News
Inland American Acquires Two Necessity-Based Shopping Centers for $95M
Inland American Real Estate Trust has purchased two necessity-based shopping centers in Oklahoma and Texas for a combined total of approximately $95 million.
Drexel University Signs 185 KSF Lease in Philly
In downtown Philadelphia’s largest office expansion deal of 2012, Drexel University has graduated from 67,000 square feet to 186,000 square feet at Three Parkway.
Meridian Closes New Real Estate Fund with $160M in DC Real Estate
The Meridian Group has proven that even in an uncertain economy, a lot of money can still be made in commercial real estate.
Related Breaks Ground on $120M Downtown LA Project
Related California has broken ground on a $120 million, 19-story, 271-unit apartment building in downtown Los Angeles’ Grand Avenue Project.
Economy Watch: Trade Deficit Up; Gas Prices Down; Trillion-Dollar Coin Idea Nixed
The trade deficit for both goods and services was up in November. Gas prices are foreseen to decline in 2013. And the trillion-dollar coin idea has been tossed by the federal government.
Éilan Development Sells to Lone Star Funds as Part of $720M Deal
Netherlands-based Wereldhave has recently announced the decision to sell its entire U.S. portfolio to Lone Star Funds, a Dallas-based private equity firm. Wereldhave expects to close the deal with Lone Star Funds in the first quarter of 2013.
Retail Developments Abound: Gentilly Walmart Sure Thing, Big Lots Also Approved
Not so long ago, New Orleans was considered one of the most underserved markets as far as retail developments and shopping locations go. And even though at the moment the Big Easy is still well under the national average, the past year has brought an onslaught of retail development proposal.
Essex Property Trust Closes Multifamily Deal with Kauri, Which is Also Set to Begin Construction
Kauri Investments sold the 56-unit residential community, part of a larger project that also includes a Hyatt Place hotel. Kauri did not include the 160-key hospitality property in the deal perfected with Essex. Developed in 2010, the complex is located at 110 Sixth Avenue N., near the Seattle Center. According to PSBJ, the sale was not planned by Kauri but the inquiry by Kidder Matthews representatives Giovanni Napoli and Phillip Assouad, working on behalf of Essex Property Trust eventually got the deal going. According to Kauri’s CEO, Kevin Angier, the multifamily rental property had an occupancy rate of 95 percent at the time the transaction was completed.
Construction Loan Secured for $10+M Eco-friendly Townhome Community
Abode, Modern Lifestyle Developers, a real estate development company based in Cleveland, and First Federal Lakewood (FFL) have closed on a construction loan to finance the Clifton Pointe Luxury Ecohomes, a new multi-million-dollar townhome community located in Lakewood, Ohio. It will be one of the first modern ecohome development communities in the Midwest. “First Federal Lakewood was very excited to participate in the Clifton Pointe project,” said Barry N. Ezell , FFL Commercial Loan Officer, in a news release. “This is a quality project adding luxury housing to Lakewood’s diverse housing stock, allowing us to give back to the communities we serve.”
Rumpke Invests $32M to Rebuild Former St. Bernard Recycling Center
Rumpke Consolidated Companies, Inc., one of the nation’s largest privately owned residential and commercial waste and recycling firms, has announced on January 10 it plans to invest $32 million to build a recycling center in St. Bernard, Ohio. The new center will replace the former recycling facility destroyed by a fire in April 2012.Rumpke will build one of the largest and most technologically advanced residential recycling systems in the country. It will be 85,000 square feet and capable of sorting 55 tons of material every hour, more than doubling the capabilities of the previous system.