News
Lawmakers Back Controversial 167-Acre Mega Development South of Durham
751 South, a long-stalled residential and business mega development along the Durham-Chatham county line can finally move forward.
Condos Priced from $140K-$360K Come to Market after Project Completion
Back in 2007 when the housing bubble had not yet burst, condominiums sprang up all across the country. That was the time when it was quite common for a land developer to be sued by his business partners because he had bankrupted several companies, dealing with accusations of defrauding the city to tune millions for past projects. That was the case for developer Vincent Garcia who back then was riding high on a nine-story mixed-use project, in downtown Albuquerque.
John Crossman: Educating the Future
CPE talks with John Crossman, president of Crossman & Co., about his efforts to develop future real estate leaders at the student level, his employment of social media and other efforts.
Connected Vehicle Research Center Planned on Old GM Industrial Site
The RACER Trust, Devon Industrial Group and Walbridge Development are teaming up to transform the former Willow Run Powertrain plant in Ypsilanti Township, Mich., into a technologically advanced connected vehicle research center.
Parkway Buys Thomas Properties for $1.2B
Parkway Properties and Thomas Properties Group will soon become one. The two real estate companies have entered into a merger agreement calling for Thomas Properties to merge with and into Parkway. The $1.2 billion stock-for-stock transaction will leave Parkway shareholders with a 75 percent ownership stake and Thomas shareholders with the remaining 25 percent interest.
World’s First Forbes-Branded Office Tower to Rise in Philippines
Forbes Media has chosen the Philippines as the site for the world’s first Forbes-branded office high-rise. The company has partnered with local developer Century Properties Group to build the approximately 646,000-square-foot Forbes Media Tower in Makati, a suburb of Manila.
Cornerstone Buys Boston Trophy Tower for $110M
Cornerstone Real Estate Advisers, a subsidiary of MassMutual Financial Group, has acquired 99 Summer St. in Boston from Normandy Real Estate Partners for $110 million on behalf of a Cornerstone-managed fund.
Economy Watch: Economy Creates 169K Jobs in August; Residential Asking Price Peaks; Non-Manufacturing Sector Expands
The economy created 169,000 jobs in August, lower than the average increase for the last 12 months, which was 184,000. Asking home prices rose 11 percent nationally year over year in August, and 1.2 percent compared with July. And the Institute for Supply Management’s non-manufacturing index was at 58.6 percent in August, up from 56 percent in July.
County’s Economic Index Still Rising, Even as Pace of Job Gains Slows
San Diego’s economy seems to be on a steady uptick with a host of indicators currently seeing slow but steady improvement. The USD Burnham-Moores Center for Real Estate has come out with its latest Index of Leading Economic Inicators for San Diego County, and the 0.7 percent increase the index posted for the month of July is a healthy sign. The positive outlook for 2013 in San Diego County seems to be maintained as the area has seen its 11th consecutive increase for the USD Index.
Rising Las Vegas Home Prices Lead U.S.: S&P/Case-Shiller Index
The Las Vegas housing market is going from strength to strength in terms of prices, being one of the driving forces behind what could shape up as a positive year for the U.S. The city has once again far outpaced the national average which, according to the Standard & Poor’s/Case-Shiller home price index, stood at about 12.1 percent over the values recorded in June 2012. Las Vegas saw very encouraging increases in home prices, with a year-over-year increase of 24.9 percent.