News
Best Buy to Shutter 50 Stores
Over the weekend, the giant electronics retailer Best Buy said that it will close about 50 stores out of its total of around 1,100. The announcement came not long after the sudden resignation of CEO Brian Dunn, for as-yet unclear but possibly scandalous reasons, though it seems unlikely that the two events are directly related.
Miami's 4.2 MSF Flagler Station Sold to AEW for $340M
The industrial portfolio of Flagler Station, South Florida’s largest business park at approximately 4.2 million square feet, has been sold by its developer to AEW Capital Management for a reported $340 million.
Economy Watch: CPI Sees Uptick, Driven by Gas
U.S. consumers were paying a bit more for everything in March, with the CPI rising 0.3 percent during the month. The main culprit? The price of gas, which jumped 1.7 percent. And those gas prices may be eating into consumers’ assessment of the overall economy.
Village Lindo Paseo Gets $26 Million in Financing from Wells Fargo; Westcore Properties Acquires Office Building in Encinitas
By Gabriel Circiog, Associate Editor Wells Fargo & Co. has provided $26 million in financing to complete the construction of Village Lindo Paseo, a 287-unit housing complex at San Diego State University, San Diego Business Journal reports. The project is developed by San Diego-based Village Lindo Paseo LP and is expected to house a total […]
Luxury Mariposa Lofts Community Sells for $40M
By Georgiana Mihaila, Associate Editor
The luxury multifamily community Mariposa Lofts was recently purchased by Inwood Holdings for $40 million, according to the Atlanta Business Chronicle. The 253-unit multifamily community, set in a central location two miles east of downtown Atlanta, was acquired by the current seller—Behringer Harvard Multifamily REIT I—in September 2009. As reported by the Business […]
KBS Legacy Partners Apartment REIT Buys 255-Unit Community in Pikesville
By Adrian Maties, Associate Editor
KBS Legacy Partners Apartment REIT, Inc. has acquired a Class A 255-unit apartment complex in Pikesville, Maryland. The transaction closed on April 6, representing the third equity acquisition for the Newport Beach, Calif.-based, non-traded REIT. Kettler […]
Financial Distress Relieved, Smith Tower Seeks To Build Occupancy
By Alex Girda, Associate Editor, and Paul Rosta, Senior Editor Closing a chapter of financial distress for Seattle’s first high-rise office building, the Smith Tower has come under ownership of CBRE Capital Partners. The firm was the sole bidder for the century-old building and offered $36.8 million at a King County foreclosure auction last month, the […]
Dees Stribling's Economy Watch Weekly
It’s not been a great week for the economy, but the Fed did manage to re-assure investors that things weren’t terrible. CPE‘s economic analyst, Dees Stribling, gives his podcast for the week ending April 13, 2012.
Flagler Station Sold to AEW Capital for $340M
By Georgiana Mihaila, Associate Editor
Less than three months ago, TPG Capital’s intent of buying Flagler Development’s 12 million-square-foot portfolio of developed assets for over $1 billion was one of South Florida’s biggest commercial real estate news stories. Yet last month, […]
The Colonnade at Germantown Purchased for $23.1M; Cleaborn Point Breaks Ground
By Eliza Theiss, Associate Editor New York-based Sentinel Real Estate Corp. has purchased The Colonnade at Germantown for $23.1 million, or $91,666 per unit, in an online auction. Operating under the name VA Germantown LLC, Sentinel secured the 252-unit property at 7491 Wyndhurst Place far above the starting bid of $9 million, reports the Memphis […]