News
Economy Watch: Jobs Uptick in October; Q3 GDP Stronger than Expected; Seniors Housing Builders More Confident
The economy created 204,000 jobs during the month, an improvement from September, and more than the average monthly growth for the last previous 12 months of 190,000. The real U.S. GDP increased at an annualized rate of 2.8 percent in the third quarter, which was above expectations. And builder confidence in the 55+ housing market showed continued improvement in the third quarter of 2013 compared to the same period a year ago.
Xinyuan to Develop Fifth Project in China in 5 Months
Xinyuan Real Estate Co. recently announced plans to develop a residential project with an area of 1.5 million square feet, Kunshan, Jiangsu Province in China.
MWest Spends $200M for 825 KSF Office, R&D Portfolio in Silicon Valley
MWest Properties’ Silicon Valley footprint just grew by 825,000 square feet. The company, a year-old venture comprised of DivcoWest, Ivanhoé Cambridge and TPG Real Estate, has acquired a three-campus portfolio encompassing 12 R&D and corporate office buildings in San Jose, Calif.
ULI Special Report: Changing Cities
The world is shrinking, sharply defining where people will live, work and play: Those were the opening remarks at the ULI Fall Meeting in Chicago yesterday.
Walker & Dunlop Launches CMBS/High-Yield Lending Platform
Walker & Dunlop and an affiliate of a fund managed by Fortress Investment Group have entered into a JV to form a CMBS lending platform that will provide financing for multi-family and other CRE properties nationwide.
Columbia Property Sells 4 MSF Office Portfolio to Griffin Capital
For Columbia Property Trust, the $521 million sale of an 18-property office portfolio is part of its strategy to refocus on major markets. For Griffin Capital Essential REIT, which acquired the 4 million-square-foot portfolio, it nearly doubles the REIT’s holdings.
Economy Watch: Non-Manufacturing Sectors Expand Again; Residential Asking Price Appreciation Slows; Tight Credit Remains Drag on Economy
The U.S. non-manufacturing sector is continuing to grow, with this month’s expansion being the 46th in a row. Asking prices in the U.S. residential market increased 0.6 percent month over month in October, the second-slowest monthly gain in seven months. And according to economists, tight credit continues to hold back the housing sector and broader economy from full recovery.
City Opens $8.6M Community Health Center on South Side
The new John R. Maloney Health Center is now open in Columbus’ South Side. It is leased to Columbus Neighborhood Health Centers, and will offer quality health care services to south side residents.
Dermody Property to Create Industrial Park in Central Pennsylvania; Chesterbrook Shopping Center Sold for $8.9 Million
Industrial development company Dermody Partners of Reno, NV, and its financial partner PCCP recently acquired a 107-acre parcel in Central Pennsylvania, from Texas-based builder Trammel Crow Co.
Eastern Market Receives $750K Grant to Build 200-Seat Outdoor Gathering Place
DTE Energy Foundation, the charitable arm of DTE Energy, granted the Eastern Market Corporation $750,000 that will be used to create an outdoor social gathering area right outside the market’s sheds.