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Hackman Capital Buys Iconic 358 KSF Film Studio in Culver City, Calif.
Hackman Capital Partners has acquired The Culver Studios, a 358,200-square-foot independent film studio in Culver City, Calif., approximately 10 miles west of downtown Los Angeles.
Lend Lease Completes Phase I of $270M Mall Project in Australia
Lend Lease has completed Phase I in the redevelopment of Lakeside Joondalup, to become the largest shopping center in Western Australia.
Store Closures Predicted Due to Cerberus’ Purchase of Safeway for $9B
Although Cerberus stated no closures are expected as a result of its merging of Albertsons with Safeway, some analysts predict the transaction will result in duplication, calling for store closures in certain markets.
Economy Watch: Most Industries Hiring in February; Trade Deficit Drops Because of Oil
Despite the frosty weather, most categories of employment saw some kind of net increase during February. Total January exports and imports resulted in a U.S. goods and services deficit of $39.1 billion, down from $42 billion in January 2013.
Liberty Signs Power-One for 105 KSF, Brings Sky Harbor Center to Full Occupancy
Power-One Renewable Energy Solutions has signed a long term lease with Liberty Property Trust to occupy 105,000 square feet of space at Liberty Sky Harbor Center in Phoenix. The agreement brings the complex, which opened last year after a complete makeover and re-branding, to 100 percent occupancy.
Richmond’s Short Pump Submarket Gears Up for Robust 2014
By Adrian Maties, Associate Editor Cushman & Wakefield | Thalhimer projects that 2014 will be a good year for the Richmond retail market. As retailers and restaurants plan to grow and expand, a trend that started in 2013 and is expected to continue in 2014, the market will see stepped-up activity. It ended 2013 with [...]
JH Real Estate Partners Buys San Carlos Shopping Center for $35 Million
A San Diego County retail property recently traded hands in a transaction worth a total of $35 million. The acquisition was perfected between buyer JH Real Estate Partners and an unnamed entity from the East Coast, who had owned the property since the last transaction, in 2006. The San Carlos Shopping Center was the property in question, in the Lake Murray area of San Diego.
Siegel Group Buys 119-Unit M-F Property Near Strip, Expanding Flexible-Stay Portfolio
The Siegel Group Nevada, Inc. recently expanded its local apartment portfolio with a purchase near the Las Vegas Strip. The commercial real estate and business development company has completed a deal worth approximately $4.2 million for the apartment property known as Solana Square. The Siegel Group plans to add the newly acquired asset to its Siegel Suites Brand, which currently offers a number of flexible stay residential communities throughout the state of Nevada. With the addition of Solana Square, Siegel Group now operates 23 such communities in the Silver State.
Kisco Senior Living, Health Care REIT to Begin Construction on New CCRC in Raleigh
Plans are moving forward for The Cardinal at North Hills, a long-delayed Continuing Care Retirement Community (CCRC) in Raleigh.
Universal Health Services Acquires Palo Verde Mental Health Facility
Universal Health Services of Tucson, LLC has announced the acquisition of Palo Verde Mental Health from Tucson Medical Center. The institution has been renamed Palo Verde Behavioral Health.
LGI Homes Offers Affordable Single-Family Homes in Albuquerque
Albuquerque has a new option for its inhabitants who want to change their housing status from renters into homebuyers through the newest community constructed by Woodlands-based LGI Homes, Inc. Camino Crossing offers in the city of Rio Rancho affordable homes starting at $799 per month.
McCraney’s Dade Paper Project Awarded Industrial Development of the Year
NAIOP Central Florida Chapter has recently distinguished McCraney Property Company’s Dade Paper project with the “Industrial Development of the Year” title. Presented at the Best of the Best Awards Gala, the award recognizes Dade Paper’s 150,000-square-foot state-of-the-art Central Florida Distribution Center and Offices for its overall design to meet the needs of the end user.
276-Unit Property in Historic Fourth Ward Offers Gigabit Internet
Developed by North American Properties, BOHO4W, as the project is called, is the first residential property in Atlanta to embrace the lightning-speed gigabit technology.The 276-unit community at Historic Fourth Ward Park is a so-called fiber-to-the-home or FTTH multifamily project that beside its innovative network, also keeps walkability in focus.
Dell Corporation Signs Up New Tenant at Miramar Centre Facility
CBRE has recently arranged a 91,872-square-foot lease for Univita Health Inc. at Dell Corporation’s Miramar office/call center facility. The new tenant’s purpose with the lease is to consolidate its South Florida operations into one single, central location.
MARKET SNAPSHOT: Apartment Boom Underway in Indianapolis, Vacancy Up
Indianapolis continues to witness an exceptional inventory increase of multi-family housing units this year, amid moderate employment growth and rising home sales.
Liberty Property Trust Renews 196KSF Industrial Leases in Charlotte
Liberty Property Trust, an $8.4 billion office and industrial property REIT, has announced renewing multiple leases across its Charlotte portfolio, keeping its occupancy steady 99 percent.
Northwestern Mutual Provides Mortgage Loan Worth $140 Million for Levi’s Plaza
The global headquarters of world-famous clothing brand Levi Strauss & Company was recently involved in a financing deal worth $140 million. The mortgage loan was provided by Northwestern Mutual, a real estate investment firm that deals with commercial mortgages, equities and securitized investments comprising all property types. The loan was taken on behalf of a group of investors that includes Gerson Bakar, Diane B. Wilsey and Interland.
Staples to Cut 225 Stores as Sales Move Online
If you can get what you want online, why go to the store? At least, that’s what an increasing number of Staples’ customers are asking themselves, and the office supplies giant is responding to the trend.
IHG to Develop 2 Additional Hotels in Germany
InterContinental Hotels Group has signed two additional hotels in Germany under two existing multiple development agreements with long-standing partners.
Economy Watch: Moderate Job Growth in February; Household Net Worth Hits Record Level; Negative Residential Equity Shrinks in ’13
The modest increase in U.S. jobs continued in February, with the addition of 175,000 positions. Household net worth increased again in the fourth quarter of 2013 to a record level. And 4 million U.S. mortgage holders returned to positive equity in 2013.
Colab Space The Creative Block Kicks Off Construction in Downtown Baton Rouge
The revitalization of downtown Baton Rouge continues with a trendy new spot: The Creative Bloc, an 11,500-square-foot collaborative workspace and multimedia production hub.
Forsythe Technology to Build 221K SF “Retail Plus” Data Center Colocation Facility in Elk Grove Village
IT infrastructure Forsythe Technology recently announced it plans to design and build a state-of-the-art data center facility in Elk Grove Village, Illinois. The new 221,000-square-foot data center aims to address the needs of enterprises that are seeking for the best of both the retail and wholesale colocation data center markets.
Five Welton Street Projects Win $475,000 in Planning Grants Through the Welton Design / Development Challenge
Denver Mayor Michael B. Hancock and the Denver Office of Economic Development recently announced the winners of the very first Welton Design / Development Challenge, a new grant-making approach which aims to provide momentum to revitalize one of Denver’s most historic neighborhoods.
Orlando’s First Community Solar Farm Started Production in OUC’s Gardenia Campus
ESA Renewables has recently announced the completion of the first community solar farm in Orlando. The 2.5-acre array has a 400 kW output and as a community solar farm, it is only the second of its kind in the whole of the Sunshine State.
Physicians Realty Closes Purchase and Leaseback of Four Medical Office Buildings
Physicians Realty L.P., an operating partnership of Physicians Realty Trust closed on the purchase and leaseback of four medical facilities located in Jackson, Conyers and McDonough.
A Dozen of Marina Palms Penthouse Residences Hit the Market
Douglas Elliman Real Estate launches the sales of 12 Sky Residence penthouse properties at Marina Palms Yacht Club and Residences.
HFF Represents JCI Residential in the Sale of Silverado Crossings Class A Multi-housing Community
The newly constructed Silverado Crossing has been purchased by the Meagher Family Trust; JCI Residential was the seller, represented by HFF (Holliday Fenoglio Fowler, L.P.). Terms of the transaction were undisclosed, but the acquisition of the complex ran its course free and clear of debt, projecting full stabilization.
C&W Taps Former NYPD’s Head Kelly as Prez of Risk Management Services
Cushman & Wakefield has chosen former New York City Police Commissioner Raymond Kelly to head up a newly created global Risk Management Services division to advise clients on risk-mitigation solutions.
Google Capital Puts $50M into Auction.com
One of the world’s largest online real estate marketplaces, Auction.com, has received a $50 million investment, courtesy of Google Capital.
Guest Column: Obamacare and Commercial Real Estate
Healthcare real estate expert Lee Eastwood examines the impacts of the Affordable Care Act on commercial real estate.
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