News
Meridian Arranges $230M Loan for JDS’s Purchase of NYC’s Steinway Hall
Plans for a hotel and luxury condo project on West 57th Street in Manhattan are moving forward now that a joint venture led by JDS Development Group and Property Markets Group has acquired Steinway Hall at 109-113 West 57th St.
Cielo Buys 243 KSF Texas Office Tower
Cielo Realty Partners has purchased Neuhaus Tower, a 17-story, 243,000-square-foot office tower in McAllen, Texas, from an affiliate of Brookfield Asset Management for an undisclosed amount.
Economy Watch: Homebuilders Optimistic; CPI, Industrial Production Up
According to the National Association of Homebuilders, its housing market rose six points over the last month to a score of 57 for July, the highest reading since January 2006. The Consumer Price Index for All Urban Consumers increased 0.5 percent in June. And industrial production increased 0.3 percent in June after having been unchanged in May, pointing to the continued health of the domestic manufacturing sector.
Economy Watch Weekly: Mortgage Rates Up; Fed Says Tapering Won’t Raise Interest Rates
CPE’s economic analyst, Dees Stribling, gives his update for the week ending July 12.
Allegiance Sells 202 KSF, Two-Building Atlanta Office Park to Cornerstone
Allegiance Realty has sold the 202,000-square-foot The Park at Windward Concourse in Alpharetta, Ga., three years after buying it. Allegiance and Cornerstone Real Estate Advisers, the buyer of the Class A, suburban Atlanta property, are keeping mum on the dollar signs involved in the off-market transaction.
British Land to Buy Paddington Central in London’s West End for $708M
European real estate investment trust British Land is investing around $708 million to buy into Paddington Central, a 1.2 million-square-foot, office-anchored mixed-use development in London’s West End.
Meridian Arranges $155M in Financing for Purchase of Manhattan M-F Property
Meridian Capital Group negotiated $155 million in acquisition financing on behalf of Cammeby’s International for the purchase of the Monterey multi-family property on Manhattan’s Upper East Side.
Economy Watch: Retail Sales Eke Out Gain; Home Prices Rise
Retail and food services sales for June were $422.8 billion, up by 0.4 percent from the previous month. And home prices climbed another 0.5 percent in May compared with April.
Brookwood Acquires Tech Ridge Business Park in San Antonio
The multi-tenant office property Tech Ridge Business Park has been acquired by Brookwood Financial Partners, LLC, a leading real estate company specialized in investment and asset management services. The new acquisition was built in 2002-2003 and is part of the Northwest submarket of San Antonio. It encompasses 118,769 square feet that form the two-building business park located between Loop 410 and Loop 1604, near Interstate 10.
Agree Realty Corp. Buys Cleveland-Area Sam’s Club for $21.4M
Agree Realty Corp., a Farmington Hills, Mich.-based real estate investment trust involved in the development and acquisition of single tenant net lease retail properties, has recently purchased a triple-net leased Sam’s Club located in Brooklyn, Ohio. Marcus & Millichap Real Estate Investment Services has arranged the all-cash sale.
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