News
Children’s Hospital of San Antonio Receives $20M Donation from Goldsbury Foundation
The Goldsbury Foundation announced its contribution of $20 million to the renovation of Children’s Hospital of San Antonio. This is the most consistent donation in the history of Christus Santa Rosa Health System. The sum will be paid out over the next five years.
Chesapeake Lodging Pays $65M for Second W Acquisition in April
Annapolis, Md.-based Chesapeake Lodging has announced the acquisition of the 410-key W New Orleans from Starwood Hotels & Resorts Worldwide, Inc for $65 million.
Iconic Seattle M-F Property Trades Hands for $94M
Seattle’s multifamily market has recently taken a backseat to the impressive milestones of the Amazon-driven office market. However, during the past few weeks, the residential market seems to have picked up its pace and is now also breaking all sorts of records. The recent trade of the Archstone Belltown building recently became one of the largest residential transactions in recent memory after Mill Creek Residential Trust LLC acquired the building for a fee of $94 million from seller Equity Residential.
Case Ready to Start $21M Jenks M-F Project After Delay for Flood-Control Compliance
The Reserve at Elm, one of the many apartment construction projects undertaken by Case & Associates, is just kicking-off after years of planning and regulatory work.
City Weighs $54M TIF for Northwestern Mutual’s 1.1 MSF Tower
Milwaukee’s Zoning, Neighborhoods and Development Committee has unanimously approved a $54 million developer-funded tax incremental financing (TIF) plan for Northwestern Mutual’s new office tower downtown.
According to The Business Journal, the cost of the development is between $350 million and $400 million. Plans call for a 33-story, 1.1 million-square-foot high-rise that would replace Northwestern Mutual’s existing east office at 800 E. Wisconsin Avenue. The company expects to begin demolition later this year and start construction on the new tower by next fall. Upon completion in 2017, the 550-foot structure will be the largest single building under one roof in Wisconsin.
Beacon JV Buys Minnesota’s Highest Skyscraper for $253M
A Class A office property just traded for a quarter billion dollars, and it didn’t happen in New York City or San Francisco or Washington, D.C.
Borderfree.com Expands, Extends Lease at NYC’s 292 Madison Ave.
E-commerce firm Borderfree.com expanded its quarters and extended its lease at 292 Madison Ave. for an additional seven years.
DLA Piper: CRE Execs Feeling Bullish in 2014
Low interest rates, abundant capital and a slowly improving economy are among the top reasons why 85 percent of commercial real estate executives interviewed for the 2013 DLA Piper State of the Market Survey said they are feeling bullish about the sector for the next year.
Economy Watch: Modest Growth in 1Q; Consumer Sentiment Dips
GDP started expanding again during the first quarter of 2013 for a number of reasons. Consumer sentiment, on the other hand, dropped between March and April.
Phillips Edison-ARC Shopping Center REIT Buys 40th Grocery-Anchored Shopping Center
Phillips Edison–ARC Shopping Center REIT Inc. acquired another shopping center on April 23. The Cincinnati-based public non-traded REIT paid $7.3 million for the Hartville Center in the Greater Akron Metropolitan Area