News
Wells REIT II Acquires 657 KSF Office Tower in San Francisco
Wells Real Estate Investment Trust II has acquired 333 Market St., a 33-story Class A office tower in the heart of San Francisco’s financial district, for a reported $447 million from the Korean Federation of Community Credit Cooperatives.
Economy Watch: Multibillion-Dollar Mortgage Settlements Unveiled; Office Vacancies Drop in 4Q; Green Street: CRE Prices Almost Back to ’07
Bank of America reached an $11.6 billion settlement with Fannie Mae, bringing the banking giant a step closer to putting the Countrywide mortgage shenanigans of the 2000s to rest. Office vacancies edge down in the fourth quarter. And Green Street reported that CRE prices are almost back to their highs of 2007.
Vivid Ink Buys 30,000-SF Warehouse; Upper Pontalba Building Renovation Approved
Vivid Ink Graphics, a Louisiana graphic design and printing company has purchased a 30,000-square-foot warehouse in New Orleans and will be expanding its operations
Vintage Park East Warehouse Destined for M-F Makeover
Milwaukee’s Park East Corridor could soon welcome a new residential development within the walls of a vintage building. The Business Journal reports that Wisconsin Redevelopment LLC and Impact Seven Inc. are planning to transform a 106-year-old warehouse into a 70-unit mix of affordable and market-rate apartments. The residential units would range in size from 900 to 1,200 square feet and will be served by 70 parking spaces. The project team is currently determining specifics of the renovation, which will employ environmentally sustainable construction practices.
Cassidy Turley Acquires Tampa-Based CLW Real Estate
With the acquisition of Tampa-based CLW Real Estate Services Group, Cassidy Turley has expanded its foothold in Florida and a handful of key markets from the West Coast to the East Coast in a single move.
Clarion Nabs $296M Financing for M-F Office Portfolio
Clarion Partners will have some hefty payments to make in the new year, now that a $296 million financing package for a 10-building, 1.6 million-square-foot portfolio of Class A office buildings it owns has been completed.
Ashford, Prudential Complete $216M Financing on Three-Hotel Portfolio
Ashford Hospitality, along with its joint venture partner, Prudential Real Estate Investors, has closed a $216 million refinancing loan secured by non-recourse senior mortgage proceeds for a three-property portfolio of hotels.
Economy Watch: Employment Barely Growing Enough to Keep Up; Non-Manufacturing Sector Still Rising
Employment is growing tepidly. And the non-manufacturing sector grew in December for the 36th consecutive month.
Technip Lands FEED Contract for Potential $700M Plant Expansion
Technip, a global project management, engineering and construction firm targeting the energy industry, has announced it was awarded the front-end engineering and design (FEED) contract by The Mosaic Group for a new ammonia plant under consideration by Mosaic.
Emerging Trends: Outlook 2013
Jonathan Miller, Chuck DiRocco and Mitch Roschelle evaluate Emerging Trends 2013 and offer predictions for the new year.