News
Economy Watch Weekly: Housing Numbers So-So This Week
CPE‘s economic analyst, Dees Stribling, gives his update for the week ending July 25, 2014.
2014 Top Property Managers
Responsive property management is one of the most important factors in achieving a strong bottom line. The firms in the 2014 MHN-CPE Ranking of Top Property Managers collectively operate over 13.5 billion square feet of commercial space and nearly one million units, no small feat considering the economic climate, challenging residents/tenants, and an ever-evolving institutional real estate landscape.
Dollar Tree, Family Dollar Stores Merger to Create 103 MSF of Retail Space Across U.S.
The Dollar Tree and Family Dollar Stores merger will result in a discount-store behemoth, melding Dollar Tree’s 5,080 stores spanning 48 states and five Canadian provinces with Family Dollar’s 8,200 locations across 46 states.
Technology’s Top Projects
Technology’s impact spreads to every corner of commercial real estate. From San Francisco and the Silicon Valley to Manhattan and points in between, dozens of cities are competing to join the upper tier of high-tech hubs,. The influence of the tech sector is illustrated in these recent images representing major new leases, renovations and ground-up development.. Several transactions, like Salesforce.com’s 750,000-square-foot lease in San Francisco, set new records for their markets. For further insight into how technology occupants are reshaping real estate markets, be sure to read "Tech’s Top Towns" in the August issue of CPE.
Prudential JV Sells Residential Portfolio in Berlin for $105M
A joint venture between Prudential Real Estate Investors and Kauri CAB Management GmbH has sold a portfolio of 25 residential ‘Altbau’ buildings located within the S-Bahn ring of Berlin for $105 million.
MetLife, Norges Bank Buy One Beacon St. Tower in Boston for $561M
In its fourth major acquisition in just eight months, a JV between MetLife Inc. and Norges Bank Investment Management has bought One Beacon St., a 34-story, Class A office tower in downtown Boston’s financial district.
Economy Watch: Pending Home Sales Edge Down; Social Security, Medicare Solvent Until ’30s
NAR’s Pending Home Sales Index declined 1.1 percent in June compared to May. It is predicted that if Congress makes no change in existing law, Medicare’s hospital insurance trust fund will be exhausted by 2030, four years later than projected last year. And Social Security would be depleted three years later, as predicted earlier.
Baltimore’s Historic Union Trust Building is Back On the Market
Baltimore’s historic Union Trust Building is again on the market. Rialto Capital, the owner, has retained Hunter Hotel Advisors as the exclusive representative in the sale of the old property. The asking price for the building was not announced.
Capri Capital, TruAmerica Buy 464-Unit Apartment Complex in LA’s Koreatown for $283M
All eyes are on The Vermont, a 464-unit high-rise apartment community in the increasingly trendy Koreatown area of Los Angeles, now that the new luxury property has been picked up for $283 million, the largest multi-family, mixed-use transaction in California year to date.
INTERNATIONAL: Heydar Aliyev Center in Azerbaijan Snags Design of Year Award from London Design Museum
The striking architecture of Azerbaijan’s mixed-use center lands the project the Design of the Year award from The London Design Museum.
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