News
Economy Watch: Obama Proposes Budget, Republicans Want to Dispose of It
On Monday, President Obama unveiled his plan to cut federal deficits, which Republicans immediately denounced. For homebuilders, September was a bad, bad month. And it appears Greece is about to file for the nation-state equivalent of Chapter 11.
AREA Scores Again, Takes $40.9M M-F Community in Alexandria, Va.
AREA Property Partners has nabbed the Heritage at Old Town, a 244-unit apartment community in the Old Town section of Alexandria, Va., for $40.9 million.
AREA Property Partners Acquires $215M Apartment Loan Portfolio
AREA Property Partners, in a joint venture with McDowell Properties, has acquired a portfolio of defaulted loans valued at $215 million, secured by 17 apartment properties encompassing an aggregate 4,733 residences.
WRIT Shells Out $73.5M for 233 KSF Suburban D.C. Office
Washington Real Estate Investment Trust continues to fill the gaps with Washington, D.C.-area assets, with the $73.5 million purchase of John Marshall II in Tysons Corner, Va.
KBS Realty Grabs $137M Fountainhead Office Plaza in Tempe, Ariz.
In a deal orchestrated by CBRE, KBS purchased the two-building Fountainhead Office Plaza in Tempe, Ariz., for $137 million. The Class A buildings, developed by USAA Real Estate Co., feature more than 439,000 square feet of office space.
Houston’s CityCentre Sold by HFF, Equitized by JLL in Two Deals
In two separate deals on the same property, JLL and HFF each came away with good news: HFF closed on the sale of the 1.8 million-square-foot CityCentre II and JLL secured the equity funding for both the acquisition of CityCentre II and the development of CityCentre III.
Economy Watch: Consumers Edgy About the Future, and 26 States See Employment Rise
According to a mid-September reading, consumers are as gloomy about the economy as they were a few weeks ago, and 26 states saw rises in their reported unemployment rates. And his euro-zone counterparts met Treasury Secretary Geithner coldly.
GGP Refinances Staten Island, Boise Malls for $413M
Refinancing debt-laden properties has been a high priority for General Growth Properties since emerging from Chapter 11, and to that end, the company refinanced Staten Island Mall in New York and Boise Towne Square in Idaho for an aggregate $413 million.
Westfield UTC Mall Launches First Phase of $1 Billion Renovation
By Gabriel Circiog, Associate Editor
Westfield Group has launched the first phase of a $1 billion renovation project of the Westfield UTC mall. Signon San Diego reports the project intends to increase the current one million square feet of retail space […]
Princess Receives Meeting Space Fit for a King; City Tentatively Expanding the Sonoran Preserve
By Alex Girda, Associate Editor
A major expansion will be undertaken by one of the Phoenix Metro area’s largest resorts. The Fairmont Scottsdale Princess is set to receive a regal makeover that would add a whopping 52,000 square feet to it, […]