Turner Construction is building the $557 million arena for the NBA's Sacramento Kings, and the project has become the first sports arena to earn LEED Platinum certification. It's one of about 30 LEED-certified sports venues in the country.
Private equity is filling the gap in the commercial mortgage-backed securities market, providing debt and mezzanine financing for commercial real estate borrowers. Research firm Preqin predicts that private equity real estate debt funds this year will exceed the $15 billion raised last year.
Simon Property Group and General Growth Properties' purchase of Aeropostale moves the landlords into new territory as they enter the retail business. Aeropostale filed for Chapter 11 bankruptcy protection in May, and the retail REITs decided it was better to keep the stores operating than to shutter them.
Anbang Insurance Group has acquired 15 of Strategic Hotels & Resorts' 16 properties under its previously announced $6.5 billion acquisition of the company, sources said. The sale of the last property, Hotel del Coronado, is under review.
Medical Properties Trust is acquiring Steward Health Care System's nine hospital properties for $1.2 billion in a sale-leaseback transaction. The REIT is also paying $50 million for a 5% equity stake in the Boston-based hospital system.
Workspace Group has received permission to redevelop the Stratford Office Village in Newham, a borough of London. The project includes 101 residential units, including 25% affordable housing, and 13,000 square feet of commercial space.
Shell will move 3,400 employees out of its downtown Houston location to the Shell Technology Center and Woodcreek facility by 2017. After the move, employees in the company's trading division will be the only remaining employees at One Shell Plaza.
A survey from Market Track has found that nearly one-third of shoppers plan to finish most of their holiday shopping early, even before November -- and almost half plan to have the majority of their shopping done before Thanksgiving. Shoppers are not waiting for Black Friday or other last-minute deals, as in previous years, the survey of 1,000 US shoppers found.
Best Buy's Ignite program links promising startups with product innovation company PCH and features their new gadgets in a designated section of Best Buy's website. The retailer has also devoted a section of its Mountain View, Calif., store to showcasing products that came out of the initiative.
Store closures and falling foot traffic likely won't hurt the two main malls in the Sonoma County, Calif., town of Santa Rosa, where employment is high and tight regulations restrict new construction, said Cushman & Wakefield executive Garrick Brown. "It actually is one of the rare areas in the US that is under-retailed," he said.
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