News
KBS REIT III Buys Downtown Minneapolis Office Building for $118M
KBS Real Estate Investment Trust III has acquired the RBC Plaza, a 678,045-square-foot, mixed-use office building in downtown Minneapolis, from Brookfield Office Properties for $118 million.
San Jose Power Retail Center Sparks $200 Million Acquisition Deal
The Plant is one of the largest properties of its kind in the entire region, offering a total of 650,500 square feet of retail space in the city of San Jose, only 510,000 of which were included in the actual deal. This is a result of the fact that a number of retailers have acquired the space they inhabit at The Plant. Big names amongst the residents of the power retail center include Best Buy, Home Depot and Target. The facility sports a strong occupancy rate, with only five percent of the available space currently vacant.
Economy Watch: Home Prices See Annual Spike of 8.3%; ISM: Non-Manufacturing Economy Still Growing; Budget Battle Coming Soon
Home prices nationwide, including distressed sales, increased year over year. The Institute for Supply Management reported that U.S. economic activity in the non-manufacturing sector grew in January for the 37th consecutive month. And the first round of the Sequester Games got under way in Washington, with President Obama proposing a limited package of spending cuts and tax hikes to forestall sequestration and his Republican counterparts opposing the president’s proposal.
Duke Realty Corporation Expands Portfolio in Chicago with Purchase of 288,000 SF Industrial Building
Duke Realty Corporation recently announced the acquisition of 335 W. Crossroads, a 288,000-square-foot industrial building in the I-55 submarket, which is Chicago’s second largest industrial market. The real estate investment trust, which specializes in the ownership, management and development of bulk industrial facilities, also announced it has leased 190,080 square feet in the building to RTC Industries.
Johns Manville Renews Lease with Crescent Real Estate to Keep World Headquarters in Downtown Denver
Johns Manville has renewed is lease and remains the anchor tenant and namesake for Johns Manville Plaza in Downtown Denver. Crescent Real Estate Holdings LLC recently announced the deal for 118,865 square feet which keeps Johns Manville’s world headquarters in Downtown Denver for at least another 12 years.
Coldwell Banker Commercial to Represent 1.8 MSF SLC TOD Vista Station
Coldwell Banker Commercial NRT’s Salt Lake office will represent Vista Station, a new 100-plus acre development located in Draper, Utah.
Blackstone’s LogiCor Expands European Portfolio with 4.3 MSF in Poland
LogiCor, the pan-European logistics real estate arm of investment and advisory firm Blackstone, continues its rapid expansion and Poland is certainly part of the program.
Promontory Launches Online Marketplace for Bank Assets
Promontory Interfinancial Network of Arlington, Va. launched yesterday Bank Assetpoint, a nationwide online marketplace that aims to connect banks and other parties looking to buy or sell unwanted bank assets, including bank-owned commercial real estate.
Economy Watch: Some Banks Ease Lending Standards; Gas Prices Eat into Consumer Budgets; Restaurant Operators Pessimistic
Certain domestic banks have reported easing of their standards across major loan categories over the past three months. The price of gas has spiked lately. And restaurateurs are worried that one thing Americans will spend less on going forward is eating out.
Gold’s Gym Adds Two New Facilities in Alamo City
Gold’s Gym International (GGI) continues to add new fitness facilities in growing San Antonio areas. The company has recently announced plans to open two new gyms, totaling 103,000 square feet of space that will be added to the 20 locations it already operates in the Alamo City.