News
Demand for Greater Cincinnati Industrial Space Strongest Since 2005
2013 has been an excellent year for the Cincinnati industrial market. As companies snatched up more and more space, rents increased and vacancies dropped, reaching pre-recession levels.
Ensemble Opens First Hotel at Philadelphia Navy Yard
Ensemble Hotel Partners is opening a 172-key Courtyard by Marriott, the first hotel at the Philadelpha Navy Yard that will serve the city’s largest business district.
TDI Starts 332-Unit Luxury M-F Project at One Scottsdale
Irving-Texas – based TDI Real Estate Holdings LLC, a leader in the development of Class A multi-family housing, has broken ground on Jefferson on Legacy, a 322-unit luxury apartment community within the One Scottsdale mixed-use development.
Endeavour Corp. Eyes Affordable Housing for Historic Germania Building
Local development firm Endeavour Corp. Inc. is planning to purchase the foreclosed Germania Building in downtown Milwaukee and convert it into 78 affordable apartments.
JLL Promotes O’Brien to CEO, Americas
Jones Lang LaSalle has tapped in-house executive Gregory O’Brien for the CEO, Americas position. He will be replacing Lauralee Martin, who left after one year in the position to head healthcare REIT HCP.
Commerz Real Picks Up $174M Office Project for Real Estate Fund in Germany
Commerz Real has signed an acquisition agreement for a 230,000-square-foot office space in Cologne, Germany’s fourth largest city, for $174 million on behalf of its open-ended real estate fund.
Cole Buys 430 KSF Shopping Center in Denver Area for $117M
Cole has purchased the major portion of Cornerstar, a 750,000-square-foot regional power center in Aurora, Colo., from a joint venture of PCCP and Alberta Development Partners for $117 million.
Economy Watch: Housing Starts Drop in December, Gain for ’13; Number of Job Openings Edges Up; First Bank Failure of the Year
U.S. housing starts dropped by 9.8 percent from the November rate. The December 2013 rate was, however, 1.6 percent higher than the previous year. There were a little more than 4 million job openings on the last business day of November, up from 3.9 million in October. Over the weekend the FDIC closed DuPage National Bank in West Chicago, marking the first U.S. bank failure of 2014.
Bella Vita Place Community Sold for $11.6M
The 192-unit apartment complex in the northwestern submarket of Orlando changed hands just recently, with Miami-based Rivergate Partners acquiring the property for $11.6 million.
First Miami International Tradeport Warehouse Completed
Liberty Property Trust’s Miami International Tradeport initiative reached an important milestone as the commercial real estate leader started the New Year by celebrating the completion of the industrial park’s first warehouse.