News
Circle Food Store, Magnolia Marketplace to Curb NOLA’s Retail Shortage
One of the most highly anticipated retail openings in the Crescent City, the second coming of the Circle Food Store in the Seventh Ward, was recently celebrated.
Hudson Pacific Agrees to $57M Fee for Merrill Place in Off-Market Transaction
A purchase agreement for an office and retail asset in Seattle’s Pioneer Square submarket was recently struck between buyer Hudson Pacific Properties and a joint venture between Angelo Gordon, Nitze-Stagen and Mile Rock Capital. According to a recently released press statement, the off-market transaction will have a value of approximately $57.7 million. That same statement pegged the closing date for the deal sometime next month.
Two More Hotels Planned for Cleveland Area
2013 was a good year for hotel construction in the Greater Cleveland area, as developers started work on an important number of projects expected to deliver hundreds of new rooms to the region in the near future. And it seems that this hotel construction boom will continue into 2014. Work will soon start on two more projects in the metro area, one in downtown Cleveland, the other in Avon.
Port Authority Receives $400,000 Grant from Duke Energy to Revitalize Cincinnati Neighborhoods
Duke Energy, the largest electric power holding company in the United States, has recently awarded a $400,000 grant to the Port of Greater Cincinnati Development Authority, to help redevelop the Bond Hill, Roselawn and Queensgate areas. The money will be used to create development-ready sites that will ultimately bring new investment from industrial and logistics companies, as well as new life to the Cincinnati neighborhoods.
Hat World to Invest $21.77M in Major HQ, Distribution Expansion in Indiana
Hat World Inc. has announced it would invest $21.77 million in the expansion of its headquarters and distribution operations in central Indiana and create up to 758 jobs by 2025.
Trade Street Residential Pays $44M for Memphis Luxury Apartments
Florida-based Trade Street Residential, Inc. has announced the acquisition of the 330-unit Miller Creek at Germantown luxury apartment community for $43.8 million from LIV Development LLC – formerly known as Red Mountain Development.
Campus Crest Communities JV Buys Montréal Hotel to be Converted into Urban Student Housing Tower
U.S.-based Campus Crest Communities Inc. in a joint venture partnership with Geneva- and London-based Beaumont Partners SA acquired the 488-room Holiday Inn Midtown in Montréal.
CBC Alliance Increases NYC Presence via Merger with Tarter Stats O’Toole
Continuing its national growth plan, Coldwell Banker Commercial Alliance has increased its presence in New York City in one fell swoop by bringing commercial real estate firm Tarter Stats O’Toole into the fold.
ARCP, Cole Merger Sign of Net Lease Sector’s Evolution
“ARCP’s empire-building has been exponential, and the merger with Cole catapults it into the top-20 largest REITs, globally,” Britton Costa, associate director with Fitch Ratings, told Commercial Property Executive.
Economy Watch: Investors Get the Jitters; Cost of Credit Card Breaches Mounting
Wall Street took a tumble on Friday, showing investors are wary. And the security breach suffered by retail giant Target late last year has already cost credit unions about $30 million, and the full damage to that particular sector of the financial industry hasn’t been tabulated yet.