News
INTERNATIONAL: Union Investment Acquires Landmark Weser Tower in Germany
Union Investment has bought the landmark Weser Tower in Bremen, Germany, in a deal that is deemed one of the most significant real estate transactions seen in the city.
NJ’s Revel Casino Files for Second Bankruptcy
The long-troubled Revel Casino Hotel in Atlantic City, N.J., will evidently be sold, now that its owner, Revel AC Inc., the parent company of Revel Entertainment Group, and certain of the former’s subsidiaries have filed for Chapter 11.
Economy Watch: Existing Home Sales Rise, but Still Sluggish; Home Price Gains Slowing Down
Total existing U.S. home sales rose 4.9 percent in May, but not nearly as much as a few months ago. Home price gains slowed down in April.
Sabal Financial Steps in for Small Loans
Commercial property financing of $1 million to $5 million, especially in secondary and tertiary locations, is in short supply as smaller community, local and regional banks disappear from the marketplace, suggests R. Patterson Jackson, CEO of Sabal Financial.
Jamestown: Sale of San Francisco’s Pacific Place Has Strong Long-Term Income Drivers
Jamestown COO tells CPE the firm has sold Pacific Place, an office and retail property in downtown San Francisco, to J.P. Morgan for $415 million because of its attractiveness to institutonal investors
Hard Rock Partners with NYS Funding on Casino Plan in Rensselaer, N.Y.
Hard Rock International has joined NYS Funding L.L.C. in the bid to build a casino, the Hard Rock Hotel & Casino, along the Hudson River, in Rensselaer, N.Y.
Robert Wrzosek: Centerline to Expand Range of Financing Products
MHN/CPE spoke to Robert Wrzosek, president, Mortgage Banking, of Centerline Capital Group, regarding what’s ahead for Centerline.
Slideshow: 2014 Distinguished Achievement Award Winners
The 2014 winners of CPE‘s Distinguished Achievement Awards included 13 different properties, including leases, sales, developments and redevelopments, financing transactions and corporate strategies. They hail from around the country and include office, industrial, retail, multi-family and healthcare properties, along with some hospitality prospects as part of mixed-use plans. Write-ups on the first and second place winners in categories including Best Sale (Single Asset and Portfolio), Best Lease, Best Financial Structure, Best Development/Redevelopment, Most Effective Repositioning/Turnaround Strategy and Most Innovative Corporate Strategy appeared in the July 2014 edition of Commercial Property Executive (with a more extensive description available on our website). A video featuring…
PREI, AP3 JV Acquires $360M Worth of German Retail Assets
A new joint venture between Prudential Real Estate Investors and the Third Swedish National Pension Fund, AP3, will invest in retail properties throughout Germany.
Lights! Camera! Blueprints! Kilroy Unveils Plans for M-U Campus in Hollywood
Kilroy Realty Corp. took a step forward with its $250 million to $300 million project in Hollywood by unveiling plans on Thursday for a four-building, 475,000-square-foot “creative media mixed-use office campus.”