Regions
SPECIAL REPORT: PREI Raises Concerns that Real Estate Valuations Could be Based on Quantitative Easing Worldwide
Prudential Real Estate Investors said that commercial real estate prices are on the rise worldwide as economies rebound internationally, but expressed concern that loose monetary policy could be driving property valuations.
Economy Watch: Consumers Feeling Better
The University of Michigan reported that its consumer sentiment index edged up to 82.5 at the end of June, compared with a mid-June reading of 81.2 and an end-of-May reading of 81.9.
Mexican Company ICA Increases Presence in the United States with Acquisition of the Facchina Construction Group
Empresas ICA, S.A.B. de C.V., the largest infrastructure and construction company in Mexico, announced the completion of the acquisition of the Facchina Construction Group (“FCG”) in the United States.
KRE Group, Ironstate NJ City Development Fully Leased
The Marketing Directors have announced that the lease-up at Kushner Real Estate Group and Ironstate Development’s new luxury building in Jersey City, N.J., has set a city leasing record after inking more than 100 leases at the 422-unit community, 18 Park, within about four weeks of its initial lease-up campaign.
TODAY’S DEALS: Queens Development Site Sells for $10.2M
Marcus & Millichap brokers the sale of a development site in Flushing, N.Y.; NorthMarq secures $11.6 million for student housing serving Virginia Commonwealth University; and IPA arranges a $26 million sale in Greater Phoenix.
Economy Watch: Personal Income, Spending Up in May
The Bureau of Economic Analysis reported that U.S. personal income was up $58.8 billion, or 0.4 percent, in May compared with April.
Keeping the Faith in Philly: Barzilay Develops Apartments Within a Church
Try to convince Barzilay Development founder and CEO Alon Barzilay that someone should preserve and redevelop Philadelphia’s historic structures, and you’d surely be preaching to the choir. Barzilay has announced his company’s Sanctuary Lofts, an apartment project built within a 125-year-old church, is now available for lease.
Banner Apartments Begins Work on Downtown Raleigh Apartments
Banner Apartments and Metropolitan Investment Partners have broken ground on The Lincoln, an apartment development in downtown Raleigh, N.C. The 224-unit project occupies a full city block and is near the Fayetteville Street CBD.
TODAY’S DEALS: RADCOS Completes $95.3M Buy, Colorado’s Largest for 2014
The RADCO Cos. completes the largest apartment buy in Colorado for 2014; TruAmerica, Guardian and Allstate complete a $229 million, 1,514 unit portfolio acquisition; and GFI exclusively represents the $6.5 million sale of 42 unsold condo units in Brooklyn, N.Y.
London’s West End Office Market Ranks First in CBRE’s Occupancy Costs Study
The title of world’s highest-priced office market is staying in the capital of the United Kingdom, while three of the top five markets are located in Asia, confirming the area’s recent rise to power in terms of office space, the latest CBRE Global Research and Consulting survey shows.