News
Canadian REIT Buys $633M of U.S. M-F Assets
Morguard North American Residential Real Estate Trust, a Canadian-based REIT, is making inroads in the U.S. multi-family housing market in a big way by starting off the year with plans to buy $633 million in assets in seven states.
Economy Watch: Holiday Retail Sales Up Modestly; Job Openings/Quits Status Quo; Unemployment Claims Rise
Retail sales during the holidays were modest, up by 2.5 percent compared to last year. The number of U.S. job openings in November was more or less unchanged from October. And unemployment claims for the week ending Jan. 5 increased.
Sony Auctioning off Tokyo HQ, Part of Global Initiative to Raise Capital
Marking a growing trend among large companies, Sony Corp. is now putting up for sale one of its largest real estate properties.
Closed Hotel to be Reintroduced to Market as Le Meridien Chicago at Oak Brook
A shuttered Renaissance-branded hotel next to the Oakbrook Center shopping center in Chicago’s Oak Brook suburb will reopen in early 2014 under the Le Meridien flag. The announcement was made last week by Starwood Hotels & Resorts Worldwide, Inc., who teamed up with real estate investment firm RockBridge Partners of Columbus, OH, to transform the closed facility into an upscale hotel for both business and leisure travelers.
Rockefeller, SRO to Build 2 MSF M-U Office Complex in Suburban Seattle
The Rockefeller Group and Sterling Realty Organization have teamed up to bring a 2 million-square-foot mixed-use office development to downtown Bellevue, Wash.
Berkadia Acquires Hendricks & Partners
Leading commercial real estate lender and servicer Berkadia Commercial Mortgage has acquired Hendricks & Partners, one of the nation’s largest privately held multi-family investment sales entities.
Economy Watch: Retail Vacancies Edge Down; Flu Season to Impact Economy; Platinum Numismatics
The vacancy rate for regional malls declined 8.7 percent compared to the previous quarter. This year’s severe flu season is reported to have an impact on the economy and productivity. And the U.S. has produced a platinum coin that displays the highest value to ever appear on an American coin.
Contactor Heads for Home on $11M USD Ballpark Project
Significant progress was recently announced at Turner Construction Company’s under-development Fowler Park at the University of San Diego. The project has hit the 50% mark construction-wise and is on schedule for a topping out event later this month. The University of San Diego is set to breathe new life into the aging baseball facility currently occupied by its USD Toreros team, one of the top 25 college baseball teams in the United States.
Kamm Tapped as President of Cassidy Turley
Michael Kamm, who has been CEO of Cassidy Turley’s Northern California operations and overseen its growth from five to 15 regional offices, has been promoted to president and named to the firm’s board of directors.
Inland Diversified Pays $296M for 1.7 MSF Retail Portfolio
Consisting of structures developed between 1999 and 2009 the Territory portfolio totals 1.7 million square feet of retail space across the Las Vegas Valley. A number of major anchor tenants ensure the lasting appeal of the properties with the overall tenant roster featuring names such as Walmart, Sam’s Club and Lowe’s Home Improvement. The properties are placed in well-populated, economically stable areas, securing the new owners a solid shopper base, one that has, until now, been responsible for strong occupancy rates.