News
IMMOFINANZ-Owned BUWOG to Buy 18K-Unit Portfolio in Germany for $1B
BUWOG, the subsidiary of IMMOFINANZ Group, one of the largest entities of its kind in Europe, is giving the German multi-family market a boost by acquiring an 18,000-unit portfolio for $1.2 billion.
George Smith Partners Secures $51M in Construction Financing for M-F Project in Las Vegas
George Smith Partners has arranged $51 million in construction financing for the development of Elysian at the District, a 360-unit Class-A multi-family community in Las Vegas, on behalf of a joint venture between The Calida Group and Cypress Equity Investments.
Economy Watch: Homebuilders Feeling Grumpy; Consumer Debt Grows During 4Q
Builder confidence in the market for newly built, single-family homes posted an unusually large 10-point drop to 46 in February compared with January. But aggregate U.S. consumer debt increased in the fourth quarter of 2013 by $241 billion.
Embrey Partners Receives Approval for M-U Development
The border delimitating the urban and suburban areas of San Antonio started fading away when Embrey Partners announced that they received zoning approval to turn 8.2 acres of commercial space in the Legacy Shopping Center into an apartment development with 289 units. The property is located at Loop 1604 and Highway 281 in northern San Antonio and will be the third mixed-used community the company has built along the 281 corridor.
Capstone to Break Ground on Live-Work Campus in Redmond This Summer
Redmond-based tech giant Microsoft is set to get crowded as a massive mixed-use development project was recently announced in the vicinity of the software company’s headquarters. Developer Capstone Partners has released plans for a new urban village that would create a new live-work community able to accommodate around 8,000 people. The massive development project would include a large number of residential units, as well as a wide range of amenities and commercial space. According to the developer, the project will constitute an investment of approximately $900 million.
Economy Watch Weekly: Retail Sales Drop, Tapering Will Probably Continue
CPE’s economic analyst, Dees Stribling, gives his update for the week ending Feb. 14.
Sunrise Medical Campus Sells 3-Building Property Near Tacoma
With the assistance of Jones Lang LaSalle’s Capital Markets Group, the ownership team of Sunrise Medical One and Sunrise Medical Two sold Clise Properties for $407 per square foot.
Prologis Inks 2 Development Lease Deals in Mexico City
Global owner, operator and developer of industrial real estate Prologis Inc. has signed two development lease agreements totaling 406,000 square feet at Prologis Park Tres Rios in Mexico City.
Vornado to Sell Broadway Mall in Hicksville, NY, for $94M
Vornado Realty Trust has entered into an agreement to sell Broadway Mall in Hicksville, N.Y., on Long Island, for $94 million.
Economy Watch: Did Stimulus Stimulate the Economy? Overseas Stocks, Commodities Up
The federal stimulus of 2009 came over the holiday weekend, with the estimated cost revised upward by more than $40 billion. Japan’s Nikkei 225 increased 0.6 percent on Monday as the yen appreciated against the dollar. Also, Germany’s DAX and France’s CAC 40 were both up small amounts on Monday.
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