News
Inland Repositioning its Portfolio with Purchase of 2 Westin Hotels for $220M
Inland’s acquisition of the two Westin hotels is part of the company’s long-term strategy to invest in luxury, upper-upscale and urban-upscale properties in the top 25 markets, according to Marcel Verbaas, Inland American Lodging Advisor’s president & CEO.
Clarion Gets $150M in Financing for 1.3 MSF Office Park in Norwalk, Conn.
An ownership entity managed by Clarion Partners has secured $150 million in financing for the 1.4 million-square-foot Merritt 7, an office park in Norwalk, Conn.
Parallel Discusses Strategy Behind Purchase of Landmark Dallas Towers
The purchase by Parallel Capital Partners of the 850,000-square-foot, two-building Urban Towers project in Irving, Texas, announced late Tuesday, marked the company’s re-entry into the Dallas–Fort Worth market.
Economy Watch: Beige Book Calls Economy Modest Again; Car Sales Skyrocket
According to the latest edition of the Federal Reserve’s Beige Book, the economy is still plodding along. And Autodata Corp. reported strong sales for carmakers in August, a 17 percent improvement compared with the same month last year.
Related’s Stephen Ross Pledges $200 Million to University of Michigan
Stephen Ross, the founder and chairman of real estate development firm Related Companies and owner of the Miami Dolphins, made a historic $200 million donation to the University of Michigan—the largest single gift the university received since it was established in 1817.
Greystar Completes Half-Billion-Dollar M-F Portfolio Purchase
Greystar Real Estate Partners’ already substantial portfolio just got quite a bit bigger. The multi-family real estate company recently completed the acquisition of a 4,371-unit portfolio from Inland American Real Estate Trust in a deal valued at $460 million.
Avison Young Buys Witherspoon & Carswell, L&W; Opens 5th Office in Florida
Avison Young has launched its fifth Florida office in the past year with the purchase of Tampa-based Lane Witherspoon & Carswell Commercial Real Estate Advisors and sister company L&W Commercial Property Management.
Economy Watch: Construction Spending, Home Prices, Manufacturing Up
Construction spending saw an uptick of 0.6 percent in July compared with June. Home prices nationwide, including distressed sales, increased 12.4 percent in July 2013 compared with a year ago. And the manufacturing sector expanded in August for the third consecutive month.
CBL Sells 3 Malls in the Southeast for $176M
CBL & Associates Properties has closed on the sale of a three-mall portfolio in the Southeast for a gross sale price of $176 million in cash.
Economy Watch Weekly: Economy Grows Stronger Than Expected in 2Q
CPE’s economic analyst, Dees Stribling, gives his update for the week ending Aug. 30.
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