Bentall Kennedy sells Kansas City office

Sun Life Assurance Co. and its real estate advisor Bentall Kennedy have sold Park Central Plaza I and II in the Country Club Plaza submarket of Kansas City, Mo., for an undisclosed purchase price. The buyer was Omaha, Neb.–based investor City+Ventures. The 95.9 percent–occupied assets total 148,217 square feet of office space.

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Nuveen Real Estate sells power center in Huntsville, Alabama

Nuveen Real Estate and SITE Centers have sold Westside Centre, a 477,408-square-foot retail power center with multiple national anchors in Huntsville, Ala. A sales price was not disclosed. The new owner is Big V Property Group, a shopping center investment management and property management company. Completed in 2001, the center is shadow anchored by a Super Target. Other tenants include Ross Dress for Less, Shoe Carnival, Five Below, Big Lots, PetSmart, Men’s Wearhouse, Tuesday Morning, Stein Mart, Dollar Tree, Zoës…

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Coworking led leasing activity for second quarter in a row

Coworking led leasing activity for the second quarter in a row, according to JLL’s U.S. office outlook – first quarter 2019 report.  Transaction volumes remained remarkably stable during the first quarter, the national office market saw 30.4 million square feet of activity larger than 20,000 square feet take place, almost exactly in line with the eight-quarter trailing average. Of this activity, the “big three” industries of tech, finance and coworking represented 47.7 percent of all leasing, further demonstrating their importance to…

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Silicon Valley’s office/R&D markets off to slow start in 2019 but demand strong and large transactions coming

Cushman & Wakefield’s latest market reported for Silicon Valley’s Office and R&D sectors revealed a sluggish start to 2019, after having combined for a robust 2.85 million square feet (msf) of occupancy growth in 2018 — largely stemming from the office sector. While the office market did continue its growth trend reporting another 269,000 square feet of positive net absorption in the first quarter, the R&D sector finished with a negative 265,000 square feet, leading to a virtual wash…

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Greystar to develop $450m multi-phrase project 

Greystar Real Estate Partners announced its selection by the University of California Hastings College of the Law as the master developer for campus housing, academic and mixed-use developments for its campus in San Francisco. “Great law schools contribute positively to the environment and communities surrounding them,” says David Faigman, chancellor and dean at UC Hastings Law. “We are excited to be moving forward with Greystar to further develop this vibrant academic village in the heart of San Francisco, a hub…

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Madison Realty provides $27m financing for Brooklyn project 

Madison Realty Capital (MRC) has closed a $27 million first mortgage loan for the development of a 68-unit mixed-use residential building located at 93 Linden Street and the rehabilitation of an adjacent two-story community facility at 395 Evergreen Avenue in the Bushwick neighborhood of Brooklyn, N.Y. The borrower has completed approximately 35 percent of the project and has slated its completion for the first quarter of 2020, having injected substantial cash into the property since its January 2016 acquisition….

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Texas Instruments to build new $3.1b Texas manufacturing facility

Texas Gov. Greg Abbott has announced Texas Instruments will increase its presence in Richardson, Texas, and build a new 300mm analog semiconductor wafer fabrication facility. Texas Instruments is a global semiconductor design and manufacturing company that employs approximately 11,000 people throughout North America. Upon completion, the new facility is expected to create more than 488 jobs and represent more than $3.1 billion in capital investment. A Texas Enterprise Fund grant of $5.124 million has been extended to Texas Instruments…

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75,000 stores closures, but retail still looks promising

E-commence will force approximately 75,000 U.S. stores to go out of business by 2026, according to data from UBS. It finds with each 1 percent increase in online penetration, some 8,000 to 8,500 stores will need to close. Clothing store closures will total 21,000 stores out of the current 82,200. Consumer electronics stores will drop by 10,000 stores of the 39,000 currently standing. Home furnishings will lose 8,000 stores of its current 25,300, and home improvement stores will drop…

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Vornado trades $5.6b interest in NYC retail portfolio

Vornado Realty Trust has transferred a 45.4 percent common equity interest in its portfolio of flagship high street retail assets on Upper Fifth Avenue and Times Square in Manhattan, which are among the scarcest and most valuable in the world, to a group of institutional investors advised by Crown Acquisitions. The transaction values the portfolio at $5.556 billion. Vornado continues to own 51 percent of the retail portfolio. Net cash proceeds to Vornado from the transaction will be approximately…

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Manchester, N.H., retirement system to commit $6m to real estate

The Manchester (N.H.) Employees’ Contributory Retirement System has plans to commit $4 million to Realty Associates Fund XII and $2 million to Dalfen Last Mile Industrial Fund IV, according to Gerard Fleury, executive director of the retirement system. Realty Associates Fund XII is managed by TA Associates Realty, a U.S. real estate investment management firm. It is a value-added real estate fund with a strategy to invest in office, industrial, multifamily and retail property throughout the United States. Dalfen…

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