News
Mixed-Use Miami Condo Property Under New Ownership
It is an oft-told story. Anticipating continued demand, a developer plans a premier project at the height of the condominium market, totally unaware of the impending housing market collapse, and then falls victim to the credit crunch and topples under the weight of financial challenges. Such was the case for Cabi Downtown L.L.C., the developer of Everglades on the Bay.
Cedar Wraps up $65.2M in Mortgage Loans on Six Shopping Centers
Cedar Shopping Centers Inc. has closed on 10-year fixed-rate mortgage financing for a six-property suite purchased in October. The primarily supermarket-anchored properties were bought on behalf of a joint venture between Cedar and RioCan Real Estate Investment Trust, a Canadian firm.
Madison Appoints Carroll as Managing Director
In his new position, Bradley Carroll will create and implement business development strategies and source prospective investments, mostly in major U.S. markets. He comes to Madison from Tishman Speyer Properties, where he most recently served as managing director overseeing portfolio and asset management for three emerging market real estate funds.
Economy Watch: Gradual Mend for CRE, Says NAR
The National Association of Realtors says that U.S. office vacancy rates will peak at 16.7 percent during the fourth quarter and start a gradual decline after that. The markets with the lowest office vacancy rates currently are New York City and Honolulu, with vacancies around 9 percent.
Cassidy Turley Spearheads Sale of 177,500-SF Trophy D.C. Property
The building was also sold in 2006, when it was touted as a rare opportunity to reposition a trophy asset in a competitive market.
Economy Watch: Holiday Sales More Robust This Year?
The National Retail Foundation notes that things are looking up for retailers: This year’s Black Friday sales jumped 8.7 percent from 2009, including both bricks-and-mortar as well as online stores.
Grubb & Ellis Healthcare REIT II Buys 45,000-SF North Carolina MOB
Grubb & Ellis Healthcare REIT II is actively looking to raise as much as $3 billion in equity in order to bolster its property portfolio.
Phillips Edison-Arc Taps Addy as COO
Mark Addy is back in a role he previously held at shopping-center firm Phillips Edison, having served as COO from 2004 to 2010. Prior to that, he was senior vice president.
KSL Capital to Purchase Squaw Ski Resort; $50M in Capital Improvements Planned
The sale of Olympic Valley, Calif.-based Squaw, which was founded in 1949 and was the site of the 1960 Winter Olympics, is expected to close by year’s-end.
Federle Joins NorthMarq’s San Francisco Office as SVP/Managing Director
Federle’s addition is part of NorthMarq’s investment sales expansion initiative.