News
RECon Preview: What’s in Store for Real Estate’s Biggest Show?
Renewed development, technology, taxes on internet sales and other retail trends will be in the air when 32,000-plus professionals gather at the Las Vegas Convention Center next week for RECon, commercial real estate’s largest event.
Douglas Emmett Buys Beverly Hills Office Building from Larry Flynt for $89M
Douglas Emmett now owns more than one-fifth of the Class A office stock in Beverly Hills, Calif. The REIT just acquired the 225,000-square-foot property at 8484 Wilshire Blvd. from Larry Flynt for $89 million, bringing its total presence in the submarket to 1.6 million square feet.
Elco Landmark Partners in Acquisition of Four Multifamily Properties
Four garden-style multifamily properties located in the Austin submarket of Round Rock and San Antonio have been acquired by a newly formed partnership between Elco Landmark Apartment Trust Holdings LLC, DeBartolo Development LLC, and LEM Capital. The combined price is of approximately $44 million.
First Wyndham Hotels & Resorts to Open in Dubai Marina
Wyndham Hotel Group plans to open the first Wyndham Hotels & Resorts property in the United Arab Emirates after signing an agreement with Sigma III Limited, a subsidiary of British-owned developer The First Group, to manage its 33-story building in the Dubai Marina.
NGKF Signs Six Partners
Newmark Grubb Knight Frank is expanding its reach throughout the United States by partnering with local real estate firms in secondary and tertiary markets, most recently in Oklahoma, Wisconsin, Arkansas, North Dakota, Florida and South Carolina.
Economy Watch: Housing Starts, CPI Dip; Unemployment Claims Rise
Housing starts, which have been gaining upward momentum in recent months, took an unexpected dip in April. The Consumer Price Index also dropped 0.4 percent in April. And initial unemployment claims increased by 32,000 from the previous week.
Portman-CMC Reveals Cost-Effective Master Plan for Miami Beach Convention Center
After last month’s buzz over the stunning South Beach ACE proposal for the Miami Beach Convention Center, it is now time for the contending development team to take the spotlight. Portman-CMC, also currently bidding to re-develop the 52-acre Miami Beach Convention Center, has focused on the potential financial benefits of the development.
Landmark Pays $21M for 380-unit Victoria Park
Richmond, Va.-based Landmark Apartment Trust of America, Inc. has announced two acquisitions in the Carolinas totaling 600 units.
OliverMcMillan, Capri Capital Start 208-Unit M-F Project in East Village Arts District
A new residential community is set to take shape in San Diego’s East Village Arts District. The new project was announced by the partnership consisting of Capri Capital Partners and OliverMcMillan. The two real estate companies specialize in developing city-street-oriented projects and providing financing for urban housing developments respectively. The new multifamily development will be known as The Lofts at 688 13th Street. The construction process is set to last for around two years.
NP Limited, Trivium Plan Summer Start for Upscale 504-Unit M-F Project in Westerville
At the end of April, the Westerville City Council has approved the final development plan for the first phase of the Ravine at Westar, a large-scale apartment complex in Columbus.