News
Construction to Break Ground on Salem’s New MBTA Intermodal Station
The Massachusetts Bay Transportation Authority (MBTA) announced it will close its Salem rail station for more than one year as a complex renovation project is underway. As reported by Boston.com, the MBTA Salem station parking lot will be replaced with a $37 million facility, a five-level parking garage with up to 700 spaces and a pedestrian bridge from Washington Street.
$14M Renovation Turns Downtown Baltimore Tremont Into Embassy Suites
After undergoing extensive renovation, the new Embassy Suites Baltimore-Downtown is finally open. This is the brand’s third property in the state of Maryland.
KBS REIT III Buys Three-Property Office Portfolio for $269M
KBS Real Estate Investment Trust III has kicked off summer with its largest purchase of the year. The REIT just completed the $269 million acquisition of a 1 million-square-foot group of three office properties in Dallas and suburban Washington, D.C., known as the National Office Portfolio from CBRE Global Investors.
IIT Acquisitions Buys Southwest Phoenix Industrial Buildings for $44M
In a $44.3 million deal, IIT Acquisitions LLC has purchased Buckeye Logistics Center, a two-building, 684,064 square-foot industrial project in the Valley, from Principal Real Estate Investors.
Brookfield Multiplex to Develop 366 KSF Office Tower in Perth
Leading global contractor Brookfield Multiplex has been awarded the design and construction contract for Brookfield Place Tower 2 in Perth, Australia, to be developed by its client and sister company Brookfield Office Properties.
USAA Sells 5 MSF Industrial Portfolio to Duke
Duke Realty Corp. continues boosting its industrial holdings with its latest acquisition – a nearly 5 million-square-foot, Class A, eight-property portfolio sold by USAA Real Estate for $311 million.
Economy Watch: Existing Home Sales Spike; FOMC Comments Continue to Roil Markets
Total existing-home sales rose 4.2 percent to an annualized rate of 5.18 million units in May from 4.97 million in April. And Wall Street continued on a post-FOMC meeting trajectory on Thursday, as the equities markets kept dropping.
Gov. Jindall Signs Legislation Providing $251M for 29 Education Construction Projects
Gov. Bobby Jindal was joined by supporters, advocates and leaders of community at the Alexandria Campus of the Central Louisiana Technical Community College to sign into law Louisiana Senate Bill 204 (SB 204), announced the Louisiana Community and Technical College System (LCTCS).
Alan Mark: Meeting Demand in the Multi-Family Market
Alan Mark, CEO of The Mark Co., talks about apartment-to-condo conversions and meeting the needs of the two biggest multi-family groups.
Ascott to Manage 150-Unit Somerset Alabang Manila Serviced Residence
The Ascott Ltd., CapitaLand’s wholly-owned serviced residence business unit, has increased its presence in the Philippines by securing a contract to manage a serviced residence in Alabang, a major business district in metro Manila.