News
MIPIM Special Series—Part One: Focus China
Associate editor Eliza Theiss presents a focus on real estate investment in China, the first in a three-part series of reports on worldwide real estate based on presentations at the MIPIM world property market in March.
New Housing Complex to Revitalize Tucson’s South Side
Tucson’s multifamily market continues to show signs of improvement mainly due to a steady job growth and an increasing student population in the area. Investor interest in apartment assets remains strong, with larger real estate companies targeting luxury properties, especially developments close to the University of Arizona and major employment hubs.
$17M Hampton Inn & Suites Baton Rouge Downtown Opens
After experiencing some delay, the 137-key Hampton Inn & Suites Baton Rouge Downtown is finally set to open.
Chetrit, Clipper Land $115M in Financing for NYC Flatotel Project
Chetrit Group and Clipper Equity have taken a major monetary step forward with their plan to add new luxury condominiums to the Midtown Manhattan market.
CIM Group Acquires Creative Office Building in Strong SoMa Submarket
330 Townsend is a creative office property with an occupancy rate of 98 percent, in keeping with the area’s high average rates. The building is also located in close proximity to the CalTrain San Francisco Station, as well as the currently under-construction Central Corridor transit line. Besides having zoning in place for additional development, in conformity with the West SoMa Community Plan, the newly acquired property is also within the city’s Central Corridor planning district, an area which is currently seeking new development guidelines. This could mean that current land uses and building heights may be adjusted in the near future, as well as an overall plan to turn the area into a more pedestrian-friendly one.
KeyCorp Signs 15-Year Extension in Cleveland’s Key Tower
KeyCorp has extended its occupancy of approximately 487,000 square feet at the company’s namesake corporate headquarters at Key Tower in Cleveland.
New $251M State-of-the-Art Malcolm X College Campus Plans Revealed
Mayor Rahm Emanuel and City Colleges of Chicago Chancellor Cheryl Hyman recently announced plans for the new Malcolm X College campus, a major investment in Chicago’s west side. The state-of-the-art learning facility aims to provide Chicago’s students access to the tools which will enable them to succeed in the fast-growing fields such as health sciences.
Inland American Lodging Group Acquires 228-room Residence Inn Denver City Center for $80 Million
Inland American Lodging Group recently announced that it has acquired the 14-story Residence Inn by Marriott Denver City Center and the adjoining 448-space parking garage for a purchase price of $80 million. Continue reading →
Behringer Harvard to Invest in Luxury M-F Development in Costa Mesa, Calif.
April has been a busy month for Behringer Harvard, which is announcing its investment in a third luxury multi-family housing development through its Behringer Harvard Multifamily REIT I Inc.
Economy Watch: New Home Sales Edge Up; Mortgage Delinquencies Drop; Wall Street Hit by Bogus Tweet
New home sales advanced in March to an annualized rate of 417,000 units, up 1.5 percent month over month. Mortgage delinquency rate decreased to 6.59 percent from 6.8 percent in February. And the stock market fell suddenly on a report that an explosion at the White House had injured President Obama, but the report proved to be false, the result of someone hacking into the AP Twitter page.