News
Quicken Loans Starts Construction on 66,000 Sq. Ft. Technology/Data Center Outside Detroit’s CBD
The site of a former industrial building sitting at the corner of Rosa parks Boulevard and porter Street in the Corktown neighborhood of Detroit is being redeveloped into a new technology center by online mortgage lender Quicken Loans Inc. and its affiliate Bedrock Real Estate Services LLC.
Athena Companies Buys 100-Key Asset in Booming Nashville Hotel Market
Hunter Hotel Advisors recently advised on the sale of three MainStay Suites for Choice Hotels International in three secondary US markets: Nashville, Pittsburgh and Greenville, SC.
International: Salvo to Develop $259M M-F Tower in Melbourne
Salvo Property Group, a leading Australian development company focused on building affordable luxury properties, has appointed Brookfield Multiplex to design and construct Platinum Tower, a $259 million multi-family tower in Melbourne.
Michelin Inks 1.7 MSF Lease at RidgePort Logistics Center in Chicago Area
Tire-manufacturing giant Michelin has entered into a build-to-suit agreement under which it will lease 1.7 million square feet of distribution space at the RidgePort Logistics Center in Wilmington, Ill.
Economy Watch: FOMC Mulls Monetary Policy Normalization; Architects’ Billings Down in April
The Federal Open Market Committee held a meeting on the “eventual normalization of the stance and conduct of monetary policy,” which hasn’t been normal for quite some time. The Architectural Billings Index was 49.6 in April, up from 48.8 in March.
Morgan Launches New Pearl Luxury Community; Balfour Beatty General Contractor for 6 Houston Center
Houston – based The Morgan Group has commenced development of a new luxury apartment community under its Pearl brand. Morgan launched the Pearl brand in 2013 with the opening of
Luxury Condo Tower to Break Ground in West Plano; Toyota Gets Incentive Deal for Corporate Relocation
Dallas-based Visions5 plans to kick off construction of a new mixed-use luxury complex in West Plano.
The Cost of Buying a Home in D.C.
The National Association of Realtors (NAR) says in its Metropolitan Median Area Prices and Affordability report for the first quarter of 2014 that the Washington-Arlington-Alexandria area is one of the most expensive markets in the country. The median sales price of existing single-family homes in the metro is $358,900. So how much would you need to earn in order to be able to buy a home here? HSH.com, a mortgage resource website, has the answer.
MIPIM Special Series — Part Two: Bringing Logistics Back into the City Through Mixed-Use Developments
Associate editor Adriana Pop presents a three-part series of reports on worldwide real estate based on presentations at the MIPIM world property market in March. The first report focused on Shared Buildings and Spaces. The third will address the Emergence of New Retail Models in Urban Environments. Should logistics be permitted in the heart of urban areas? That question was addressed during the “Functional Diversity” session at the MIPIM Innovation Forum in March. The topic arose from a successful shared space project—a mixed-use property incorporating logistical space—highlighted in the newly released second issue of the Real Estate and Sustainable Development…
Vista, Sorrento Mesa Industrial Assets Fetch $75M in Separate Deals
In a great week for the San Diego industrial real estate market, two properties traded hands in two separate deals for a combined total of over $75 million. Cornerstone Real Estate, a Connecticut-based entity, paid a fee of $57.6 million for an asset in the Vista submarket, while a Sorrento Mesa industrial building was acquired by Colorado-based Alliance Commercial Partners LLC.