Regions

Mexico has seen increased investment from Germany, the United Kingdom, the Netherlands, Canada and even Brazil and China in recent years, according to Binswanger Mexico managing director Karl Binderberger, though such investment pales in comparison to capital inflows from the United States.Any foreign investment is likely to be cut in the first half of this year, said Savills executive managing director Borja Sierra. But that will likely afford Mexican investors the opportunity to acquire properties at reasonable prices. “They have the advantage of being in the market and understanding the properties that are on the market,” he said.Mexico may face…

AT&T signed a long-term renewal for 171,386 square feet at 350 North Orleans Street in Chicago. The firm is the largest tenant in the building.Jones Lang LaSalle represented the tenant. CB Richard Ellis Inc. represented the owner, Mart Properties, a subsidiary of Vornado Realty Trust.AT&T had other available choices to consider before renewing at 350 North Orleans St., also known as the Apparel Center. “Working closely with AT&T’s Transaction and Asset Management groups, we evaluated other space in AT&T’s existing leased/owned portfolio as well as additional opportunities in the market,” George Kotrogiannis, senior vice president with Jones Lang LaSalle, said…

Tennessee-based third-party logistics provider OHL has signed a deal to lease more than 147,000 square feet of recently completed distribution space in Houston from ProLogis for an undisclosed amount. OHL will occupy the space at ProLogis NorthPark, located along Interstate 45, north of Beltway 8. The lease agreement marks the 11th between the two companies; OHL now occupies approximately 2.8 million square feet of distribution space with ProLogis in various locations across the United States. Additional tenants at ProLogis NorthPark include Anna’s Linens, Proinlosa Energy Corp., Cyclone Enterprises and Labrada Bodybuilding Nutrition. The distribution park is made up of approximately…

Word of new development plans is uncommon in the industrial sector these days, as it is for most commercial property types. Nevertheless, the supermarket chain Harris Teeter Inc. is bucking the trend. Making one of the largest commitments to an industrial facility so far this year, Harris Teeter intends to build a $101 million distribution center in King George County, Va. Virginia edged out North Carolina and Maryland in its bid for the distribution center, which will serve stores in Maryland and Delaware as well as in Virginia. The project’s size and construction schedule were not disclosed in the announcement…

Making its entry into the Chicago-area market, US Industrial REIT II, which is owned by an affiliate of USAA Real Estate Co. and other institutional investors, has acquired the Cinram Distribution Center, a 595,000-square-foot facility located within the Meridian Business Campus in Aurora, Ill. The REIT purchased the property for an undisclosed price from Cinram Distribution L.L.C., a Canada-based manufacturer of DVDs, CDs and computer software. It was unclear at press time as to whether the deal was a sale-leaseback.“We’re very please to be adding this quality asset to the US Industrial REIT II portfolio,” said Pat Duncan, chairman &…

The Phoenix retail market softened during the first half of 2008, with tenant demand failing to keep pace with completions and this weakening is expected to persist through the near term as the current economic slowdown weighs on consumer sentiment, according to the most recent report by Marcus & Millichap Real Estate Investment Services.Ongoing struggles in the local housing market have decreased spending, causing some merchants to vacate their locations. Additionally, new home sales have lagged in outlying suburbs, particularly in the West Valley, and retailers that expanded into these areas in anticipation of future household growth are currently recording…

Not even high-flying New York City escaped the debilitating grip of the credit crunch and the souring economy last year, and the numbers in a newly released fourth quarter 2008 Manhattan market report by Cushman & Wakefield Inc. tell the story. “Sales prices have dropped, but the biggest difference is in volume,” Jon Caplan, executive vice president with Cushman & Wakefield, told CPN. Commercial real estate price tags fell 30 percent, and transactions plummeted a whopping 60 percent, going from $47.7 billion in 2007 to $19.6 billion in 2008. Sixty-five percent of the deals that closed last year were in…

A plan for a mixed-use community in Honolulu has just received the approval of the Hawaii Community Development Authority. The development, proposed by Chicago-based General Growth Properties Inc. affiliate Victoria Ward Ltd., will span 60 acres and ultimately encompass approximately 17.3 million square feet of commercial and multi-family space. “HCDA was created several years ago specially for planning this area of Hawaii, and we’ve created a master plan based on direction from the community, HCDA and the State of Hawaii,” a General Growth spokesperson told CPN. Known as the Ward Neighborhood, the site fronts the ocean in the heart of…

A deal inked by Franklin Street Properties Corp. on Oct. 31 for the $130 million purchase of Chicago’s 16-story Congress Center has fallen through.According to an SEC filing this week, Franklin Street elected to terminate the agreement on Jan. 13. No reason for the termination of the material definitive agreement was listed on the report. No terminations fees will be incurred, according to the SEC report. On Oct. 31, Franklin reported to the SEC that it had entered into a material definitive agreement to purchase property (pictured) located at 525 West Van Buren Street in the west loop of Downtown…

Energy titan Hess Corp. has signed a long-term lease to occupy the entire 844,800-square-foot Discovery Tower office building in Downtown Houston, a 29-story property currently being developed by Trammell Crow Co. and Principal Real Estate Investors.Financial details were not disclosed on the lease or the construction of the building, but HoustonArchitecture.info put the price tag on the building construction at $300 million. Located at 1501 McKinney St., the tower (pictured) will be customized to accommodate Hess, including several design modifications to maximize flexibility, long term growth and desire for employee amenities. Discovery Tower will be the first LEED Gold certified…