News
AREA Property Partners, Commonwealth Ventures Plan $225M Office Project in Boston
An 11-story Class A office building along the South Boston waterfront is moving closer to construction now that the Boston Redevelopment Authority has approved the approximately 500,000-square-foot, $225 million project planned by AREA Property Partners and Commonwealth Ventures.
Nine-Property Net-Leased Walgreens Portfolio Sells for $69M
Investors can’t seem to get enough of the net-lease market: An unidentified institutional investment firm beat eight others in a bidding war, acquiring a 117,600-square-foot portfolio of nine Walgreens stores on the East Coast for $68.7 million.
Economy Watch: Home Foreclosures on the Rise, but Shadow Inventory Falling; Jobless Claims Up
While U.S. home foreclosures spiked 9 percent in May – but were still down 4 percent from the year-over-year figure – housing shadow inventory fell to 1.5 million units. Jobless claims rose by 6,000 for the week ending June 9.
Kettler Launches New Format in Growing D.C. Rental Market
By Adrian Maties, Associate Editor As the Washington, D.C., apartment market continues to grow–with vacancy rates dropping and rents rising–some developers are trying to take advantage of the favorable climate. Among them is Kettler Inc., a McLean-based company that just announced plans to launch its new m.flats format when it breaks ground in August on […]
Citrix Seeks New Space in Downtown Raleigh to Invest $12.5M
by Adriana Pop, Associate Editor Citrix Systems Inc. plans to expand its data-sharing division by investing at least $12.5 million in a new facility in downtown Raleigh. The company chose Raleigh over Atlanta and Austin for its expansion. Jesse Lipson, general manager of Citrix Systems data sharing operations, told the Triangle Business Journal that the […]
Hawaii Land Commision Rezones Rural Acreage in Central and West Oahu for Master-Planned Development
by Adriana Pop, Associate Editor The Hawaii Land Use Commission (LUC) has approved the reclassification of approximately 800 acres of prime agriculture lands, paving the way for the development of the $2.2 billion Koa Ridge master-planned community in Central Oahu by Castle & Cooke Homes Hawaii Inc. By a 7-0 decision, the commision approved changes in […]
Shell Evaluates Site in Beaver County to Build $3.2B Gas Processing Facilities
by Adriana Pop, Associate Editor Shell Oil Co. is assessing whether to build a multibillion-dollar petrochemical complex that would process gas locally produced from the Marcellus Shale in Appalachia. Shell said it would reach a decision in 18 to 24 months. Shell Chemical LP signed a land option agreement with Horsehead Corp. in March to evaluate a […]
Wharton Equity Partners Acquires 500-Unit Florida Multi-Family Portfolio for $50M
Wharton Equity Partners, in partnership with a consortium of real estate funds affiliated with Och-Ziff Capital Management Group, has just increased its holdings by an additional 900 units with the purchase of a stake in four properties in Central Florida.
Caliber Funding Selects NGKF as Portfolio Adviser for 100 Locations in 28 States
Newmark Grubb Knight Frank Global Corporate Services has secured a major outsourcing deal, the firm’s second in just over one month, as Caliber Funding chose the firm to manage the real estate mortgage lender and agency direct seller/servicer’s real estate transactions across the country.
Temple University to Break Ground on $100 M Tech Center
Temple University’s main campus in Philadelphia is set to expand with a new 250,000-square-foot Science, Education and Research Center (SERC) to provide more space and advanced technology for university students and research personnel alike.