News
Economy Watch: Nonresidential Planning Ticks Up in October
The increase nearly reversed the erosion of the past four months, with October posting healthy gains in both commercial and institutional project planning, according to Dodge Data & Analytics.
Inland Empire Retail Center Sells for $32M
Cushman & Wakefield brokered the sale of Upland Town Square, a 100,350-square-foot retail center. The property was approximately 88 percent leased at the time of the acquisition.
JV to Develop 802 KSF Distribution Facility in Ohio
PCCP and The Pizzuti Cos. intend to build a speculative industrial building in Columbus. Rickenbacker West I is anticipated to be completed by the summer of 2018.
Principal Life Insurance Renews Fort Worth Lease
Principal Life Insurance Co. has renewed its 17,000-square-foot lease at One Rigmar Centre in Fort Worth, Texas. JLL negotiated the lease renewal on behalf of the tenant, while Navstar Commercial represented the landlord.
Apollo Commercial Provides $250M for Manhattan Office Project
The finance REIT’s loan is part of the $479 million construction financing package backing Cove Property Group’s Hudson Commons, a 700,000-square-foot office redevelopment and repositioning endeavor in the Hudson Yards/Penn Station submarket.
Cushman & Wakefield Names CIO
Holding degrees from Northwestern University and Cornell, Melanie Kirkwood Ruiz has previously worked for Scientific Games, United Airlines, Abbott and Johnson & Johnson.
New Bronx Hotel Developments Land $18M
Meridian Capital Group arranged a 24-month construction loan featuring full-term, interest-only payments for the development of a Best Western and Sleep Inn hotels.
Kimco Begins $186M Staten Island Redevelopment
A redevelopment of the former Hylan Plaza shopping center—the 460,000-square-foot “The Boulevard”—is scheduled to open in early 2020.
CBRE: Mideast CRE Spending Tops $10B
The U.S. was the top destination year-over-year as of the second quarter, with volume reaching $3.9 billion.
NAI Facilitates Atlanta-Area $5M Industrial Sale
The 111,540-square-foot, mixed-use industrial building was constructed in 1983. It is in close proximity to the I-20, putting downtown Atlanta only half an hour away.