News
Ramco-Gershenson Buys 461 KSF Shopping Center in Cincinnati Suburb
Ramco-Gershenson Properties has just surpassed the half-billion-dollar mark in its annual acquisitions with the purchase of Deerfield Towne Center, a 461,000-square-foot shopping center in the suburban Cincinnati suburb of Mason, Ohio.
Economy Watch: GDP Increases to 4.1% in 3Q; State Unemployment Rates Drop
Real gross domestic product increased at an annualized rate of 4.1 percent in the third quarter of 2013. The state unemployment rates were generally lower in November.
Holland Partners Closes $80M Property Acquisition in South Lake Union, with Plans for M-U Development
The approved rezoning of South Lake Union, one of the most popular development areas in the much improved city of Seattle, is already paying off. The Puget Sound Business Journal recently reported that Holland Partners, one of the most active development companies in the local market, recently completed the acquisition of a number of properties in the area, and is now eyeing a mixed-use development project for the area. The acquired area was previously targeted as a development site by Equity Office Property. Holland paid a total of $79.5 million for almost a block between Dexter Ave. and Westlake Ave.
Arhaus Furniture to Move 230 Employees to New Corporate HQ in Boston Heights
Arhaus Furniture, one of the fastest growing furniture retailers in the United States, has announced it plans to build a new, $43 million corporate headquarters and distribution center in the Village of Boston Heights. Construction is slated to start in March 2014. Arhaus Furniture hopes to move into the new building by April 2015.
Cincinnati’s Garfield Suites Hotel Changes Hands
CBRE Hotels has announced last week the sale of Cincinnati’s Garfield Suites Hotel. Cincinnati Lodging Associates, a joint venture of Sun Development, Hotel Capital and Silver Rock, it the property’s new owner. It plans to convert the all-suite hotel into a DoubleTree Suites.
Developers Plan Second Luxury Condo Complex at Ala Moana Center in Honolulu
An ultra-luxury condominium complex is slated to rise on the makai (ocean side) parking lot of Ala Moana Center in downtown Honolulu.
Morgan to Break Ground on Luxury Apartment Community
The Morgan Group, Inc., a leader in high-end multifamily development, construction, and property management, announced plans to add another amenity-rich residential complex to its Houston portfolio under the Pearl brand.
CBRE Announces Sale of Two Office Buildings at Excelsior Crossings
CBRE recently announced the sale of two office buildings located in Hopkins, Minnesota. The seller, Real Estate Capital Partners on behalf of IVG Institutional Funds GmbH, was represented by the CBRE Institutional Group in Minneapolis led by Steven Buss, Tom Holtz, Ryan Watts and Judd Welliver.
C&W Wins Leasing of Uptown Trophy Tower; SoCal Investor Grabs 622-Unit Dallas Portfolio
Miami-based Parmenter Realty Partners has selected Cushman & Wakefield of Texas, Inc. (C&W) to provide leasing services for The Tower At Cityplace, a recently acquired 1.3 million-square foot, Class A, office building located in Dallas’ Uptown.
Terreno Realty Buys Lanham, MD, Industrial Building for $5.6M
Terreno Realty Corporation has recently announced the acquisition of a new industrial property located in Prince George’s County, Maryland. The deal was closed on December 11, 2013. San Francisco-based Terreno Realty purchased the property for approximately $5.6 million. According to PropertyShark.com, the total market value of the property is $7 million.