REBusinessOnline

February Jobs Report Falls Flat, But Was It An Aberration?

Was the unexpectedly weak February jobs report a blip or an inflection point? Most economists say it’s way too soon to sound the alarm bell, but they’re closely monitoring trend lines. U.S. employers added 20,000 workers in February, according to the Bureau of Labor Statistics (BLS), far below the 180,000 projected by economists and a stark contrast to January when businesses added 311,000 jobs. Meanwhile, the national unemployment rate dropped two-tenths of a percentage point to 3.8 …

Walker & Dunlop Structures $40M in Financing for 136-Key AC Marriott in Tucson, Arizona

TUCSON, ARIZ. — Walker & Dunlop has structured $40 million in financing for the AC Hotel by Marriott Tucson Downtown, located at 151 E. Broadway Blvd. in Tucson. The borrower is Tucson Urban. Completed in fall 2017, the eight-story hotel features 136 guest rooms and was the first hotel built in downtown Tucson since the early 1970s, according to Walker & Dunlop. Hotel amenities include a fitness center, rooftop pool and 1,847 square feet of meeting space. Jim Pierson and …

Stream Data Centers Acquires a 418,000 SF Industrial Facility in Goodyear, Arizona

GOODYEAR, ARIZ. — Stream Data Centers has purchased an industrial facility on 157 acres in Goodyear. The company plans to establish a data center campus for hyperscale and enterprise customers in the greater Phoenix region. This acquisition marks Stream’s entrance into the Phoenix market. Stream will redevelop the existing 418,000-square-foot facility. At full build-out, the data center will contain approximately 50 megawatts of critical load. The facility is slated to be fully …

Nexus Commercial Realty Directs $3M Sale of Multifamily Building in Denver

DENVER — Nexus Commercial Realty has arranged the sale of Wise Harris Arms, a multifamily building located in Denver. An undisclosed buyer acquired the property from 605 26th Street LLC for $3 million.  Located at 605 26th St., the Wise Harris Arms features 22 apartment units. Jason Koch of Nexus represented the seller in the

Harbor Group, Paramount Group Acquire 293,000 SF Office Building in San Francisco for $227M

SAN FRANCISCO — A joint venture between Harbor Group International and Paramount Group has purchased 111 Sutter Street, an office building in San Francisco’s North Financial District. An undisclosed seller sold the asset for $227 million, or $775 per square foot. At the time of sale, the 293,000-square-foot building was 70 percent leased to a variety of technology, media, business services and nonprofit tenants.  Paramount will act as property manager for the building and …

Financing Flexibility Remains Key in Today’s Fluid Environment

Every year brings a few question marks in terms of what’s ahead. Some years have more unknowns than others; many agree 2019 is one of those years.  From politics to the stock market to trade tensions, this year has its share of variables on top of traditional uncertainties, such as natural disasters. Add lots of capital chasing fewer deals, an affordability imbalance, and a disconnect between buyers and sellers, and those question marks continue to multiply. Lenders have generally …

IRR: Approach Commercial Real Estate with Caution in 2019

DENVER — The post-Great Recession recovery years have seen unprecedented growth, but there’s plenty of volatility and cause for caution in 2019, according to Integra Realty Resources' (IRR) Viewpoint 2019 publication.  The annual report provides national and market-by-market overviews across five property types: office, multifamily, retail, industrial and hospitality. Viewpoint 2019 also examines trends from the U.S. economy, housing, capital markets, interest rates and employment, …

Madison Realty Capital Provides $52.5M Construction Loan for Apartment Building in Washington Heights

NEW YORK CITY — Madison Realty Capital has provided a $52.5 construction loan for a mixed-use development in the Washington Heights neighborhood of Manhattan. Located at 4452 Broadway, the seven-story, 134,475-square-foot project will include 129 residential units and 11,000 square feet of retail space. The project is being built under the Affordable New York program and will include a mix of 70 percent market-rate units and 30 percent reserved for those making a certain percentage of area …

JLL Arranges $36.7M Development Financing for Mixed-Use Project in Manhattan

NEW YORK CITY — JLL Capital Markets has arranged a $36.7 million construction loan for a mixed-use project on the border of the Chelsea and Flatiron neighborhoods of Manhattan. Located at 128-130 W. 23rd St., the 37,752-square-foot, 15-story project will include 30 residential units and 3,673 square feet of retail space. The property will also feature 2,500 square feet of amenity space including a fitness center and rooftop space. Jonathan Schwartz, Max Herzog, Brett Rosenberg and …

NAI Queens Orchestrates $3.6M Sale of Warehouse in Woodside, New York

WOODSIDE, N.Y. — NAI Queens has arranged the $3.6 million sale of an 8,000-square-foot warehouse in Woodside. Located on 56th St., the two-story property was built in 1970 and features two drive-in doors as well as 10-foot clear heights. Brian Sarath of NAI Queens represented the seller, Nancy Siegel, in the transaction. The buyer was Susan

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