An Alabama retail center, the Colonial Promenade Tannehill, has traded for $38.5 million. Colonial Properties Trust sold the 347,151-square-foot center, which is located in the Bessemer-McCalla area, to Cypress Equities, who will rename the property Promenade Tannehill.
Best Buy will launch a new initiative that sets aside store space for the sale of musical gear and instruments at up to 85 locations nationwide. Well-known brands such as Fender, Gibson and Roland will help the retailer become the second-largest instrument seller in the U.S., based on locations.
Sovereign wealth funds, which have made a series of high-profile cash infusions into troubled U.S. banks in recent months, may next target real estate. "They could be a real partner in the growth and development of commercial real estate," said Guy Langford, an accounting principal in Deloitte LLP's mergers-and-acquisitions services practice. The funds have an estimated $875 billion in assets.