News
KBS REIT II Purchases National City Tower
The shopping spree continues for KBS Real Estate Investment Trust II Inc. with the purchase of National City Tower, a 723,300-square-foot office building in downtown Louisville, Ky. KBS acquired the premier property from Meridian Realty Investments L.L.C. in a $115 million transaction that marks the REIT’s Kentucky debut.
Chartres, Morgan Stanley Acquire Ocean Resort Waikiki
The joint venture has plans to completely renovate, rebrand and reposition the 33-year-old property, which is located on the island’s Diamond Head end. Renovation will include all public spaces, the pool deck and the guest rooms.
Economy Watch: Mortgage Modifications Still Sluggish
The U.S. Department of the Treasury and HUD said that about 30,000 homeowners received permanent mortgage modifications in November through the Making Home Affordable Program. Still, roughly 774,000 homeowners have dropped out of the program, the government’s main effort to forestall foreclosures, as of the end of the month. That’s a 54 percent dropout rate.
Duke Spearheads Deals Totaling Nearly $1B
With plans to inch away a bit from the suburban office market and focus on industrial assets, the company has agreed to sell a 3.1 million-square-foot office portfolio to joint venture partner CB Richard Ellis Realty Trust and acquire a 4.9 million-square-foot group of predominantly industrial properties from Premier Commercial Realty.
Miami Sees Largest Office Sale of 2010
Miami Tower, a 600,00-square-foot, Class A tower, was bought by I&G Miami Inc. from owner Blue Capital US East Coast Properties L.P.
Economy Watch: GDP Revised Upward
U.S. GDP increased at an annualized rate of 2.6 percent in the third quarter of 2010, according to a revised estimate released by the Bureau of Economic Analysis. The previous estimate was 2 percent for the third quarter.
CPE TV: Mike Lafitte Offers Strategies for a New Market
Mike Lafitte, CB Richard Ellis Inc.’s president of the Americas, talks on CPE TV about his strategy for the business and his outlook for the real estate industry as it emerges from the recession.
Chicago’s Hyatt Center Trades for $625M
Hyatt Center, the 1.5 million square-foot office high-rise at 71 Wacker Drive in Chicago, is now part of The Irvine Company’s office portfolio.
HCP Closes $1.5B Public Offering
The healthcare property REIT will use a portion of the proceeds to help finance the acquisition of HCR ManorCare Inc.’s 338-property portfolio of real estate assets in a $6.1 billion deal.
Economy Watch: Fannie Mae More Optimistic
Fannie Mae’s Economics & Mortgage Market Analysis Group has upgraded its predictions for U.S. GDP growth in 2011 from 2.9 percent to 3.4 percent, another reflection of the prevailing optimism coming from prognosticators. The GSE is even predicting an improving housing market for the coming year.