News
International Law Firm Signs as Anchor Tenant for $950M CityCenterDC Project
International law firm Covington & Burling L.L.P.’s search for its new global headquarters in Washington, D.C., has ended with it agreeing to become the anchor office tenant in the $950 million CityCenterDC mixed-use project, signing a letter of intent to occupy approximately 420,000 square feet of space.
SL Green Spends $135M on 215 KSF Midtown South Mixed-Use Building
SL Green has picked up 304 Park Ave. S., a 215,000-square-foot mixed-use office and retail building, from a partnership headed by David Berley, chairman of Walter & Samuels, for $135 million, or $628 per square foot.
Economy Watch: Job Growth, Stocks Fared Poorly in May; GDP Weaker than Thought
The U.S. economy added only 69,000 jobs in May, which wasn’t enough to keep up with population growth. And the GDP only reached an annualized growth of 1.9 percent in the first quarter, not even the 2.2 percent previously estimated. Stocks, too, took a tumble: The major indices fell about 6 percent last month.
Sarasota Multifamily Property Trades for $13.5M
Tradition at Palm Aire—a 178-unit multifamily property located in the northern Sarasota community of Palm Aire—has been acquired by Preston Giuliano Capital Partners for $13.5 million, or $75,843 per unit.
Investcorp Buys 1,000+ Unit Multifamily Portfolio for $57M
Investcorp’s U.S. real estate arm acquired an interest from MHP Investments in a portfolio of 1,076 units in the master-planned Copperfield community of northwest Houston. The portfolio commanded a price of $57 million, or $52, 974 per unit, CoStar reports.
Home Properties Buys Two Virginia Apartment Communities for $112.2M
By Adrian Maties, Associate Editor Home Properties Inc. (NYSE: HME) on May 23 announced that it paid a total of $112.2 million in recent weeks for the acquisition of two Virginia apartment communities. Hunter’s Crossing in Leesburg was purchased on May 11 for $16.2 million, or approximately $99,000 per apartment unit. Woodway at Trinity Centre in […]
Riverbend Project Sent Back to Drawing Board
By Gabriel Circiog, Associate Editor A controversial mixed-use project along the San Diego River has been sent back to the drawing board by the Navajo community planning group, KPBS.org reports. The Riverbend project, proposed on 23.5 acres of land in the Grantville neighborhood, between Mission Gorge Road and the San Diego River, calls for the […]
Maxitrol Announces $3 Million Expansion Plans
By Veronica Grecu, Associate Editor Maxitrol, a Southfield, MI-based manufacturer of natural gas control systems, announced plans to renovate and expand its corporate headquarters at 23555 Telegraph Road, where the company has 55 employees. Currently, Maxitrol occupies an eight-plus acre site that includes the company’s Administrative, Sales, Customer Service, Tooling & Product Prototyping, and Manufacturing […]
McCann Realty Enters Orlando Market with 276-Unit Purchase, Plans More Apartments
Along with the acquisition of Vista Lake Apartments, McCann Realty Partners, LLC has made its entrance into the Orlando market. McCann also bought an adjacent parcel of 16.4 acres and plans to build an additional 192 apartments as a second phase within the next year.
Seeking Edge, Riviera Takes Bingo Business Digital
By Alex Girda, Associate Editor It’s no secret that many Las Vegas resorts and casinos have seen better days, but some venerable properties have found life particularly challenging Tin the wake of the Great Recession. The iconic Riviera Hotel & Casino is a Strip mainstay, but delays in developing the Fontainebleau and Echelon Place projects, along […]