News
SBV Buys Lexington Commons, Fourth M-F Purchase in Greensboro, NC
SBV Communities has entered the Greensboro, N.C., multi-family market in a big way in a short amount of time. The Kansas City, Mo.,-based firm has purchased more than 600 multi-family units in four acquisitions, including Lexington Commons, the most recent addition to the portfolio.
$326M Perth Office Building Eyed by Investors
The Perth office market in Australia is getting hotter by the moment. Following Brookfield’s announcement to develop Brookfield Place Tower 2, Perth’s CBD is setting up for another significant deal.
Economy Watch: Employment Increase Broad-Based in June; ECB Gives Forward Guidance on Interest Rates
The jump in employment, a nationwide increase of 195,000 jobs, was fueled by a number of sectors — leisure and hospitality, professional and business services, retail trade, healthcare, and financial activities. And the European Central Bank announced that it is keeping its interest rates low or even dropping them lower “for an extended period” of time.
Glimcher Sells Tulsa Promenade Mall
Glimcher Realty Trust, a retail oriented REIT, has recently announced it has completed the sale of Tulsa Promenade, a mall located in Tulsa, Oklahoma.
OnTrac Moves HQ to Chandler; Whitestone REIT Grabs Phoenix Community Center for $23M
OnTrac, the leader in regional overnight package delivery service in the eight Western States, plans to move its corporate headquarters to Chandler to accommodate the company’s growth demand.
21c Museum Hotels to Convert SunTrust Building to Hotel for $48M
21c Museum Hotels of Louisville, Kentucky is reconverting the former SunTrust Building in downtown Durham into a hotel, restaurant and art museum.
Properties, Including Iconic Red Rose Inn, to Be Auctioned Under Chapter 11
Pending bankruptcy court approval, Red Rose Inn & Suites in Plant City, as well as other remaining properties owned by the Madonia family will see a change in ownership through a series of live and online auctions that are to be held in August.
Bridge Investment Affiliate Purchases Complex for $26M from JI Kislak Entity
In a $25.65 million deal, an affiliate of Murray, UT – based Bridge Investment Group Partners, LLC, has acquired a 360-unit apartment complex at 951 West Orange Grove in Tucson. The seller, an affiliate of JI Kislak, Inc. of Miami, FL, had owned the property since 2000.
Friedman Recycling Opens $21M Facility in Albuquerque
The fruitful collaboration between Mayor Richard J. Berry and Friedman Recycling has led to a successful result – the opening of the single stream materials recovery facility in Albuquerque. “This new facility is a symbol of our commitment to recycling and forever changes the way Albuquerque recycles,” Mayor Berry said. The new facility not only demonstrates care for the city and the environment, but also for the economy as it brings with it 35 new jobs that over time will grow to 75.
Taking Orders
Value of manufacturers’ new orders; not seasonally adjusted; $ in millions