News
JLL: Vacancies Fall Amongst NYC Class A Office Properties
Vacancy rates dropped amongst all property types in Midtown, where the overall vacancy rate fell to 13.2 percent at mid-2010, a drop of 3 percent from the overall vacancy rate of 13.6 percent in the first quarter. Class A vacancy rates fell to 13.4 percent over the second quarter, down 3.4 percent from the previous quarter’s 13.9 percent.
CBRE Investors Grabs 1.6M-SF Downtown Oakland CRE Portfolio for $356M
Shorenstein had acquired four of the buildings in a $120 million deal in late 1996, and brought in the Ohio pension fund as a 50/50 partner in 1998. In 1999, the joint venture exercised an option to purchase the parking facility from the City of Oakland.
Bayonne Medical Center to Get New 50,000 SF Building
Slated to break ground in 2011, the building is touted as transforming unused land into revenue-generating space. It will house a surgery center, nursing school, hospital pharmacy, and doctors’ offices.
CBRE Sells Hawaiian Mall for $27.5M
The retail center consists of 11 buildings housing 43 tenants in 170,275 square feet of retail space, with major tenants including Longs Drugs and City Mill. It is located on a 15.62-acre lot.
Mesa West Raises $600M for Real Estate Fund
The fund is designed to directly originate bridge financing with an emphasis on first mortgage debt for middle-market transitional and value-add properties in the Western United States as well as select gateway cities on the East Coast.
Pharmaceutical Firm Snaps Up Boston-Area Tech Park for $165M
The premier biotechnology compound of office and lab space and 40 acres of preserved open space had been undergoing redevelopment at the hands of Patriot Partners, the partnership between Framingham, Mass.-based Atlantic Management Corp., Concord, Mass.-based Mohawk Partners L.L.C. and New York City-headquartered O’Connor Capital Partners that acquired the property in 2003.
Legacy Wraps Up $264M Mixed-Use Project at Hollywood and Vine
The 12-story community features 375 apartments, 297 market-rate, 78 affordable, as well as 32,595 square feet of ground-floor retail including Trader Joe’s, Wells Fargo Bank, Café Entourage and Bubbles dry cleaners. It also has a 215-space on-site public parking lot.
Investcorp Sells $100M First Mortgage on D.C. Coast Guard HQ
The mortgage, which is due in 2014, was sold to the Talos Capital Limited for an undisclosed price.
Economy Watch: Job Creation Positive, But Tepid
The ADP National Employment Report, which always comes ahead of the U.S. Department of Commerce’s employment numbers and doesn’t always jibe with them, noted on Wednesday that nonfarm private employment increased 13,000 from May to June 2010 on a seasonally adjusted basis.
Alliance For Downtown NY: Hotel Rooms Booming in Lower Manhattan
The number of hotels in Lower Manhattan has tripled since the 9/11 terrorist attacks, the Alliance for Downtown New York has found. The organization said this week that the number of rooms in their district, Lower Manhattan south of Chambers Street, has increased by more than 60 percent in that time.