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SEATTLE—The flip side, says Zillow's Stan Humphries, is that “rising and increasingly unaffordable rents make it difficult to save for a down payment on a home.”
PHILADELPHIA, PA—Southern Land Company, a Nashville, TN, real estate company, has acquired the last undeveloped parcel of land on Rittenhouse Square. Company president Tim Downey says the project is likely be a mix of residential and retail.
PARAMUS, NJ—Eastern Union Funding arranged a creative financing solution for an international client refinancing Sprout Brook Shopping Center, on the robust retail corridor along Route 17 in Paramus. The brokers originated and negotiated a five year non-recourse loan at 3.5 percent with 70 percent LTV through Flushing Savings Bank.
EDISON, NJ—Mack-Cali Realty Corporation reported a $9.2 million net loss, or $0.10 per share in the fourth quarter of 2014, mainly because of $12.8 million in executive severance costs that trimmed per-share earnings in the quarter by $0.13. The company said net income for the year was $28.6 million, or $0.32 per share.
LOS ANGELES—The market is “firing on all cylinders,” thanks to low energy costs and a strong dollar spurring business investment, production, employment and consumption, says CBRE's Jeanette Rice.
NEW YORK CITY—ARCP's $1.5-billion sale-leaseback of more than 500 Red Lobster locations was only one of the megadeals the net lease REIT closed last year.
NEW YORK CITY—The former Assembly speaker engaged in a “secret and corrupt scheme” that, in part, involved taking kickbacks from two real estate developers, according to the complaint filed against him.