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Westcore, CT Realty Form JV to Acquire 1.4MSF Cajon Distribution Center
The 1.4 million-square-foot center was acquired for its location and position in the marketplace, according to Westcore principal and director of southwestern United States acquisitions Steve Bollert.
Economy Watch: San Antonio Mall Aims for Better Times With Redevelopment
Though San Antonio hasn’t suffered nearly as much during the recession as other warm-location cities such as Phoenix and Las Vegas, its economy and its retail activity slowed with the U.S. economy.
Turner Construction Spearheads Casino Addition for Harrah’s Cherokee $633M Expansion
Owned by the Eastern Band of Cherokee Indians, Harrah’s Cherokee occupies 56 acres at the mouth of Great Smoky Mountains National Park, about 50 miles west of Asheville.
HFF Arranges $79M Refinancing for Miami’s Shops at Sunset Place
The open-air Miami mall is located near U.S. Route 1 in the city’s southern area.
Land Purchase Paves Way for Rock Gaming’s $600M Cleveland Casino
Rock’s deal with Forest City involves 16 acres of land downtown in the city’s entertainment district including a parcel adjacent to Tower City Center–where Forest City owns two million square feet of commercial space–as well as a segment of the Riverview parking lot.
Supergen Inks 30,000 SF Lease Renewal at Dublin Corporate Center
The center is managed by Tishman Speyer, which said the lease renewal will retain the company’s headquarters at the office campus through year-end 2015.
Miami Beach’s 409-Room Royal Palm Hotel Trades for $126.1M in Foreclosure Auction
Sunstone acquired the Royal Palm, prominently located in the middle of South Beach, unencumbered; although, the company had previously acquired a portion of the outstanding debt on the property at a discount in a separate transaction, which, according to the hotel REIT, leaves an economic gross acquisition price of approximately $117 million.
Colliers Report: Big Box Retail Chains to the Rescue
Crumbling along with the housing market, the retail real estate sector took a nosedive a long time ago. However, according to real estate services firm Colliers International’s new white paper, The Big Box Dilemma, large big-box chains that managed to remain afloat during the economic crisis are beginning to soak up some of that space vacated by retailers who could not keep their heads above water.
George Smith Completes $32M Multi-Family Construction Loan in Hollywood
The loan will finance the completion of an 180-unit project on La Brea Avenue and Hollywood Boulevard.
JBG, Grosvenor Team on D.C. Condo Project
JBG Companies and Grosvenor plan a 125-unit condominium project in the nation’s capital.