News
Simon Property Group Goes on $3.5B Spending Spree
Simon Property Group, the largest real estate company in the United States, went on a $3.5 billion shopping spree Thursday by acquiring a $2 billion stake in Klepierre, a major European retail and office player, and by buying out its joint-venture partner in The Mills U.S. shopping-center properties for $1.5 million.
Colliers Signs Chicago’s Largest Industrial Lease of 2012
Clarion Partners, working through Colliers International’s industrial advisory group, has signed a 492,866-square-foot lease with tenant Wilton Industries, marking the largest industrial lease in the Chicagoland area this year.
Economy Watch: Hiring Remains Strong in February
The BLS reported that the economy created 227,000 jobs in February. Both commercial property and multi-family mortgage delinquency rates declined during the fourth quarter of 2011. And the conclusion to the Greek debt deal was anticlimactic.
Hersha Hospitality Trust Buys Rittenhouse Hotel in Philadelphia for $42M
By Veronica Grecu, Associate Editor
Philadelphia’s famous Rittenhouse Hotel, one of the finest hotels globally according to a Travel + Leisure 2011 ranking, and the 10th Business Hotel in the World, is no longer a part of the Rittenhouse Development Corp. portfolio.
Hersha Hospitality […]
Inland’s University House Set for August Opening, Already 70 Percent Leased
By Georgiana Mihaila, Associate Editor
Inland American Communities Group—a wholly owned subsidiary of Inland American Real Estate Trust, Inc.—announced that its newest student community is close to completion and will begin serving the University of Central Florida and the surrounding areas […]
Sad but True: Detroit’s Historic Packard Plant Could Be Demolished
By Veronica Grecu, Associate Editor
The Packard Automotive Plant, Detroit’s former high-end automobile manufacturing company and currently a symbol of the city’s decay, could be demolished in less than a month, if the plant’s owner and city officials come to an […]
BioMed Realty Trust Signs Biotech Firm to 220 KSF Lease in San Francisco
BioMed Realty Trust Inc. is not naming names, but the REIT just landed a big fish at its 1.4 million-square-foot Pacific Research Center in Newark, Calif. A private biotech company has signed a long-term lease for 220,000 square feet at the sprawling campus in San Francisco’s East Bay submarket.
CBRE to Market, Lease Next Phase of $631M Hong Kong Science Park
The Hong Kong Science and Technology Parks Corp. has appointed CBRE Group Inc. as the strategic marketing and leasing consultant for the $631 million Phase III of the Hong Kong Science Park.
Inland Real Estate Picks Up Two Ohio Shopping Centers for $109M
In two separate transactions, Inland Real Estate Corp. has spent an aggregate $109.4 million on Ohio shopping centers. The first deal, closed on the last day of February, saw the company pick up the Cincinnati-area Stone Creek Towne Center for $36 million, and earlier this week, Inland spent $73.4 million on Westgate Shopping Center in Fairview Park, near Cleveland.
Related Aims to Become Brazil’s Biggest Developer, Plans $1B Investment
Related Group and Related Cos. have officially launched Related Brasil, naming Daniel Citron — former head of Tishman Speyer in Brazil — as CEO. The firm plans to invest $1 billion in residential and commercial real estate.