Commercial Real Estate News

• Potential for Backlash Mounts as Amazon HQ2 Fatigue Sets In September 21, 2018
  Even though Amazon said it wants its second headquarters to be about the same size as its Seattle campus (pictured), some say the company’s drawn-out process may lead to backlash. As online retailer Amazon’s search for a second headquarters location stretches into its second year, impatience and fatigue over the drawn-out process is starting to […]
• WeWork Creates New Hollywood Ties With Ron Howard's Incubator September 21, 2018
  Ron Howard and Brian Grazer's Imagine Entertainment plans to move a creative incubator into WeWork coworking space in West Hollywood’s Pacific Design Center. Fast-growing shared-workspace provider WeWork landed a deal to provide office space for “Solo: A Star Wars Story” and “Apollo 13” director and producer Ron Howard’s Imagine Entertainment to establish a creative incubator […]
• Hurricane Florence Damage to North Carolina Development Seen as Short-Lived, Based on Past Storms September 21, 2018
  Buildings, roads and even playgrounds were flooded in Fayetteville, North Carolina, after Hurricane Florence. Photo credit: Paul Owers, CoStar Group When Hurricane Florence slammed into Wilmington, North Carolina, almost 1 million square feet of commercial real estate was under construction. One storm, no m
• Coworking Provides a Boat in the Storm, Along With a Sales Pitch, During Hurricanes September 21, 2018
  The Serendipity Labs in Atlanta offered free work space for evacuees of Hurricane Florence. In the aftermath of Hurricane Florence, coworking facilities, with their plug-and-play capabilities, emerged as a temporary destination for workers with flooded offices and impassible roads in the Carolinas. The providers of shared workspaces hope to make it a permanent arrangement. Some […]
• Florence's Estimated Damage Toll Exceeds 2,600 Commercial Properties September 21, 2018
  CoStar aerial survey of Florence damage More than 2,600 buildings spanning almost 30 million square feet of commercial real estate across the Carolinas were under at least a foot of water after Hurricane Florenc
• Did You Hear? New Tesla, New Job for Broker Emily Mills September 21, 2018
  It’s been quite a summer for Emily Mills, a retail broker who got into the business in 2014. She won one of the most sought after cars in America and landed a new job in a new city.In May, Mills, then a broker in Lee & Associates’ Charleston, South Carolina, office, won a Tesla Model […]
• Denver-Area Apartment Market Dealing With Crush of New Units September 20, 2018
  Dylan RiNo, a 274-unit apartment complex, was one of many completed in 2017, leading to a glut of new apartment units in the Denver-area market. Could Denver's rapidly developing multifamily market be heading for trouble? Some local experts think so. Amid a crowd of new apartment deliveries, concentrated in downtown Denver and other close-in neighborhoods, […]
• 'Northern Virginia Lands Amazon HQ2!' Hotel Owner Touts Hopefully in Press Release September 20, 2018
  The "new" Courtyard by Marriott Dulles Airport Herndon at 13715 Sayward Blvd. in Northern Virginia. (Image credit: Business Wire). How comfortable - or brazen - are firms becoming at assuming Amazon has zeroed in on Northern Virginia as the location for its second headquarters? For an answer consider the cheeky headline in this press release […]
• Hurricane Florence: How Will the Storm Affect Multifamily Fundamentals? September 20, 2018
  One year removed from the devastation created by Hurricane Harvey in the Houston area, the country is once again reeling from another major storm. Hurricane Florence, which made landfall Sept. 14 along the North and South Carolina border, appears to be one of the most catastrophic hurricanes to ever hit the Carolinas with its torrential […]
• Lakeland, Florida’s Industrial Market Is Red-Hot Amid Rising Construction Starts September 20, 2018
  In early 2018, a joint venture between Blue Steel and PCCP broke ground on Key Logistics Center Building 100 without any tenants in place. Lakeland, Florida’s industrial market is in the midst of a construction boom, with nearly 3.5 million square feet underway

NY / Southern CT Commercial Real Estate News

• Fayetteville, North Carolina, Evacuates Downtown Ahead of Potentially Catastrophic Flooding September 19, 2018
  A small plaza submerged under several feet of water marked the start of flooding Tuesday in the aftermath of Hurricane Florence. Photo credit: Paul Owers, CoStar Group On the edge of downtown Fayetteville, North Carolina, the flooding from Hurricane Florence started at the Cape Fear Botanical Garden and over
• With Sales Booming, Small-Town Apartment Brokers Benefit September 17, 2018
  The 331-unit Elliston 23 in Nashville.Brett Kingman is too busy to talk about how busy he is. That's because he's an apartment real estate broker in a smaller city, where investors are flocking these days in search for more upside than major markets like New York. Kingman’s a senior vice president at brokerage CBRE, specializing […]
• Long Island-Based Developer Buys Bronx Warehouse in Redevelopment Play September 17, 2018
  Developer Heatherwood Luxury Rentals purchased a 31,500-square-foot warehouse at 288-310 Walton Ave. in the Bronx from FBE Limited LLC for $16.8 million, or about $533 per square foot. Although details were not disclosed, the Commack, New York-based company is planning to redevelop the single-story warehouse, originally built in 1931, into a multi-story mixed-use development. Mark […]
• Emerald Equity Group Sells Four Bronx Apartment Complexes for $24.7 Million September 12, 2018
  Investment firm Emerald Equity Group sold four apartment buildings in the Bronx to a private investor for $24.65 million, or about $194,000 per unit. The Manhattan-based investor originally acquired the four properties in part of a 37-building transaction in March 2016, according to CoStar data. The four properties in the sale include two 25-unit properties […]
• Former Mack-Cali Chief Rudin Named President of Savills Studley September 10, 2018
  Mitchell E. Rudin, a veteran New York real estate executive who previously held senior positions at CBRE, Brookfield and Mack-Cali Realty Corp., will join Savills Studley as its next president, succeeding Michael Colacino who is stepping down at the end of 2018. Former Mack-Cali Realty Corp. Chief Executive Mitchell Rudin, who abruptly departed the New […]

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