News
First Potomac Buys D.C. Office Building for $49.5M
This is the REIT’s seventh office purchase this year and its third in the D.C. area. First Potomac has bought a total of 1.3 million square feet in office properties in 2010.
Economy Watch: Home Values Down $1.7 Trillion in 2010
Zillow, which tracks U.S. housing values at a fairly granular level, said that houses nationwide will lose an aggregate of $1.7 trillion in value during 2010. That compares unfavorably with the $1 trillion in home values that evaporated in 2009.
Pebblebrook CFO Talks Turkey as REIT Passes $600M Mark
Pebblebrook made its first acquisition in June with the purchase of the 269-room Doubletree Bethesda Hotel and Executive Meeting Center in suburban Washington, D.C. With the closing of the 306-room Sofitel Philadelphia transaction, the REIT now owns eight hotels in seven metropolitan areas.
Marcus & Millichap Promotes Glass to VP
Michael Glass, the current regional manager of the Cleveland and Columbus offices, will continue to hold that position. He came to the firm in 2001 from LaSalle Bank/ABN AMRO.
Economy Watch: GSEs Pressured to Modify More Mortgages
Fannie Mae and Freddie Mac are reportedly in talks with various government officials about reducing the balances of mortgages they own or control in cases of underwater homeowners, something the GSEs have so far been loath to do.
Arizona Sees Largest CRE Deal of 2010 with $280M Trade of Tempe Marketplace
Rockwood Capital L.L.C. joined forces with Vestar Development Co., the developer of Tempe Marketplace, to acquire the three-year-old property. Vestar had been in a partnership with DLJ/Credit Suisse, which sold its stake to Rockwood, leaving Vestar and Rockwood as the sole owners of the asset.
Booming Bloomberg Plans New 500,000-SF Headquarters in London
Currently, Bloomberg makes its London home at the building where the company set up shop 23 years ago. While the space has expanded to accommodate 2,300 employees, the company is in a growth mode and in need of more elbow room.
Economy Watch: SoCal Industrial RE Benefits from Asian Economic Expansion
According to the USC Lusk Center for Real Estate’s annual Casden Forecast, there’s at least one sector in Southern California doing better than expected: industrial real estate. The report noted that a 16.9 percent increase in port traffic in the region in 2010 compared with last year will help stabilize, and in some areas, increase, industrial rents in the Southern California region.
Clark JV Kicks Off Construction of $394M Naval Hospital At Camp Pendleton
The project will occupy 70 acres and replace Camp Pendleton’s outdated existing hospital. The building will feature inpatient facilities encompassing as many as 60 beds, emergency and primary care facilities, specialty care clinics, support facilities and space to accommodate non-ambulatory patients.
CPE, MHN Launch Seniors Housing Video Report
Now on MHN TV and CPE TV: Seniors Housing Report, a new video series featuring longtime seniors housing expert Mel Gamzon. With the first Baby Boomers turning 65 in January, the seniors housing market has never offered more opportunity. Be sure to catch him each quarter as this principal & senior managing director of Senior Housing Investment Advisors offers insights into the latest seniors housing issues.