News
Economy Watch: Job Creation Off to Slow Start; Personal Income, Mortgage Delinquencies Show Slight Uptick
The U.S. economy created 157,000 jobs in January, but that marked an increase of only 0.1 percentage points. Personal income saw a small movement in anticipation of higher 2013 taxes. Mortgage delinquencies rose, too, but only slightly.
Brookfield Multiplex Completes $54M Green Student Housing in Sydney
Brookfield Multiplex, the international contracting and development company, completed University Terraces, a $54 million green student housing project at the University of New South Wales (UNSW) in Sydney.
Global Hospitality Icon to Grow Sheraton Brand by 30 New Hotels
Starwood Hotels & Resorts Worldwide plans to open 30 new Sheraton properties across the world over the next 12 months.
Paladin JV to Develop 1,000 Residential Homes in Colombia for $100M
Paladin Realty Partners, a Los Angeles-based firm founded for the purpose of investing in Latin American real estate, has placed Colombia high on its radar with the founding of the PALVAL Homebuilding Platform.
Heitman Buys 243 KSF Retail Property in Miami from AWE Talisman
AWE Talisman has sold Miracle Marketplace, a Class A, 243,047-square-foot, retail power center in the Miracle Mile/Coral Way submarket of Miami, to Heitman for $92 million.
Pebblebrook Buys Embassy Suites in Downtown San Diego for $112M
Pebblebrook Hotel Trust, of Bethesda, Md., has purchased the Embassy Suites San Diego Bay – Downtown for $112.5 million.
Economy Watch: GDP Edges Down in 4Q; FOMC Stays the Course; ADP Reports Stronger Job Growth
Real U.S. gross domestic product declined at an annualized rate of 0.1 percent during the fourth quarter of 2012. The Federal Open Market Committee affirmed that the Fed is going to continue the asset purchases widely known as QE3. And ADP reports stronger job growth month over month.
Grubb Properties to Develop 203-Unit Link-Branded Apartment Complex in Raleigh
Grubb Properties is planning a 203-unit luxury apartment complex in Raleigh’s Glenwood South district. According to the NewsObserver, the project will be developed on half a block bordered by Jones, West and Harrington streets.
“We think it’s one of the best sites, certainly in the Triangle market, and one of the top sites that we’re working on in the entire Southeast,” Todd Williams, Grubb’s senior vice president of investments, told the newspaper.
The new complex will feature 162 one-bedroom units and 41 two-bedroom units. The apartments will be developed under the company’s Link brand, which targets younger renters who prefer to live in urban areas that offer easy access to jobs, entertainment and cultural amenities. Grubb recently opened its first Link property in Richmond, Va. (pictured).
Standard Pacific Homes Buys 675 Acres in Wiregrass Area of Tampa
Well-known homebuilder Standard Pacific Homes has officially announced buying 675 acres in the Wiregrass area of New Tampa from Sierra Properties. The developer plans to create over 20 all-new luxurious architectural designs to be offered on 1,180 homesites within four distinctive Wiregrass neighborhoods, all targeting the move-up buyer segment.
Enterprise Builders Starts Construction on 190,000SF Presbyterian Healthcare HQ
Enterprise Builders Corp. has begun construction on a new 190,000-square-foot office building that will serve as the corporate headquarters for Presbyterian Healthcare Services. The builder expects to complete the three-story complex by the spring of 2014. Expected to generate between 200 and 250 construction jobs, the development is considered to be one of the most ambitious projects in the Duke City due to the lack of new commercial projects in the local real estate market.