Midwest Regional News RSS

Economy Watch: Beige Book Describes Modest Recovery

Wed, 28 Oct 2009 13:05:00 UTC

The Federal Reserve�s most recent Summary of Commentary on Current Economic Conditions,better known as the Beige Book, wasn�t exactly cheerful about the stateof the U.S. economy toward the end of annus horribilis 2009. But itwasn�t precisely pessimistic either.

Chicago CRE Industry Laments Failed Olympic Bid

Wed, 28 Oct 2009 13:05:00 UTC

The pain of Chicago's loss of the 2016 Summer Olympic Games to Rio deJaneiro is palpable across the country, especially in the Windy City.Local officials had proposed a bevy of new commercial venues in andaround Chicago to accommodate the various competitions; the developmentactivity would have been a big boost for the city. Now, commercial realestate industry players, still reeling from the rejection, arereflecting on what might have been.

McShane Snags 380,000SF Healthcare Facility Management Contract

Wed, 28 Oct 2009 13:05:00 UTC

McShane Medical Properties has been awarded the management and leasing assignment for Nationwide Health Properties, a portfolio containing a total of 380,000 square feet across 12 buildings throughout suburban Chicago.

NorthMarq Places $28M for Minnesota Portfolio

Wed, 28 Oct 2009 13:05:00 UTC

NorthMarq Capital�s Minneapolis regional office has arranged first mortgage financing of $28 million for Mendota Office Center I, II, III, IV and American Corporate Center.

ProLogis Inks 326,000 SF of Leases in Columbus

Wed, 28 Oct 2009 13:05:00 UTC

Industrial property REIT ProLogis has signed four new lease agreements for distribution space in Columbus, Ohio, totaling 326,000 square feet.

Macerich Continues Deleveraging, Sells $116M Stake in Denver-Area Mall

Wed, 28 Oct 2009 13:05:00 UTC

Like so many REITs these days, Macerich Partnership L.P. has instituted a plan to reduce debt by disposing of assets, and the firm's recent sale of a majority interest in the FlatIron Crossing Mall in Broomfield, Colo., to GI Partners constitutes its most recent move. The two companies have formed a joint venture that calls for GI Partners to give Macerich $116 million in cash in exchange for a 75 percent stake in the 1.4 million-square foot super regional mall.

GE Eyes New Clean-Tech R&D Facility in Detroit

Wed, 28 Oct 2009 13:05:00 UTC

General Electric Co. has taken a major step forward on a plan to establish a clean tech R&D center in the Detroit suburb of Van Buren Township, Mich.

Michigan Turns to CBRE for Real Estate Services

Wed, 28 Oct 2009 13:05:00 UTC

CB Richard Ellis Inc. has been selected by the State of Michigan as its real estate services provider.

CBRE Nabs 335,400SF Minneapolis Distrib Center

Wed, 28 Oct 2009 13:05:00 UTC

CB Richard Ellis Realty Trust has purchased a Class A industrialwarehouse facility that is fully leased to Walgreens in the Northwestsubmarket of Minneapolis.

Mandel Group Makes 578-Unit Wisconsin M-F Play

Wed, 28 Oct 2009 13:05:00 UTC

Milwaukee-based developer Mandel Group has acquired a 578-unit apartment community in Fitchburg, Wis.

Economic Update - Fast-Track Chrysler Reorganization Stalls

Wed, 28 Oct 2009 13:05:00 UTC

The Chrysler reorganization and sale to Fiat, which was to have been a model of a quick turn-around, has hit a snag in the form of a court order by U.S. Supreme Court Associate Justice Ruth Bader Ginsburg. Pension funds that hold some of Chrysler�s secured loan are objecting to the goings-on, claiming it isn�t fair to them, and so petitioned Justice Ginsburg for the measure. It isn�t clear how long the temporary stay will delay the sale, or whether it will kill the sale, or whether the full court will reverse the stay in a few days. It�s unlikely, though, that the legal wrangling will affect the fate of the Chrysler dealerships slated for closing, or change the amount of real estate their closing will put on the market.

Economic Update - Seismic Shifts in Auto Industry Have CRE Implications

Wed, 28 Oct 2009 13:05:00 UTC

Monday was an historic day in Detroit, and arguably for the entire U.S. manufacturing sector, even though GM's formal announcement of bankruptcy, along with President Obama's promise for more than $30 billion for a company in which the U.S. Government will soon own a controlling interest, weren�t surprises . A little more surprising (only a little) was the quick approval by Chrysler's bankruptcy judge of the sale of most of its assets to a group led by Fiat SpA, meaning that the Detroit automaker will continue to exist in one form or another, albeit with Italian bosses. But the fact that both events happened the same day is an unusual coincidence indeed.

General Board of Pension Breaks Ground on 110,000-SF Chicago HQ

Wed, 28 Oct 2009 13:05:00 UTC

General Board of Pension and Health Benefits of The United Methodist Church broke ground on their new headquarters building in Glenview, Ill.

ProLogis Signs 215,000-SF Lease with Sanyo Logistics in Chicago

Wed, 28 Oct 2009 13:05:00 UTC

ProLogis has leased 215,000 square feet of recently completed distribution space near Chicago to Sanyo Logistics Corp., a logistics services provider and business unit of Sanyo Electric Co. Ltd.