News
Rick Sharga: Multi-Family’s Continued Strength
Multi-family is standing strong, according to Auction.com Executive Vice President Rick Sharga. Here’s his forecast for the rest of the year.
2015 Real Estate Education Programs
As the commercial real estate industry continues to evolve to operate more efficiently and profitably, the demand for well-trained professionals has only increased. Institutions are catching on.
Google Grows in Michigan
Google Inc. plans to expand its footprint in Michigan by building a new corporate campus roughly 44 miles west from Detroit.
University of the Pacific Wraps SoMa Redevelopment
The completion of a South of Market district redevelopment project was recently announced by the University of the Pacific. The institution is now set to relocate its operations closer to downtown San Francisco. The project cost the developer around $151 million, the program being subsidized through a fundraising campaign, as well as the sale of two Pacific Heights assets owned by the university. The funds were also sourced from commercial lease revenues. The 40-year-old South of Market building had been under the ownership of the University of the Pacific since 2011, when it was acquired for $47 million.
First Hyatt Place in Pennsylvania’s Washington County Celebrates Official Opening
Hyatt Hotels Corp., FFC Capital Corp. and Crescent Hotels & Resorts have announced the opening of a new Hyatt Place hotel next to The Meadows Casino in Washington, PA.
Steadfast Apartment REIT Drops $9.65 M on Suburban Nashville Apartments
California-based Steadfast Apartment REIT announced the acquisition of the Heritage Place Apartments, a 105-unit apartment asset, located in the booming Nashville suburb of Franklin, TN.
Penn Buys Tropicana, Makes Debut on Strip
One of the Las Vegas Strip’s most recognizable properties is coming under new ownership. Penn National Gaming has agreed to purchase the Tropicana Las Vegas for $360 million.
DTZ Arranges Financing For Baker’s New Portfolio
Earlier this year, First Potomac Realty Trust sold its last remaining properties in the Richmond region for $60.3 million. At that time, the company did not reveal the name of the buyer. However, it has now come to light that Baker Properties LP, a division of the White Plains, N.Y.-based Baker Companies, specializing in commercial real estate development and acquisitions of warehouse and flex buildings, acquired the six-business park portfolio.
International: Starwood Expands in Metro Manila
The first Westin-branded mixed-use development in Southeast Asia is about to see the light of day.
RXR Shells Out Big for Helmsley Building
In one of the largest office building sales so far this year in New York City, a JV of Invesco and Monday Properties has said goodbye to a historic Manhattan property.