News
Economy Watch: Bank Failures to Trickle This Year; Oil, Gas Prices May Drop; Vegas Residential Market Recovers
The relative size of bank failures has been going down since 2008. The U.S. Energy Information Agency is predicting that the price of oil is going to decline later this year, which might drive the retail price of gasoline down as well. And the Las Vegas residential market, which was a poster child for the impact of the housing bubble, is recovering.
Grand Canyon U. Picks DMB Site in Mesa for New Campus
Grand Canyon University will locate its second East Valley campus at Eastmark, a 3,200-acre master-planned community being developed by DMB Associates in Mesa. GCU will purchase 100 acres, with an option to buy 60 additional acres. “In selecting the Eastmark site, we were especially impressed with the integrated community concept […]
Vista Industrial Asset Fetches $5.6M
The sale of a San Diego industrial asset was recently announced by real estate brokerage Colliers International. The transaction was completed by one of the company’s local offices, on behalf of seller Symphony Asset Pool XIV, while new owner B Group Holdings Inc. was represented by CCIM. The value of the transaction stood at a total of $5,562,500.
Pizzuti Plans $7.5M MOB at City Gate in Marysville
Continuing its plans to grow and expand, Memorial Hospital of Union County has recently announced it will open a new medical office building in Marysville. The expansion will help provide patients with an even better experience. When fully operational, the facility is expected to serve 50,000 patients per year.
Godrej to Develop 2 Residential Projects in India
The real estate arm of the Godrej Group, Godrej Properties Ltd., of Mumbai, has entered into two new development agreements: to develop a 13.8-acre property in Gurgaon, and to increase the size of its project in Panvel.
Transwestern, Cornerstone Sell 350 KSF Houston Office Property
Five years after acquiring 21 contiguous acres of land for the planned two-tower Eldridge Oaks office development in Houston, Transwestern and Cornerstone Real Estate Advisors have sold the site, along with the 350,000-square-foot trophy tower they developed at the location in 2009.
Fairway Market to be Anchor Food Market at Hudson Yards
Fairway Market has become the latest company to lease space in the South Tower of the Hudson Yards project, taking nearly 46,000 square feet on the ground floor of the first office high-rise to be built in the 28-acre mixed-use development on Manhattan’s West Side.
Economy Watch: Mortgage Delinquencies, Foreclosures Drop in 2Q; Seniors Home Building Confidence Rises; Employment Claims Edge Up
The mortgage delinquency rate dropped 29 basis points from the previous quarter, and 62 basis points from one year ago. Builder confidence in the 55+ housing market for single-family homes showed strong improvement in the second quarter of 2013 compared to the same period a year ago. And initial unemployment claims increased by 5,000 from the previous week.
Feldman Equities JV Buys 187 KSF Office Tower in St. Petersburg, Fla.
St. Petersburg is looking good to Feldman Equities, Tower Realty Partners and Second City Capital Partners, so the JV team recently acquired the 187,000-square-foot office building formerly known as Wells Fargo Plaza.
Opus/Mercy Housing Team Wins Nod for $60M Mixed-Use Project in Park East District
A $60 million development proposal slated for a 2.3-acre block in the Park East corridor has received its final approval from the Milwaukee County Board.