News
New York Investors Buying Up Prime Office Properties in Downtown Chicago
A venture led by Michael Silberberg of Nanuet, N.Y.-based Berkley Properties LLC has agreed to buy the downtown Chicago Bank of America Building for $97 million.
Transwestern Tapped to Lease, Manage Texas Center for Athletes
Transwestern’s San Antonio office has been hired to provide leasing and management services for the Texas Center for Athletes, according to a company news release. Transwestern managing directors Russell Noll and Alan Grilliette, senior vice president Ken Adams and property manager Kathy Nielsen have been awarded the assignment for the property. The leasing team includes Amber Austin and Licia Shreves.
Economy Watch: Commercial Mortgage Originations Dip in 3Q; Small Businesses More Optimistic
Commercial and multi-family mortgage origination volumes dropped by 7 percent during the third quarter of 2012 compared with the same quarter in 2011. The National Federation of Independent Business reported on Tuesday that its Small Business Optimism Index rose 0.3 points in October to 93.1.
NORA Breaks Ground on Mixed-Income Housing
The New Orleans Redevelopment Authority (NORA), in partnership with UNITY of Greater New Orleans, has announced the groundbreaking for a mixed-income permanent supportive housing development in Central City.
The Hilton Portland and Executive Tower Sells as City Contemplates Beefing Up Its Hospitality Figures
A Chicago-based investor has recently acquired The Hilton Portland and Executive Tower, the Portland Business Journal reports. The transaction is speculated to be worth approximately $100 million, which is not a staggering amount, considering the fact that the property is the city’s largest hotel. In fact, the per-room sale price comes in at about $128,000, less than half of what it costs to develop a hotel room in downtown Portland.
Mercy Medical Center Plans Expansion; Ohio City to Receive 72 Market-Rate Apartments
Canton’s Mercy Medical Center plans to increase the size of its emergency department. According to the Akron Beacon Journal, the hospital is looking to finalize plans for the 14.5 million-square-foot renovation and construction project.
Intravest Takes N. Phoenix Flex Building for $19M
Intravest Development L.LC. has purchased a 145,000-square-foot flex industrial building in North Phoenix. This $19.06 million acquisition marks the first commercial asset in the investor’s portfolio, the Phoenix Business Journal reported. Robert Lundstedt of Daum Commercial represented Intravest in the transaction. Johnson Bank provided financing for the buyer.
Osler Building Heads for Makeover as an Ambassador Hotel
The historic Osler Building will reopen next year as a boutique hotel under the Ambassador flag,
Westwood Financial Pays $15.4M for East Pointe Retail Center
In a $15.4 million deal, Los Angeles-based Westwood Financial Corp. has acquired the 58,000-square-foot East Pointe Marketplace near Downtown Milwaukee from Mandel Group Inc, the Milwaukee Business News reported. “Sale of this mature asset allows our firm to harvest some of our invested capital, in order to reinvest in current and future developments in the area,” Barry Mandel, president and chief executive officer of Mandel Group., told the Business News. The Chicago office of Holliday Fenoglio Fowler L.P. arranged the transaction on behalf of Mandel Group and its investment partner, Northwestern Mutual Life Insurance Co. Inc.
Economy Watch Weekly: Election’s Over, Now for the Hard Part
CPE’s economic analyst, Dees Stribling, gives his update for the week ending Nov. 9.