News
Realty Mogul Crowdfunds 150 KSF Georgetown Plaza in DC
Realty Mogul crowdfunded a 150,000-square-foot Washington, D.C., office property on behalf of JOSS Realty Partners.
New York REIT to Acquire Twitter HQs in Manhattan for $335M
New York REIT Inc. has entered into a purchase and sale agreement to acquire Twitter’s 282,000-square-foot East Coast headquarters in Manhattan for a reported $335 million from Savanna.
Economy Watch: Economy Adds 209K Jobs in July, Serious Delinquencies Drop
The U.S. economy added 209,000 jobs in July, according to the Bureau of Labor Statistics on Friday, with job gains broad-based, while Fannie Mae reported that the serious delinquency rate declined slightly in June. However, Thursday was the losing-est day for the U.S. equities markets since February.
P.B. Bell Snaps Up Phoenix M-F Assets for $170M
The P.B. Bell Cos. completed the biggest deal in the company’s history and one of the largest in the Phoenix area since the recession, snapping up seven apartment communities for $168.5 million.
KSG Grabs Hidrock’s SpringHill Suites New York for $82M
Malaysian company KSG Enterprises Ltd. is expanding its presence in the U.S. with the purchase of SpringHill Suites New York Midtown Manhattan/Fifth Avenue.
Parmenter Sells 846 KSF Dallas Office Complex
Eight years after acquiring Park Central 7-8-9 in Dallas, Parmenter Realty Partners has sold the 845,900-square-foot property to an institutional investor.
Atlanta Braves JV Picks Developers for $400M M-U Project
Three Atlanta-based companies will develop the 74-acre, $400 million mixed-use project previously announced for a site adjacent to the new Atlanta Braves stadium in southeastern Cobb County, north of Atlanta.
Cousins Plans $224M IPO to Buy Parmenter’s Fifth Third Center in Charlotte
Cousins Properties plans to use proceeds of a $224 million initial public offering to cover the $215 million cost of buying the 30-story Fifth Third Center in Charlotte, N.C., from Parmenter Realty Partners.
Economy Watch: GDP Surges in Q2; More Tapering by the Fed; ADP: 218K Jobs Added in July
U.S. real gross domestic product increased more than expected in the second quarter of 2014. Tapering of QE3 is going to continue, according to the Fed. Private-sector employment increased by 218,000 jobs month over month in June.
Marcus & Millichap Arranges Trade of Viking Apartments in Peninsula at Above-Average Per-Unit Price
A Peninsula multifamily property recently traded hands in a deal worth $10.8 million. Marcus & Millichap arranged the transaction for the Burlingame, CA asset at a per-unit rate of $308,571. The seller is a family that owned the property for around 50 years, while the buyer is another local family trust. Both parties were advised by representatives of Marcus & Millichap’s Palo Alto office, with associate Richard Reisman handling the seller’s end, and vice president investments, Adam Levin, working on behalf of the buyer.