News
NJ Shopping Center Welcomes First Tenants
CBRE has secured two leases for owner Sun Equity Partners at its newly developed The Greenleaf at Union, a 110,000-square-foot shopping center located in the heart of Union, N.J.
JV Scores Marriott Franchise Agreement for Hotel Development
Bellefield Development and The Shaner Hotel Group will build a soft-branded Residence Inn in Hyde Park, N.Y. The 133-key project will be the first of two hotels set to be constructed on a 339-acre site.
Safavieh to Invest $60M in Georgia Fulfillment Center
Cushman & Wakefield represented the company in acquiring the land and developing the site for a 1.1 million-square-foot facility at the Savannah River International Trade Park.
Economy Watch: Internet Sales Keep Climbing
By D.C. Stribling Since the dawn of Internet commerce, seasonally adjusted sales using that platform have moved in one direction: up. That trend continued in the second quarter, the Census Bureau reported on Thursday, with U.S. retail e-commerce sales up 4.8 percent compared with the first quarter. (Unadjusted Internet sales tend to bottom out in the first quarter and peak in the fourth, like all retail sales.) Year-Over-Year Jump As usual, the bureau adjusts for seasonal variation, but not for price changes, which have been fairly modest in recent years. Altogether, second-quarter Internet sales totaled $111.5 billion. That’s also a 16.2…
GGP Starts Renovation of New HQ
The company tapped Skender Construction to renovate its new office at River North Point in Chicago. The project is slated for completion by January 2018.
Novak Construction Delivers New Portillo’s Restaurant
The 9,000-square-foot property was built on the former site of Motel 6 in Normal, Ill., and marks Novak’s sixth development for the retailer.
Tavistock to Create Digital Plan for 3.8 MSF Orlando Project
The developer is partnering with tech company Intersection to enhance retail offerings at Lake Nona Town Center, a mixed-use destination within the 17-square-mile Lake Nona master-planned community.
OliverMcMillan Unveils 330 KSF Tower in Atlanta
The 17-story office project, scheduled for completion in 2020, will replace the HiFi Buys building at Peachtree Street and Bolling Way in Buckhead.
CBRE Global Buys 25 Medical Office Buildings
The 1.4 million-square-foot, 10-state portfolio will be operated by the seller, a joint venture of Kayne Anderson Real Estate Advisors and MBRE Healthcare.
Presidio Lands $62M Bridge Loan for Napa Valley Hotel
CBRE Hotels’ debt and structured finance team secured five-year financing for the resort, which opened this summer after renovation of an historic property and construction of six new buildings.