News
Southern Hotel Closer to Redevelopment
The Covington Historical District Commission recently approved the Wards’ plans for redeveloping the 105-year-old Southern Hotel.
1201 Third Ave. Tower Nears Deal
1201 Third Ave. is one of four properties that Beacon Capital has put up for sale in the greater Seattle area. The other three have been bundled together as a single deal and include U.S. Bank Plaza, Plaza East and Plaza Center, all in nearby Bellevue. They were acquired by the company in 2007 as part of a 42-building portfolio acquisition. Beacon paid $6.4 billion to Blackstone to secure the massive office portfolio.
Parmatown Mall Sold to Phillips Edison & Co.
Cincinnati-based Phillips Edison & Co., a fully integrated retail real estate company, is the new owner of Parmatown Mall, one of the largest retail properties in Northeast Ohio.
Entertainment Complex Planned for Purple People Bridge
The Purple People Bridge may take on a very new look in the coming years–if a study shows it can support the hotel, retail and entertainment project envisioned for it.
Pebblebrook Grabs Hotel Palomar San Francisco for $58M
Pebblebrook Hotel Trust has added a fourth San Francisco hotel to its portfolio with the acquisition of Hotel Palomar San Francisco.
Phillips Edison–ARC REIT Buys 157 KSF Grocery-Anchored Center in Metro Cleveland
Phillips Edison–ARC Shopping Center REIT has acquired Brook Park Plaza, a 157,000-square-foot shopping center anchored by a Giant Eagle grocery store in Brook Park, Ohio, a suburb of Cleveland.
Economy Watch: 3Q GDP Surprises Slightly on the Upside; Predictions of ‘Frankenstorm’ Aftereffects; Wall Street Stagnant Friday
The Bureau of Economic Analysis reported on Friday that U.S. real gross domestic product increased at an annualized rate of 2 percent during the third quarter. Early this morning, predictions were already made about how the storm would affect the economy. As a result of Hurricane Sandy, Wall Street had a lackluster Friday, declining in the morning, but clawing its way back to the break-even point by the end of the day.
TNP Strategic Retail Trust Sells Waianae Mall, Acquires Lahaina Gateway
TNP Strategic Retail Trust Inc. of Irvine, Calif., has entered into an agreement to sell the Waianae Mall Shopping Center in Leeward Oahu to an unnamed buyer. The company acquired the property in June 2010 for $25.7 million.
Built in 1981, the retail center comprises 11 buildings totaling 170,275 rentable square feet. It is anchored by Longs Drugs and City Mill Superhardware, and includes a mix of national and regional tenants, such as Burger King, Fantastic Sams, Goodyear Tire, the state of Hawaii, American Savings Bank, Waianae District Health and Aaron Rents.
Beacon Pursues Texas Properties, Snags One City Centre
Following its purchase last month of Ashford 5, 6 and 7—a 560,000-square-foot office portfolio located in Houston’s Energy Corridor—Beacon Investment Properties has now closed on One City Centre, a Class A office building located in the heart of Houston’s Central Business District.
Valspar Announces $30M Campus Renovation, Expansion; St. Paul Reopens Ballpark Builder Selection Process
The Valspar Corp. announced plans to renovate its former headquarters building and expand its research-and-development campus in downtown Minneapolis. The campus is the anchor of the company’s research-and-development network worldwide, known as the Valspar Applied Science and Technology Centers (VAST).