News
$34M of Financing in Place for NYC Office and Retail Portfolio
With the assistance of Meridian Capital Group L.L.C., Pi Capital Partners has obtained a loan for the refinancing of an office and retail portfolio in Manhattan and Queens.
Hard Rock Casino Expands in Tampa to Become Fourth-Largest Casino in Nation
Following its recently completed $75 million expansion, the Seminole Hard Rock Casino in Tampa is now the fourth-largest casino in the nation, the Tampa Bay Times reports.
International Paper Operations Sold; Warehouse Purchased For $7.5 M
By Eliza Theiss, Associate Editor International Paper, a global paper and packaging company, has announced via a press release that it has completed the sale of three of its operations as part of a February 2012 settlement agreement with the U.S. Department of Justice, this following the February 2012 acquisition of Temple-Inland Inc. All three […]
Lowe Enterprises Investors Buys 314-Room Boutique Hotel in Galleria Area
The 314-room Hotel Derek recently traded hands, with its acquisition by Lowe Enterprises Investors on behalf of a national hotel investment venture the firm formed last year with The Guardian Life Insurance Co. of America and a subsidiary of Allstate Insurance Co.
CoStar Q2 Report: Slow Improvement in Office; Retail Slides
Fundamentals in most commercial real estate sectors improved or held steady during the second quarter, as per CoStar Group’s upcoming national report. But there’s always a surprise and the last three months were no exception.
Wells Core REIT Grabs 172,000-SF Suburban Chicago Office Property
Wells Core Office Income REIT has added a second suburban Chicago asset to its portfolio with the acquisition of Four Parkway North, a 172,000-square-foot office property in Deerfield, Ill. The REIT purchased the building from The John Buck Co.’s JBC Fund III in a $40.9 million transaction.
Avison Young Anticipates a Rebound for Manhattan Real Estate in Late 2012
As the second quarter of 2012 drew to a close, the Manhattan office market showed mixed indicators. Despite some increase in new leasing activity as compared to the record lows seen during the first quarter, vacancy rates continued to rise, which led to a high level of unoccupied inventory.
Apartment Rent Growth Loses Momentum, Leasing Remains Healthy
Average apartment rents across the United States grew 1.2 percent in the second quarter and 4 percent from mid-2011 to mid-2012, according to a report from MPF research. These numbers represent a loss of momentum from the fourth quarter of 2011which saw a rent growth rate of 4.8 percent. The soft patch in job production seems to be part of the problem, though overall the apartment market remains healthy.
The Palisades Purchased; Mooresville Luxury Equestrian Property to Be Auctioned
By Eliza Theiss, Associate Editor Standard Pacific Homes has purchased a 1,100-home site at the 1,600-acre master-planned community—The Palisades—on the shore of Lake Wylie, N.C. The value of the deal has yet to be disclosed, but according to a Standard Pacific Homes press release, the purchase is the largest community land transaction of this caliber […]
American Realty Capital Closes $235M Secured Loan
Lenders are looking favorably on some real estate companies, and American Realty Capital Trust Inc. is one of them. The company recently closed a $235 million senior secured loan through Wells Fargo Securities L.L.C.