Pappas Realty Co... "Commercial Real Estate...Exclusively" in Northeast Ohio since 1957

Thursday, June 29, 2006

Fed raises rates, says may need to do more

Thursday June 29, 2:25 pm ET

WASHINGTON (Reuters) - The U.S. Federal Reserve raised U.S. interest rates for a 17th straight time on Thursday and said more rises may be needed to curb inflation even after the now two-year run of credit-tightening.

Detroit Apartment Portfolio Sold for $260M

The Lightstone Group has agreed to pay $260 million for 19 apartment complexes in suburban Detroit. Home Properties, Inc. is selling the portfolio, which total about 4 million square feet. The portfolio has an average occupancy rate of 90%. With this acquisition, Lightstone's Detroit properties will now make up about 20% of its portfolio. Lightstone, a Lakewood, NJ investment firm currently owns a shopping center in Michigan.

Wednesday, June 28, 2006

Ferchill to undertake $180M Detroit project

By STAN BULLARD9:36 am, June 28, 2006

Cleveland-based Ferchill Group will undertake a $180 million renovation of the landmark but long-defunct Book-Cadillac Hotel in downtown Detroit into a 455-room hotel and 67 luxury condominiums.

Tuesday, June 27, 2006

Falls offers breaks to lure developers

Council OKs measure to give tax abatements for years in some areas

By Gina Mace
Special to the Beacon Journal

CUYAHOGA FALLS - Cuyahoga Falls is dangling a financial carrot in front of commercial developers and business owners searching for a place to expand.

Wednesday, June 21, 2006

Census State Population Projections from now to 2030

11,353,140 now
11,477,557 July1, 2005
11,576,181 2010
11,635,446 2015
11,644,058 2020

LeBron offers new digs

By JAY MILLER3:09 pm, June 21, 2006

LeBron James’ business team came through with a big win today for the Glenville neighborhood on Cleveland’s East Side.

To a standing-room crowd of about 150 people packed into a tent in the pouring rain, the Cavaliers basketball star unveiled Parkside Townhomes. It’s a $4.7 million, 20-unit strip of upscale condominiums at East 101st Street and Superior Avenue that LRMR Development Co. — the company Mr. James is helping to bankroll — is building.

Tuesday, June 20, 2006

LeBron draws names, money

Microsoft sponsors bikeathon; foundation coffers remain mystery
By Mary Ethridge
Beacon Journal business writer

Wednesday, June 14, 2006

ComDoc moves to Akron

Expansion will be built for $3 million

By Courtney Blowers
Beacon Journal business writer

The local company is investing in the area, expanding with a new $3 million remanufacturing and distribution center to be built in Ascot Park, one of Akron's eight industrial and corporate areas.

Tuesday, June 13, 2006

Housing prices drooping, buyers waiting

By ELLEN SIMON, AP Business Writer Mon Jun 12, 5:14 PM ET
MAR NEW YORK - Low-ball bidders, persnickety buyers and cancellations are now the rule in once-hot housing markets.


Monday, June 12, 2006

Omni group planning $8M Stow project, Michigan condo-hotel

By STAN BULLARD6:00 am, May 29, 2006
An Omni Hospitality Co. partnership plans to build an $8 million Staybridge Suites Hotel in Stow and to convert a recently acquired hotel in Traverse City, Mich., to a condo-hotel.

Tuesday, June 06, 2006

For wealthy investors, stocks trump real estate of late

By SCOTT SUTTELL1:39 pm, June 6, 2006

Wealthy Americans have great expectations for their stocks this year, but they’re worried about the prospects for real estate, according to a new reports that nine out of 10 wealthy portfolio holders said they expect their portfolios to rise in 2006, according to the 2006 U.S. Trust Survey of Affluent Americans.

On average, they expect an 8% return from U.S. stocks.“Faith in the real estate market, however, was weak,” according to the story. “Only 48 percent said they expect real estate's value to increase in the next year, down from 72 percent who thought it would in last year's survey. Thirty-three percent of respondents expect real estate values to decline over the next year. That number is up from 14 percent who thought that last year.”