News
INTERNATIONAL: Kempinski Plans November Debut for Luxury Hotel in Myanmar’s Capital
Europe’s oldest luxury hotel group, Kempinski Hotels, will open its first property in Myanmar on Nov. 1.
Neiman Marcus’ Planned NYC Debut Marks a Retail Milestone, Insiders Say
The Dalas-based luxury retailer is the latest high-profile addition to the retail roster at Related Cos.’17 million-square-foot mixed-use project on Manhattan’s West Side.
DLA Piper Summit Special Report: Private Investors Detail New Directions, Tough Competition
Top private equity executives who spoke at DLA Piper’s 12th Real Estate Summit in Chicago last week had ample good news to share about prospects for investment, but tempered the mostly upbeat tone with notes of caution.
DDR CEO Hurwitz to Depart at End of 2015
DDR Corp. made an unexpected announcement on Friday that CEO Daniel Hurwitz will leave the shopping center REIT after his employment agreement expires at the close of 2015.
PREA Survey Shows Commercial Real Estate Growth Expected to Slow
The Pension Real Estate Association’s newly released results of its latest Consensus Forecast Survey of the U.S. commercial real estate market showed a positive outlook for 2014, although things are expected to slow down in the ensuing years.
Economy Watch: Retail Sales, Consumer Sentiment
Americans had an itch to buy more in August, according to the Census Bureau, while the Reuters/University of Michigan consumer sentiment index rose 2.1 points from the end of August to come in at 84.6 in mid-September.
Work Begins at Fountainview at Gonda Senior Living Community in Playa Vista
The latest Playa Vista retirement community is officially under construction as developer C.W. Driver has begun operations at the site of its Fountainview at Gonda Westside campus. The developer’s latest project will take shape on a 2.5 acre lot. The developer is looking to complete the 460,000-square-foot project by 2016. The project will be closely affiliated with the Los Angeles Jewish Home Organization.
Principal, Macquarie Team Up to Tackle CMBS Market
In a combination of Midwest and Down Under, U.S.-based Principal Real Estate Investors, the real estate arm of Principal Global Investors, and Macquarie Group, out of Sydney, Australia, are creating Principal Commercial Capital, which will focus on originating and securitizing commercial mortgages in the CMBS market.
Airport Distribution Center in Ontario, CA Acquired by Guthrie Development as Company Expands in Inland Empire
Airport Distribution Center in the City of Ontario, CA was recently snapped up in a deal that industry insiders estimate at around $20 million. The buyer was Guthrie Development Company, who along with a private equity partner acquired the industrial asset from Panattoni Development Company. The seller worked with a team from real estate brokerage firm CBRE during the transaction.
Merritt Properties Starts Work on $10M Speculative Flex Building in Ashburn
Merritt Properties is trying to take advantage of the tightening Northern Virginia industrial market. The company announced on September 10, it has started construction on a new speculative flex building in Loudon County.