News
First Baptist Church School to be Converted to HQ for Mister Car Wash
The three-story former First Baptist Church education building at 222 E. Fifth St. near downtown Tucson is going to be redeveloped as headquarters of Mister Car Wash by May 2014.
The Phoenix Apartments Rises From the Western Palisades Ashes
Once a foreclosed property, the Western Palisades residential community located at 1720 Atrisco Drive SW was rescued by Chuck Sheldon of T&C Management who purchased it in 2010 for approximately $1.5 million. The history of the property is a stormy one, one that made the new owner change its name into The Phoenix apartments.
RFR to Give Manhattan’s 285 Madison a $65M Makeover
The 530,000-square-foot office tower is undergoing a $65 million repositioning that will convert the vacant property into a premier, state-of-the-art Midtown office destination that will add a little recreation to the workplace.
Tishman Construction, AECOM to Redevelop Residential Tower in Central NJ for $80M
The Boraie Development Somerset Mews residential tower project in New Brunswick, N.J., moved forward this week with the announcement of Tishman Construction as the construction manager.
Ivanhoé Buys 51% Interest in NYC’s 1211 Avenue of the Americas
Ivanhoe Cambridge continues to expand its U.S. office holdings with the acquisition of the majority stake in 1211 Avenue of the Americas in Manhattan for $850 million.
Economy Watch: The Time Bomb Ticks Louder; Home Prices Still Going Up; Fitch Puts U.S. on Negative Watch
There was more uncertainty and inconclusiveness on Capitol Hill on Tuesday as the date of the default gets closer. The latest FNC Residential Price Index shows continued growth of home prices in August. And Chicago-based Fitch, one of the big three debt-rating agencies, put U.S. Treasury bonds on Rating Watch Negative.
EPR Buys Camelback Mountain Resort in Poconos for $70M
EPR Properties has closed on a transaction to acquire the Camelback Mountain Resort in Tannersville, Pa., for approximately $70 million.
Freddie Mac Closes $195M M-F Bulk Loan Sale
Freddie Mac has wrapped up its first multi-family bulk loan disposition, selling 27 performing mortgage loans with a total unpaid principal balance of $195 million.
Brandywine, Shooshan Co. JV to Develop 427 KSF Office Building in Arlington, Va.
Brandywine Realty Trust and an affiliate of The Shooshan Co. have formed a joint venture to build a 426,900-square-foot office building in Arlington’s Ballston submarket.
Economy Watch: Close but No Cigar; Housing Affordability Drops
Still no resolution was achieved at the White House regarding the debt ceiling. And housing affordability reached a four-year low in August because of increasing home prices this year and upticks in interest rates.