News
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.
Stockholm’s Kista Galleria Shopping Center Sells for $700M
Citycon Oyj, a subsidiary of Gazit-Globe Group, and the Canada Pension Plan Investment Board (CPPIB) have entered into definitive agreements to acquire the Kista Galleria shopping center in Stockholm from DNB Livsforsikring ASA.
Stalled Pioneer Park Condo Project Gets $4.5M in City Financing
Set to comprise 17 live/work units, two 580 square-foot units, ten 700 square foot condo units, ten 900 square foot apartments and 12 units with 1,200 square-foot floorplans, Broadway Park Lofts will be used to liven up the residential market of Salt Lake City’s 300 South Corridor. With prices ranging from just under $100,000 to somewhere around $500,000, the residential development will benefit from close proximity to Pioneer Park, ensuring both good exposure and an easy marketing project for the end product.
U.of Phoenix Consolidates Footprint; Officials Weigh Growth for Tahoe
The University of Phoenix is reportedly tightening its belt and currently attempting to reorganize its space in the Las Vegas Valley. According to industry magazine VEGAS INC, the education entity is looking to cut costs and has already made some moves to that effect. The University has inked a deal with American Nevada Co., securing space in a building located in the vicinity of the Nevada Cancer Institute. The education institution’s new landlord is the real estate arm of the Greenspun Corp., an entity that currently owns two of the city’s largest publications, VEGAS INC and The Las Vegas Sun.
Skanska Closes Land Purchase for 455 KSF Boston Office Project
Boston remains high on Skanska USA Commercial Development’s radar and the company has just made another move toward increasing its presence in the city.