News
Chambers Street Grabs 227 KSF Office Campus in Suburban Dallas
Chambers Street Properties has added 226,900 square feet of premier office space to its metropolitan Dallas portfolio with the acquisition of Carpenter Corporate Center I and II in Irving, Texas.
Amstar Sells Aura Shopping Center in Novosibirsk, Russia, to RosEuro
Amstar sold one of the largest shopping centers in Russia, at four stories and 657,000 square feet, to RosEuro Development.
HCDA Approves Howard Hughes Corp.’s Project for 2 M-U Towers in Honolulu
Phase One of Ward Village, a massive mixed-use complex planned for 60 acres between downtown Honolulu and Waikiki, got a big boost this week when the Hawaii Community Development Authority approved two more towers to be built by the Howard Hughes Corp.
Economy Watch: Nasdaq Gets Weird; Mortgage Rates Hit New Highs; Leading Economic Indicators Edge Up
On Thursday, Wall Street experienced its biggest technical fubar since the 2011 Flash Crash, when trading stopped stone cold on the Nasdaq for about three hours, idling trillions of dollars in investment capital. Mortgage rates are continuing their upward creep, but the housing market still seems to soldier on in its recovery. And the Conference Board’s Leading Economic Index for the U.S. increased 0.6 percent in July to 96.0, following no change in June.
Carey Watermark Investors Acquires 400-Key Marriott in Downtown Raleigh for $83M
In an $83 million deal, Carey Watermark Investors Incorporated (CWI) has purchased the 400-room Marriott City Center hotel in downtown Raleigh. The New York-based real estate firm has also announced it would spend another $6 million to upgrade the 17-story property and cover other acquisition–related costs. The investment was financed with $51.5 million of debt.
Sheraton Acquires and Upgrades 600-Key Marriott Hotel in Downtown Memphis
Starwood Hotels & Resorts Worldwide, Inc. has announced the addition of the former Marriott hotel at 250 North Main Street in downtown Memphis to its rapidly growing Sheraton brand.
Northwood Investors Buys Landmark Building in Lower Manhattan
Northwood Investors has purchased 100 Broadway, a 117-year-old, 24-story, 360,000-square-foot office building at Broadway and Pine Street in Lower Manhattan.
W. P. Carey Closes $110M Sale-Leaseback of State Farm Operation Center in Austin
Two W.P. Carey REIT affiliates – CPA 17 – Global and CPA 18 – Global – have acquired the State Farm Operations Center in Austin, in a sale-leaseback for $110 million, the REIT’s first Class A office property in the city.
Created by Former AREA Property Execs, Mack Real Estate Group Debuts
There’s a new real estate company on the scene. The Mack Family, longtime players in the real estate world, have just officially launched Mack Real Estate Group, which will manage the family’s capital, in addition to institutional capital and high-net-worth capital, through independent and partnership investments in real estate.
Economy Watch: Existing Home Sales Continue to Rise; Fed Minutes Spook Investors
Existing home sales increased 6.5 percent to an annualized rate of 5.39 million units in July from 5.06 million units in June. Although the Fed agreed that “a change in the purchase program was not yet appropriate,” all indices were down yesterday, including Dow Jones, S&P and Nasdaq.