National Commercial Real Estate News From CoStar Group
Aon Hewitt Property Outside of Chicago Trades for $148M
Retail Properties of America Inc. (NYSE: RPAI), a shopping center REIT, completed its trade of the Aon Hewitt Property in Lincolnshire, IL, for $148 million, or approximately $181 per square foot. Earnings from the sale were used to pay off $117.7 million of mortgage debt and accrued interest encumbering the entire Aon Hewitt Campus.
Aon Corp. fully occupies the six-story, 818,686-square-foot office building at 4 Overlook Point, which is about...
In The Pipeline: CoStar Development & Construction News for Nov. 18 - 24
In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.
Carr Starts Spec Office Project In Bethesda
Carr Properties today...
PepsiCo Inks 1.2 Million-SF Deal in Dallas Area
PepsiCo signed a lease agreement for 1.22 million square feet of build-to-suit industrial space at Prologis Park 20/35 in Lancaster, TX. Prologis, the owner of the space, plans to break ground in January of next year with a proposed delivery date of January 2014.
It will be Building 4 in the growing industrial park. A total of 3.1 million square feet of logistic space will exist at the complex once it is completed.
The industrial building will...
Live From REITWorld: Pace of Mergers and IPOs Likely to Accelerate in 2013
For all the election season bickering over the pace of the economic recovery during the last four years, this year’s gathering of REIT executives was a decidedly happier and more agreeable place than in 2008 when the REIT industry trade show last met in San Diego.
Back then, attendees were agonizing over whether real estate investment trusts could even survive, let alone thrive, amid the frozen credit flows, plunging stock prices and near collapse...
MetLife, Clarion Partners Pay $548.8M for Seattle High-Rise
MetLife Real Estate Investments and Clarion Partners acquired the 55-story 1201 Third Avenue Building in Seattle, WA from a joint-venture of Wright Runstad & Co., Beacon Capital Partners LLC and Shorenstein Properties LLC for approximately $548.78 million, or about $461 per square foot.
According to CoStar data, this is the largest commercial acquisition in King County this year. The asset, the second largest building in Seattle, was 87 percent...