Power Tools for Commercial-Investment Practitioners

General Growth Properties is slated to develop a 300,000-square-foot retail promenade as part of Echelon, an 87-acre resort development in Las Vegas. The project will cost roughly $500 million. "Under the agreement's terms, Boyd Gaming, Echelon's developer, will contribute the above-ground air rights real estate interest necessary to develop the promenade, and the joint venture will then develop the retail promenade." General Growth already has four highly visible retail centers in Las Vegas, including Fashion Show and The Grand Canal Shoppes at the Venetian.

Posted on May 21 at 10:54 AM | Permanent Link | Add a Comment (0)

Commercial real estate's heavy hitters in the U.S. are making online deals these days, particularly with the assistance of RealCapitalMarkets.com, "the country's biggest 'virtual matchmaker' of commercial real estate deal makers." RealCapitalMarkets.com partners up buyers and sellers of properties over $10 million in highly secure 'virtual deal rooms.' According to New York-based Real Capital Analytics, the online service "facilitated well over a quarter of all U.S. sales in that lofty price range in 2006."

RealCapitalmarkets.com is headed by Stephen Alter, a licensed broker who spent many yers in real estate finance as an officer before co-launching the online service in 2000. In November 2005, Inc magazine named the firm as one of the fastest-growing private companies in the U.S. due to 305% sales growth in 2004.

Posted on May 14 at 01:04 PM | Permanent Link | Add a Comment (0)

International Speedway Corporation recently entered into a 50/50 joint venture with one of the largest developers in the country, Cordish, "to explore a mixed-use entertainment destination development to be named Daytona Live! on the 71 acres ISC owns across from the Daytona International Speedway."

Preliminary designs for the 200,000-square-foot mixed-use entertainment project include a 2,500-seat multi-screen movie theatre, retail, dining, as well as a 160-room hotel and a residential component. According to an ISC spokesperson, the company saw "a strong opportunity to solve office space issues and leverage the unique assets with the Daytona USA museum and speedway across the street."

Posted on May 8 at 01:45 PM | Permanent Link | Add a Comment (0)