News
Economy Watch: Rumbles of Trouble in the Eurozone; Federal Deficit Shrinking
Late last week trouble in the eurozone arose when Portugal halted trade in Banco Espirito Santo.
PN Hoffman Plans to Bring 108 Condos to D.C.’s Southwest Waterfront
PN Hoffman announced on July 9 its plans to redevelop the St. Augustine’s Church site in Washington, D.C.’s Southwest Waterfront neighborhood. The project will deliver a new church facing Maine Avenue, as well as a new condominium building right next to it.
Nets Unveil Plans for $45 Million Training Center in Brooklyn’s Industry City
Major professional sports teams seem to be on a race for new practice facilities. Shortly after the Philadelphia 76ers revealed plans for their own training center in Camden and the Boston Bruins inked a long-term lease deal for a hockey rink at Boston Landing, the Brooklyn Nets announced they will build a new practice facility at Industry City in Brooklyn’s Sunset Park section.
Boston Bruins Sign Lease Agreement for New Practice Facility at Boston Landing
After having spent nearly three decades at the outdated Ristuccia Memorial Arena, the Boston Bruins will move closer to their fans into a new practice facility in the Allston/Brighton neighborhood.
Vitus Group Acquires Senior Affordable Housing Building in Koreatown for $22.5 Million
An affordable housing community catering to seniors was recently sold by the Christ Unity Church in a deal worth approximately $22.5 million. The property in question is Christ Unity Manor in Koreatown, an asset that waited approximately 15 months, eight months of which the property spent in escrow, to be traded. The sale was handled by real estate brokerage Colliers International. Although a large number of companies inquired about the property, the winning bid belonged to Vitus Group.
Hartz Mountain Industries Buys Prime Baltimore-Washington Corridor Industrial Asset for $18.7M
Another industrial property has recently changed hands in the Greater Baltimore area. Last week I wrote about several properties which changed hands in the submarkets located to the north of I-95, where the industrial market is performing very well. Now, it’s the Baltimore-Washington Corridor’s turn to make the headlines.
Buchanan Street Buys Stapley Corporate Center in Mesa for $33M
Buchanan Street Partners recently acquired the Stapley Corporate Center, a two-building, Class A office property. Located at 1840 and 1910 South Staple Drive in Mesa, the center was purchased for $32.5 million from The DESCO Group, Inc., the original developer of the center.
Hines Pays $150M for 6-Building Portfolio as Office Sales Pick Up Steam
Office properties in the Cincinnati area are selling like hot cakes. Multiple properties have changed hands in the region during the first two quarters of the year, as the recovering market attracts more and more investors.
La Cantera Hill Country Resort Announces Multimillion-Dollar Makeover
San Antonio, with its stable and diverse economy, driven by fast growing manufacturing and strong military investment, medical providers and energy industries and a flourishing tourism industry with over 26 million visitors annually, demonstrated how it is possible to dodge recession. To keep up with the growing demand, the hospitality sector is highly attentive with the client satisfaction, thus improvement works are part of the blooming industry.
$35M Warehouse District Hotel Sparks Local Opposition
A new 75-foot hotel proposed in the Crescent City’s Warehouse District is heating up talks regarding the city’s master plan and height limitations.