News
$6B Destination Medical Center Draft Development Plan Revealed
ROCHESTER, Minn. – A $6 billion, long-term initiative meant to turn Mayo Clinic and the City of Rochester into one of the leading medical destinations in the world recently reached a crucial milestone.
DLC Purchases 518 KSF Power Center in Poughkeepsie, NY
DLC Management Corp. has acquired the Shoppes at South Hills, a 518,000-square-foot grocery-anchored power center in Poughkeepsie, N.Y., from Vornado Realty Trust.
Presidium Group Acquires San Antonio’s Cenizo Flats with Loan Provided by Greystone
Cenizo Flats, an apartment complex located in the North Central Side of San Antonio, has new ownership. The acquisition was possible through a $15,100,000 bridge load provided by Greystone. JD Stettin from Chicago originated the transaction.
Former CAO’s Suit Against ARCP Could Shake Up Non-Traded REIT Sector
Last week’s defamation suit brought against American Realty Capital Properties by its former chief accounting officer, Lisa McAlister, fits a common enough pattern: A company and an ousted executive go to war over whether there was or was not just cause for the exec’s involuntary departure.
410-Key Le Méridien New Orleans Debuts $29M Renovation
The Paris-born Le Méridien hotel brand has debuted in New Orleans, one of the hottest U.S. hospitality markets with the launch of Le Méridien New Orleans.
Economy Watch: Statewide Unemployment, Travel
Forty-one states and the District of Columbia saw unemployment rate decreases in November compared with October. Travel on all American roads and streets was up by 2.6 percent compared to the same month last year.
Hunt Mortgage Group Arranges $14M Refinancing for Metropolitan Apartments Phase I in Tacoma
A multifamily property in Tacoma was recently granted $14.3 million Freddie Mac first mortgage refinancing. Commercial real estate lender Hunt Mortgage Group recently announced that it has recently arranged a financing operation for Metropolitan Apartments Phase I in Tacoma, WA. The borrower is a limited liability company that is backed by John Wise, Key Principal and Owner of Metropolitan Apartments.
Cleveland’s Charter One Bank Building Changes Owners
Another Cleveland office building changed hands this month. The Charter One Bank Building, in downtown Cleveland, was sold to two out-of-state investors for an undisclosed price.
Joint Venture Buys Capitol Riverfront Office Building
Houston-based Lionstone Investments and London-based Hermes Real Estate have recently purchased a Class A office building in the District’s Capitol Riverfront submarket, for an undisclosed price. This is the $250 million joint venture’s first investment.
Cathedral Commons Adds Seven New Retailers
The Bozzuto Group announced on Monday the signing of seven new retail tenants for its brand new Cathedral Commons mixed-use development, on Wisconsin Avenue, in Washington, D.C.