News
Johns Hopkins to Build Cancer Center in Baltimore with $65 Million Gift
Johns Hopkins has announced on May 6 its plans to build a new cancer treatment building in Baltimore. The facility will be constructed with the help of a $65 million gift. It will be named after the late Albert P. “Skip” Viragh, Jr., a philanthropist and a former cancer patient treated at Johns Hopkins, who died in 2003, at the age of 62.
Construction of Crescent Gateway in Altamonte Springs is in the Works
Crescent Gateway, Crescent Communities’ luxury apartment community is underway at the intersection of Maitland Boulevard and state Route 434. The company is building an 80-acre, mixed-use project and the residential component represents the first phase. Another 300,000 square feet of office and retail space, and potentially a hotel, are in the pipeline. A groundbreaking ceremony was held May 15.
Pointe at Lenox Park Picked Up for Almost $25M
Pointe at Lenox Park, a 271-unit garden-style community in the Brookhaven submarket recently changed hands for $24.9 million. The previous local private owner sold the apartment homes to Cortland Partners.
Starwood Eyes Historic Motel Ankara in South Beach for Adaptive Reuse
Set to open in less than a year, Starwood Hotels & Resorts Worldwide Inc.’s newest Aloft branded facility is coming to Miami’s South Beach and will be first newly constructed hotel to open in that submarket in the past five years.
UT Approves Construction of $172 Million Robert B. Rowling Hall
The construction of Robert B. Rowling Hall has been approved by The University of Texas Board of Regents. The development will house the McCombs School of Business Texas MBA and Texas MSTC programs. It will add to the available space for Texas Executive Education Programs doubling it and increase the university’s convention and conference activities.
NBA’s Lakers to Buy 5 Acres for New Training Center at L.A.-Area M-U Campus
The Los Angeles Lakers need a place to practice shooting hoops, so the NBA franchise has signed a deal to acquire a five-acre site at the Elevon at Campus El Segundo project in El Segundo, Calif.
International: HOCHTIEF, Kondor Wessels JV to Build 280-Unit Residential Development in Berlin
HOCHTIEF Projektentwicklung, a subsidiary of the HOCHTIEF Group, has partnered with Kondor Wessels on the construction of CEDELIA, a 280-unit residential development in Berlin-Zehlendorf.
Walker & Dunlop Provides $278M Fannie Mae Credit Facility for 20 M-F Properties
Walker & Dunlop has provided a $278 million Fannie Mae credit facility to Milestone Apartments REIT, which is using part of the proceeds to fund two multi-family acquisitions totaling $78 million.
Economy Watch: Inflation Edges Up; Homebuilders’ Confidence a Little Rattled; Unemployment Claims Drop Sharply
The U.S. Consumer Price Index for All Urban Consumers increased 0.3 percent in April, the largest monthly increase since last June. Builder confidence in the market for newly built, single-family homes weakened a bit in May. Initial unemployment claims dropped 24,000 from the previous week.
VIDEO – 2014 Trends in Hotel Industry
Robert Mandelbaum, director of Research Information Services, discusses the results of PKF Hospitality Research’s Trends in the Hotel Industry annual report. The results show that U.S. hotels are in a profitability sweet spot and PKF-HR is forecasting double-digit gains in NOI through 2015. HIGHLIGHTS: Third year of double-digit gains/profits for hotels in 2013 Fewer hotels are able to increase the number of rooms available Scarcity of availability of rooms gives managers the leverage to increase room rates Vast majority of hotels were able to post increases in both: total revenue and net operating income in 2013