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WASHINGTON, D.C. — With a score of 50.9 for January 2012, The Architecture Billings Index (ABI) has posted positive results 3 months in a row for the first time since January to March 2011. The index is generally used to help gauge the onset of construction activity 9 to 12 months in advance, according to The American Institute of Architects (AIA), a Washington, D.C.-based association that publishes the ABI. “The ABI typicaly leads nonresidential construction spending by 9 to 12 months, meaning that if this rebound in architecture firm billings is sustained — stays above 50 — then construction spending should begin to increase by the end of the year,” says Jennifer Riskus, manager of economic research at AIA. The ABI is a monthly index based on a score of 50, with scores greater than 50 indicative of an increase in architecture billings and scores below 50 indicative of a decline. The ABI posted 5 months of 50+ scores in November 2010 to March 2011 without any dramatic construction starts in the 9 to 12 months thereafter. Kermit Baker, chief economist of AIA and Honorary AIA member (Hon. AIA), explains the difference between those results and the most recent scores. …

HOFFMAN ESTATES, ILL. — Sears Holding Corp. (NYSE: SHLD) has entered into an agreement to sell 11 Sears full-line stores to Chicago-based General Growth Properties (NYSE: GGP) for $270 million. “This portfolio represents a significant opportunity to recapture valuable real estate within our portfolio,” said Shobi Khan, chief operating officer of General Growth Properties, in a prepared statement. “This acquisition also enhances several expansion and redevelopment opportunities, including re-tenanting the anchor space and adding new in-line GLA.” Khan continues, “During the next several years we anticipate adding 319,000 square feet of new in-line space, the majority at Ala Moana Center, [in Honolulu, Hawaii] our most productive mall with sales surpassing $1,200 per square foot. In addition, we look forward to continuing to work with Sears as they represent an important anchor tenant within our portfolio.” Each of the Sears stores is part of an existing General Growth property. The stores include: – 1450 Ala Moana Blvd. in Honolulu, Hawaii (Leased) – 1481 Coral Ridge Ave. in Coralville, Iowa (Owned) – 1201 Lake Woodlands in The Woodlands, Texas (Owned) – 20 Bellis Fair Pkwy. in Bellingham, Wash. (Leased) – 1751 Madison Ave. in Council Bluffs, Iowa (Leased) – 9405 W. Colonial …

BETHESDA, MD. — The Peterson Cos. and DRI Development Services have formed a joint venture to develop the $320 million Rock Spring Centre, a 1 million-square-foot, mixed-use development in Bethesda. Upon full completion, the project will include 210,000 square feet of retail and restaurants, 550,000 square feet of Class A office space, 90,000 square feet of entertainment uses including a multi-screen movie theater, a 200-room hotel and 161 residential units. The Montgomery County Planning Board approved the site plan on Feb. 17, 2011, and ground breaking is slated to occur later this year. Completion is scheduled for spring 2014. Under the joint venture, Peterson will lead development of the retail and entertainment components of the project, and DRI will lead the office, hotel and residential developments. Brokers Bill Miller and Alex Walker of the Washington, D.C., office of Transwestern have been retained to lease the retail and restaurant portion of the project. “We partnered with The Peterson Cos. because of their track record of success in developing some of the region’s finest retail and entertainment-driven mixed-use projects,” said Christian Spitz, president of DRI Development Services, in a prepared statement. Rock Spring Centre is located on a 54-acre parcel owned by …

SANTA ANA, CALIF. — Grubb & Ellis has filed for Chapter 11 bankruptcy, the company announced Tuesday. The Santa Ana-based firm has agreed to sell substantially all its assets to BGC Partners, which recently acquired Newmark Knight Frank this past October, making it one of the nation’s largest commercial real estate service firms. The deal will take place as an asset sale under Section 363 of the U.S. Bankruptcy Code. Bankruptcy proceedings will commence in the U.S. Bankruptcy Court for the Southern District of New York. The firm listed $150 million in assets and $167 million in debt, according to BusinessWeek. The news outlet also noted that Grubb & Ellis declared it had completed 12,000 sale and lease transactions in 2011 and currently manages more than 250 million square feet. The firm anticipates that business will continue without disruption during this 363 sale process. BCG has acquired Grubb & Ellis’ outstanding secured debt and has agreed to provide the firm with “debtor-in-possession” financing to support its operations throughout this process. This loan could amount to as much as $4.8 million, BusinessWeek noted. “Following a thorough and rigorous process and the evaluation of all available options, we determined that a partnership …

ORLANDO — Orlando-based CNL Healthcare Trust has purchased five seniors housing communities from affiliates of Primrose Retirement Communities for $84 million. The transaction marks the real estate investment trust's first acquisition. The communities total 394 seniors housing units, all of which were built between 2004 and 2007. They include Casper Senior Living in Casper, Wyo.; Grand Island Senior Living in Grand Island, Neb.; Sweetwater Senior Living in Billings, Mont.; Marion Senior Living in Marion, Ohio; and Mansfield Senior Living in Mansfield, Ohio. As of Feb. 12, the communities were 95 percent occupied. “We are thrilled to complete our first acquisition with Primrose, which has a successful track record of developing and operating high-quality senior housing communities,” said Stephen Mauldin, president and CEO of CNL Healthcare Trust, in a statement. “We believe seniors housing and other healthcare assets provide an excellent opportunity for our investors as the aging population and rising healthcare costs are expected to continue to drive demand for well-positioned and well-managed real estate assets.” Aberdeen, S.D.-based Primrose, which owns a total of 26 senior living communities, will continue to operate the five communities under a long-term lease agreement with CNL properties. CNL Healthcare Trust plans to build a …

Is the American dream of home ownership about to be rekindled after a bruising recession forced many potential homebuyers to remain renters? Jay Brinkmann, chief economist at the Mortgage Bankers Association (MBA), says that a closely watched survey of apartment renters shows a precipitous decline in the percentage of renters who intend to renew their lease. The trend signals the possibility that home sale activity this spring could exceed expectations. According to research firm Kingsley Associates, 59.5 percent of renters surveyed in the fourth quarter of 2011 indicated that they “definitely” or “probably” would renew their lease, down from 60.8 percent in the third quarter. Kingsley surveys more than 1 million apartment units annually on behalf of its clients. Source: Kingsley Associates’ Kingsley Index The large drop in the intent-to-renew rate between the third and fourth quarters was somewhat surprising, says Brinkmann, and may have been a function of renters receiving notice of rent increases, prompting them to weigh their options. The percentage of apartment renters intending to renew their lease reached a high of 65 percent in June 2010, but has since fallen and is now lower than pre-recession levels, according to Brinkmann. “There are some changing attitudes out …

AUSTIN — Austin-based Campus Advantage has met its target of purchasing $100 million in Class A student housing. The student housing company announced Thursday that its recent acquisition of two properties has closed its $100 million joint venture with one of the nation’s largest pension funds. The first acquisition, Hawks Ridge, formerly the Lodge, in Iowa City, serves the students of the University of Iowa. The 201-unit property is fully occupied. The venture also acquired Crimson Student Living in Tuscaloosa, which serves the University of Alabama and Stillman College. The property opened in August of 2011 and is located in close proximity to the campus. The 316-unit property is 95 percent occupied. The joint venture was formed in 2007 to source and acquire Class A student housing assets in close proximity to leading universities across the U.S. Although the press release announcing the two acquisitions didn't disclose the name of the pension fund, it has been widely reported that Campus Advantage entered into a joint venture with the California State Teachers Retirement System (CalSTRS) in 2007 to acquire and manage student housing properties. Campus Advantage has acquired seven properties, totaling 1,540 units in Texas, Florida, Missouri, Kansas, Iowa and Alabama. …

LOS ANGELES —The Canada Pension Plan Investment Board (CPPIB) and Westfield Group have entered into a joint venture in which CPPIB will invest $1.8 billion in 10 regional malls and two redevelopment sites in the United States. The transaction is slated to close during the first quarter of this year. Westfield currently owns and manages the properties, which have a total gross value of $4.8 billion. CPPIB’s investment represents a 45 percent interest in the joint venture. Upon completion of the transaction, CPPIB will be one of the largest institutional owners of regional shopping centers in the U.S., with interests in a total of 26 assets. “This is an excellent opportunity to acquire a significant interest in a portfolio compromising high-quality regional shopping centers that are well positioned for long-term growth,” said Graeme Eadie, senior vice president of real estate investments for CPPIB, in a prepared statement. “This acquisition represents our largest real estate investment to date globally and supports our retail real estate strategy of investing in dominant regional malls with best-in-class operators. We are pleased to partner once again with Westfield, a longstanding partner with deep expertise in the U.S. and global retail sector.” The shopping centers in …

BRENTWOOD, TENN. — Brookdale Senior Living Inc., a Brentwood-based senior living owner and operating firm, has acquired nine seniors housing communities for $121.3 million. The properties include a total of 1,295 units. Brookdale previously operated the nine properties under long-term leases. At the request of the seller, the names and locations of the properties were not disclosed. The transaction comes at a time when there is uncertainty in the seniors housing market due to the Centers for Medicare & Medicaid Services (CMS) ruling to cut hospital reimbursements by 11 percent, or $3.87 billion, in fiscal year 2012, which began Oct. 1, 2011. Although the ruling may have bridled sales of seniors housing in the short term, the long-term demand for these facilities is expected to grow. According to Marcus & Millichap’s most recent market report on seniors housing, persons age 65 and older makes up 13 percent of the U.S. population. During the next 10 years, that age cohort is estimated to reach 17 percent of the general U.S. population. Brookdale’s acquisition fulfills a stance made in the Marcus & Millichap report, which stated, “Uncertainty surrounding the Medicare ruling will temper sales velocity … but trading will persist as regional …

COLLEGE STATION — The Texas A&M University System Board of Regents has approved a $120 million classroom building and small animal hospital expansion project for the Texas A&M College of Veterinary Medical & Biomedical Sciences (CVM) in College Station, Texas. “Our goal is to build a premier teaching and research facility that complements our world-class faculty in the College of Veterinary Medicine and Biomedical Sciences and the far-ranging impact they have on both animal and human health,” said R. Bowen Loftin, president of Texas A&M, in a prepared statement. “At this point, the building will be one of the largest construction projects in the history of the university, which speaks volumes about the importance veterinary medicine plays in our state’s economy, as well as in our daily lives.” The new building will include a state-of-the-art classroom and teaching laboratory space, which will provide opportunities for innovations in teaching and will nurture collaboration and creativity. The administrative team of the CVM will begin the planning and design process with a completion date to be predicted in the near future. Funding will be provided solely from the Permanent University Fund, which was established in the Texas Constitution in 1876 as a public …