Regions
Detroit’s Orchestra Place Changes Hands
Marcus & Millichap closed on the sale of the five-story office building located in the city’s Midtown neighborhood. The buyer was a regional investment group.
Economy Watch Weekly: The Nation’s Aging Population
The median age of the U.S. population rose by more than two years from April 2000 to July 2016, according to recent Census Bureau estimates. Economy Editor Dees Stribling discusses the aging population’s impact on the real estate industry.
Craft Beer Company Inks Queen Anne’s County Lease
Cult Classic Brewing will occupy the former ACME Supermarket building in Chester, Md., and is expected to start operations in 2018. The property is part of the Kent Island shopping center.
Economy Watch: Construction Spending Flat in May
Residential construction was up 0.5 percent and non-residential construction was down 0.3 percent, leading total construction to remain flat for the month, according to the U.S. Census Bureau. Compared to May 2016, however, all major nonresidential construction categories enjoyed increased spending.
Prologis Inks 10 Leases at NJ Office/Flex Facility
The transactions encompass seven office leases totaling 31,725 square feet and three industrial leases counting 12,020 square feet. Tenants include Panalpina Inc., Hexim Pharmaceuticals and Public Service Enterprise Group.
CBRE Arranges Long Beach MOB Sale
The 26,293-square-foot property changed hands for $6.5 million and was 91 percent occupied at the time of the transaction by a variety of tenants.
Oxford Properties JV Nabs Pair of DC Trophy Buildings
The Canadian company partnered with Norges Bank Real Estate Management for the acquisition of the Class A properties. The assets add up to more than 500,000 square feet of core office space.
Harrison Street Opportunistic Fund Raises $1.1B
Fund VI—which will focus on education, health care and storage assets—surpassed its $850 million target by a long shot, with contributions from more than 65 institutional investors.
Ventas Exits SNF Business With $700M Sale
The company has reaffirmed its decision to sell 36 skilled nursing facilities to an affiliate of Blue Mountain Capital Management.
Terreno Acquires NJ Industrial Asset for $16M
The property is in close proximity to Newark Liberty International Airport and Newark Port and was vacant at the time of the transaction.