News
Economy Watch: Consumers Grumpier; PPI Drops Slightly
The Reuters/University of Michigan consumer sentiment dropped 1.7 points mid-month, compared to the end of February. The Producer Price Index for “final demand” fell 0.1 percent in February.
Luxury Condo High-Rise Breaks Ground in Houston’s Uptown
Inter-Pier LLC, a joint venture between The Interfin Companies and Pierpoint Capital together with The McNair Group and Hudson Brothers Real Estate Limited Partnership, officially broke ground on Belfiore, a 26-story high-rise condominium that will redefine Uptown’s vibe and skyline.
Summit Hotel Enters into Agreement with Mortenson Development to Acquire Hampton Inn & Suites
Summit Hotel Properties Inc. recently announced that it has under contract to acquire two hotel properties featuring a total of 421 guestrooms. The two properties are the DoubleTree by Hilton located in San Francisco and the Hampton Inn & Suites in Minneapolis.
LPC, Daiwa House Team Up to Build Fort Worth Apartments
Dallas-based Lincoln Property Company (LPC) has entered into a strategic partnership with Daiwa House Industry Co., Ltd. of Osaka, Japan to develop and manage U.S. apartments.
China-Based Developer to Build Three-story Office, Data Center in Rockville
A China-based developer plans to start work this May on a new, three-story office and data center in Rockville. The Greencourt Group is the pioneer developer in the suburbs of Shanghai and has developed more than 20 million square feet of commercial and residential property in China over the last 18 years. It will construct the new property, called the Greencourt Building, at 12358 Parklawn Drive. The cost of the project was not disclosed.
Strategic Storage Trust Pays $6.7M for Hampton Self-Storage Facility
A self-storage facility located in Hampton, Va. has recently changed hands. Strategic Storage Trust, Inc. (SSTI) has paid approximately $6.7 million for the property at 1343 Big Bethel Road. It is the publicly registered non-traded REIT’s second acquisition in the area.
HFF Secures $23.5 Million Financing Package for 2 National City M-F Properties
Holiday Fenoglio Fowler recently announced that it had secured financing for two San Diego-area multifamily complexes owned by PCD Capital Group and Birge & Held Asset Management. The provider of commercial real estate and capital markets services worked with Opus Bank on behalf of the borrower, and completed two financing deals worth a total of $23.5 million. The HFF team in charge of securing the loans was headed by Zach Koucos, a director with the company.
Vestar Gives The District at Green Valley Ranch in Henderson a $3M Makeover
By Alex Girda, Associate Editor After a $3 million renovation, Vestar Development has re-unveiled the District at Green Valley Ranch, a 384,100-square-foot retail center in Henderson, according to rentv.com. A joint venture of Vestar and Rockwood Capital acquired the property two and a half years ago in a $79 million deal. Part of Green Valley Ranch, […]
CBRE Team Arranges Sale of Large Inland Empire Retail Center for $42 Million
The Inland Empire recently saw a large retail transaction completed when a Moreno Valley Property was acquired for a fee of approximately $42 million. TownGate Center was sold on behalf of the owning entity, a partnership between Walton Street and Fritz Duda Company, by a team headed by CBRE Senior Vice President Philip D. Voorhees. The SVP worked along with the National Retail Investment Group – West consisting of Megan Read, Jimmy Slusher, John Read and Brad Rable to represent the seller, as well as buyer Brixton Capital, a San Diego-based company in the all-cash deal.
Woody Harrelson Buys Baltimore’s Inn at the Black Olive
Woody Harrelson – Emmy Award winner and Oscar nominee. You may know him for his work in ”Cheers”, ”White Men Can’t Jump”, ”Natural Born Killers”, ”The People vs. Larry Flynt”, ”No Country for Old Men”, ”Now You See Me” or ”The Hunger Games”. You may also know him as an environmental and anti-war activist, as PETA’s Sexiest Vegetarian in 2012, or as a supporter concerning the legalization of marijuana in the United States. What you may not know about this famous Hollywood actor is that he is now the owner of a Baltimore hotel.