News
Investors Show Interest in Houston Multifamily Assets
The Oaks at Cypress Station apartment complex recently changed hands for a reported $11 million. The deal was brokered by Edward Nwokedi, senior director for Cushman & Wakefield Inc., with Lance Edwards of First Cornerstone Group negotiating the bid process on behalf of the buyer, Vancouver-based The Duperron Group.
Lowe Enterprises Starts $70M Crystal City Office Redevelopment
By Adrian Maties, Associate Editor
Lowe Enterprises hosted a ceremony on March 29 to mark the start of of its $70 million redevelopment of 1400 Crystal Drive in Crystal City, Va. Government, business and civic leaders were present at the event, among them Mary Hughes Hynes, chair of the Arlington County Board, as well as a […]
Bankkruptcy Court Approves Grubb & Ellis’s Sale to BGC Partners
by Adriana Pop, Associate Editor
BGC Partners Inc., a New York financial services firm, has received the bankruptcy court’s approval to acquire substantially all the assets of Grubb & Ellis Co., the fifth-largest commercial property manager in the Pittsburgh region according to the 2012 Pittsburgh Business Times Book of Lists.
On Feb. 20, Grubb & Ellis listed […]
Red Hat Subleases Headquarters Space from Progress Energy
by Adriana Pop, Associate Editor
Red Hat plans to move its headquarters from North Carolina State University to a new 19-story, 365,000-square-foot, hi-rise downtown. Red Hat will be subleasing the space from Progress Energy.
The lease contract amounts to about $86.68 million, not including concessions, over the next 23 years., the Triangle Business Journal reports.
The new building, Red Hat Tower, is situated at […]
Dees Stribling's Economy Watch Weekly
March employment disappoints, noises made about Spain being the next threat to the euro. CPE‘s economic analyst, Dees Stribling, gives his podcast for the week ending April 6, 2012.
Glimcher Purchases Blackston’s Interest in Pearlridge Mall
by Adriana Pop, Associate Editor Glimcher Realty Trust is purchasing an 80 percent indirect ownership interest in Pearlridge Center, the second largest shopping mall in Hawaii. Glimcher is using a recent common stock offering, and possibly funds from its credit facility, to finance the purchase from affiliates of Blackstone Real Estate Partners VI. The purchase price will be about […]
Taubman Breaks Ground on Luxury 450 KSF Open-Air Mall near St. Louis
The composition of the St. Louis-area retail market will soon undergo a notable change now that Taubman Centers Inc. has broken ground on a new outlet-shopping destination, the 450,000-square-foot Taubman Prestige Outlets Chesterfield, in Chesterfield, Mo.
The Kimmel Center Starts $14 M Renovation Project, Lands Famous Chef Jose Garces
By Veronica Grecu, Associate Editor
Less than one week after the grand opening of Philadelphia’s X-Finity Live!, another local performing arts venue is set for a $14 million major renovation process at two of its public spaces, reports the Philadelphia Inquirer.
Work […]
Foreclosed Hotel Pontchartrain Has New Owner
By Veronica Grecu, Associate Editor
Gabriel Ruiz, a Mexico-based developer and hotel investor, has purchased the Pontchartrain Hotel located at 2 Washington Blvd., across the street from Cobo Center and 150 West Jefferson. Though the sale price is still unknown, an […]
Lake Nona Breaks Ground on Publix-Anchored Shopping Center
A new shopping center is in store for Lake Nona, as work has started on the 5.6 million Lake Nona Plaza. Centrally located south of the SR 417 interchange on Narcoossee Road—across the street from Lake Nona Middle School and less than a mile away from Lake Nona High School and Valencia College’s new campus—the new shopping center will be anchored by a Publix Super Market.