News
Economy Watch: Retail Sales Drop in January; MBA Predicts Rise in New Home Sales; Initial Unemployment Claims Up
U.S. retail sales dropped 0.4 percent in January compared with December. The Mortgage Bankers Association estimates that sales of new single-family homes will increase by 35 percent in January 2014, compared to December. For the week ending Feb. 8, initial unemployment claims rose by 3,500 from the previous week.
Venta, Pathfinder JV Buys Homewood Suites Hotel in La Quinta
The city’s increasing hospitality profile has come into play once again this week when a partnership between Vesta Hospitality and Pathfinder Partners LLC acquired a La Quinta hotel. Vesta Hospitality is a Washington-based privately owned hotel management and development company, and its partner in the acquisition, Pathfinder, is a local real estate investment company that specializes in value-add opportunities. The entity previously handled management duties for the Homewood Suites facility that was the subject of the transaction. The financial terms of the transaction were not disclosed.
MIG Buys Office/Medical Office Complex in Henderson
The Las Vegas office market has seen consistent improvement over the past year, up to a point where important transactions once again take place. Recently a new portfolio transaction was announced by real estate investment company MIG Real Estate. The Newport Beach-based entity acquired an eight-property office/medical office package located in Henderson for an undisclosed amount. A CBRE team arranged the transaction on behalf of the seller.
Fannie and Freddie Maintain Financing Levels in 2013
Preliminary reports indicate that the agencies continued to dominate the multifamily sector with more than $55 billion in financings, says Jones Lang LaSalle.
BlackBerry to Sell 19-Building CRE Portfolio in Search of Funds
BlackBerry is set to sell a large chunk of its real estate assets in 2014, as the company has sought the guidance of real estate brokerage CBRE in the hopes of moving out its office space.
JLL: The Multi-Family Lending Environment
Industry experts at MBA’s CREF/Multifamily Housing Convention & Expo in Orlando project origination of commercial and multifamily mortgage will grow seven percent to $300 billion in 2014.
Ares Management Fund Acquires 33-Acre Warehouse in Morrisville for $26.9M
A real estate fund affiliated with Ares Management in Los Angeles has recently purchased the largest warehouse in Wake County, namely the 33-acre 900 Aviation property in Morrisville.
La Posada Lodge & Casitas Joins Choice Hotels Ascend Hotel Collection
Ascend Hotel Collection has recently added La Posada Lodge & Casitas along with four other domestic hotels to its portfolio.
Walmart Develops Two Neighborhood Markets in the Albuquerque Area
With about 300 Walmart markets throughout the country, the retail giant is in the process of adding two more in New Mexico: one in Albuquerque and the other in Rio Rancho, reports the Albuquerque Journal. New Mexico has four Neighborhood Markets, three in Albuquerque and one in Rio Rancho, and thirteen Supercenter Stores.
Skanska to Build Research Center for University of Connecticut for $88M
Skanska USA has been tapped by the University of Connecticut to erect the educational institution’s new 115,000-square-foot Innovation Partnership Building research facility on the campus in Storrs, Conn.