News
Buffalo Lodging Associates to Manage Hilton Garden Inn Akron
The Hilton Garden Inn Akron is scheduled to open this fall. The hotel is currently under development on three acres of land, on the former Goodyear world headquarters campus, at the corner of East Market Street and Kelly Avenue. It will be the first hotel constructed in Akron since 1980 and it will be managed by Buffalo Lodging Associates, LLC.
$500M Middletown Energy Center to Be Top Gas Power Plant
The city of Middletown, in Butler County, will be home to one of the most efficient natural gas-fired power plants in the United States. St. Augustine, Fla.-based NTE Energy announced last week its plans to develop, own and operate the power plant, which is expected to provide numerous benefits to the city, county and state economies. The massive project represents an investment of over $500 million.
Live Chat with Colliers’ Coy Davidson
Join us on Thursday, Feb. 20 at 2 p.m. (EST) for CPE’s live Twitter chat with Colliers International Houston Senior Vice President Coy Davidson as he discusses medical office development and hospital systems. Davidson has been directly involved in more than 4 million square feet of office lease and sales transactions and more than 700 acres of commercial land site deals for a wide variety of clients, ranging from Fortune 500 corporations to Houston-based firms and small businesses. He has significant experience in the healthcare sector, including working with major hospital systems, private physician groups and medical office building owners, assisting with office…
Kilroy Buys Hollywood Parcel for $300M M-U Project
Kilroy Realty Corp. has acquired a nearly four-acre parcel near the renowned intersection of Sunset and Vine from AMPAS in a $46 million deal, with plans to transform the site into a mixed-use development at a cost of $250 million to $300 million.
Simon Purchases Two Taubman Properties
Simon Property Group has acquired land in Syosset, N.Y., and a 50 percent interest in Arizona Mills in Tempe from the Taubman Centers for $60 million and 555,150 partnership units in Simon Property Group L.P.
Economy Watch: Personal Income, Consumption Rise in December; Consumers More Glum; Fannie Mae Says Delinquencies Down
U.S. personal income increased $2.3 billion in December. And personal consumption expenditures were up by $44.1 billion. Consumers are a little less optimistic now than at the end of last year. Fannie Mae reported that its single-family serious delinquency rate dropped to 2.38 percent in December, compared with 2.44 percent in November.
Commercial Banks a Hit in CRE Borrowers’ Satisfaction Survey
Banks and life insurance companies are the preferred lenders for commercial real estate borrowers, who are likely to increase their overall borrowings this year, according to a new survey by the CRE Finance Council.
Embassy Suites Orlando-Lake Buena Vista Sold, Awaits Renovation
Embassy Suites Orlando-Lake Buena Vista has recently changed hands, as Embassy Suites GF Management recently announced. The company’s affiliate, ESLBV Property Owner LLC has purchased the 334-room hospitality complex.
312-unit Grove Park Apartments Sold
PointOne Holdings recently acquired the 312-unit Grove Park Apartments community located in Metro Atlanta. The transaction is worth $12.75 million and marks the company’s sixth commercial acquisition in the past 1.5 years.
Four Seasons to Brand Fort Capital’s Luxury Oceanfront Mixed-Use Project
Fort Capital, has entered an agreement with Four Seasons to brand and manage The Surf Club, a luxury mixed-use property currently under construction on 9-acres of surfside land that Fort Capital acquired in 2012. Development started on the buildings in fall 2013 with Coastal Construction serving as general contractor. The project is on schedule to be completed in early 2016.
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