News
Kimray’s HQ Proposal Wins Nod from OK City Planning Commission
At the end of January, oil-field equipment maker Kimray Inc. announced its intentions to relocate its Oklahoma City headquarters. The company had announced its intention to move to a 136-acre property on the northwest corner of Eastern Avenue and Britton Road.
Avison Young Buys Commercial Texas, Opens Office in Austin
Avison Young offices continue to pop up across the country like flowers in springtime. The Toronto-based commercial real estate services firm just set up shop in Austin, with the acquisition of Commercial Texas and the opening of a new office.
JLL Secures $333M in Financing for Zurich North America’s HQ in Suburban Chicago
JLL has secured more than $333 million in financing for the new 11-story, 735,000-square-foot, Class A suburban Chicago headquarters of Zurich North America.
Healthy Gains
(CMBS delinquencies by property type; $ in billions) By Larry Kay Between February 2014 and the same period last year, all of the major property types had fairly healthy declines in delinquency amounts. The totals for lodging, multi-family and office each fell by about one-third, while retail and industrial were not far behind, dropping by 25 percent. Looking at February’s amount delinquent, lodging had the largest decline at 16 percent, ending the month at $2.8 billion. With the economy recovering, strong transient demand and improving group hotel room bookings, there were across-the-board gains in 2013 for occupancy, average daily rates…
USAA Develops 705 KSF HQ for National Science Foundation in Alexandria, Va.
San Antonio-based USAA Real Estate Co. has acquired from the Hoffman Co. the Alexandria, Va., site where a new 704,571-square-foot headquarters will be built for the National Science Foundation.
Economy Watch: Housing Starts See Uptick in March; Beige Book: Increased Economic Activity
U.S. housing starts in March came in at 2.8 percent higher than the revised February estimate. The Beige Book reported that economic activity increased in most regions of the country since the previous report.
Insight Property Group to Start Work This Fall on $185M Urban Mixed-use Project
Insight Property Group announced last week the acquisition of the H Street Self-Storage Property at 624 H Street NE, in Washington, D.C. The Arlington, Virginia-based multifamily developer plans to turn the site into the home of its new urban, mixed-use luxury project, called The Apollo on H Street. Groundbreaking is scheduled for this fall.
Construction Progresses at Candlewood Suites in San Antonio
What is to become the “largest Candlewood Suites hotel” in the world is progressing towards a scheduled open date in July 2014. Cleveland Construction, Inc., the current general contractor for the Fort Sam Houston Candlewood Suites hotel located in Joint Base San Antonio, shared updates about the massive development, designed by EDI International.
Coastal Rail Trail Adds 2,000-Foot Segment as Regional Biking Network Grows
Oceanside residents with a penchant for biking will be happy to know that regional officials have recently completed a 2,000-foot segment of the Coastal Rail Trail. The CRT is part of a planned 44-mile long bike trail from the City of Oceanside to the City of San Diego.
High-end Summerlin Office Property Hits the Market; Gladstein Group Gets Listing
A rare opportunity for a high-end office acquisition recently presented itself in the Summerlin master-planned community. Sam Gladstein, the president of the Gladstein Group, was named the exclusive sales agent by the Donald W. Reynolds Foundation for the property located at 1701 Village Center Circle. According to a recently issued press statement, the asking price for the listing will stand at around $11.5 million.