News
Economy Watch Weekly: Mixed Economic News, but at Least Nothing Strange Happened in the Eurozone
CPE’s economic analyst, Dees Stribling, gives his update for the week ending April 12.
Behringer Harvard Invests in 220-Unit M-F Project in Austin
Acting through the Behringer Harvard Multifamily REIT I, the real estate investment company is ponying up funds as a co-investor in the development of Seven RIO, a 220-unit luxury apartment community in downtown Austin.
Manulife Buys $580M Office Tower in Hong Kong’s CBD2
Manulife (International) Ltd. has signed a sale-and-purchase agreement with Wheelock Properties Ltd. for the West Tower at the One Bay East development in Kowloon East, Hong Kong.
Purchase of $865M Portfolio Pushes RHP Properties Upward
RHP Properties is now the nation’s largest privately held owner and operator of manufactured-home communities, thanks to its most recent acquisition, of an $865 million manufactured-housing portfolio.
Economy Watch: Homebuilder Confidence Slips; Home Prices Up in Some Markets; Wall Street, Gold Take a Beating
Homebuilder confidence dropped two points to 42. The latest FNC Residential Price Index points to a continued rise in housing prices. And gold wasn’t so golden on Monday, as the price saw the steepest one-day drop in percentage terms for the metal in about 30 years. Wall Street followed suit, with its largest drop in months on Monday.
Growing Commercial Bank Signs Two New Washington Leases
The appeal of the Northwest’s growing economy was once again highlighted as emerging financial institution Opus Bank has announced that it is in contract for two spaces in the state of Washington where it will begin operations later this year. The bank has chosen locations in Seattle and Tacoma as its ice breakers for the region, and with strong growth driving its current activity, it won’t be surprising if the entity will go on to sign a few more leases in the area.
$500M Flats East Bank Development Adds Seven New Retail Tenants
Flats East Bank developers announced on Wednesday, April 10, they have secured commitments from seven new retail tenants. Space is now limited in the $500 million waterfront development as three office tenants also recently signed with the project.
Balluff Breaks Ground on $6M Expansion Project in Independence, Adding 24 Jobs
Balluff Inc., the U.S. subsidiary of Balluff GmbH, based in Neuhausen, Germany, started construction last week on a $6 million expansion of its U.S. headquarters in Northern Kentucky. Governor Steve Beshear joined local and company officials in the city of Independence on Thursday, April 11, for the project’s ground breaking ceremony.
A&B Properties Launches New Residential Community in Kakaako
A&B Properties and landowner Kamehameha Schools have announced plans to develop a $200 million mixed-use residential community at 600 Ala Moana Boulevard on the site of the former CompUSA in downtown Honolulu.
Called The Collection, the project will feature a high-rise condominium tower, a mid-rise building and town homes, as well as retail shops and restaurants. Prices for the residences will be around $300,000s for one-bedroom units, mid $500,000s for two-bedroom units, and mid $700,000s for three-bedroom units.
Shorenstein Hires Transwestern to Lease 1.2 MSF Exxon Mobil Tower
San Francisco-based Shorenstein Properties LLC has chosen Transwestern to serve as the exclusive leasing agent for 800 Bell—the 1.2 million-square-foot office tower in Houston’s Central Business District the company has acquired back in January.
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