News
$50M Luxury Residential Development in the Works for Charlotte
Developer, operator and owner of multifamily and master planned communities, Crescent Communities has announced the acquisition of 2.3 acres in Charlotte for its newest multifamily project planned for the Queen City.
KDC Plans 250 KSF Corporate Center at Research Campus in Kentucky
KDC wants to bring its state-of-the-art corporate campus prototype to Lexington, Ky., and the commercial real estate and investment firm is under contract with Sperry Van Ness Real Estate Advisors-Lexington to do just that.
CDT Buys Ocean Towers in Coney Island, Area Hit Hard by Sandy
Community Development Trust and Proto Property Services have teamed up on a $52 million project to buy and rehabilitate a 19-story, 380,000-square-foot apartment building in Coney Island, an area in Brooklyn hit hard by Hurricane Sandy.
Emaar Launches Sale of Dubai Luxury Residences
Global property developer Emaar Properties PJSC has begun the sale of its newest residential project, Burj Vista II.
Wolff Picks Up $200M M-F Portfolio in Las Vegas
The Wolff Co., of Scottsdale, Ariz., has acquired the 3,098-unit “Oasis Portfolio” of 14 apartment communities in metro Las Vegas.
Funding for 2 Museums Gains in Legislature
The Senate Joint Committee on Appropriations and Budget approved measures that would provide the use of tax receipts to fund two Oklahoma museum projects.
Economy Watch: U.S. Banks Healthy; World Growth Still Sluggish
According to the Federal Deposit Insurance Corp., American banks had their best-ever quarter during the first quarter of this year. And the world economy is predicted to grow 3.1 percent this year, then accelerate to 4 percent growth in 2014. The estimate is a bit gloomier than the last Economic Outlook, published in November 2012, which predicted 3.4 percent growth in 2013 and 4.2 percent in ’14.
Kimco, American Industries Sell Mexican Industrial Portfolio for $600M
The REIT and joint venture partner American Industries have entered into an agreement to sell their interests in an 11 million-square-foot portfolio of industrial properties in the country to Terrafina, a Mexican REIT advised by Prudential Real Estate Investors, for $600 million.
Mission Bay Strengthens Image as Life Sciences Hub with New Lease
Mission Bay’s reputation as a leading international life science hub is set to be confirmed as yet another company activating in the field announced that it is moving to the area. Represented by Alexandria Real Estate Equities the mid-cap life sciences company has completed a leasing deal at 499 Illinois Street, near the existing UCSF’s research campus and hospital complex. The agreement will keep the company in the area for at least 10 years in an area that produces world-class workforce in the life sciences industry, and provides one of the best work environments in the entire country.
Franklin Street Properties Closes on Acquisition of 43-Story Office Tower in Denver CBD
Wakefield, Mass.-based Franklin Street Properties recently announced its acquisition of a 43-story office tower and a 9-story parking garage in the central business district of Denver, Colorado. The two properties were acquired by the real estate investment trust for a purchase price of $183 million. Continue reading →