News
Marcus & Millichap Hired as Consultant on $1B Kelly Park Project in Florida
Marcus & Millichap Real Estate Investment Services Inc. will be playing key roles as a broker and consultant on a $1 billion, 9.2 million-square-foot development in Apopka, Fla., that is expected to include a regional mall, offices, a college campus, hospital, housing and a merchandise mart.
Silverstone, RWN Purchase Manhattan Multi-Family Building for $53M, Plan Repositioning
Silverstone Property Group and equity partner RWN Real Estate Partners have acquired a 109,000-square-foot, mixed-use residential tower in the Murray Hill submarket of Manhattan for $53 million.
Prism to Manage 12-Property Hotel Portfolio Across Three States
Prism Hotels & Resorts’ management responsibilities have just expanded by 1,877 guestrooms, now that the company has taken on an assignment from a New York-based REIT to oversee a group of 12 full-service hotels in Pennsylvania, Maryland and North Carolina.
Economy Watch: Sears to Raise Cash With RE Sales
Sears intends to sell some of its real estate holdings, including an expected 11 stores to General Growth Properties for as much as $270 million. Unemployment claims continue to move in the right direction. And Europe is going to face an economic contraction in 2012.
W.P. Carey to Become REIT
Change is afoot at W.P. Carey & Co. The multibillion-dollar investment firm — a leader in the sale-leaseback sector — has received the green light from its board of directors to convert to a REIT.
Archstone Purchases Seattle, Silicon Valley Apartment Communities for $115M
Taking a 131-unit apartment complex off the hands of an affiliate of Continential Properties L.L.C., Archstone has added another Seattle-area multi-family property to its roster for $47.5 million. Additionally, the firm purchased a Silicon Valley apartment complex for $63 million.
As Grubb & Ellis Chapter 11 Begins, Questions Abound
Though the sale of Grubb & Ellis Inc. to BGC Partners Inc. and Grubb’s bankruptcy filing on Monday bring a harsh clarity to the troubled company’s recent travails, it might be a mistake to assume that we can now, finally, see where the situation is heading.
Mack-Cali, Winthrop Acquire Senior Mezz Loan on 1.7 MSF Stamford Portfolio
Mack-Cali Realty Corp. and Winthrop Realty Trust have attached themselves to a 1.7 million square-foot commercial real estate portfolio in Stamford, Conn., with their acquisition of a $40 million senior mezzanine loan position in the capital stack of the group of seven Class A office and multi-family assets.
Economy Watch: Existing Home Sales Edge Up in January
The NAR reported that existing-home sales saw an uptick in January compared with December. Total travel in the United States during 2011 was down 1.2 percent to 35.7 billion vehicle miles. And the American Institute of Architects reported its Architecture Billings Index remained in positive territory in January.
Landmark Civic Opera Building Sold for $126 Million
By Gabriel Circiog, Associate Editor
Tishman Speyer Properties L.P. has sold the Civic Opera Building to a New York venture for almost $126 million, Chicagorealestatedaily.com reports. According to Cook County property records, cited by the same source, an affiliate of Nanuet, N.Y.-based Berkley Properties LLC bought the 915,000-square-foot building for $125.8 million. The deal was financed […]