Archive for Commercial Real Estate
BOJ May Be Attempting to Let Steam Out of the Property Market
Posted by: | CommentsThe Bank of Japan appears to be trying to let some steam out of the property market, an area where it’s seen incipient financial imbalances driven by its monetary stimulus. The central bank reduced the pace of its REIT purchases to 55 billion yen ($503 million) over the 12 months through December, about 40 percent below its annual target of 90 billion. In the view of Bloomberg Economics, this isn’t a signal that a bigger shift in policy may be in the works, rather it’s likely more an effort to calibrate its stimulus within the current framework so it can sustain its easing for a longer period if necessary…
Billionaire Miami Beach Developer Dismisses Rising Sea Levels as ‘Paranoia’
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Billionaire Peres is planning two condo projects by the ocean
- Peres also runs Multiplan, a Brazilian shopping-center company
Miami Beach Photographer: Jeff Greenberg/Universal Images Group Editorial via Getty Images
A South Florida developer is questioning the well-established facts of climate change, and is putting his money where his mouth is, investing millions to build residential projects in highly exposed Miami Beach.
Brazilian billionaire Jose Isaac Peres is hosting an inaugural party Thursday for the sales center of his planned 81-unit 57 Ocean, where the penthouse will cost $31 million. He’s also seeking permission to build another condo project, a four-story development on Ocean Drive…
Larry Weinberg Survived Horrific War Injuries, Founded Home Builder and Owned NBA Team
Posted by: | CommentsSon of Jewish immigrants launched business as a college student and advocated strong U.S. support for Israel
Run-Down Buildings Are Hot Property in Land-Scarce Hong Kong
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Compulsory sales in city climbed to a six-year high in 2018
- Renovating blocks gives developers a foothold in prime areas
In a city with stratospheric land prices, rundown buildings can be hot property.
Hong Kong developers are increasingly acquiring and revamping old buildings as land gets more expensive. The number of applications for compulsory sales — allowing developers to gain full control of an apartment block after securing 80 percent ownership — climbed to a six-year high in 2018, government figures show…
Run-Down Buildings Are Hot Property in Land-Scarce Hong Kong
‘Stealth Easing’ Spreads in China Property as Debt Risks Mount
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A worker pulls a cart under the Liede Bridge over the Pearl River in Guangzhou, China.
Photographer: Qilai Shen/Bloomberg
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Cities tweak property rules as market continues to slow
- Nomura sees ‘major’ nationwide easing amid cooling economy
“Stealth easing” is Nomura Holdings Inc.’s description of measures rolled out in some Chinese cities in recent months to counter a faltering property market.
In one of the latest cases, Beijing’s city government offered two residential land plots for sale without specifying maximum prices for the apartments to be built on them, the South China Morning Post reported on Wednesday…
Rising Borrowing Costs Spell Trouble for Commercial Real Estate
Posted by: | CommentsThe last time yields were this close to interest rates was near the market’s previous peak in 2007
An important indicator in the U.S. commercial real-estate market is signaling that a decadelong bull run is on shaky ground heading into the new year.
The gap between long-term borrowing rates and what some types of commercial properties on average yield is the narrowest it has been since 2008, according to data firm Trepp LLC…
Rising Borrowing Costs Spell Trouble for Commercial Real Estate
New York’s World Trade Center Struggles to Fill Office Space
Posted by: | CommentsAbout 20% of One World Trade Center remains empty four years after it opened
Restoring the World Trade Center’s office market has been slow going.
The emotionally fraught rebuilding of the signature 1,776-foot tall One World Trade Center skyscraper and three other towers was delayed for years by political and financial battles. More recently, leasing has been hampered by a New York office market that has been weaker than expected for this late stage in the economic cycle.
New York’s World Trade Center Struggles to Fill Office Space
Chinese Money Is Driving One of Asia’s Fastest Property Booms
Posted by: | CommentsPhnom Penh, once known for its French colonial villas and modernist “New Khmer Architecture,” is becoming unrecognizable.
Republicans are bracing for a potential Democratic wave in November that would rip away their grip on the U.S. House, leave their agenda in tatters and embroil Donald Trump’s White House in a procession of congressional investigations.
As the midterm election campaign enters the homestretch, independent analysts uniformly agree Democrats are well-positioned to take control of the 435-seat chamber when the next Congress convenes and that their odds have only gotten better since the start of the year…
Norway’s Trillion-Dollar Oil Fund Hitting Critical Mass in Property Deals
Posted by: | CommentsWith properties in the U.S., U.K., France, Germany and Switzerland, Norges is now exploring possible deals in Singapore
WeWork Would Top JPMorgan in NYC Office Space With 1 World Trade Center Lease
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Co-working firm may take about 200,000 square feet of offices
- Deal would make WeWork the biggest office tenant in Manhattan
WeWork Cos. is in talks to lease space at 1 World Trade Center, according to a person with knowledge of the discussions, putting the co-working giant on a path to become Manhattan’s largest office tenant.
The company is negotiating to take about 200,000 square feet (18,600 square meters) in the lower Manhattan skyscraper, according to the person, who asked not to be identified because the matter is private…
WeWork Would Top JPMorgan in NYC Office Space With 1 World Trade Center Lease
Mahathir Bans Foreigners From $100 Billion Property Project
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Malaysia won’t grant visas to project buyers to live there
- China’s capital control curbed sales at project near Singapore
Malaysian Prime Minister Mahathir Mohamad said foreigners won’t be allowed to buy property at Country Garden Holdings Co.’s $100 billion project, or be granted visas to live there.
The Forest City project near Singapore had targeted buyers from China for its mixed-residential development, as well as investors from Indonesia, Thailand and Dubai. Malaysia’s My Second Home program allows wealthy foreigners to live in the Southeast Asian nation on a long-stay visa, with Chinese nationals being the largest group of participants…
Benetton Wealth Falls $2 Billion After Italy Bridge Collapse
Posted by: | CommentsFallout from the Genoa bridge disaster has erased about $2 billion of net worth from one of Italy’s richest families.
The billionaire Benettons control 30.25 percent of Atlantia SpA, the construction company and toll-road owner that operated the Morandi Bridge that collapsed last Tuesday, killing at least 43 people. The Atlantia stake is their single-largest asset, comprising more than a third of their $13.3 billion fortune, according to the Bloomberg Billionaires Index…
Benetton Wealth Falls $2 Billion After Italy Bridge Collapse
China’s Anbang Puts a $5.5 Billion Luxury Hotel Portfolio on the Block
Posted by: | CommentsInsurer’s properties bought from Blackstone in 2016 include Manhattan’s Essex House Hotel
China’s Anbang Insurance Group Co. is looking to unload a luxury hotel collection that it acquired for $5.5 billion two years ago, according to people familiar with the matter, as pressure builds on the company to raise cash following its seizure by the government.
Anbang had been listening to offers to buy individual properties within its hotel portfolio, which includes high-end properties like the Essex House Hotel overlooking Manhattan’s Central Park; the Four Seasons Hotel in Jackson Hole, Wyo.; and the InterContinental…
Houston Medical Building Fetches Record Price
Posted by: | CommentsPurchase shows demand for health care properties, but changing regulation makes picking winners a challenge
U.S. Targets Property, China’s New Empire, Fed Outlook: Eco Day
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Trudeau out in the cold as Trump courts Mexico on Nafta deal
- U.K. seen raising rates for second time since financial crisis
- Congress sent President Trump legislation that broadens national-security scrutiny of foreign investments in U.S. firms, imposing new hurdles for technology and real-estate
- The White House is boosting long-term U.S. debt sales to the highest since 2010, when the country was digging itself out of the worst recession since World War II. Trump’s tariffs are meanwhile prompting manufacturers to consider expanding outside the country even as demand remains healthy..
U.S. Targets Property, China’s New Empire, Fed Outlook: Eco Day
Mystery Banker’s Wife Fights U.K. Order on Unexplained Property
Posted by: | CommentsThe wife of an unidentified banker is fighting the U.K. prosecutor’s attempt to seize millions of pounds of allegedly improperly acquired property, asking a London judge to block one of the first-ever “unexplained wealth orders.”
Unexplained wealth orders, which came into effect in January, could overhaul how prosecutors chase assets that are thought to have been gained through crime. The onus is on the owner to show that any asset worth more than 50,000 pounds ($66,000) was funded by legitimate means, instead of a requirement for police to prove it was obtained illegally…
Mystery Banker’s Wife Fights U.K. Order on Unexplained Property
Singapore Family Office Hoards Cash Amid China-U.S. Tensions
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Kamet has about 40 percent cash, versus more usual 5 percent
- Invests money for two ultra high net worth Chinese individuals
Kamet Capital Partners Pte, a Singapore-based family office that invests on behalf of wealthy Chinese, said it’s hoarding cash as it waits for global asset prices to deflate amid geopolitical tensions and tighter U.S. monetary policy.
The firm plans to maintain its cash holdings at about 40 percent of assets under management, Kamet Chief Executive Officer Kerry Goh said in an interview. That’s an ultra-conservative position by the standards of the fund management industry, where cash holdings of 5 percent or less are common, according to the latest monthly survey by Bank of America Merrill Lynch…
Hong Kong Property Bears Rear Their Heads (Yet Again)
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Citigroup forecasts prices will slide in second half of year
- Bocom sees declines in property stocks pointing to correction
Hong Kong’s property market has a habit of humbling the bears, shattering predictions that the laws of gravity must eventually prevail.
But now, a crosscurrent of headwinds — from a slowing Chinese economy to upcoming interest-rate hikes and a reinvigorated regulatory push to tame home prices — have emboldened some longstanding skeptics to renew calls that a correction could be imminent. Citigroup Inc. last week called time on the party, predicting a 7 percent second-half slide, and Bocom International Holdings Co.’s Hao Hong sees the possibility of a decline of more than twice that…
Manhattan’s Commercial-Property Sales Are Stirring From a 2-Year Slump
Posted by: | CommentsNew York’s commercial real estate market is crawling out of a slump.
In the first half of 2018, $22.5 billion of properties such as office towers and apartment complexes changed hands, up 34 percent from a year earlier, data from brokerage Cushman & Wakefield show. The pace is running far behind the $38 billion of deals completed during the first six months of 2015…
Manhattan’s Commercial-Property Sales Are Stirring From a 2-Year Slump
Judy Glickman Lauder of Billionaire Family Invests in New Money Manager
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Casco will wager on multi-family and commercial property
- Judy Glickman Lauder, a photographer, is part owner of Casco
Judy Glickman Lauder, wife of cosmetics billionaire Leonard Lauder, is investing in a new real estate firm that will wager on multi-family and commercial properties.
Casco Capital Management will provide or invest in loans to real estate developers and also make equity investments in properties, according to an investment adviser registration filed with regulators. Glickman Lauder, a photographer whose work hangs in museums around the world, owns part of New York-based Casco Capital…
Judy Glickman Lauder of Billionaire Family Invests in New Money Manager
London House Prices Extend Decline as Demand for Property Wanes
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U.K. home sales activity declines for 16th month, RICS says
- Activity indicators suggest London will remain in a rut
London house prices extended their decline last month amid slumping demand in the capital, according to the Royal Institution of Chartered Surveyors.
For a sixth month, significantly more real estate agents reported falling prices than rising ones, albeit at a slightly slower pace than previously, RICS said is a report Thursday. On a national level prices remained broadly flat, the firm said…
London House Prices Extend Decline as Demand for Property Wanes
The Denver Broncos Mascot’s $23 Million Ranch Is for Sale
Posted by: | CommentsThere are 255 acres, perfect for practicing a touchdown trot.
At the time Sharon Magness Blake’s first husband, Tele-Communications Inc. founder Bob Magness, died in 1996, she estimates they had a ranch with about 900 Arabian horses. She continued racing for about five years after her husband’s death, she says, “but then it became overwhelming.”
Magness Blake began to sell the horses off, and by the time she began looking for a new ranch in 2002 with her future husband Ernie Blake, “I only had about 30 horses,” she says. Of the steeds she kept, one was of particular importance: Thunder, the official mascot of the Denver Broncos.
Disney Enters $650 Million NYC Deal for Offices at Hudson Square
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Silverstein buys Upper West Side properties for $1.15 billion
- ‘The View’ is among the ABC shows moving to new location
Walt Disney Co. agreed to sell its offices on the Upper West Side of Manhattan and purchase rights to another site, which will become the entertainment giant’s new New York campus.
The company is selling its West 66th Street location and related buildings for $1.15 billion to Silverstein Properties Inc. and is acquiring 99-year rights for land at 4 Hudson Square from Trinity Church Wall Street in a separate transaction valued at $650 million…
Sell Equities and Turn to Infrastructure, $41 Billion Fund Says
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Sunsuper investment chief puts more money into unlisted assets
- Equity valuations getting increasingly stretched, Patrick says
A regional airport in the U.K. and an express railway in Sweden are two places a $41 billion Australian pension fund thinks might be safe from the inevitable end to the economic cycle.
Uncertainty on global trade and a sharper than expected slowdown in China has prompted Sunsuper Pty Ltd. to shift more of its money into infrastructure assets, according to chief investment officer Ian Patrick. Meanwhile, the A$55 billion pension manager that counts staff at Australia’s central bank and Unilever among clients is paring exposure to listed securities including equities as valuations soar, he said…
Three Charts That Help Explain Singapore’s New Property Curbs
Posted by: | CommentsSingapore imposed cooling measures on its property market last week, in a bid to contain what the central bank described as ‘euphoria’ in the sector. Here are three charts showing some of the factors behind the government’s concerns:
1. Prices
Residential property prices have rebounded since the middle of last year, after Singapore reduced a stamp duty on sellers and eased mortgage restrictions in March 2017. In the absence of the cooling measures imposed last week, prices would likely have continued higher to revisit their 2013 peaks, according to Christine Li, a senior director of research at Cushman & Wakefield. That’s now unlikely to happen, Li said…
Nixon Estate, Buffett Beach House Go Begging in Languishing Luxury Market
Posted by: | CommentsWhen the owner of Richard Nixon’s former beachfront estate in San Clemente, California, listed the 15,000-square-foot home three years ago for $75 million, you may have been tempted. Now, with the historic property back on the market for $63.5 million, you can hardly say no.
Yet that’s just what buyers are saying to extravagant real estate listings from the sunny sands out west, where a residence owned by Warren Buffett has been on sale for more than a year, to the austere brownstones of Manhattan and the opulent hedges of Greenwich, Connecticut…
Nixon Estate, Buffett Beach House Go Begging in Languishing Luxury Market
Brookfield Is in Talks to Buy NYC Complex for $600 Million
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Discussions for Manhattan property are said to be exclusive
- Owner is Richard Ravitch, former New York lieutenant governor
Brookfield Property Partners LP is in talks to buy Waterside Plaza on the East Side of Manhattan for about $600 million, according to people with knowledge of the matter.
The property, which includes apartments, stores and space rented to the British International School of New York, is owned by Richard Ravitch, a former New York lieutenant governor and onetime chairman of the Metropolitan Transportation Authority. A deal has yet to be finalized and it’s possible it could fall apart, said one of the people, who asked not to be identified because the transaction is private…
A Single Parking Space in Hong Kong Has Sold for $765,000
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‘I could buy five cars for that much,’ limousine owner says
- Number of autos rising much faster than parking-spot growth
Spare a thought for Hong Kong’s beleaguered car owners.
The market for parking spaces is hotter than ever as a single spot in a luxury development in Kowloon’s Ho Man Tin district changed hands for a record HK$6 million ($765,000)…
Hamptons Surf Home Sells for Almost $23 Million
Posted by: | CommentsThe waterfront home is the most expensive transaction in Montauk, N.Y., this year. Designed by Surf Lodge decorator Robert McKinley, it went for more than double its 2012 sale price
A Montauk, N.Y., waterfront home with a vintage beach look has sold for $22.8 million.
The home is the most expensive to have sold in Montauk this year, according to a spokesman for Sotheby’s International Realty, which represented the seller. He said the deal is further evidence that Montauk is catching up with its posh neighbors Southampton and East Hampton as a destination that can command ultrahigh price tags. Seller’s agent Rylan Jacka said a new generation of buyers is flocking to Montauk for its lower-key vibe and surfing.
Australia Property Prices Fall for Ninth Month on Tighter Credit
Posted by: | CommentsAustralian housing prices fell for a ninth straight month in June as tighter credit rules weigh on buyers.
Property values fell 0.2 percent nationally last month, to be 1.3 percent lower than their September peak, according to CoreLogic Inc. data released Monday. The decline was led by the biggest cities, with prices falling 0.3 percent in Sydney and 0.4 percent in Melbourne…
Australia Property Prices Fall for Ninth Month on Tighter Credit
Singapore Home Prices Jump Most Since 2010 in Second Quarter
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Private residential prices climb 3.4%, preliminary data show
- Data show second consecutive quarter of strong price growth
Singapore private home prices surged the most since 2010 as the property market extends its recovery from a four-year slump.
An index tracking private residential prices jumped 3.4 percent in the three months ended June 30, according to a flash estimate from the Urban Redevelopment Authority. That’s the biggest quarter-on-quarter gain since the three months ended June 2010, and builds on a 3.1 percent gain the previous quarter…
Five Dead in Shooting at Maryland Newspaper Office
Posted by: | CommentsPolice confirm a suspect is in custody after shooting at Capital Gazette in Annapolis; man by same name was previously involved in a defamation lawsuit against the newspaper
ANNAPOLIS, Md.—A man wielding a shotgun killed five people and wounded two others at a newspaper office here in what authorities called a targeted attack Thursday afternoon.
The suspect was in custody and being interviewed by authorities Thursday night. Authorities have identified him as Jarrod Ramos, a 38-year-old Maryland man, according to law-enforcement officials…
Britain’s Crown Estate Points to Challenging Property Market
Posted by: | CommentsThe real estate company that helps pay for Britain’s Queen Elizabeth says the country’s commercial property market is going through a “challenging” time.
The Crown Estate oversees property that the monarchy surrendered in 1760 in exchange for annual payments. The company beat its benchmark in the last financial year, “against a backdrop of a challenging and uncertain market,” Chief Executive Officer Alison Nimmo said in a briefing with reporters…
Britain’s Crown Estate Points to Challenging Property Market
Family Office Competition Heats Up with Boutique Luring Top Bankers
Posted by: | CommentsIt’s one of the hottest areas in finance: persuading wealthy families that they’ll benefit from advice not just managing their money, but also on areas such as how to give to charity and preparing the next generation to take over the reins.
The reasons are obvious. North America has the biggest pool of rich peopleglobally with more than 200,000 people worth at least $20 million, according to Boston Consulting Group. The firm predicts at least $20 trillion of new financial wealth will be created over the next five years. What’s more, the ultra-high-net worth crowd are looking for more than robo-advisers or the latest ETFs, offering the opportunity for banks and advisers to earn fees…
Demand Rises for Furnished Rental Apartments
Posted by: | CommentsResidents embrace chance to avoid typical housing tasks, like dealing with the cable guy
Devon Patterson’s furnished apartment in a luxury Manhattan building came with mid-20th-century furniture, champagne flutes and a cocktail mixer along with dishes, sheets, towels and cable television.
“I can just enjoy New York and not feel locked in by my furniture, my cable and my internet,” said Mr. Patterson, a visual-effects production manager, on a long-term temporary stay in New York for work on a Disney movie…
China’s Property Market Most at Risk of a Cash Squeeze
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Sector saw biggest deterioration in cash flows: rating company
- Without monetary easing, defaults to rise, asset manager says
A mad scramble by Chinese property developers to build up their land banks is taking its toll on the industry’s creditworthiness, with builders singled out as having the highest risk of default as channels of credit tighten.
The Bloomberg Default risk model, which tracks metrics including share performance, liabilities and cash flow, shows a 0.87 percent average probability that builders will renege on its obligations in the next 12 months. While the proportion may look small, it’s triple the likelihood of delinquency in the technology industry. About three-quarters of developers have seen their default risk climb over the past year, Bloomberg data show…
From Hong Kong to London to NYC, the Priciest Offices on Earth
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Hong Kong Central takes top spot for third consecutive year
- Firms leasing prime space in Midtown South pay more than ever
The rent is due, the rankings are out and it’s another year at the top for Hong Kong, the most expensive office market in the world.
Occupancy costs — which include rent, local taxes and service charges — for the city’s notoriously pricey Central district are 30 percent higher than in London’s West End, which took the No. 2 spot in a survey by CBRE Group Inc. of prime office real estate in the first quarter…
Crypto Pioneer Buys Canada’s Biggest Condo in Former Trump Tower
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Anthony Di Iorio bought condo in Toronto for C$28 million
- Residence has three floors, located in downtown Toronto
A cryptocurrency baron has bought the largest and one of the most expensive condos in Canada.
Anthony Di Iorio said in an email he purchased the three-story penthouse for C$28 million ($21 million) at the St. Regis Residences Toronto, the former Trump International Hotel & Tower in the downtown business district. The unit totals 16,178 square feet (1,502 square meters) and includes a wrap-around patio overlooking the city’s skyline at the corner of Bay and Adelaide Streets…
Billionaire Seeks Waiver to Bid for India Hotel Ivanka Stayed In
Posted by: | CommentsBillionaire banker Uday Kotak’s stressed asset investment unit is asking India’s bankruptcy regulator to ensure that potential buyers of insolvent companies aren’t made to provide non-refundable deposits in exchange for financial information during the sale process.
A court-appointed insolvency professional asked bidders for Golden Jubilee Hotels Ltd., which operates a property that in November hosted Ivanka Trump, to pay an upfront deposit of 1 million rupees ($15,000) while submitting an expression of interest, according to S. Sriniwasan, managing director of Kotak Investment Advisors. This practice wasn’t followed in other bankruptcy processes he has participated in…
New Jersey Office Rents Near Records
Posted by: | CommentsAsking rents have steadily climbed during the last two years, reaching $26.86 a square foot in the third quarter
Asking rents for New Jersey office space are nearing records as landlords undertake extensive renovations and fill older properties with amenities from beach volleyball courts and yoga studios to outdoor lounges with firepits.
The steady climb in asking rents during the past two years reached $26.86 a square foot in the third quarter, just shy of the record $26.90 from the second quarter of 2001, according to real-estate services firm Transwestern…
Want to Buy a Luxury Hotel in the U.S.? Try China’s Insurance Regulator
Posted by: | CommentsChinese authorities are listening to offers for the Anbang properties it seized late last week
When Chinese regulators seized control of Anbang Insurance Group Co., they took ownership of more than a dozen luxury U.S. hotels, including New York’s famed Waldorf Astoria.
Now, as the Chinese government weighs selling many of these properties, the buildings likely are worth less than what Anbang paid only a couple of years ago, the latest instance of foreign investors rushing into U.S. property only to find the market softening beneath them.
Want to Buy a Luxury Hotel in the U.S.? Try China’s Insurance Regulator
Kushners May Have to Give Up Ownership of Indebted NYC Office Tower
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Brookfield could put up to $700 million of equity in 666 Fifth
- Owner needs funds to pay down debt, renovate aging property
When Kushner Cos. bought 666 Fifth Ave. for a record-setting $1.8 billion, it made a down payment of $50 million. When it added a partner years later, that company put down $80 million.
Now Brookfield Asset Management Inc. is offering to buy a stake in the troubled New York City office tower and put up as much as $700 million — in cash…
Kushner’s May Have to Give Up Ownership of Indebted NYC Office Tower
Thai King Now Holds Crown Property Bureau’s Billions in Assets
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Statement clarifies the impact of legal changes from 2017
- Bureau’s stakes in Siam Commercial, Siam Cement top $7 billion
Thailand’s Crown Property Bureau said its assets are now held in the name of King Maha Vajiralongkorn, clarifying how a legal change last year affects billions of dollars of holdings.
The law enacted in 2017 means that “‘Crown Property Assets’ are to be transferred and revert to the ownership” of the king and that the bureau’s investments “will now be held in the name of His Majesty,” the bureau said in an undated statement on its website…
Brokerages Are Said to Seek Tax Easing for Offshore India Trades
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Firms representing foreign funds also want ID rules relaxed
- Indian authorities want more trading to come onshore
Brokerages representing offshore investors are asking for more concessions to trade in India’s nascent international financial hub in Gujarat, according to people with knowledge of the matter.
The brokers, who transact on behalf of overseas funds, are seeking the same exemption from local taxes enjoyed by foreign funds in the Gujarat bourse, said the people, who asked not to be identified as the discussions are private. They also want Indian authorities to have easier customer identification rules, the people said. The Futures Industry Association is expected to write to India’s securities regulator to voice the concerns of the brokerages and their clients, they said…
London House Prices Continue Their Descent
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Average property value fell 0.9% in June, Rightmove says
- BCC business lobby revises down U.K. economic growth forecasts
London house prices fell the most since the beginning of the year in June as the capital’s property market continued to lag behind the rest of the country.
The price of property coming to market in London dropped by 0.9 percent, bringing the average price to 631,737 pounds ($838,000), property-website operator Rightmove said in a report Monday. Values fell 1 percent from a year earlier, marking the 10th negative month in a row. Nationally, prices grew 0.4 percent on the month and 1.7 percent on an annual basis…
Steinhoff Sells Austrian Unit to Signa, Averting Insolvency
Posted by: | CommentsSteinhoff International Holding NV agreed to sell its Austrian furniture retailer Rudolf Leiner GmbH and real estate assets in the country to Rene Benko’s Signa Holding GmbH to prevent a looming insolvency of the unit.
Signa’s offer for the business and the properties was accepted by Steinhoff, Rudolf Leiner Chief Executive Office Gunnar George said in an emailed statement on Thursday. “In the coming days, all contracts will be agreed and fixed,” George said in the statement…
The Downfall of Dubai’s Star Investor
Posted by: | CommentsWith the potential collapse of Arif Naqvi’s Abraaj Group comes trouble for the United Arab Emirates’ nascent financial industry.
Pakistani financier Arif Naqvi shared a stage with Bill Gates at the World Economic Forum in Davos, Switzerland, in January for a panel on global health. Even alongside the billionaire philanthropist and two medical professionals, Naqvi stood out for his enthusiasm: “Like Bill, I’m an optimist,” he said. “So I believe the glass is half full, very firmly. I don’t believe it’s half empty.”
Washington Prime Buys Montana Regional Mall
Posted by: | CommentsThe 447,952-square-foot Southgate Mall in Missoula, Mont., which was recently transformed from an enclosed regional mall to a hybrid open-air town center, has been sold by its longtime private owners to retail REIT Washington Prime Group Inc. for $58 million.
NKF Capital Markets Thomas Dobrowski, Katherine French and Ed Leinss handled the transaction. It is expected to be one of the largest 2018 mall sales in the Pacific Northwest, according to NKF…
JPMorgan Buys Building in Washington for Regional Headquarters
Posted by: | CommentsJPMorgan Chase & Co., which is constructing a new corporate headquarters in New York, purchased a building in central Washington, D.C., to serve as its base for that region…
JPMorgan Buys Building in Washington for Regional Headquarters
New Office Space Created in Retail’s Tumult
Posted by: | CommentsNormandy Real Estate Partners found what it viewed as the perfect spot for a high-end Manhattan office development: the upper floors of the ABC Carpet & Home building, a retail industry landmark.
Last year, Normandy closed on a $133 million deal for the upper portion of ABC Carpet’s flagship store in the Union Square and Flatiron District neighborhoods, with plans for a $40 million conversion of several floors of retail space into office space…
New Office Space Created in Retail’s Tumult
New York’s Commercial Property Slump Shows Signs of Slowing
Posted by: | CommentsAfter a two-year sales plunge in New York City commercial real estate, signs are emerging that a bottom could be near.
Brokers are optimistic that more deals will take place in 2018, pointing to an expected economic boost from the new law cutting corporate taxes, as well as an uptick in signed contracts in the fourth quarter, which could lead to an increased number of deals completed this year…
Brookfield Property Makes $14.8 Billion Offer to Acquire Remainder of GGP
Posted by: | CommentsBrookfield Property Partners LP has made a $14.8 billion offer to acquire the shares of mall owner GGP Inc. that it doesn’t already own, according to people familiar with the matter.
Brookfield has offered to pay $23 a share for the remaining 66% of GGP, half in cash and half in equity, some of the people said. GGP investors could choose either cash or 0.9656 of a limited-partnership unit of Brookfield Property for each share, subject to proration that keeps the consideration of cash and units from each exceeding $7.4 billion…
Brookfield Property Makes $14.8 Billion Offer to Acquire Remainder of GGP
Places To Avoid For Commercial Real Estate Investment
Posted by: | CommentsRecently I have indicated I see a lot of problems in asset markets despite the economic acceleration in Europe, Japan, and the US. Commercial real estate is a problem that I want to highlight briefly since I believe it will be a locus of distress in the next global downturn.
Recently I have indicated I see a lot of problems in asset markets despite the economic acceleration in Europe, Japan, and the US. For example, there is a liquidity mismatch in high yield bond and leveraged loan markets and technology shares are priced for perfection. Commercial real estate is also a problem that I want to highlight briefly since I believe it will be a locus of distress in the next global downturn…
Benjamin West Tapped to Oversee FF&E for 69-Hotel Portfolio
Posted by: | CommentsPanattoni Breaks Ground on 815 KSF Warehouse in TN
Posted by: | CommentsPanattoni Development Co. has begun construction on a fully preleased, 815,670-square-foot industrial property in northern Tennessee. The building will be occupied by Dorman Products, which will use the new facility as its largest U.S. distribution center.
Panattoni expects to complete development of the structure by the end of 2018. Stonemont Financial Group is partnering to fund the project, with additional construction financing provided by Pinnacle Bank…
North FL Retail Development Lands $80M Loan
Posted by: | CommentsThe Pavilion at Durbin Park, a retail development on track to become the largest shopping center in Northeast Florida, has landed $80.5 million in construction financing. City National Bank of Florida provided the three-year construction loan, which has a variable interest rate. The owner, a joint venture between Gatlin Development Co. and Gate Petroleum, is building the 80-acre property near Jacksonville, Fla., and the first retailer—WalMart—plans to opens its doors in November 2018.
Somerset Properties Sells Office Portfolio in NJ
Posted by: | CommentsSomerset Properties has sold a four-building office portfolio located in Mount Laurel and Marlton, N.J. Mobius acquired the properties for a combined $31.4 million and received a 10-year fixed-rate acquisition loan from Wells Fargo Bank, in the amount of $24.3 million. The portfolio totals 304,732 square feet and is 94 percent occupied.
An HFF team represented Somerset in the transaction and arranged the funding on behalf of Mobius…
U.S. Pending Home Sales Increase for First Time in Three Months
Posted by: | CommentsA gauge of signed contracts to purchase previously-owned U.S. homes increased in February for the first time in three months, highlighting uneven progress in the industry, according to data released Wednesday from the National Association of Realtors in Washington…
U.S. Pending Home Sales Increase for First Time in Three Months
Brookfield Strikes Deal to Acquire Rest of GGP
Posted by: | CommentsFour months after Brookfield Property Partners came courting GGP Inc. and was initially spurned, Chicago-based mall owner GGP has accepted Brookfield’s offer to acquire the remaining portion it didn’t already own in a deal valued at about $15 billion.
“It was just a matter of time, they already own so much of it,” Jeff Green, a retail consultant and president & CEO of Jeff Green Partners in Phoenix, told Commercial Property Executive.
Dirty Money in U.K. Property to Be Investigated by Lawmakers
Posted by: | CommentsBritish lawmakers opened an investigation into economic crime, citing estimates that more than 4 billion pounds ($5.6 billion) of property in the U.K. has been purchased with “suspicious wealth.”…
Dirty Money in U.K. Property to Be Investigated by Lawmakers