News
Economy Watch: New Home Sales Up in August; Household Net Worth Hits New Record; Durable Goods Orders Up on Car Sales
New home sales for August have gone up by by 7.9 percent compared with July. The U.S. household net worth increased during the second quarter of 2013 compared to the first quarter. And durable goods orders edged upward 0.1 percent in August compared with July.
$55M IBM Project Holds Groundbreaking; Shell Teases $12.5B GTL Facility
Prior to the groundbreaking of IBM’s 800-job Baton Rouge project, the Louisiana Governor’s Office announced the selection of Ascension Parish as the potential site for a 740-job Shell facility.
JMI Realty Acquires Hyatt Regency Denver Tech Center; FEMA Leases Office Space in Englewood
Chicago-based Hyatt Hotels Corporation recently announced that one of its affiliates has sold the Hyatt Regency Denver Tech Center to an affiliate of JMI Realty for around $60 million or $133,000 per key. As part of the deal, Hyatt has also entered into a franchise agreement with JMI Realty. Davidson Hotels & Resorts will manage the hotel for JMI Realty under the Hyatt Regency flag.
Robertson Properties Group’s $767M Aiea Project Could Break Ground Next Year
Robertson Properties Group expects to break ground on its $767 million, 1,500-home mixed-use development in Aiea in 2014, the Pacific Business News reports.
United Properties to Acquire Days Hotel Near University of Minnesota Campus
Minneapolis-based United Properties is set to acquire the Days Hotel after the privately-owned commercial real estate development and investment firm recently announced it has signed a purchase agreement with private REIT CRI Income. United Properties announced that a due diligence process, which is expected to take up to 90 days, is underway and although a closing date has not yet been set, it is anticipated to occur in late December or early January. The property had been listed for sale in June by Jon Ruzicka of Marcus & Millichap.
Executive Spotlight: Steve Winger, Everest Auctions
Gain insight into Steve Winger, founder of EverestAuctions, in CPE’s inaugural Executive Spotlight.
Associated Estates to Buy 1,600-Unit Apartment Portfolio for $324M
Associated Estates Realty Corp. will add 1,606 residential units to its holdings overnight. The REIT has entered into a definitive agreement with Northwood Ravin to acquire a portfolio of seven existing and under-development apartment assets across three states in the Southeast and Mid-Atlantic for $324 million.
Mace Opens Johnnie Walker Student Housing in London
International construction company Mace purchased a former brewery-turned-whisky-warehouse from Johnnie Walker with joint venture partner Alternative Developments and turned it into a mixed-use luxury student housing project.
Rockrose Buys 2000 L St. Office Building in DC from Brookfield for $192M
Washington, D.C., witnessed the closing of another huge office transaction this week, as the Rockrose Development Corp., in its quest to increase its presence in the District’s office market, acquired the building at 2000 L St., NW, for $192 million, or about $479 per square foot.
Economy Watch: Case-Shiller Shows Continuing Home Price Increases; State Coincident Indexes Positive
Home prices are showing continued increases, rising 12.3 percent year over year in July for the 10- and 20-city composites. And state coincident indexes increased in 40 states in the past month.