News
BH3, Gary Cohen Team Up on Upscale South Florida Island M-F Project
There are only so many private islands in South Florida and the last one with development potential, the former North Island at Island Estates in Aventura, Fla., has just been designated for a luxury multi-family project by Privé Development, a newly formed joint venture between BH3 Management and developer Gary Cohen.
Blackstone, DDR Strike $332M Deal
A joint venture of retail REIT DDR Corp. and a Blackstone Group fund has acquired seven shopping centers with a total of 2.4 million square feet in major U.S. cities from a Regency Centers Corp. fund for $332 million, including $207 million of assumed mortgage debt and $28 million of new mortgage debt.
Winthrop Snaps Up 4 Class A Apartment Buildings for $246M
Winthrop Realty Trust has agreed to buy four Class A luxury apartment buildings from ST Residential for an aggregate price of $246 million.
Economy Watch: Household Debt Continues to Drop; Wholesale Inflation Nil in July
Outstanding U.S. household debt declined by $78 billion from the previous quarter, due in large part to a decline in housing-related debt. And the Producer Price Index for finished goods was unchanged in July.
Brian Conlon Exits Retirement, Returns to Inland Family as Inland Securities CEO
Retirement or real estate? It’s real estate for Brian Conlon, former CEO of Inland Real Estate Investment Corp. Conlon bid adieu to his position and the industry at the close of 2012, but now he’s back as CEO of Inland Securities Corp., the managing broker-dealer for Inland Investments.
Steadfast Makes Largest Purchase with $80M Austin Apartment Acquisition
Steadfast Income REIT acquired Meritage at Steiner Ranch in Austin for $80 million and The Belmont in the Dallas/Fort Worth Metroplex for $12 million, pushing its portfolio to more than 10,000 units in 43 apartment communities in 10 Midwestern and Southern states.
Tishman Speyer Grabs Iconic Chicago Tower
Global real estate owner, operator and developer Tishman Speyer now has 10 Chicago properties in its portfolio after closing on the acquisition of 190 South LaSalle, a Class A building in the city’s Central Loop, from CBRE Global Investors for a reported $211 million.
Economy Watch: Retail Sales Post Meager Rise; Small Biz More Optimistic; Housing Inventories Down
Retail sales for July were up 0.2 percent compared with June, and 5.4 percent compared with July 2012. Small business optimism edged up in July, with NFIB’s monthly index increasing more than half a point (0.6) to a reading of 94.1. And there was a nationwide decline in housing inventory of 5.24 percent in July compared with the same month last year.
Economy Watch Weekly: Wages, Salaries Up; Long-Term Investment in RE Down
CPE’s economic analyst, Dees Stribling, gives his update for the week ending Aug. 9.
Globus Partners Applies for Permit to Build $5M Hilton Garden Inn in Memphis
It looks like the Greater Memphis Area might be getting its second Hilton Garden Inn hotel.
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