News
NJ Office Asset Sells in $17M Deal
On behalf of U.S. bank, special servicer CWCapital Asset Management disposed of the 281,762-square-foot property within the 280 Corporate Center Business Park in Roseland, N.J. Several CBRE teams helped broker the transaction.
Economy Watch: Americans Still Optimistic About State of the Economy
The University of Michigan’s Consumer Sentiment Index declined slightly in July, but this decrease was offset by favorable views about current economic conditions, which reached their highest level since July 2005.
Belk to Invest $40M in New Stores
The company also plans to remodel 12 existing stores across their 16-state footprint, investing close to $10 million. An additional $15 million in funding will be used for capital improvements.
Foxconn Announces $10B Wisconsin Campus
The campus—to be called Wisconn Valley—will result in the creation of more than 34,000 direct or indirect jobs. The state plans to sweeten the deal with a $3 billion incentive package.
Starwood Capital Nabs West Hollywood Hotel
The new 286-key property will ultimately be renamed 1 West Hollywood and become the fourth property in the chain’s award-winning, eco-conscious, luxury sustainable brand.
US Industrial Vacancy at Record Lows: Marcus & Millichap
Markets across the United States are seeing continued demand from businesses seeking to expand warehouse and distribution space, particularly for those urban last-mile locations desired by e-commerce tenants.
Transwestern, Mirae, State Farm Close ATL Sale-Leaseback
The building is Park Center I, a 13-story, LEED-certified office tower with ground-floor retail and seven levels of parking. The deal falls in line with the partnership’s investment strategy to achieve stable, long-term cash flow for its clients.
Rents Moderate in the Bay Area
Just one year after double-digit increases had bumped the average to $2,480—among the highest in the country—the rate decreased by 0.5 percent year-over-year through May.
Sunfinity Solar: Solar Customers Shouldn’t Pay More for Electricity
The Dallas-based company supports House Bill 199, introduced by Rep. Joe Pickett (D-El Paso), opposing Texas electric utilities’ intention to charge higher rates to residential customers with solar systems.
Center Core Buys Chicago-Area Office Campus
HFF closed on the transaction of Corporetum Office Campus VI, a two-building asset located West of Chicago in Lisle, Ill. It also secured a financing loan of $9.5 million for the buyer.