News
Sterling Organization Acquires Hoffman Plaza Shopping Center
Palm Beach, Fla.-based Sterling Organization recently announced the acquisition of Hoffman Plaza—a 168,342-square-foot shopping center located in Hoffman Estates. The property was purchased for $14.15 million through the company’s institutional fund, Sterling Value Add Partners.
JLL to Head Leasing for 201 KSF NJ Office Building
Accordia Realty Ventures tapped Jones Lang LaSalle to serve as the exclusive leasing agent for the Greenbrook Executive Center in Fairfield, N.J.
Etkin Johnson Group Breaks Ground on First Phase of 74-Acre Mixed-Use Project
Etkin Johnson Group recently broke ground on the first phase of the Broomfield Business Center development,
FelCor Sells Two Hotels—Latest Step in Portfolio Restructuring
FelCor Lodging Trust has sold two hotels, the 370-room Embassy Suites – New Orleans-Convention Center and the 296-room Embassy Suites – Nashville-Airport, for an aggregate price of $70 million.
Economy Watch: Investors Return to the Trading Floor; Foreclosures Drop; Lending Standards Ease
Wall Street was back in business again on Wednesday, despite crippled infrastructure in the equities markets’ home town. CoreLogic reported on Wednesday that 57,000 foreclosures were completed in the U.S. in September 2012, down from 59,000 in August and 83,000 in September 2011. “A small fraction of domestic banks,” on net, reported easing standards for business lending and some categories of consumer lending over the past three months.
Walmart Takes Steps to Open Another Express Store In North Carolina
Wal-Mart plans to open a Walmart Express store in Rolesville. The NewsObserver reports that the retailer is using North Carolina as a primary test market for its smaller store concept. Wal-Mart is now in the process of acquiring a parcel of land at the corner of Rogers Road and Grand Rock Way. The company will then need to apply for a land reclassification and obtain a special-use permit for its new project. According to Thomas Lloyd, Rolesville’s planning director, the retailer is expected to submit more detailed architectural drawings within next week. Walmart Express stores are generally less than one-tenth the size of the company’s typical retail centers, which can be 200,000 square feet or larger. The smaller stores employ between 20 and 25 people and offer a good variety of products at the same prices. The company has opened 10 Express stores so far, half of which are located in North Carolina.
Construction Starts on $225M St. Joseph’s Hospital-South in Riverview
A groundbreaking ceremony marked the start of construction for the first not-for-profit hospital to serve southern Hillsborough County—the $225 million St. Joseph’s Hospital South.
Developers to Start $13.6M Affordable Project Near Albuquerque Downtown
Greater Albuquerque Housing Partnership plans to break ground on a 68-unit affordable housing apartment development located at the gateway to Albuquerque’s Downtown in January 2013. The $13.6 million project, dubbed Plaza Ciudana, is the first phase of a master-planned community planned to include between 250 and 300 units of affordable and market-rate housing, according to the New Mexico Business Weekly.
CREW SPECIAL REPORT: M-F Industry Will Decelerate in 2013, Panelists Agree
The year 2012 will go down in the record books as a chart-popping year for the multi-family sector, but the exuberant levels of multi-family rent increases, transactional activity and equity investments are due for a slowdown over the next year, suggested speakers at the 2012 CREW Network Convention and Marketplace, held in Chicago.
Grosvenor Plans Second Condo in Popular Calgary Neighborhood
In Alberta, Canada, the Calgary condominium market is thriving and Grosvenor Americas, as evidenced by recent moves, has its finger on the pulse.