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Transwestern hires VP
According to the announcement, Polise will support the firm’s acquisition teams in the architectural, engineering and construction materials review of projects during the due diligence period, as well as assist leasing personnel with the review and negotiation of construction costs on behalf of clients. Polise joins Transwestern from Avison Young, where he served as director […]
UMH acquires 1.72M manufactured home community
According to the announcement, the community is known as Rolling Hills Estates. It is the sixty-ninth manufactured homes community owned by UMH. The company now holds about 12,900 manufactured home sites. More UMH Properties news >
Prudential forms $369M joint venture
According to the announcement, Digital Realty seeded the joint venture, which was formed in late September, with nine data centers totaling 1.06 million square feet and valued at approximately $366.4 million, plus closing costs. The properties are expected to generate cash net operating income of approximately $24.5 million in 2013, representing a 6.7 percent cap […]
Harlem cupcake baker has a taste for his hometown of Newark
That was the site of Rozier’s first cupcake shop — a 400-square-foot space he shared with a sandwich bar — that he opened in 2004 after changing careers. Admittedly, he “didn’t have a clue” when he was offered the space. “If I knew what I know now, I wouldn’t have done it,” said Rozier, 44. […]
Rowan’s new engineering building critical to N.J. economic growth, its president says
That increased capacity is critical for Rowan, which has been inundated with applicants eager to take part in its engineering program, said the university’s president, Ali Houshmand. “If you look at the demand for our engineering program, this past year, for every undergraduate position in engineering, we had 10 qualified applicants — New Jersey residents […]
IDI, with growing N.J. portfolio, acquiring Verde Realty in 1.1B deal
IDI announced the deal today with Verde, a real estate holding of Brookfield Property Partners LP, creating a combined asset value of more than $2 billion, according to a news release. The transaction brings IDI’s building total to 179 and increases its portfolio to 45 million square feet. The deal follows the August announcement that […]
Vornado completes 66M Harlem Park sale
According to the announcement, the sale resulted in net proceeds of approximately $63 million and a net gain of approximately $23 million, which will be recognized in the fourth quarter. More Vornado news >
Hill International announces more than 45M in new projects
– Qatar Petroleum, on behalf of the Qatar Museums Authority, awarded Hill a contract to provide construction management services in connection with the new National Museum of Qatar. The four-year contract has an estimated value to Hill of $22.7 million. – Qatar Industrial Manufacturing Co. awarded the company a contract to provide project management services […]
Chambers Street leases 450,000 square feet in South Carolina
The transaction is a net lease for office and industrial space at Jedburg Commerce Park.According to the announcement, Jedburg Commerce Park was built in 2007 and acquired by Chambers Street in the same year. Chambers Street owns and operates more than 3.6 million square feet of warehouse/distribution properties in South Carolina. Last month, Chambers Street […]
G.S. Wilcox closes 32M in financing for nearly 1M square feet
The transactions were arranged by Gretchen Wilcox, president and Al Raymond, principal.According to the announcement, four loans totaling $27.75 million were originated with Thrivent Financial for Lutherans, with the borrower being Forsgate Industrial Partners. The properties were located at 18 Thatcher Road and 1165 Cranberry South River Road, in South Brunswick; 75 Oxford Drive, Moonachie; [&hel[...]
Merck to cut 8,500 jobs will move HQ to Kenilworth, not Summit, as previously announced
In addition to more job cuts — 8,500 this time — the global pharmaceuticals giant is walking away from its plan to relocate to Summit, instead saying it will move its headquarters to its Kenilworth operations, on Galloping Hill Road.The new downsizing plan is expected to save Merck another $2.5 billion by the end of […]
Hoping local retailers can get Teachers Village off the ground
Before Teachers Village could attract out-of-state-retailers, its developers thought they needed to look locally.
