News
Phoenix, MG Acquire $53M Apartment Community
The purchase of Crystal View, a 402-unit property in Garden Grove, Calif., received assumable tax-exempt bond financing and 20 percent of the units are reserved for low-income housing.
Langtree, RL West Join Forces on $800M Project
They will be developing the 300-acre Langtree at the Lake planned community in Mooresville, N.C.
Economy Watch: Consumer Debt Edges Up
U.S. consumers pried their credit cards out of their wallets and pocketbooks for some extra use in December, according to the Federal Reserve. Credit card spending was up during that month, the first monthly increase in more than two years. The total amount of credit card debt was up $2.3 billion in December, a 3.5 percent annualized rate increase.
Mesa West Closes $47M First Mortgage
The firm supplied institutional real estate firm Savanna with capital for 5 Hanover Square, a 333,000-square-foot Class B office property in Manhattan that is being repositioned.
New ULI Chairman Shares Insights
When Peter Rummell takes the reins at the Urban Land Institute, he brings with him a background that well equips him to guide the organization through the murky waters of land development in this post-economic crisis climate over the next two years.
CPE Radio: Dees Stribling’s Economy Watch Weekly
Economy Watch reporter Dees Stribling offers insights into the top economic news of the week ending Feb. 4 and what to watch out for in the coming week.
Economy Watch: January Jobs Report Unclear
The U.S. Department of Labor reported that a measly 36,000 jobs were created in January, and yet the overall unemployment rate dropped to 9 percent flat, its lowest level since April 2009, when the unemployment rate was on an escalator ride upward.
Energy Upgrade Plan Wins Kudos
The Obama administration has unveiled its energy efficiency proposal. Industry observers especially like provisions that are intended to make it easier for energy upgrades to pencil out.
CoStar Headquarters Commands $101M
In a sale-leaseback deal, an affiliate of GLL Real Estate Partners GmbH bought the 169,000-square-foot property just one year after CoStar acquired it from the Mortgage Bankers Association for $41 million.
L.A. Uses Tax Breaks to Lure Gensler
Even in a recovering office market, it is unusual for a modest-size 45,000-square-foot office lease to command the attention of a big-city mayor and other officials. That was the case in Los Angeles, however, as the mayor and other leaders publicly touted the architectural firm’s decision to relocate to the City of Angels as a vindication of its pro-business policies.