News
8.4K SF Medical Office Center Nears Completion
A new medical complex is nearing completion on an 8,470-square-foot phase one. Mark Edwards, the leasing agent of the project and president of Edwards Commercial Realty, said the end date for it should be the end of June. Phase two consists of a development of about 7,300 square feet.
Carey Watermark Makes $77M Statement in Nashville Hotel Biz
Carey Watermark Investors has announced the acquisition of the Hutton Hotel, one of Nashville’s top hospitality assets.
GM to Invest $258 Million in Second Metro Detroit Data Center
Less than one year after announcing a plan to transform its global Information Technology (IT) department and just days after celebrating the grand opening of the Warren Enterprise Data Center, General Motors Co. broke ground on Friday, May 24, on its second supercomputing facility in Metro Detroit. Together, the two locations will replace a network of 23 data centers operated by GM, as well as three information technology suppliers from around the world. They will add to the company’s existing data centers in Austin, TX, Roswell, GA, and Chandler, AZ.
JLL Secures $112M in Non-Recourse Financing for Office Complex in Suburban DC
With the assistance of Jones Lang LaSalle’s Capital Markets division, the California State Teachers Retirement System has landed $112 million in financing for Lincoln Place, a 503,800-square-foot office complex in Arlington, Va.
Economy Watch: Home Prices Show Biggest Gains Since ’06; Trade Gap Widens; Americans Living Large
Home prices were up 12.1 percent this April compared with April 2012. Americans bought more from overseas in April than they sold to other countries, but the size of the deficit increased. The stock of new housing completed for the most part has more bedrooms, well-equipped bathrooms and greater square footage than before.
Hyatt Fisherman’s Wharf Acquired by Chesapeake Lodging Trust in $100M Deal
San Francisco’s improving hospitality market has seen another high-profile deal perfected as investors focus their attention on the city’s increasing appeal for both business and tourism. The Chesapeake Lodging Trust recently closed a deal for the Hyatt Fisherman’s Wharf, paying a purchase fee of around $103.5 million for the hotel, to an affiliate of Hyatt Hotels Corporation. The venue will continue to operate under the Hyatt brand, as the new owner has reportedly agreed a management contract with Evolution Hospitality, who will carry out its duties under a franchise agreement with another Hyatt affiliate.
14-Story Office Tower Sold; Energy-Efficient Affordable Housing Opens
Dean Tower, formerly known as the Republic Tower, located on Florida Boulevard at Cloud Drive, has been sold.
Brazilian Residential Market to Get Major Boost as JV to Build 2,400 Affordable Homes
A joint venture created by Paladin Realty Latin America Investors IV and Constructora Altana recently announced a major investment in Brazil’s housing market.
HFF Secures $581M Refi for 16-Property Blackstone Hotel Portfolio
The Blackstone Group has refinanced a 16-property, 4,798-room hotel portfolio and golf course/tennis club with a $581 million loan obtained from GE Capital Real Estate.
Economy Watch Weekly: Housing Still Improving, but Not to Pre-Recession Levels
CPE’s economic analyst, Dees Stribling, gives his update for the week ending May 31.
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