News
Industrial Income Buys 1.3 MSF Industrial Asset
The Atlanta-area property, which was purchased for $33.8 million, marks the firm’s fourth acquisition this year.
Economy Watch: Shutdown, Foreclosure Changes
With the clock still ticking on the end-of-the-week deadline for funding the federal government for a little longer, Congress continued to bicker about a few billion here and a few billion there. House Speaker John Boehner and Senate Majority Leader Harry Reid were reportedly at the White House for late-night talks with President Barack Obama.
CalPERS to Transfer Portfolio Management
It’s not a done deal yet, but the California Public Employees’ Retirement System recently announced plans to take management responsibilities for its $570 million CalSmart mixed-use real estate portfolio from RREEF and give it to Canyon Capital Realty Advisors L.L.C. The potential reallocation is part of the public pension fund’s ongoing real estate restructuring strategy.
Tenant Takes Entire Industrial Building
The tenant roster at Ontario Distribution Center II in Ontario, Calif., went from empty to full as Pacific Coast Warehouse Co. signed a lease to fully occupy the 411,500-square-foot property.
New Owner for Dallas Office Complex
Bluffview Towers, a two-building office complex in Dallas, is now part of Commercial Developments International Inc.’s portfolio. The real estate firm acquired the 196,300-square-foot property from Capstar Real Estate Advisors and an institutional partner.
Economy Watch: OECD Optimistic, ISM Mixed
The Organisation for Economic Co-operation and Development–OECD, or the club of the world’s wealthiest nations–said that growth in the G7 economies appears to be stronger than it previously thought, with accelerating private-sector investment and trade boosting recovery. Except for Japan, that is, so that would mean that the “G7 minus 1” economies are doing better.
Power Plays: Public, Private Sectors Target New Ways to Finance Energy Upgrades
Cutting energy consumption and operating costs through retrofits is an established best practice among forward-thinking owners. But as the economy comes back only by fits and starts, financing the upfront costs of upgrades remains the biggest single hurdle for owners.
Sunstone Prices Public Offering of 4M Shares
Sunstone Hotel Investors Inc. anticipates pocketing $100 million in gross proceeds from the Series D preferred stock.
Economy Watch: McJobs, Debt Ceiling, Inflation
The Conference Board said its Employment Trends Index increased again in March, for the sixth month in a row. The index now stands at 100.9, up from February’s revised figure of 100.3, and is up more than 8 percent from a year ago. It’s another indication that while not all employers are hiring (especially public entities), a good many are.
ProLogis Wraps Up $157M Bond Financing
The bond was secured with the 1.2 million-square-foot Parc Zama I, located outside of downtown Tokyo. In 2010, just one year after its completion, the distribution facility reached the 100 percent occupancy level.