News
Macquarie REIT Acquires Double Retail Center in Mexico City for $153M
The Macquarie Mexican REIT has made a move into the Mexico City retail market with the purchase of two commercial properties in the capital’s metropolitan area for $153 million.
Google Leases Office Campus at Former Mall in Mountain View, Calif., from Rockwood, Four Corners
Google is leasing 500,000 square feet – the largest lease signed so far this year in Silicon Valley – at the former Mayfield Mall in Mountain View, which is being repurposed by Rockwood Capital and Four Corners Properties into Class A office space.
Economy Watch: Housing Inventory, Median Prices Up; Federal Budget Deficit, Initial Claims Down
The housing inventory recovery is broad and growing, and price increases are becoming more widespread. The U.S. budget deficit continued to contract in August. And for the week ending Sept. 7, initial unemployment claims were down 31,000 from the previous month, an unusually low figure.
Riverstone Residential Founder Terry Danner to Become CEO
Riverstone Residential Group will soon have a new CEO. Terry Danner, co-founder and current president of the multi-family property management company, will take on the top position, stepping into the shoes of the departing Walt Smith.
Miracle Mile Refinancing Yields $580M for Tristar Capital, RFR
One of Las Vegas’ signature shopping spots on the Strip is the Miracle Mile Shops, one of the largest and best-known retail facilities in Sin City. The property made headlines recently for a massive refinancing deal completed by HFF on behalf of the owner, a joint venture between Tristar Capital and RFR Holding LLC. The total amount obtained in the refinancing process stands at $580 million. Robert K. Futterman & Associates acted as the joint venture’s project marketing and leasing advisor in the process.
IMMOFINANZ Continues M-F Development in Poland with New Project
Leading property company IMMOFINANZ Group has started another multi-family development in Poland, called Riverpark, a 189-unit project in Poznań.
Economy Watch: Mortgage Applications Drop as Rates Rise; Vegas Market Closer to Normal; Income Patterns Return to 1920s
Mortgage refinance activity is at its lowest level since 2009, including mortgage applications. However, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 4.8 percent from 4.73 percent week over week.
As of the summer of 2013, the Vegas market has been making a recovery, with fewer foreclosures and short sales in the state.
And according to a recent study, the income gap between the 1 percent of households and the rest of the population is the largest it’s been since the 1920s.
Kimpton to Redevelop Hotel Monaco in Pittsburgh
Kimpton Hotels & Restaurants is continuing expansion of its boutique hotels throughout the U.S., announcing plans to convert a nine-story, 110-year-old Pittsburgh office building into a Hotel Monaco with JV partner PMC Property Group.
Thai Company Buys Bay-Area M-F Tower for $103M
Bangkok-based Land & Houses PCL, Thailand’s largest homebuilder, has purchased Domain, a 264-unit, luxury transit-oriented rental community in Oakland, Calif., for $103 million.
USGBC Awards LEED Gold to Iroko Pharmaceuticals Navy Yard Headquarters
The U.S. Green Building Council (USGBC) awarded a LEED Gold certification under the Core & Shell rating system to a state-of-the-art facility located at 150 Rouse Boulevard in Philadelphia’s Navy Yard Corporate Center, which stands as one of the largest collections of energy-efficient commercial buildings in the Greater Philadelphia area.