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Jones Lang LaSalle Lands Beaumont Partnership
The new venture, Jones Lang LaSalle at Beaumont Hospitals, will allow Beaumont to operate in a more cost-effective manner and provide enhanced patient services.
Duke Wins Bid for Industrial Portfolio
In an all-cash transaction, the REIT acquired two properties totaling 582,840 square feet in the teeming Port of Houston.
Economy Watch: Office Market Sees Absorption
Reis Inc. reported that the U.S. office market actually saw an increase in occupied space during the fourth quarter of 2010, with tenants taking a net of 2.5 million square feet nationwide. That isn’t a vast amount of space, but it is the first time that there’s been positive office absorption since the third quarter of 2007, according to the report.
Massachusetts Shopping Center Changes Hands for $56M
A joint venture between Charter Realty & Development Corp. and Acadia Strategic Opportunity Fund III L.L.C. has purchased the White City Shopping Center and adjacent White City East Shopping Center in Shrewsbury, Mass.
Partnership Change Reignites Hotel Project
Plans to transform a 375,000-square-foot portion of the nearly 1.5 million-square-foot former IBM Building in downtown Chicago into a five-star hotel are on again now that Langham Hotels & Resorts has joined forces with Oxford Capital Group L.L.C.
Economy Watch: U.S. Construction Expands in November
In the construction industry these days, no bad news is something like good news, and the U.S. Department of Commerce reported that things didn’t get worse for construction in November. In fact, U.S. construction spending was up 0.4 percent in November compared with October, totaling $810.2 billion during the month. The November figure was down 6 percent compared with the same month in 2009, however.
BlackRidge Acquires SoCal Distribution Center
The deal marks BlackRidge’s second Inland Empire acquisition within the past 90 days. The firm recently bought 1000 Etiwanda, a 302,020-square-foot distribution center in Ontario for $14.4 million.
Economy Watch: Unemployment Claims Down at Year’s End
The number of U.S. workers filing applications for jobless benefits for the first time dropped to 388,000 to the week ending Christmas Day, according to the U.S. Department of Labor. That’s the lowest level since July 2008. The less volatile four-week average of new claims also reached down to levels not seen since the summer of 2008, falling to 414,000.
FACE Files Registration Statement for All-Cash REIT Status
The company plans to mine the U.S. market for triple net-leased real estate, as well as mortgages secured by such properties.
$930M Sale of John Hancock Tower Finalized
The iconic 1.7 million-square-foot tower was sold to Boston Properties Inc. According to Cushman & Wakefield Inc., which handled the sale on behalf of a joint venture between Normandy Real Estate Partners and Five Mile Capital Partners L.L.C., the deal is the largest pure investment sale transaction closed in the U.S. this year.