News
Kiva Takes 163,000 SF in Massachusetts
David Pergola and Jason Levendusky of CB Richard Ellis represented Divco West and Taurus, while Brooks Murphy and Sean Lynch of Jones Lang LaSalle represented Kiva.
Christian Science Church Revitalization of Boston HQ to Include Addition of 950,000 SF
Surrounded by Boston’s Back Bay, Prudential, South End and Fenway neighborhoods, the Plaza encompasses 14.5 acres and offers 10 acres of open space that is accessible to the public. Among the property’s seven existing buildings are two centerpiece structures, the iconic Original Mother Church, built in 1894 and the Extension church, which was developed in 1906. As per the proposal, all existing buildings will remain intact.
TD Ameritrade Breaks Ground on 475,000-SF Office Building in Omaha
TD Ameritrade currently leases an aggregate 125,000 square feet in three office structures at the site where the online stock trading and investment company’s new building will be erected. At completion, the corporate campus will occupy a total of 40 acres in the Old Mill area of west-central Omaha.
Cole Acquires Texas Shopping Center for $56.5M
Built in 2006, Atascocita Commons is 98.5 percent leased to a mix of national and regional retail tenants, including Kohl’s and TJ Maxx/HomeGoods. It is located 12 miles east of George Bush Intercontinental Airport and 25 miles northeast of Houston’s central business district.
Economy Watch: “Unusually Uncertain” Enters the Lexicon of the Recession
Federal Reserve Chairman Ben S. Bernanke memorably summed up the recovery as “unusually uncertain” in testimony before the Senate Banking Committee on Wednesday, very shortly after President Obama signed the financial reform bill. Mostly, though, the chairman didn’t point out anything not generally understood about the economy: growth is slow, and it will be a long time before unemployment eases–the Fed expects to see 7 percent to 7.5 percent unemployment by the end of 2012, for instance.
Fund Snaps Up 725,000 SF of Premier Dallas Office Space
The CBRE Strategic Partners U.S. Value 5 fund, a commingled private equity real estate fund sponsored by Los Angeles-headquartered CB Richard Ellis Investors, has purchased the three-building Preston Commons and Sterling Plaza from Chicago-based real estate investment firm Capri Capital Partners L.L.C.
Former Seville Beach Hotel in Miami Sells for $57.5M and Preps for Ian Schrager Makeover
Located at 2901 Collins Avenue, the Seville is a 12-story building that originally opened its doors in 1955. The sellers had acquired the hotel in 2005 for $25 million and joined forces with the Ritz-Carlton Hotel Company L.L.C. in a plan to convert the property into a three-building Ritz-Carlton Club & Residences with fractional- and whole-ownership units. The project never reached fruition. Now a different set of plans is in store.
Economy Watch: Single-Family Housing Starts Edge Down
According to the U.S. Census Bureau and the Department of Housing and Urban Development, residential starts nationwide were down 5 percent in June compared with the pervious month. But by combining the single-family and multifamily statistics, the government puts the wild-card figures of multifamily development (volatile, the economists call it) with the more stable single-family figures, distorting both of them.
Marcus & Millichap Names Kerin President & CEO
Real estate investment services firm Marcus & Millichap has named John Kerin president and chief executive officer effective July 1. A senior vice president and managing director, Kerin oversees 18 offices nationwide.
Toyota to Build $600M Manufacturing Plant in Brazil
Two years ago this month, Tokyo, Japan-headquartered Toyota Motor Corp. acquired a 914-acre parcel of land in the town of Sorocaba in Brazil , and now the automobile company is ready to erect a new plant on the site.