News
AMB, Allianz Form $648M JV to Acquire Logistics Properties
AMB will make an initial joint venture equity commitment of 15 percent, or approximately $97 million, and Allianz will contribute the remaining $551 million.
Economy Watch: Job Growth, Retail Spending
The U.S. Department of Labor said the economy added 192,000 jobs in February, which was a little more than economists expected and a reasonably strong showing despite international turmoil and annoyingly high gas prices. The government also reported the official unemployment rate at 8.9 percent, down from 9 percent in January.
Lee & Associates Names Fulkerson, Linklater Principals
Grant Fulkerson and Scott Linklater are both industrial brokers specializing in the sale and leasing of properties and development land, Fulkerson throughout the Eastern Ventura County and Conejo Valley markets and Linklater throughout the West San Fernando Valley and Ventura County markets.
D.C., Nevada Among Top Spots for LEED
In the District, there was 25 square feet of LEED-certified space per person in 2010, while in Nevada there was just shy of 11 square feet of LEED-certified space per person during the same time. The other top states were New Mexico, New Hampshire, Oregon, South Carolina, Washington, Illinois, Arkansas, Colorado and Minnesota.
UDR Enters Manhattan with $260.8M Purchase
UDR Inc. has been eying New York City for the last 18 to 24 months and with its recent agreement to acquire the 493-residence apartment community at 10 Hanover Square, the road has been paved for the multi-family REIT to make its debut in the city.
Economy Watch: Jobs, HAMP, Beige Book
It’s that time of the month again: first ADP reports on employment, then the U.S. Department of Labor makes a report two days later. For what it’s worth, ADP said that private companies added 217,000 payroll positions in February, more than expected. If so, that might drive the unemployment rate down a little, but ADP and the government estimates have been at odds before.
Industrial Rebound Could Absorb 200 Million SF in 2011
Surging global trade and consumer demand are driving demand, said Colliers chief economist Ross Moore.
Health Care REIT Buys Genesis for $2.4B
The sales transaction frenzy in the healthcare real estate sector continues as JER Partners and Formation Capital sign on to sell the company, which comes to the table with a portfolio of 147 properties in 11 states.
LaRue Tapped as New Forest City CEO
David LaRue will succeed current Forest City Enterprises Inc. president & CEO Charles Ratner as of June 10, 2011. LaRue is the first non-Ratner family member to take the position.
D.C.’s Market Square Fetches $615M
The 679,000-square-foot Class A office complex will be acquired by Wells Real Estate Investment Trust II. Its tenant base includes Bayer Corp., Novartis, Proctor & Gamble and United Healthcare.