News
Kiernan Cos. Buys 10 Acres in Otay Mesa
With San Diego’s industrial market set to see its vacancy rates go up, the news that a large chunk of industrial land near the Mexican border just traded hands is as encouraging as it gets. Recent reports indicate that the Kiernan Companies of Coronado snapped up around 10 acres of land, part of the Airway Business Center. The new purchased the plot for a fee of around $3.6 million, from seller MS Development Co. LLC. The deal was arranged on behalf of the seller by a CBRE team, while Kiernan was represented by a team from Fischer & Co.
Inspirada Wins Approval for Project Changes, Unveils Park Plans
The Henderson City Council has thrown Inspirada Builders LLC a lifeline in the form of a new project to develop a total of 30 acres of parks, at its southwest Henderson housing project. The massive housing development has been struggling for a while now, and the developer recently had an important modification approved by local authorities. According to The Las Vegas Review-Journal, the development is currently attempting a bounce-back from bankruptcy, and the recently approved amendment to the plan will help improve the state of the 1,600-acre housing project.
Still in Office
By Agha Nawazish Ali Khan Since REITs are required to distribute 90 percent of their taxable income to shareholders to maintain their status, it becomes quite challenging for them to build capital reserves. Hence, capital markets serve as an important source to generate additional funding for acquisitions and ongoing operations. Year-to-date through July 1, office REITs led the sector with $3.37 billion raised through common equity offerings. Three office REITs—BioMed Realty Trust, CommonWealth REIT and Alexandria Real Estate Equities—each raised more than $500 million through their respective offerings, with BioMed Realty Trust leading the way at $668.6 million. The company…
Tightening the Gap
(employed and unemployed persons by occupation; not seasonally adjusted; numbers in thousands)
Shopping Spree
(2013 to 2018 percent total retail sales change by Designated Market Area [DMA]; click on map below to enlarge)
Doing Business
Value of manufacturers’ new orders; not seasonally adjusted; $ in millions
AIG/Lincoln Sells Retail Park in Rome for $174M
AIG/Lincoln has sold Da Vinci Market Central, a popular retail park in Rome, to funds managed by CWM Group for $174 million.