News
Elco Landmark Buys Multifamily Assets Totaling $100M from Equity Residential
Consistent with its strategy of acquiring apartment communities in quality locations throughout the Southeast, Elco Landmark Residential has recently closed on the acquisition of four multifamily properties in two separate transactions with Equity Residential for a combined price of approximately $100 million.
Campus Acquisitions Tops Up $25M Hi-Rise Near Univ. of Arizona
The $25 million student housing that Chicago-based Campus Acquisitions is developing near the University of Arizona has recently topped out at 14 stories high. Expected to open in late summer of 2013, the 300,000 square-foot upscale project will include 176 units and house about 550 students.
Novawest Proposes Landmark 420-Foot-Tall Tower for Downtown Phoenix
By Camelia Bulea, Associate Editor Novawest L.L.C. is planning a distinctive addition to the Downtown Phoenix skyline: a 420-foot pin-like tower that would be the tallest building in Arizona. Bjarke Ingels Group, a Copenhagen-based architectural firm, is providing the design for a 39-story structure with a reinforced concrete core topped by an open-air spiral sphere. The […]
South African Developer Secures Financing for Retail, Residential projects in Pretoria
Nedbank Corporate Property Finance, a Durban-based financial organization, has reportedly provided a Pretoria developer with crucial financing that will be used in the development of two properties.
Ramco-Gershenson Pays $10.4M for Phase 2 of Waukesha Retail Center
Ramco Gershenson Properties Trust has acquired the second phase of The Shoppes at Fox River development in Waukesha. Opus Development Corp. has sold the recently opened shopping center for $10.39 million, the Business Journal reports. The property features 47,000 square feet of retail space, as well as an adjoining 12.2 acres of land. T.J. Maxx, Ulta Salon and Cosmetics, Rue21 and Charming Charlie’s are among the mall’s tenants. In December 2010, Ramco also purchased the 273,000-square-foot first phase of the shopping center from Opus for $23.8 million. The space is 100 percent occupied and includes Pick ‘n Save, Petco, Buffalo Wild Wings, Noodles & Company, Dollar Tree and Famous Footwear as tenants. The sale did not include the Target, Chili’s and CVS buildings.
Kaufman Coughs Up $56M for 120 KSF Office Building in Manhattan’s Midtown South
In Manhattan’s thriving Midtown South submarket, the office property at 27–35 West 24th St. has just come under new ownership.
Pasha Group Sells Prime Midtown Manhattan Development Site
Pasha Group sold 546 W. 44th St., a prime development site located between 10th and 11th avenues in New York City’s Midtown West submarket. Cushman & Wakefield Inc. represented the company in the deal.
Kilroy to Develop 587 KSF Silicon Valley Office Project for LinkedIn
Kilroy Realty has acquired a 12-acre parcel in Sunnyvale, Calif., where it will build a 587,000-square-foot office complex for popular professional network LinkedIn, under a 12-year leasing agreement and development deal worth $315 million.
Economy Watch: Existing Home Sales Spike; LEI Slightly Declines; No Progress on Budget Deal
According to NAR, total existing-home sales nationwide rose 5.9 percent to an annualized rate of 5.04 million units in November, compared with 4.76 million in October. The Leading Economic Index for the U.S. declined slightly compared to the previous two months. And no progress has been made on the budget deal in Congress.
Special Report: Off-Campus Housing to Remain Supply Constrained for Foreseeable Future
Campus Crest Communities provided valuable insight on trends impacting the student housing industry earlier this week at its 2012 Investor Day, held in the NYSE boardroom.