures 168,000-SF Tenant
Duke Realty Corp. has rounded up a tenant to occupy space at Grand Lakes I, a 755,400-square-foot, state-of-the-art bulk warehouse facility in Grand Prairie, Texas, less than 10 miles west of Dallas.
1 MSF Phoenix Office Property Changes Hands
In one of the largest single commercial real estate deals in downtown Phoenix, the Arizona Center has come under new ownership in a $136.5 million all-cash transaction. General Growth Properties Inc. sold the property to CommonWealth REIT.
Electrolux Takes 600,000 SF in Georgia
The deal is part of the appliance manufacturer’s expansion in Georgia; earlier this year the firm announced plans to locate an expanded customer care center in Augusta.
Economy Watch: Billionaires, Loans, Oil
Who in the worldwide real estate industry has the most massive fortune? Forbes magazine provided the answer with its annual billionaire ranking: “Kwok Thomas & Raymond & family,” as the magazine puts it, which isn’t an individual but a clan based in Hong Kong.
HP Commits to 1.4 MSF at Cajon Distribution Center
In one of the largest industrial leases ever in the greater Los Angeles area, Hewlett Packard Co. has signed a deal to occupy the entire premier San Bernardino business park.
Dune, TDI Form $1B Multi-Family JV
Together, they will mine core markets from coast to coast for development sites in locations where demand for premier rental properties is on the upswing and for opportunities to snap up Class A apartment assets.
Economy Watch: Mortgages, HUD, Subway
CoreLogic reported that fully 11.1 million, or 23.1 percent of all U.S. residential properties with a mortgage were underwater at the end of the fourth quarter of 2010, up from 10.8 million, or 22.5 percent, in the third quarter. The increase reflects price declines, according to the company.
American Assets Trust Buys 365,000-SF Office Property
First & Main, a Portland, Ore., office building that just opened its doors last summer, will soon get a new owner. American Assets Trust Inc. has entered into a definitive agreement with the building’s owner and developer, Shorenstein Properties L.L.C., to acquire the trophy asset for $129 million.