News
Miami Tower Adds Dramatic LED Lighting to Skyline
Miami Tower is set to establish itself as an iconic symbol of the city by adding an LED Exterior Lighting system meant to both considerably reduce energy use and add a dramatic new look. The advanced system will reduce related lighting energy usage by 92 percent, save tenants and the building’s owner nearly $260,000 per year in energy and related operating costs, and reduce CO2 emissions by more than 1.2 million pounds.
Prudential Mortgage Provides $10.5M Loan for Palatine Acquisition
Prudential Mortgage Capital Co. has originated a $10.5 million Fannie Mae loan for an affiliate of Palatine Capital Partners Management LLC to finance its purchase of The Villas at Dames Point Crossing apartment community.
Construction Begins on $12M Regal Cinema at Winrock Town Center Redevelopment
Construction on the Regal IMAX Cinema at Winrock Town Center has begun after nearly 18 month of delay. The 71,156-square-foot, 16-screen cinema is expected to open in the fall of 2013. According to the New Mexico Business Weekly, the $12 million cinema is the first phase of the major Winrock Town Center’s redevelopment, which broke ground in May with the demolition of the Winrock Inn motel.
Macy’s Plans New Stores for Summerlin and the Strip
By Alex Girda, Associate Editor Macy’s Inc. is planning a 180,000 square-foot anchor store at the Shops at Summerlin, the 1.5 million-square-foot retail center being developed by the Howard Hughes Corp. on the Western Beltway. The venue will be the retailer’s first new full-line store in the Las Vegas market since 1996. Expected to open in […]
Birkhill on Main Project Targets Murray’s Thriving MF Market
By Alex Girda, Associate Editor Parley’s Partners has broken ground on Birkhill on Main Apartment Homes, a $45 million transit-oriented project in the thriving multi-family market of Murray. As reported Sept. 17 by Multi-Housing News, the first of four phases of construction will consist of 137 rental units, 96 of them designated as affordable housing. […]
ULI Survey Scales Back Commercial Real Estate Predictions
The Urban Land Institute released findings showing that commercial real estate property sales will plummet 12 percent from its original estimate six months ago. Employment, on the other hand, is predicted to gradually increase.
CBRE Introduces Sustainability Research Program
CBRE Group plans to financially support advocates of sustainability in commercial real estate across the globe.
FirstService Merges Three Residential Management/Preservation Subsidiaries
FirstService Corp. of Toronto has merged its FirstService Residential Realty, TenantAccess and Property Access subsidiaries, which will operate as one in Fort Lauderdale.
Economy Watch: New Homes Sales Up; C-Suites Pessimistic; Investors Nervous over Euro-Zone Riots
New home sales in August have surged compared to last year. CEOs, on the other hand, don’t feel that their companies are prospering in the current economic state of affairs. Investors have gotten weary after protestors took to the streets of Madrid and Athens following government’s austerity measures.
137-Unit Suburban Boston Apartment Trades for Reported $40M
Wellington Place, a Class A property in Medford, Mass. has come under new ownership.