News
Herrick Co. Buys 44 CVS-Leased Retail Properties for $190M
The Herrick Co. shelled out $190 million on the acquisition of a portfolio of triple-net leased retail/pharmacy locations spanning 17 states, all of which are leased to CVS Caremark, from Fortress Investment Group.
Marcus & Millichap Expands into Canada, Opens 3 Offices
Marcus & Millichap has entered Canada with not just one office, but three: in Toronto, Vancouver and Calgary.
Freddie Mac to Purchase Tax-Exempt M-F Housing Loans
Freddie Mac has implemented Direct Purchase of Tax-Exempt Loans, a new initiative designed to help keep rental housing affordable for lower income families and increase cost-effective financing for tax-exempt multi-family properties.
Economy Watch: Consumers Cheer Up; CBO: ACA Not as Costly as Predicted
The consumer sentiment is up, with the mid-April reading coming in at 82.6, the highest index in nine months. And according to the Congressional Budget Office, the Affordable Care Act will cost the government less than initially predicted.
MIG Real Estate Pays $42M for M-F Community in Tempe
Newport Beach, California-based MIG Real Estate has acquired Quadrangles Village, a 510-unit multi-family community in the heart of Tempe. The purchase price was $41.875 million or $82,108 per unit
Courtyard Memphis Airport Completes Renovation; Manager Appointed to Wolfchase Galleria Holiday Inn
By Eliza Theiss, Associate Editor Courtyard Memphis Airport has announced the completion of guestroom renovations. The 145-key hotel upgraded its 131 rooms and 14 suites to a contemporary design that offers comfort, flexibility and a sleek style. The new room designs hybrid work, sleep and relax zones, indirect lighting and a neutral tone-on-tone color palette. […]
Cherokee Nation Entertainment to Break Ground on Casino, Hotel in Roland
Cherokee Nation Entertainment officials recently announced that a groundbreaking ceremony will be held on April 29 to mark the start of construction on a new Cherokee Casino & Hotel Roland. The new 170,000 square foot casino and hotel destination will replace the existing Cherokee Casino Roland in Sequoyah County. Bill John Baker, principal chief of the Cherokee Nation, Shawn Slanton, chief executive officer of Cherokee Nation Businesses and Cherokee Nation Tribal Councilors will attend the groundbreaking ceremony.
Middletown Hotel Management Plans 118-Key Springhill Suites in Beavercreek
By Adrian Maties, Associate Editor Middletown Hotel Management plans to start construction this fall on a 118-key Springhill Suites by Marriott on two recently acquired parcels in Beavercreek. Completion is expected by the end of 2015. Middletown did not disclose terms of the land acquisition or the cost of the project. The new Springhill Suites […]
International Tech Group Subsidiary Consolidates Operations at 5405 Windward Parkway
Andritz Inc., a U.S. subsidiary of the Andritz Group moves to 5405 Windward Parkway. The company has recently signed a long-term lease for 40,000 square feet. To the he landlord, Highwoods Properties, Inc.’s relief the building has reached almost complete occupancy.
Vista Pointe Apartments in Palm Springs Sold
The Vista Pointe community at 555 Kirk Road in Palm Springs has recently changed hands for $18.11 million with the involvement of CBRE, representing the seller, Riverfront Capital in the transaction. Avesta Real Estate Fund I, LLC is the new owner of the 314-unit apartment community.