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Heller Manus Architects Selected to Lead the Design and Construction of China Project
-Heller Manus Architects has been chosen to design the master plan for a crucial portion of Guangzhou, China’s growing metropolitan area. With a population of 10 million, Guangzhou is China’s third largest city and covers nearly 1,450 square miles.
JLL Launches JV with Real Estate Disposition to Auction Commercial Property
In response to a growing need for owners, banks and servicers to quickly liquidate commercial property, real estate owned (REO) and both distressed and non-distressed commercial notes, Jones Lang LaSalle has launched a joint venture with Real Estate Disposition LLC (REDC) to provide an online auction sales platform that creates a market for optimal commercial property and note disposition.
Kensington’s Ann Arbor Student Housing Community Now Complete; Most Units Leased
The Courtyards Student Apartments, which is owned by Ann Arbor Campus Housing, LLC, an affiliate of Kensington Realty Advisors Inc., recently completed its third and final phase of its 896-bed, off-campus community.
Pinnacle Expands Into the Midwest; Office Was Strategic Objective, Says Kevin Charcut
Pinnacle has opened a new office in Kansas City, Mo. The new office is the headquarters for the Great Plains region, which includes Missouri, Nebraska, Kansas, Colorado, Wyoming and southern Iowa. The regional office is strategically located to offer enhanced service and access to Pinnacle’s growing resident and client base.
International Buyer Demand for U.S. Real Estate Decreased Due to Recession
Interest in U.S. real estate from international buyers declined due to the worldwide recession and severe credit crunch, according to the 2009 National Association of Realtors Profile of International Home Buying Activity.
Prudential Preferred Properties and Rubloff Residential Properties Merge
Prudential Preferred Properties and Rubloff Residential Properties have merged to form Prudential Rubloff Properties, an independently owned and operated firm with 17 offices and nearly 900 sales professionals and staff.
Expert: U.S. Falling Behind Europe in the Green Race
While America’s green building market will likely continue its rapid growth over the coming years, architects, developers and contractors in the U.S. could still learn a lot from their European counterparts, according to engineer Jerry Yudelson, a green building proponent.
Housing Conference Examines Global and Local Impact of Credit Crunch
The far-reaching impact of the global credit crunch was discussed by academics and experts at the recent “Housing Assets, Housing People” conference at the University of Glasgow. The four-day event was hosted by the International Sociological Association’s Research Committee 43—a group of academics from various disciplines who study aspects of housing—as well as the University of Glasgow.
TODAY’S DEALS: Ritz Plaza Receives $151M in Financing, and Other Transactions
By Anuradha Kher, Online News EditorNew York–On behalf of Stonehenge Management, Meridian Capital Group has arranged $151 million in financing for The Ritz Plaza (pictured left), a multifamily property located at 235 West 48th St. in New York City. The Ritz Plaza is a 43-story building featuring 479 luxury rental apartments and 30,000 square feet of retail and office space. The 10-year fixed rate loan has an interest rate of 5.34 percent and features two years of interest only payments. “The timing of the rate lock was precise,” says Abe Hirsch of Meridian. “The borrower was able to take full…
Results of LoopNet Survey Regarding Recovery, Pricing, When Market WIll Hit Bottom
LoopNet, Inc., which operates an online commercial real estate marketplace with more than three million members, recently announced the results of a just-closed “LoopNet Pulse Poll.” More than 2,000 LoopNet members responded to the poll, which was conducted from July 16, 2009, through July 24, 2009. LoopNet members include commercial real estate investors, brokers and owners who use the LoopNet marketplace to search for available space and investment opportunities, as well as to market available properties. Commercial Real Estate Market Recovery Timing?Investor sentiment regarding the timing of a recovery in commercial sales transactions has slipped since our last survey in May. Only…