REBusinessOnline

CIM Group to Buy Tribune Tower in Chicago for $205M

CIM Group to Buy Tribune Tower in Chicago for $205M

CHICAGO — Tribune Media Co. (NYSE: TRCO) has agreed to sell the iconic Tribune Tower in downtown Chicago to Los Angeles-based CIM group for $205 million in cash at closing. The buyer could pay up to an additional $35 million based on contingencies and conditions, which could bring the total up to $240 million. The sale is expected to close by the end of September. Built in 1925, the building features 35 stories and nearly 740,000 square feet. The sale also includes a 36,000-square-foot development site located directly to the east of Tribune Tower, fronting Cityfront Plaza. "Tribune Tower has been a unique part of Chicago's skyline since the 1920s," says Peter Liguori, Tribune Media's president and CEO. "It is a gem of..

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Should Seniors Housing Developers Focus More on Hospitality or Healthcare?

Should Seniors Housing Developers Focus More on Hospitality or Healthcare?

ATLANTA — Seniors housing by design has both elements of hospitality and healthcare. But which is more important to developers trying to build the next wave of senior facilities? Each developer has a different opinion, based on a development panel at the third-annual InterFace Seniors Housing Southeast conference, held Aug. 25 at the Westin Buckhead in Atlanta. The all-day event drew approximately 315 industry professionals. Zach Bowyer, managing director of CBRE, moderated the panel entitled “The Outlook for Seniors Housing Development: What's Being Built, Where, and are Supply and Demand in Balance?” Jeff Arnold, chief operating officer of The United Group of Cos., mostly develops independent living assets in New York,..

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The Atlanta Falcons Secure $850 Million Financing for New Stadium

The Atlanta Falcons Secure $850 Million Financing for New Stadium

ATLANTA — The Atlanta Falcons organization has received $850 million in permanent financing for the team’s new $1.2 billion Mercedes-Benz Stadium, scheduled to open next year. Bank of America, SunTrust Banks and 18 institutional investors provided the financing, which will convert the stadium’s construction loans to long-term financing, according to reports by The Atlanta Journal Constitution. The Falcons will repay the institutional investors — which provided roughly two-thirds of the financing — over 26 years, with the banks receiving payment over a shorter term. The 2 million-square-foot development — designed through a collaboration between HOK, tvsdesign, Goode Van Slyke Architecture and Stanley Beaman & Sears..

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Student Housing Sees Robust Deals, Investment Sales, Development Numbers

Student Housing Sees Robust Deals, Investment Sales, Development Numbers

As we pass the mid-year point of 2016, the student housing industry is again poised to have a strong year. Favorable market conditions, chief among them low interest rates, have pressed development and acquisitions forward during 2016. Pre-leasing for fall 2016 was strong through the summer, though slightly down from fall 2015 for many owners, while a number of owners reported rent growth for the upcoming year. The industry has seen a lot of activity in buying and selling during the first half of the year. In addition to smaller portfolios and one-off transactions, the sector saw two of its largest M&A transactions to date close during the first half of this year. Harrison Street Real Estate Capital closed on the $1.9 billion..

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