News
SenQuest Snaps Up 180-Unit Independent Living Community in Texas
SenQuest is planning to invest $100 million in acquisitions this year, and the company, the seniors housing division of Titan Real Estate Investment Group Inc., just shelled out some of those funds on the purchase of Waldenbrooke Estates in Bryan, Texas, approximately 90 miles south of Waco.
Economy Watch: Economy Creates Mediocre 162K Jobs; Manufacturing Still Growing; Construction Spending Drops
The economy created 162,000 jobs, which is a bit slower than the prior 12-month average gain of 189,000 jobs. Manufacturing activity expanded again in July, and the overall economy grew for the 50th consecutive month. And construction spending during June 2013 was 0.6 percent, below the revised May figure.
JLLIPT Buys 442 KSF, Class A Industrial Building in Joliet, Ill.
A 442,484-square-foot, Class A industrial building in the I-80 corridor of Joliet, Ill., attracted numerous bidders when its institutional seller put it on the market, but Jones Lang LaSalle Income Property Trust came away with the fully leased distribution center at 3500 Corporate Drive.
Prudential Taps Adler as New CEO
Prudential Real Estate Investors promoted its chief investment officer Eric Adler to the CEO position, after current CEO Allen Smith left, after 26 years of service, to become CEO of Four Seasons Hotels and Resorts.
JRK Buys 714-Unit M-F Property in Tacoma for $65M
JRK Investors has snapped up Tacoma, Washington’s largest apartment property, the 714-unit The Westridges, in a transaction valued at $64.5 million.
Chinese Developer Breaks Ground on World’s Tallest Building, Despite Skepticism Surrounding Project
One of the more puzzling high-profile development projects in recent years is reportedly still on track after China Broad Group held a groundbreaking event for its world’s tallest building plan.
Land & Buildings Calls Upon BRE’s Board of Directors to Pursue Sale of Company
An investor group led by a Greenwich, Conn., hedge fund, wants to buy multi-family REIT BRE Properties for about $5 billion, but BRE said late Wednesday it doesn’t consider the proposal a viable option.
$350M Phoenix-Area M-U Project to Combine Hotel, Office, Retail—Basketball?
A purpose-built entity of experienced players has been tapped as the developer of a $350 million mixed-use project on 10.5 acres of Arizona State University land adjacent to the school’s main campus in Tempe.
Economy Watch: 2Q GDP Surprises on the Upside; FOMC Calls Growth “Modest”; ADP Says July Good Month for Hiring
Real gross domestic product growth was better than expected, an annualized increase of 1.7 percent. According to the central bank, the economy is growing at a “modest” pace. And ADP reported that the private sector added 200,000 jobs in July, more than predicted.
Cousins to Buy 2-Property Office Portfolio for $1B
Cousins Properties Inc. just struck a deal that will alter its standing in the real estate community. The REIT has entered into an agreement to shell out $1.1 billion in cash for the acquisition of two premier Texas office assets totaling 5.5 million square feet from Crescent Real Estate Holdings.