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Court Orders Joseph Freed To Hand Over Block 37; CRE Positions Remain in Demand (Tuesday's News & Notes)

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And the saga of the Block 37 development in Chicago continues. This week, a Judge ordered developer Joseph Freed & Associates to hand over the keys to the project to the receiver. But wishing to hold on, Freed tries to secure potential investors in the development.

  • The court has forced Joseph Freed & Associates to turn over Block 37 to a previously appointed receiver, according to Chicago Business. Meanwhile, The Chicago Tribune reports that Freed has started discussions with potential investors in a bid to gain back control of the project.
  • General Growth Properties has tapped investment bank UBS to help it emerge from Chapter 11, according to the Examiner.com.
  • Retailer Daily reports that Wal-Mart will lay off 11,200 Sam's Club workers in 2010. The retailer denies the lay-offs have anything to do with the recession.
  • The National Retail Federation forecasts a 2.5 percent increase in retail sales in 2010, according to Reuters.
  • A Student of the Real Estate Game reports that applications for jobs in commercial real estate remain near 2007's levels, according to statistics compiled by Cornell University.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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