News
$687M in Financing Closes for Development of Government-Leased Research Complex in Kansas City
All told, the entire complex will cost the U.S. General Services Administration, the federal government’s real estate division, nearly $4.8 billion in completion and long-term occupancy costs.
Economy Watch: Financial Reform Passes, Inspires Much Speculation
The big event of the day on Thursday was the passage of the Dodd-Frank bill (“The Wall Street Reform and Consumer Protection Act”) in the U.S. Senate, to which President Obama will affix his signature before long.
JER Turns a Profit on Sale of 395-Room Fairview Park Marriott in Coveted DC Market
Both McLean, Va.-based JER and Annapolis, Md.-based Thayer are keeping mum on the price tag attached to the Fairview Park Marriott transaction, but Devin Chen, Managing Director at JER, told CPE that the company definitely turned a profit on the deal.
Starwood Makes $175M Worth of Capital Commitments
The company will invest in three separate transactions: $138 million for a renovation loan on the Hyatt Regency New Orleans; the purchase of an $85 million subordinate first mortgage loan secured by a regional mall in Ohio, bought at a discount for $68.6 million; and the $45.5 million participation in a B-note secured by four British resorts for the discounted price of $37.4 million.
Digital Realty Trust Wraps Up $725M Data Center Purchase from Rockwood Capital
Known as the Rockwood Capital/365 Main Portfolio, the group of five data center assets consists of buildings developed within the last 10 years and managed by data center developer and operator 365 Main Inc.
SK Properties Rebrands, Changes Name to Kushner Real Estate
With the retirement of one of its founders, one of New Jersey’s largest privately held diversified real estate companies has decided to take on some changes.
Economy Watch: Are Shoppers Snapping Shut Their Wallets and Pocketbooks?
The U.S. Department of Commerce reported on Wednesday that retail spending by U.S. consumers dropped 0.5 percent in June compared with May, which sounds like a large drop until automobiles, gasoline and building materials are removed from the equation. In that case, consumer spending actually rose 0.2 percent compared with May. Moreover, compared with June 2009, sales were up last month by 4.8 percent.
RioCan Moves Forward with $123.3M Purchase of Stake in Eight Inland Western Retail Properties
RioCan and Inland Western announced the formation of their institutional joint venture in May. The eight new format and grocery-anchored assets of which RioCan will now acquire 80 percent account for approximately 1.1 million square feet of retail space in the Houston, Dallas-Fort Worth and Austin markets.
Healthcare Trust Secures $21.3M in Funding for Deaconess Portfolio
The Deaconess Portfolio is comprised of five medical office buildings in strategic locations on or adjacent to a hospital or clinic campus. It covers 260,500 square feet of gross leasable area and is 100 percent master-leased to Deaconess Clinic, Inc.
Distressed Luxury Apartment Community in D.C. Changes Hands – Again – In $162.3M Deal
Senate Square, a three-year-old 432-unit apartment complex in Washington, D.C., has changed hands for the third time in less than a year, going from the developer’s hands to the lender, from the lender to Westbrook Partners, which, after shelling out $124.5 million for the property, has just sold it to LaSalle Investment Management for just over $162.3 million.