News
Economy Watch Weekly: Bernanke’s Optimistic, but Is It Justified?
CPE’s economic analyst, Dees Stribling, gives his update for the week ending Jan. 3.
Economy Watch: Service Sector Growth Slows; New Factory Orders Up
The Institute for Supply Management reported that its Non-Manufacturing Index came in at 53.0 for December, a drop from 55.4 in November. And new orders for manufactured goods were up by 1.8 percent to an annualized $498 billion.
Rockpoint, Fisher Bros. Buy 50% Stake in 2 NYC Office Towers Totaling 3 MSF
Fisher Brothers now has a new partner in the ownership of 1345 Avenue of the Americas and 605 Third Ave., two Class A office high-rises totaling 2 million square feet in Midtown Manhattan.
Federal Capital Partners Pays $61M for 184 KSF Office Property in DC Suburb
One Preserve Parkway, a seven-story, 183,667-square-foot trophy office tower in Rockville, Md., has been acquired for $61 million by Federal Capital Partners.
Cole Grabs 1.2 MSF Industrial Property in Maryland
Cole Real Estate Investments has acquired 4000 Principio Parkway, a 1.2 million-square-foot warehouse in North East, Md., from Weeks Robinson for a reported $74 million.
AEW Buys Renton Shopping Center from Pearlmark Harvest Lakeshore in Blockbuster Deal
A massive retail transaction was recently completed for a large Renton property in a deal worth approximately $165.4 million. A unit of Boston-based investment fund AEW Global purchased the The Landing shopping center from its now former owner and developer Pearlmark Harvest Lakeshore. Following the transaction, management duties for The Landing will continue to be carried out by JSH Properties.
Marcus & Millichap Arranges Sale of North Olmsted Towne Center for $17.8M
Large retail properties in the Greater Cleveland area have seen a lot of action in the final quarter of 2013. Recently, Devonshire REIT, Inc. has paid $8 million for the Great Lakes Plaza in Mentor, while the Starwood Capital Group has acquired two shopping centers in North Olmsted and Canton, as part of a $1.6 billion, seven-property portfolio.
KBS Strategic Opportunity REIT Buys Orlando’s Maitland Promenade II for $31.2M
Maitland Promenade II, a Class-A office building in Orlando’s Maitland Center submarket changed hands at the end of 2013. It was purchased by KBS Strategic Opportunity REIT for $31.2 million plus closing cost. The Newport Beach, California-based public non-traded real estate investment trust announced the acquisition on December 30.
Holiday Inn Express Hotel Mountain View – S Palo Alto Opens Following $1M Renovation Project
InterContinental Hotels Group has recently added a new hotel to its portfolio in the Mountain View and Palo Alto areas. The Holiday Inn Express Mountain View S Palo Alto opened at the end of the year after a more than $1 million renovation project.
Holiday Inn Express Hotel & Suites Denver East – Peoria Street Opens in Denver
The Holiday Inn Express Hotel & Suites Denver East – Peoria Street is now open. InterContinental Hotels Group announced the opening of the new hotel at the end of December. It is designed with the Holiday Inn brand family’s $1 billion global brand relaunch in mind.
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