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The New South Ocean Development Co. will erect a $1 billion luxury resort on 385 acres along the pristine southwestern coast of New Providence Island in Nassau, Bahamas. To be developed at a cost of over $1 billion, the New South Ocean Resort will occupy the last of three parcels in the area designated by officials of the Commonwealth of the Bahamas for full-scale casino and hotel operations. Details of New South Ocean’s offerings have not been set in stone, however, the resort will feature upscale hotel rooms, a casino, retail, residences, conference facilities, a tennis center, a mega-yacht marina…

Equibase Capital Group L.L.C. and WestCorp Management Group have partnered to create a strategic joint venture that will pursue multi-family investment opportunities throughout the United States. The JV will focus on “value-add and opportunistic investment situations including direct asset acquisitions and purchases of performing and non-performing debt,” according to a prepared statement. “Equibase has had a long and successful track record investing with [WestCorp chairman] Kenneth M. Woolley and his team in both multi-family and self-storage assets,” Michael Husman, managing principal of Equibase, said in the statement. The JV will not be a separate corporate entity, an Equibase spokesperson told…

Capital Growth Madison Marquette of Minneapolis and DRA Properties L.L.C., an Ankeny, Iowa-based real estate company, have formed a partnership to develop about 500,000 square feet of retail space in Ankeny. The retail space will be part of a larger mixed-use development, the 1,031-acre Prairie Trail, which is being developed by DRA on the former site of the Iowa State University research farm. The master plan for Prairie Trail calls for two retail components. Town Center at Prairie Trail, a lifestyle center, will feature fashion anchors, restaurants and a mix of regional and national merchants. There will also be a…

Has JPMorgan Chase finally backed off on plans to build an office tower at the World Trade Center site in lower Manhattan? That may be happening despite word two months ago that the Wall Street giant would still develop a skyscraper on the site of the former Deutsche Bank building even though it had agreed to acquire troubled Bear Stearns and its Midtown office tower and trading floors at 383 Madison Ave. JPMorgan Chase officials had reportedly assured the Port Authority of New York and New Jersey, lead agency for the World Trade Center redevelopment, that it would develop the…

The market, the industry and the way we communicate and seek news and information is changing. And now, so are we.The widespread use of the Internet, e-newsletters, RSS feeds and 24-hour cable news channels has added an immediate delivery aspect to the news cycle. With so many different opportunities to serve you better, we’re happy to announce that there’s a new CPN coming your way.As always, we will continue to provide perspective on breaking news, in-depth analysis of headlines and industry trends, along with actionable data and conversations with and about industry thought leaders—in print, online and face to face….

Expectations for the single-tenant retail market remain positive despite cooling economic growth and lingering concerns over the housing slowdown. This year, retail sales are expected to advance at their slowest rate since 2001, as fewer homeowners tap home-equity lines of credit to finance large purchases. Consumer spending will decelerate most severely within markets that are heavily impacted by housing- and employment-related weaknesses.Real estate investors will likely see continued cooling in sales velocity during 2008 as cap rates rise due to a slowing economy and more conservative lending practices. Economic expansion is expected to moderate this year as the housing market…

Lagovent Real Estate Group has acquired two Class B Dallas-area apartment complexes totaling 952 units for a total consideration of $40.5 million. The seller was the Frankel Family Trust of Anaheim, Calif. “These are core assets with stable cash flow which will provide our investors with risk adjusted, double-digit first-year returns,” Lagovent managing partner Konstantin Glasmacher said in a prepared statement. “These types of multi-family assets fit nicely into our national real estate strategy, which focuses on very specific location and asset attributes.” The two properties are Camelot Village, a 512-unit complex in Mesquite, Texas, and Wimberly Park, a 440-unit…

CB Richard Ellis Investors has announced the closing of CB Richard Ellis Strategic Partners U.S. 5 to new investors.  Strategic Partners U.S. 5 consists of two limited partnerships, with raised equity commitments of $2.1 billion from institutional investors in the United States, Europe and the Middle East. The funds are expected to have total purchasing power of $6.4 billion.Strategic Partners U.S. Value 5 plans to make value-added investments to reposition assets, stabilize moderate levels of vacancy, invest in “controlled risk” development and pursue a portfolio accumulation strategy in highly rated major metropolitan areas in the United States.The Partnership will also…

The week is only half done and already ProLogis has announced plans for a 220,000-square-foot build-to-suit in Hungary, the purchase of 83 acres in Virginia, and the appointment of a new global executive.UTi (Hungary) Logistics L.L.C. has called on Denver-based ProLogis to develop a 220,000-square-foot facility in Budapest for use as a regional distribution center for a client. The build-to-suit structure will sit approximately 10 miles from Downtown Budapest within ProLogis Park Budapest-Sziget, which currently consists of 870,000 square feet but will reach 1.8 million square feet at full build-out. UTi, a leading supply chain solutions provider that already leases…

The Joliet, Ill., City Council has approved a development agreement for the Bridge Street Town Centre, a 3.5-acre mixed-use development in that city southwest of Chicago.Plans call for the complex to include retail space, restaurants, a movie theater, office buildings, hotels and housing units.O&S Holdings L.L.C. of Santa Monica, Calif., and Strategic Retail Development of Hollywood, Fla., are the developers. Construction is slated to begin next year, with completion in 2010.The site is near the junction of I-55, which connects Chicago with St. Louis, and I-80, a major east-west artery across northern Illinois. The development plan calls for a new…