News
Check Out CPE’s March Edition
The digital edition of CPE’s magazine is here, featuring interviews with Chauncey Mayfield and Jeffrey Friedman along with expert insights on energy upgrades and retail property risk, plus crucial industry news and information.
World’s Largest Data Center Encompasses 830,000 SF
The Edison, N.J. property was originally developed as a nearly 1.4 million-square-foot complex for The New York Times in 1992.
Cole Grabs University of Phoenix Complex
In a $170 million sale-leaseback deal, Cole Real Estate Investments snapped up the 600,000-square-foot Phoenix property from Apollo Group Inc.
Economy Watch: Consumers Down, GDP Rises
Consumer sentiment waxed pessimistic in March, according to the latest Reuters/University of Michigan Consumer Sentiment Index. These are nervous times, as evidenced by the final index, which came in at 67.5 compared with February’s final reading of 77.5.
Franklin Street Buys One Legacy Circle
The investment firm picked up the Plano, Texas, office property for $53.6 million. Completed in 2008, it is located in the Legacy Town Center complex.
CPE Radio: Dees Stribling’s Economy Watch Weekly
Economy Watch reporter Dees Stribling offers insights into the top economic news of the week ending March 25 and what to watch out for in the coming week.
HCP’s $1.1B Offering Pays for ManorCare Purchase
In response to a stronger than anticipated interest among the investment community, the healthcare real estate REIT just announced the pricing of its public offering of 30 million shares of common stock–a marked increase over the 24 million shares announced just a day earlier–at $36.90 per share.
BioMed Realty Prices $400M Public Offering
Some of the proceeds from the offering will be directed toward the partial repayment of borrowings under BioMed Realty L.P.’s $720 million unsecured line of credit. As of the close of 2010, the outstanding debt totaled $392 million.
Economy Watch: Older Workers, Detroit Drain
The only group whose workforce participation hasn’t dropped recently are workers over 55. The Congressional Budget Office cites the likes of better health overall for that age group and fewer jobs requiring physical strength.
Host Hotels & Resorts Closes On Pair of Properties
The company purchased the 1,625-room Manchester Grand Hyatt San Diego for $570 million and the 775-room New York Helmsley Hotel for $313.5 million.