News
South Carolina's BofA Plaza to be Sold Out of Receivership
Transwestern is betting that investors will snap up Bank of America Plaza, a 303,200-square-foot office building in Columbia, S.C.
Simon Obtains Restructuring on $291M Retail Malls Loan
With Talmage L.L.C. acting as special servicer, the $291 million loan on the Cadillac Mills Portfolio has been modified and restructured. The portfolio encompasses three regional malls totaling 2.8 million square feet.
Economy Watch: Consumers Pull Out Plastic in June, Mortgage Delinquencies Flat, Can Kicked Down Road for Spanish Debt
Borrowing in the form of credit cards, car loans, student loans and other kinds of debt was up by an annualized rate of 8 percent during June.
Vornado Buys, Sells–and Pulls Back Its Veil
Vornado had a busy 4th of July week, with nearly $1.3 billion in deals. But in announcing its array of purchases and dispositions, it has also been pursuing a new “transparency” strategy. What remains to be seen is how the market will react to everything it’s doing.
Multi-Family Investment Opportunities: Still to Come or Past its Peak?
With a weak job market and low consumer confidence, the transition from renter to homeowner remains slow, creating continued opportunities in the multi-family housing market, according to a Property Portfolio Research economist. But he cautioned that Class A multi-family opportunities for investors might have already peaked.
Chesapeake Lodging Trust Nabs $60M Loan
Relying on two key Manhattan properties as collateral, Chesapeake Lodging Trust has obtained a $60 million loan through Wells Fargo Bank N.A. The two-year term loan’s structure is multi-faceted, to say the least.
Terreno Buys Three Silicon Valley Buildings for $33.7M
Terreno Realty Corp., of San Francisco, has acquired three multi-tenant industrial buildings in Sunnyvale, Calif., totaling about 172,000 square feet for a purchase price of approximately $33.7 million.
Economy Watch: Most Industries Create Few Jobs in June, but Retail Vacancies Drop, Rail Shipments Mixed
June’s weak employment numbers capped a weak quarter overall for U.S. job growth. The Association of American Railroads measured the number of U.S. rail carloads originated in June 2012 at about 1.14 million, down 1.3 percent, but the intermodal volume at just over 996,000 containers and trailers, up 5.2 percent. And Reis Inc. reported the vacancy rate for regional U.S. malls dropped to 8.9 percent in the second quarter.
Air Force Opens Dental School; Contractor Selected to Build Helotes Walmart
By Camelia Bulea, Associate Editor The U.S. Air Force opened a $38 million dental school in San Antonio. The dental school and clinic consists of 56,000 square feet of space and has 69 treatment rooms, 5,400 square feet of lab space and 125 assigned personnel, according to the San Antonio Express-News. The San Antonio Business […]
Dallas Questions: Is RockBridge Buying the Adolphus Hotel? And Will The Colonnade Sale Set a Record?
The Adolphus Hotel in Downtown Dallas could celebrate its 100th birthday with a new owner.
According to the Dallas Morning News, Ohio-based hotel RockBridge Capital is interested in buying the 20-story landmark. As the hotel was last renovated in 1980 for $45 million, the investor would need to make some improvements to the 440-room building. The hospitality property is currently owned by a Boston partnership that has controlled the property since early this year.