News
South Carolina Hotel Business Remains Strong; Student Housing Market Slows Down
Great Britain-based InterContinental Hotels Group PLC (IHG), has recently announced the opening of Holiday Inn Express Charleston Downtown – Ashley River, following a multimillion dollar conversion.
Omni Obtains $250M in Financing for Three Hotels
Omni Hotels Corp. has gotten its hands on a total of $250 million in financing for a group of three properties encompassing the Omni Fort Worth, Omni Houston and Omni Chicago.
Chambers Acquires Interests in 17 JV Assets from Duke Realty
Chambers Street Properties has acquired the remaining interests in 17 properties it owned in a JV with Duke Realty for a reported $98.6 million as Duke continues to divest many of its office holdings to focus more on industrial assets.
Paladin Realty Forms JV with Brazilian Homebuilder, YOU
Paladin Realty Partners, a real estate investment fund manager focused on Latin America, has formed a new programmatic joint venture with YOU Inc. Incorporadora e Participações S.A. to develop middle-income housing in São Paulo, Brazil.
Economy Watch: Homebuilding Sees Healthy Uptick; Fewer Homeowners Underwater; Cyprus Rejects Bailout Terms
New home sales are still on an upward trajectory, as housing starts were up 0.8 percent in February, compared to January. There is an improvement in the equity position of households. And the Cypriot parliament said “no thanks” to the EU bailout.
Pleasant Hill Retail Property Trades Hands in $100 Million Deal as Retail Rates Make a Comeback
The Downtown Pleasant Hill retail center offers 345,687 square feet of commercial space in San Francisco’s Pleasant Hill community. The center is the area’s main commercial hub, featuring a 40-strong tenant roster that includes names such as Century Theaters, Lucky Supermarket, Bed Bath & Beyond, Michaels, Ross, Golfsmith, Paul Mitchell the School and Zachary’s Chicago Pizza. Loja Group LLC, a real estate investment management entity controlling Loja Real Estate LLC, has praised the newly offloaded property in a press statement as being a “strong property”. Katherine Burr, Loja Group LLC CEO said that “this was the opportune time to sell and advance other important initiatives at Loja”.
Mayor Greg Ballard Plans Redevelopment of Former Market Square Arena Site
The City of Indianapolis is ready to take another shot at redeveloping the former site of Market Square Arena (MSA), which it segmented into parking lots.
During his annual State of the City speech, Mayor Greg Ballard has announced that his administration is now seeking plans and proposals to repurpose the northern half of the former MSA site into something better than surface parking.
Owner of $8.2 Million Locust Street Lofts Files for Bankruptcy
Locust Street Lofts LP has filed for Chapter 11 bankruptcy and has listed between one and 49 creditors in the filing, with estimated assets and liabilities ranging from $1 million to $10 million.
NAR Sees Growth in Commercial Sector
The NAR released its quarterly commercial real estate forecast and showed that most major commercial real estate sectors are continuing to slowly improve.
Gramercy Buys $24M Distribution Facility; Fortune 500 Company Signs 414KSF Lease
Gramercy Capital Corp., a self-managed, integrated commercial real estate investment and asset management company has announced closing on the acquisition of an Olive Branch, Mississippi distribution facility for $24.65 million in all-cash transaction.