News
Conservative Group Challenges ACLU Over City’s Plan to Use Church for Senior Center
The nonprofit legal group, Liberty Institute, recently announced that it has submitted a letter of support to the City of Oklahoma City for its decision to lease or purchase a portion of the Putnam City Baptist Church in order to establish a Metropolitan Area Projects 3 senior wellness center. The City had been threatened for its decision by the ACLU, but Liberty Institute attorneys reviewed the subject and concluded that the City’s plans comply with constitutional standards.
Allred Starts Office Building No. 6 at Chandler Mixed-Use Development
Douglas Allred Co. has broken ground on the sixth speculative office building at Allred Park Place, its master-planned mixed-use development in Chandler.
Brookfield to Acquire U.S. Warehouse Business for $1B
Brookfield Property Partners has agreed to purchase Industrial Developments International (IDI) from Kajima of Japan for $1.1 billion, in a deal a company spokesperson said will close in the fourth quarter.
Economy Watch: RE Investment Still Low; Freddie Mac Posts 2Q Income of $5B
Real estate investment shows tepid growth compared to the bubble years. And Freddie Mac reported that its second quarter 2013 net income was $5 billion, compared to $4.6 billion in the first quarter of 2013, the second largest in the company’s history.
Chicago’s New Outlet Mall Setting a Trend
Developed by AWE Talisman and Macerich, the $250 million, 530,000-square-foot, two-level center is anchored by Bloomingdale’s The Outlet Store, Last Call by Neiman Marcus, Saks Fifth Avenue OFF 5th and Forever 21.
Walker & Dunlop Launches Large Loan Bridge Program
Walker & Dunlop Inc., one of the leading commercial real estate financing companies in the U.S., has launched a large loan bridge program with more than $850 million in lending power for multi-family properties.
Hines/Oaktree Joint Venture Acquires 4 Office Buildings From Boyer
The Salt Lake City office market was recently spurred on after a joint venture created by international real estate firm Hines and a subsidiary of a real estate fund managed by Oaktree Capital Management acquired a large chunk of The Gateway district’s office space. The four buildings acquired by the JV were sold by The Boyer Company for an undisclosed amount.
Milhaus Breaks Ground on $26M Redevelopment in Historic District
Construction on the $26 million Circa Apartments at the former Mitchell & Scott industrial site in downtown Indianapolis is currently under way.
Officials Announce Environmental Cleanup of Carter Carburetor Site
The long-awaited environmental cleanup of the Carter Carburetor Site has been announced as federal, state and local officials gathered at the Herbert Hoover Boys and Girls Club on North Grand, adjacent to the site. The press conference marking the event was attended by U.S. Rep. William Lacy Clay, Jr., Missouri State Senator Jamilah Nasheed, St. Louis Mayor Francis G. Slay, EPA Assistant Administrator Mattie Stanislaus, EPA Region 7 Administrator Karl Brooks and Flint Fowler of the Herbert Hoover Boys and Girls Club.
Iconic Office Property Could Be Redeveloped in Dire Office Market
One of the most iconic buildings in Memphis might be headed for redevelopment.