News
HCP Closes Acquisition of $2B Seniors Housing Portfolio
Two weeks after announcing it planned to acquire 133 seniors housing communities for close to $2 billion from a joint venture between Emeritus Corp. and an affiliate of The Blackstone Group, HCP has already closed on 127 of the properties.
Economy Watch: Job Creation Continues Steady Pace; Construction Spending Peaks; Car Sales Rise Annually, Dive Monthly
The Bureau of Labor Statistics, despite speculation involving hurricane-related delays, did indeed report the monthly employment numbers on Friday, as scheduled. Construction spending edged up month-to-month. Car sales were up annually, but down monthly, partially due to hurricane preparedness, some speculate.
Vornado to Sell Three Reston Office Buildings for $126 Million
Vornado Realty Trust (VNO) continues to trim its portfolio. The New York-based real estate investment trust announced on October 29 that it has entered into an agreement to sell three office buildings located in suburban Fairfax County, VA.
The Southeast’s Largest Mixed-Use Property Sells Commercial Space
Terazzo, the spectacular mixed-use mid-rise at 700 12th Ave South in Nashville’s upscale Gulch neighborhood has sold its commercial component.
Expedient Plans Major Expansion for Pittsburgh Data Center
Expedient is planning a six-month, multi-million dollar project that will double the size of its second Pittsburgh data center. Located within Allegheny Center Mall, the facility is expected to reach a total of 18,000 square feet of computing space and 25,000 square feet overall. It is the company’s third data center expansion in Pittsburgh since 2008. “We are pleased with the accelerating demand for our private cloud and colocation services in the Pittsburgh market and we look forward to the opportunities that our expansion projects will provide to our current and future customers,” said Shawn McGorry, President and COO of Expedient.
Work Beginning on $79 Million Upscale Residential Complex in Conshohocken
A new upscale apartment community called The Courts at Spring Mill Station is coming to Conshohocken, a suburb of Philadelphia. Almost one year after announcing the project, real estate investment trust Home Properties broke ground last week on the $79 million complex during an official ceremony held onsite, at the corner of Hector and North Lane.
$10 Million Rehab Project Brings Shelter for the Homeless
Cass Community Social Services (CCSS), a Detroit-based non-profit organization that strives to provide basic needs, including affordable housing and food to the homeless and elderly in Southeast Michigan and Wayne County, announced last week a redevelopment project that would transform the derelict building located at 1584 Elmhurst Street at Woodrow Wilson Street into permanent supportive housing for the homeless.
Doors of 60-Unit Affordable Housing Complex Open in Miami
Carrfour Supportive Housing has just opened the doors of Parkview Gardens to low-income residents and veterans in Miami’s struggling Liberty City neighborhood.
Pebblebrook Hotel Trust Continues Bay Area Expansion with Hotel Palomar
By Alex Girda, Associate Editor At a time when San Francisco hotels are catching everyone’s fancy and room rates are going strong, it is to be expected that a number of hospitality transactions are being thrown around in the excitement. A case in point would be the recent acquisition of the Hotel Palomar San Francisco by […]
LEED Gold for Columbia Hotel
The Holiday Inn & Suites Columbia-Airport has announced receiving LEED Gold certification from the U.S. Green Building Council.