News
Economy Watch Weekly: Strange Days for Eurozone, but U.S. Housing Market Has Legs
CPE’s economic analyst, Dees Stribling, gives his update for the week ending March 22.
Tata Housing Launches Landmark Residential Project in Odisha
Mumbai-based real estate development company Tata Housing has launched Ariana, Bhubaneswar’s first integrated residential complex.
Meridian, Eastdil Arrange $275M Financing for NYC Hotel
Meridian Capital Group and Eastdil Secured have negotiated $275 million in permanent financing for the $325 million
acquisition of the fee position in NYC’s Milford Hotel, on behalf of a partnership between David Werner and Deutsche Bank Asset & Wealth Management.
Vestar, UBS Global Pay $87M for LA Retail Center
Vestar, in a JV with a UBS Global Asset Management fund, has acquired Peninsula Center, a 300,000-square-foot retail center in Los Angeles County, from Principal Real Estate Investors for $87 million in an all-cash transaction.
Economy Watch: Chicago Fed: Economy Sees Uptick; Bernanke Defends Fed Easy-Money Policies; Crisis in Mediterranean Possibly Over
The Federal Reserve of Chicago reported that its National Activity Index (CFNAI) increased to +0.44 in February, from 0.49 in January. Fed chairman Ben Bernanke defended monetary policies of the central bank before Congress, and again in a speech at the London School of Economics. And the Cypriot crisis seemed to be over by Monday, but as in the case of many eurozone crises, it might not really be over.
LGI Buys 200-Acre Site at Luckey Ranch, with Plans to Build 800 Homes
LGI Homes announced the purchase of 208 acres of land in San Antonio’s far West Side with plans to build approximately 800 new homes. Terms of the sale were not disclosed. The deal is part of a larger master-planned development in the area, called Luckey Ranch, which spans over 610 acres of land and will eventually include 2,400 homes.
Stirling Properties Opens First Walgreens
New Orleans just got a new drugstore with Stirling Properties announcing the grand opening of the full-service Walgreens drugstore on Magazine Street.
Capstone Plans Redmond, Portland Developments
Two developments in the Northwest’s largest metro areas are moving forward after developer Capstone Partners cemented its involvement with them only recently. The company acquired a 28-acre development site in Redmond from Group Health Cooperative for a $32.55 million fee. The company plans to develop a mixed-use project on the newly acquired site, mainly to capitalize on Microsoft’s expansion in the area. The other project the company has lined up is a grocery-anchored community in Portland. That announced development would cost the company around $60 million.
Cleveland Clinic Plans to Expand Brunswick Facility
Cleveland Clinic plans to expand its medical building at 3574 Center Road, in Brunswick. The city’s Planning Commission approved preliminary site plans on March 7. Another review will take place on April 4. The clinic will then present more detailed site plans, including renderings of the building.
111-Unit Apartment Tower Planned for Downtown Cincinnati
Developers NorthPointe Group and North American Properties plan to build 111 apartment units above the 7th and Broadway Garage, in downtown Cincinnati.
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