News
Omega Buys 63 Long-Term Care Facilities with $293M Price Tag
The 63 facilities comprise 6,607 available beds in 19 states and are part of 30 in-place triple-net leases among 18 operators. The leases generate about $34 million in annualized revenue.
Ground Broken on $85M Film Studio in Suburban Philly
The 130,000-square-foot film and television production facility in Chester Township, Pa., will create 390 permanent jobs by its third year of operation and will serve as a new tourist destination as well.
REIT Week 2010: Neithercut Sees Good Times Ahead, and Not Just for Equity
David Neithercut, president and CEO of Equity Residential, speaking during REITWeek 2010 during a general session and also during smaller presentation by his company, expressed surprise not that the apartment sector is experiencing a recovery, but that it started so soon.
REIT Week 2010: Some Sectors Still Waiting for Recovery
If there were any overarching theme to Thursday’s REIT Week 2010 general session, “Magnificent Milestones–A Look Ahead,” it was this: some property types are fully in recovery, while others are still waiting for it, at least among REITs that specialize in one or another of the food groups.
1,000-Room Lodging Project at Fort Lee in Virginia Moves Forward with Selection of Builder
The military branch’s Morale, Welfare and Recreation Command has tapped The Korte Company to spearhead design-build responsibilities for a $120 million temporary lodging facility at Fort Lee, about 30 miles south of Richmond, Va.
Skanska Nabs $73M Hospital Expansion Contract
The project calls for Skanska to build a three-story healthcare facility encompassing approximately 72,000 square feet. Construction of the building, which will meet LEED certification standards, will commence this summer and wrap up by the close of 2012.
Mississippi’s Rainbow Hotel & Casino Fetches $80M
The property features the 89-room Rainbow Hotel, a 33,000-square-foot casino, a 20,000-square-foot conference center and 48,000 square feet of restaurant and administrative office space.
REIT Week 2010: Economic Outlook Optimistic, Except For When it Isn’t
The opening general session of REIT Week 2010, held at the downtown Chicago Hilton by the National Association of Real Estate Investment Trusts, featured two economists in a panel talk called “The Winds of Wisdom and Worry.” The presentation illustrated the old joke about putting all the world’s economists together end-to-end and still not being able to reach a conclusion.
Inland Real Estate Partners with Dutch Pension Fund on $270M Shopping Center JV
The joint venture will kick off with PGGM’s infusion of $20 million of equity and Inland’s contribution of three retail properties valued at an aggregate $45 million.
Built for $130M, Premier 378,000-SF Suburban Los Angeles Shopping Center Trades for $94.5M
A private Southern California-based investment group took the premier lifestyle property, located approximately 30 miles west of Los Angeles in the affluent community of Chino Hills, Calif., off the hands of a bank consortium spearheaded by Bank of America.