News
Bedrock Reveals $2B, Multi-Project Plan for Detroit
New buildings and renovations will expand the city’s office, residential, retail and hospitality offerings, continuing the city’s transformation into a magnet for businesses and visitors.
Madison International Buys Forest City Retail Stake for $1B
The company, which already owns a 49 percent stake in the New York City properties, is acquiring the remaining 51 percent interest from Forest City Realty Trust.
Philly-Area Gateway at Greenway Park Tops Out
The mixed-use project in Bethlehem, Pa., will include a 600-space parking, office and retail space. St. Luke’s University Health Network and Lehigh University are among the building’s anchor tenants.
Metro Commercial Hires New EVP
Jim Savard stepped up as the company’s newest executive vice president of leasing, after occupying various executive roles at Core Realty and JLL.
Economy Watch: Fed to Begin Divesting Balance Sheet
The Federal Reserve will start reducing its $4.5 trillion in holdings next month, including $1.8 billion in mortgage-backed securities.
Brandon Wang Joins Lincoln Property Company as EVP
Wang has extensive experience in Northern California real estate and he will manage the company’s West unit. He will oversee several operations, including purchases, development, asset and property management.
San Diego Office Property Gets New Owner After 60 Years
Kennedy Wilson represented the seller of the leasehold interest in the property and the buyer of the fee interest in the land. The Little Italy asset traded hands for the first time in 63 years.
Demand on the Rise in Phoenix
At midyear, Phoenix’s office inventory totaled 108 million square feet. Transaction volume for the 12 months ending in July totaled $1.2 billion, corresponding to the more than 11 million square feet that changed ownership.
Starwood, Trinity, Vanderbilt Sell Big in NC
The JV purchased a seven-property portfolio completed in the 1990s and early 2000s which is currently about 91 percent leased to a STEM-heavy tenant roster. HFF marketed the offering on behalf of the seller and procured the buyer.
Life Storage Picks Up 3 Atlanta Self-Storage Facilities
The Space Shop Self Storage sold by Stein Investment includes a redevelopment in Cumming, Ga., and creative infill in the Old Fourth Ward District in Atlanta.