News
Tanenbaum’s Plan for M-F Project on John Marshall High School Site Wins Key Approval
The Oklahoma City Planning Commission has approved plans for the construction of an apartment complex on Oklahoma City’s former John Marshall High School site.
Interest High in Baltimore Area Industrial Properties
Investors continue to exhibit confidence in the Greater Baltimore industrial market. The low unemployment, close proximity to Washington, DC and Philadelphia, and ease of access to the Port of Baltimore make the area very attractive to industrial users and investors.
OakPoint Acquires Briarcroft and Continental Buildings in Austin
Nashville-based OakPoint Investments purchased two of Austin’s office buildings in partnership with local Haverwood Management. Details about the transaction have not been disclosed.
$40B Transoceanic Canal Project Resurfaces in Nicaragua
An initiative for the construction of a new canal between the Pacific and the Caribbean is underway after a century of hibernation.
Oxford Properties to Develop Office High-Rise in Downtown Toronto
Oxford Properties Group has unveiled plans to develop the new 40-story Ernst & Young Tower in the heart of downtown Toronto.
Spirit Realty Shareholders Approve Merger with CCPT II
The merger between Spirit Realty Capital and Cole Credit Property Trust II, which will create one of the nation’s largest publicly traded triple-net lease REITs, is moving toward completion now that shareholders on both sides have approved the proposed deal.
Economy Watch: Retail Sales, Markets Rise; Initial Unemployment Claims Drop
Retail and food service sales were up 0.6 percent compared with April and 4.3 percent year over year. And unemployment claims decreased by 12,000 for the week ending June 8 compared with the previous week’s, the lowest in almost five years.
Eurasia Resorts Seeks Return to Super-Sized Development
The city’s recent switch from the new, bombastic mega-resorts of the Strip and focus on smaller projects seemed to mark a new direction for its fortunes. However, the market for massive, imposing projects has not completely gone away as Eurasia Resorts International recently announced a world-class entertainment initiative for the city of Las Vegas. The company’s tentative development plan would insert a number of projects that were considered as lacking in Las Vegas, projects that would complete the high-rolling image that the city has been selling.
Brookwood Financial Partners Buys Kearny Mesa Office Complex
San Diego’s office market has received another boost after the announced acquisition of a large, multi-tenant property in the city’s Kearny Mesa submarket. Brookwood Financial Partners LLC has moved to acquire the Four Points Business Park for an undisclosed amount. This is the investor’s third San Diego-area transaction in the past 20 months, having previously added the Mission Valley Crossroads and Bernardo Executive Center properties to its multi-tenant office portfolio. Brookwood Financial Partners represented itself in the transaction while the seller was represented by Bob Prendergast and Lynn LaChapelle of Jones Lang LaSalle.
New JV to Invest $100M for Recap, Ownership of Chicago’s Prudential Plaza
The iconic 2.2 million-square-foot Prudential Plaza in Chicago will be upgraded and repositioned thanks to a $100 million recapitalization and ownership change at the Class A office towers in the city’s East Loop neighborhood.