News
Buncher’s $400M Strip District Mixed-Use Development Moves Forward
The Buncher Co. is planning to proceed with its $400 million Riverfront Landing project regardless of whether it receives permission to demolish the western end of the landmark Produce Terminal Building in the Strip District.
Historic Germantown Church to Become Waldorf School’s New Home in Philadelphia
St. Peter’s Episcopal Church is one of Philadelphia’s architectural jewels, but for the past eight years it has been lying vacant and blighted, with very little hope of resurrection.
CPA17 – Global Buys 897 KSF H&M DC in Poland
W.P. Carey, a REIT specializing in single-tenant net-lease properties, paid $85 million for an 896,911-square-foot logistics center in Poznan for international retailer H&M Hennes & Mauritz AB.
$5 Million Makeover Project for Riverfront Towers
Almost two years passed since the owners of a large residential community in Detroit were sued by the Federal National Mortgage Association (Fannie Mae) for an alleged $70 million loan debt. Back then, in October 2011, Ronald Glass of GlassRatner Management and Realty Advisors LLC was appointed as receiver to find a buyer for the Riverfront Towers, a multifamily complex located at 100 Riverfront Avenue in downtown Detroit.
Fairmont Sonoma Mission Inn & Spa Stake Acquired by Carey Watermark in $100 Million JV Deal
San Francisco has elevated its hospitality market over the past few years to a point where rates and occupancy have been rising and the city is a top market contender. Then the recent big money move by Carey Watermark Investors Incorporated to acquire a joint venture interest in the Fairmont Sonoma Mission Inn & Spa from owner Fairmont Hotels & Resorts. The former owner received a total of $97.1 million and will go on to manage the luxury resort under a long-term management agreement.
Glenview Park District Opens Glenview Prairie Club – Golf & Paddle Facility to the Public
The Glenview Park District recently inaugurated the Glenview Prairie Club – Golf & Paddle. The 2,600-square-foot clubhouse facility is now open to the public as an amenity to the state-of-the-art four on-grade paddle tennis courts and the Glenview Park District nine-hole golf course.
CalPERS Fund Buys LA-Area Buildings from Hines for $550M
TechCore, a fund managed by GI Partners, has purchased One Wilshire, a 30-story Class A telecom and office building in downtown Los Angeles, as well as three buildings in the L.A. suburb of El Segundo, for a total of $550 million.
Value Place Announces Plans to Develop Nine New Extended-Stay Corporate Hotels in Denver
Value Place, an economy extended-stay lodging brand, has recently announced plans to continue its expansion across the U.S. with plans to develop nine new extended-stay corporate properties in the Denver area.
Economy Watch: Housing Starts Edge Down; Beige Book Says Modest Growth
Housing starts came in at an annualized rate of 836,000 in June, or 9.9 percent below the May total of 928,000. And according to the Federal Reserve’s latest Beige Book, economic growth increased at a “modest to moderate pace” since the previous survey.
Harrison Street Closes $2.5B Fund
Harrison Street Real Estate Capital originally set its sights on raising $650 million in equity capital for Harrison Street Real Estate Partners IV, and the private equity firm has achieved that goal–and handily surpassed it.