Archive for Uncategorized
Bixby Closes $56M Sale of Orange County Building
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Bixby Land Co. completed the sale of Habitat, a 262,463-square-foot Class A office building in Irvine, Calif., for $56.3 million. Karma Automotive LLC bought the property it previously leased in August 2016. Gregg Haly and Jeff Carr of CBRE represented Bixby in the transaction, while Kevin Leonard of Healthwest Realty Advisors represented Karma Automotive.
Embattled Moshi Monsters Creator Avoids Bankruptcy With New Deal
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Mind Candy says it has raised $1.5 million from investors
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Company has renegotiated 6.5 million loan from TriplePoint
Mind Candy, the London-based company behind Moshi Monsters, has avoided potential bankruptcy by renegotiating a critical loan repayment and securing $1.5 million in new funds from existing investors.
Venture capital firms Accel Partners and LocalGlobe led the investment round with participation from other existing investors, Mind Candy Chief Executive Officer Ian Chambers said in an interview Monday.
Wells Fargo Board Claws Back $28 Million More From Ex-CEO
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Former retail head Tolstedt forfeits $47 million in options
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Directors issue 113-page report on bogus customer accounts
Wells Fargo & Co.’s board clawed back an additional $28 million from former Chief Executive Officer John Stumpf and canceled about $47 million of ex-community bank head Carrie Tolstedt’s stock options after determining they were among senior managers who failed to heed warnings of spreading sales abuses for more than a decade.
CNL Lifestyle Liquidates with $830M Final Sale
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Three years after tapping investment banking firm Jefferies LLC to assist in exploring strategic alternatives to provide liquidity to stockholders, CNL Lifestyle Properties Inc. has completed the disposition of its last assets. The REIT sold its ski, attraction and entertainment properties in separate transactions with EPR Properties and funds affiliated with Och-Ziff Real Estate for an aggregate $830 million.
Billionaire Hedge Fund’s Plan for BHP Gets Cautious Reaction
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U.S.-based Elliott Capital seeks $22 billion oil & gas spinoff
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One of biggest shareholders disagrees with plan to sell assets
Hedge fund billionaire Paul Singer reckons his proposal to overhaul the world’s biggest mining company will win over most of its shareholders. A few are already questioning the plans.
Singer’s Elliott Management Corp., with a record of using stakes in companies as a platform to wring concessions for shareholders, on Monday issued a letter to BHP Billiton seeking a spinoff of the miner’s estimated $22 billion of U.S. oil assets, higher returns for investors and changes to its stock exchange listings.
San Francisco Skyline Reshaped by Tallest Office Building on the West Coast
Posted by: | CommentsBuilders have laid the final beam for Salesforce Tower, a $1 billion skyscraper in San Francisco that now stands as the tallest office building west of Chicago. The 1,070-foot tower is set to be finished this summer, with its main occupier Salesforce.com, now the city’s biggest tech tenant…
San Francisco Skyline Reshaped by Tallest Office Building on the West Coast
Wells Fargo Rehires About 1,000 Staff in Wake of Account Scandal
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CEO vows that managers will learn from 113-page board report
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‘We’re not going to let those mistakes happen again,’ he says
Pedestrians pass in front of a Wells Fargo & Co. bank branch in New York. . Photographer: Victor J. Blue/Bloomberg
Wells Fargo & Co., accused of ousting branch workers who struggled to reach untenable sales targets or objected to burgeoning misconduct, has rehired about 1,000 former employees as Chief Executive Officer Tim Sloan tries to put the scandal to rest.
Bros Don’t Let Bros Lend Money
Posted by: | CommentsMale bonding between lender and borrower can make for poor banking decisions.
Will pleasant chit-chat with a bank loan officer get you the money you want, or is your borrowing destiny tied only to hard numbers such as your debt-to-income ratio?
That may depend on your gender—and your loan officer’s gender. If you’re both men, then mentioning your hobbies, your neighborhood, your kids—otherwise known as “soft” information—does have an impact. But it turns out that your bro across the desk who pledged the same frat and likes the same bars may eventually rue the day he met you…
Bros Don’t Let Bros Lend Money
The Man in Charge of Fixing Fannie and Freddie Knows Them All Too Well
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Craig S. Phillips, a special counselor in the Treasury department, is in charge of fixing Fannie Mae and Freddie Mac, the mortgage finance giants. His work on Wall Street may complicate matters.CreditMichael Falco for The New York Times
You may not know much about Craig S. Phillips, special counselor to Steven Mnuchin, the United States Treasury secretary. Because Mr. Phillips was not a political appointee, he did not face congressional scrutiny before he began directing our nation’s housing policy, one of his main tasks.
NRG, a Power Company Leaning Green, Faces Activist Challenge
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Barry Smitherman in 2013, when he was chairman of the Texas Railroad Commission, which largely regulates the oil and gas industry. Now on the board of the energy giant NRG, he has called global warming a hoax. CreditTodd Wiseman for The Texas Tribune
Over the years, NRG, a leading independent power producer whose fleet once depended heavily on coal, has made big bets on low-carbon energy technologies and publicized its embrace of sustainability as essential to its future.
It pursued developing renewable energy for customers large and small and set aggressive goals to reduce its emissions of carbon dioxide — 50 percent by 2030, and 90 percent by 2050.
Tishman Unveils 620 KSF Creative Office Campus
Posted by: | CommentsTishman Speyer and the HNA Group is developing The Wheeler, a 10-story creative office hub that will rise above Macy’s historic department store in the heart of downtown Brooklyn…
Hong Kong Concerned About Some Property Developer Mortgage Risks
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HKMA may ask banks to take additional steps to manage exposure
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Gathering information from banks on finance company lending
Hong Kong’s de facto central bank expressed concern about the riskiness of mortgages with high loan-to-value ratios issued by the territory’s property developers, and said it may ask banks to take additional steps to manage their exposure to the sector.
Men Bet She Would Fail; Now She Runs a $26 Billion Fund
Posted by: | CommentsDawn Fitzpatrick manages the billions in family
wealth of the investor George Soros. But she takes
over at an unsettled moment for global markets.
“The floor was definitely not a place for people who were cute, prim and proper,” Dawn Fitzpatrick said in a recent interview. She is the new chief investment officer of Soros Fund Management.CreditAn Rong Xu for The New York Times
“The floor was definitely not a place for people who were cute, prim and proper,” Dawn Fitzpatrick said in a recent interview. She is the new chief investment officer of Soros Fund Management.CreditAn Rong Xu for The New York Times
CBRE to Handle Sale of Reebok MA HQ
Posted by: | CommentsAs Reebok makes strides to head to Boston’s Seaport District for its new offices in the fall, CBRE Capital Markets has been selected to sell its current 65-acre campus in Canton, Mass.
CBRE’s Dave Pergola and Brian Doherty are heading the marketing effort for Reebok and its parent company, Adidas…
Hong Kong Property Prices Are Near Their Peak: JPMorgan
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Fixing stamp duty loophole to help reduce speculation
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Office landlord stocks, Cheung Kong Property mostly preffered
Hong Kong housing prices are close to their peak and economically “unsustainable,” said Cusson Leung, managing director at J.P. Morgan Chase & Co.’s Asia Pacific equity research unit.
Price increases in the world’s most expensive home market have outpaced Hong Kong’s gross domestic product growth “significantly” since 2009, and any external shocks could trigger tighter liquidity in the city’s banking system, increasing home buyers’ borrowing costs, Leung said in an interview…
Hong Kong Property Prices Are Near Their Peak: JPMorgan
Stonelake Begins Third Phase at Park Place River Oaks
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Stonelake Capital Partners announced its plans for the third phase of development at Park Place River Oaks. This summer, the company will break ground on two four-story buildings atop two levels of below-ground parking. Beck Architecture is the project designer and Jones|Carter serves as the civil engineer. Completion is slated for the beginning of 2019.
The Whole ‘Malls Are Dying’ Thing Is Getting Old, Say Mall CEOs
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Clothing stores now occupy less space in shopping centers
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Malls are mixing it up by adding grocery stores, doctors
Traditional retailers, whose obituaries have been started and scrapped for years, are on the critical list again, with stores shuttering and e-commerce giants like Amazon.com Inc. in ascendance.
Executives say put the death notices away, at least for one category. Malls aren’t going extinct — they’re changing, sometimes by healthy natural selection. While store closures are painful, often they represent a Darwinian moment, allowing a shopping center to refresh its mix by adding a grocery market or an Apple store…
Housing Costs Are Pushing People Further Out of Sydney
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Premier Gladys Berejiklian targets more supply to tame prices
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Surging population, home prices send buyers to city-fringes
Akhilesh Mehta flops into his bus seat and readies himself for the hour-and-a-half commute from his job in central Sydney to his home on the city’s outskirts. As the bus crawls through bumper-to-bumper traffic, the 48-year-old accountant says he puts up with the journey for a simple reason: when it came to buying a family home, the city’s fringes were “the only place I could afford.”…
Housing Costs Are Pushing People Further Out of Sydney
NYU REIT Symposium: Finding Value in Disruption
Posted by: | CommentsIn its 22nd iteration, NYU School of Professional Studies Schack Institute of Real Estate’s REIT Symposium came at a heady time for the U.S. business and economic environment, amid shocks to the retail sector (as evidenced by a slew of notable brands–Payless ShoeSource, JCPenney, Macy’s–shuttering stores nationwide) and sustained regulatory suspense…
Australian Regulators Too Late to Tackle Home Boom, Tepper Says
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Researcher identified Australian housing bubble 12 months ago
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Banking system ‘unstable,’ Australians living in ‘fantasyland’
Jonathan Tepper, the founder of a London-based research firm who a year ago warned that Australia had one of the biggest housing bubbles in history, has attacked regulators for acting too late to cool the market as they ignored their own warning signs and were hostile to suggestions property was too expensive, according to the Weekend Australian.
The nation’s banking system was “unstable” and Australians were living in “fantasyland” about the impact of slowing construction on the economy, the newspaper quoted Tepper,
chief executive officer of research firm Variant Perception, as saying…
Wall Street Is Making It Harder to Buy a Car
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More pressure for an industry already facing sliding sales
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Carmakers and lenders ‘have to reset’ as U.S. market slows
On countless occasions in recent years, the U.S. auto industry has relied on cheap and easy credit from Wall Street to get it through rough patches.
Not this time.
With both bad loans and interest rates on the rise, financial institutions are becoming more selective in doling out credit for new-car purchases, adding to the pressure for automakers already up against the wall with sliding sales, swelling inventories and a used-car glut. “We’ve been having a party for a few years and it was fun,” said Maryann Keller, an industry consultant in Stamford, Connecticut. “Now lenders are getting back to basics.”…
Avison Young Adds Capital Markets Specialist
Posted by: | CommentsAvison Young recently appointed industry leader George Vail as principal. The capital markets specialist will serve the firm in Miami. Effective immediately, Vail will start contributing to the expansion of the firm’s capital markets and debt platform throughout Florida. He will also further the growth of the company’s regional joint venture and structured finance platforms.
Indonesia Bad Loan Problem to Worsen, Bank Bailout Chief Says
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Seen containing growth below 6 percent as lenders hold back
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Commodity prices remain volatile, bank bailout fund head says
Destry Damayanti.
Photographer: Dimas Ardian/Bloomberg
The non-performing loan problem at Indonesia’s banks is likely to get worse, keeping economic growth below 6 percent over the coming two years as lenders hold back from boosting credit, according to the head of the country’s deposit insurance agency.
“We haven’t seen the bottom for NPLs because commodity prices are still volatile and we see uncertainties that can affect our domestic economy,” Destry Damayanti, commissioner at the agency known as LPS, said in an interview at her office in Jakarta last week. “Banks are still in consolidation to resolve bad debts.”…
The Fed Is Watching Wall Street
Posted by: | CommentsWilliam Dudley, president of the Federal Reserve Bank of New York, has long believed that Fed policymakers should pay more attention to stock market swings. Now, with the Fed lifting rates for the first time in almost 10 years, Dudley, who also serves as vice chairman of the Fed’s Open Market Committee, has a chance to put his ideas into practice.
Kaizen Breaks Ground on Texas Office Park
Posted by: | CommentsKaizen Development Partners broke ground on phase one of its upscale office park in Allen, Texas, known as One Bethany at Watters Creek.
The first phase of construction will include a 125,000-square-foot Class A office asset with a 570-space garage. The building will offer a conference center, training room, tenant lounge and fitness center. Phase two will feature an additional 250,000 square feet across the campus’ 14 acres…
CBRE Opens New Oakland Office
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CBRE Group Inc. has announced the opening of a new office on the 18th floor of Eleven Eleven Broadway in the core of downtown Oakland’s central business district. The new 9,800-square-foot office in the 24-story, Class A building is part of CBRE’s global “Workplace360” initiative, the company’s workplace strategy designed to promote flexibility, mobility and productivity through technology-enabled, 100 percent free-address and paperless offices.
Nobody Agrees on How to Ease Toronto’s Problematic Housing Boom
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Debate has gone public as Morneau and Sousa trade letters
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Rosenberg says it may be time to look at foreign buyer tax
Most policy makers agree Toronto’s booming housing market is a problem. They just can’t agree on what to do about it.
After the Toronto Real Estate Board reported Wednesday that average prices surged 33 percent in March, David Rosenberg, the chief economist at Gluskin Scheff & Associates who forecast the U.S. housing crash, summed it up this way: “This is a bubble of historic proportions.”
Greysteel Opens First NYC Office
Posted by: | CommentsIn order to accommodate the company’s continuing growth throughout the Mid-Atlantic, Greysteel will be opening a new location in Brooklyn Heights. The new office will be co-led by Michael Stimler and Ari Firoozabadi.
Greysteel is heading to the Big Apple, recently announcing the opening of the company’s first New York office in Brooklyn Heights. The new location will accommodate the firm’s continuing expansion throughout the Mid-Atlantic. The new office will be co-led by the newly appointed Michael Stimler and Ari Firoozabadi, president & CEO of Greysteel…
Greysteel Opens First NYC Office
Wall Street Gets ‘Headache’ With Cohn Bank-Split View, Doll Says
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Banks still need to digest rules, get back on feet, he says
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Nuveen’s Doll says change could hinder progress of bank system
Bob Doll, chief equity strategist at Nuveen, said White House economic adviser Gary Cohn’s support for separating consumer-lending businesses from investment banks is an unnecessary complication for an industry already burdened by regulation.
“The banks have had so much on their plate and they need to digest it,” Doll said Thursday in an interview on Bloomberg Television. “Letting banks get back on their own feet makes a lot of sense. If we throw this in, it’s just another headache that I think will retard the return to health of the banking system.”…
Traders Are Worried About Chinese Local Government Debt Again
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Demand for the bonds wanes on angst Beijing pulling support
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China saw the first LGFV credit rating downgrade this week
The scent of doom is returning to China’s local government bond market.
S&P Global Ratings pulled the trigger on the first ever downgrade of a Chinese local-government financing vehicle Thursday, citing the city in eastern Jiangsu province’s high debt burden. Traders and analysts are uneasy as well, with 18 of 29 polled in a Bloomberg News survey saying they’d sooner buy corporate debt than LGFV bonds.
Noble Capital JV Launches $250M Texas Fund
Posted by: | CommentsNoble Capital, of Austin, and US Capital Partners, through its private securities division, US Capital Global Securities, have launched a $250 million real estate fund that will focus on opportunities in Texas, Noble Capital announced Tuesday…
Aussie Millennial Home Ownership Is Second Lowest of World Peers
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HSBC survey of nine countries ranks China at top, UAE bottom
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Saving a deposit cited as biggest challenge for Aussies
Australian millennials have the second-lowest level of home ownership for their peer group, an HSBC Holdings Plc survey found, just ahead of an oil-rich absolute monarchy.
Only 28 percent of Australians aged between 19 and 36 own a home, pipping the United Arab Emirates on 26 percent, the survey of more than 9,000 people in nine countries showed. That was well below France on 41 percent and far beneath China on 70 percent. Three-quarters of Aussie millennials said the challenge of saving a deposit was their biggest barrier.
Lyft Gets $500 Million in New Funding as Its Rival Uber Wobbles
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A Lyft sign on a driver’s dashboard in San Francisco. The ride-hailing company has secured up to $500 million in a new round of funding. CreditJosh Edelson/Associated Press for Lyft
SAN FRANCISCO — For years, Lyft has trailed its larger rival Uber in the battle to conquer the ride-hailing market. More recently, Lyft has gotten a boost.
The smaller ride-hailing company has secured up to $500 million in a new round of funding that values Lyft at $6.9 billion before the addition of new capital, according to two people briefed on the discussions, who asked to remain anonymous because the details were confidential. The privately held company may raise an additional $100 million, these people said…
Mycon General Completes $4M Medical Clinic
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Mycon General Contractors has announced the completion of a $3.5 million First Choice Emergency Room, a one-story medical clinic in Grand Prairie, Texas. Developer PM Realty Group, GSR Andrade Architects and owner First Prairie LLC are partners in the project.
Cohn Backs Wall Street Split of Lending, Investment Banks
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Trump adviser supports split of lending and investment banking
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Senators asked his views on Glass-Steagall in private meeting
In a private meeting with lawmakers, White House economic adviser Gary Cohn said he supports a policy that could radically reshape Wall Street’s biggest firms by separating their consumer-lending businesses from their investment banks, said people with direct knowledge of the matter.
Cohn, the ex-Goldman Sachs Group Inc. executive who is now advising President Donald Trump, said he generally favors banking going back to how it was when firms like Goldman focused on trading and underwriting securities, and companies such as Citigroup Inc. primarily issued loans, according to the people, who heard his comments…
Wall Street Doubts Trump Wants to Split Up Big U.S. Banks
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Revival of Glass-Steagall Act ‘hard to envision,’ analyst says
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Depression-era banking legislation was repealed in 1999
President Donald Trump and his advisers have vowed to bring back a Depression-era law that would cleave the biggest U.S. lenders in half by separating commercial and investment banking operations. Wall Street doesn’t expect that to happen.
After chief economic adviser Gary Cohn reiterated the administration’s stance toward the Glass-Steagall Act in a private meeting with lawmakers on Wednesday, analysts said they viewed any radical regulatory changes as unlikely. Shares of Bank of America Corp. and JPMorgan Chase & Co., which would be most affected by the rule, rose Thursday after Bloomberg first reported on Cohn’s comments…
Renaud Laplanche, Ousted at Lending Club, Returns as Rival to His Old Firm
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Renaud Laplanche, the former chief executive at Lending Club, was ousted from his job there last year. He was set to start a new online lender, Upgrade, this week. CreditCarlos Chavarría for The New York Times
Renaud Laplanche was the quintessential Silicon Valley success story, until he wasn’t.
Mr. Laplanche, a French-born entrepreneur, co-founded Lending Club in 2006, creating not only a new company but also a new model for borrowing money online. He took Lending Club public late in 2014 and joined the ranks of the Silicon Valley elite.
Brookfield Snaps Up $855M Portfolio
Posted by: | CommentsA 45-asset portfolio of industrial and office properties in 12 states has changed hands for $854.5 million, according to TA Realty LLC, which made the sale on behalf of The Realty Associates Fund IX LP…
Rue21 Said to Ready Bankruptcy Filing as Soon as This Month
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Company would be latest mall retailer to seek protection
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Pennsylvania-based chain operates more than 1,000 stores
Rue21 Inc., a teen clothing chain backed by private equity firm Apax Partners, is preparing to file for bankruptcy, according to people familiar with the matter.
A filing could come as soon as this month, said the people, who asked not to be identified because the process isn’t public. As it negotiates with lenders, the company has a forbearance agreement in place that lasts through late April…
Rue21 Said to Ready Bankruptcy Filing as Soon as This Month
The New Sears Home Is an Affordable Apartment
Posted by: | CommentsThe historic Chicago headquarters of America’s department store will soon be housing.
The Mercy Housing Lakefront development.
Source: Eileen Molony via Mercy Housing Lakefront
Sears Roebuck & Co. broke ground on a million-square-foot campus on Chicago’s West Side in 1905. For the next seven decades, the 14-story clock tower served as headquarters for a retail empire that became synonymous with middle-class America. In 1973, the corporate giant, which once sold everything from pliers to entire kit Sears Catalog Homes, decamped for an eponymous 1,450-foot skyscraper that was once the tallest building in the world…
Friedman Sells Michigan Office Building
Posted by: | CommentsThe commercial real estate services provider represented both the seller, Nicholas Development Company Inc., and the buyer in this transaction. Mark Van Den Branden LLC purchased the 6,500-square-foot property in Warren, Mich.
Friedman Integrated Real Estate Solutions recently sold a 6,500-square-foot medical office building located in Warren, Mich. The seller, Nicholas Development Company Inc., sold the asset to Mark Van Den Branden LLC for an undisclosed amount. Friedman Associate Rick Tabbi and SVP Steve Eisenshtadt, represented both the seller and the purchaser in the transaction.
Have you heard the good news brothers and sisters? The housing ATM is now back in working order. Hallelujah! Black Knight Financial Services reported that in Q4 of 2016 44 percent of refinances were cash-outs. Meaning, people are now using their homes like ATMs which flies in the face of all the house humpers who continually act as if people are acting prudent in buying crap shacks. No, people are sucking on the teat of housing mania and now they are drinking from the nectar that is being produced. This percentage was the highest level of cash-outs in the last eight years. What was happening eight years ago? The housing market was imploding in epic fashion and nearly 8 million people lost their homes to foreclosure. Many lost their homes because they took out HELOCs and Home Equity loans to live beyond their means. I have to make this point since people always forget – the vast number of foreclosures happened on traditional vanilla 30-year fixed rate mortgages…
Marriott Sells Hawaii Resort for $317M
Posted by: | CommentsMaui, Hawaii—Marriott International Inc. has wrapped up the disposition of its long-term leasehold interest in The Westin Maui Resort & Spa, Ka’anapali, a premier 759-key lodging destination on 12 oceanfront acres in Maui, Hawaii. Marriott sold the property to Trinity Investments LLC and Oaktree Capital Management LP for $317 million…
A Closer Look at FASB’s Latest ASU
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Chicago and New York—The Financial Accounting Standards Board (FASB) published an Accounting Standards Update (ASU) on Jan. 5 to clarify the definition of a business. More precisely, the new regulation helps companies and other organization determine more easily whether the purchase (or sale) of an asset or group of assets qualifies as the purchase (or disposal) of a business.
TCC Group Unveils $3.5B Mega-Project in Thailand
Posted by: | CommentsA Thai billionaire is planning a $3.5 billion, 41-acre mixed-use development in Bangkok that he says will become a global landmark and “enhance Bangkok’s stature as a key gateway city in Asia.”
Trump Cuts Leave Bridge and Rail Projects Hanging
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The Lake Pontchartrain Causeway, seen from Metairie, La., is one of the projects where supporters hope the Trump budget will supply needed funds. CreditEdmund D. Fountain for The New York Times
When President Trump pledged during the campaign to spend $1 trillion to restore America’s crumbling bridges and roads, supporters across the country cheered.
A leaked list of the Trump administration’s priority projects seemed to speak to the scope of the president’s ambitions: a high-speed rail line linking Houston and Dallas; a desalination plant in Orange County, Calif.; and improvements to the Lake Pontchartrain Causeway in Louisiana, the longest continuous bridge over water in the world…
Deutsche Bank Loses Senior Executives After Bonuses Slashed
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At least three executives in Asia and one in Frankfurt leave
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Bank said to have paid out deferred compensation last month
Deutsche Bank AG, which slashed bonuses for a second straight year, saw several senior employees leave after paying out deferred compensation for previous years.
At least three executives — Kevin Burke, Neil Hosie and Patrick Kelly — departed from the lender’s trading unit in Asia, and one executive, Holger Knittel, took a new job in the bank’s home town of Frankfurt. Deutsche Bank paid out deferred compensation last month, two people familiar with the situation said…
Fed Is Expected to Pare Investment Holdings, Officials Signal
Posted by: | CommentsWASHINGTON — The Federal Reserve expects to start reducing its huge investment holdings later this year, unwinding a giant program undertaken in the wake of the financial crisis to revive the economy.
The holdings — which amount to more than $4 trillion in Treasuries and mortgage securities — are a legacy of the Fed’s campaign to help the economy recover from the depths of a recession. The Fed, increasingly confident that the American economy is “at or near maximum employment,” is beginning to loosen its grip on the economy, according to an official account that the Fed published Wednesday…
Christa McAuliffe Library Awarded LEED Silver and Additional State Funds
Posted by: | CommentsThe building, designed by Finegold Alexander Architects, is the first LEED-awarded building in the Town of Framingham. The Massachusetts Public Library Construction Program will pay the town nearly $105,000 for the LEED certification of the development.
Finegold Alexander Architects (FAA) and the Town of Framingham announced that the Christa McAuliffe Branch Library has been awarded Silver LEED certification. The facility is the town’s first building to receive the LEED award…
Christa McAuliffe Library Awarded LEED Silver and Additional State Funds
Toronto Home Prices Just Jumped Another 33%
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Average detached downtown home now fetches C$1.56 million
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Mayor acknowledges frustration among young home buyers
Toronto’s housing market showed no signs of cooling last month, with the average sale price soaring the most in almost three decades as the cost of a detached downtown home climbed to nearly C$1.6 million ($1.2 million).
Prices increased by a third in every major housing category, including townhouses and condominiums, amid intense competition among buyers, according to figures from the Toronto Real Estate Board. More people opted to put their homes on the market in March as new listings rose 15 percent to 17,051, after a drop in February. Still, the gap between listings and sales underscores a tight market, with supply and demand out of sync, the trade group said in a statement…
Odyssey Nabs Sin City Office Building
Posted by: | CommentsCommercial real estate investment and advisory firm, Odyssey Real Estate Capital, has purchased one of the two identical office buildings at City Center West. The north building traded for $12.9 million and was acquired from Westlake Realty Group, according to data provider Yardi Matrix.
Located at 7251 West Lake Mead Blvd., in the Summerlin submarket, the five-story, newly acquired building encompasses 106,700 square feet of office space. Patti Dillon, Taber Thill, and Ryan Martin of Colliers International, who forecasted rapid growth in tenant occupancy, will handle leasing. Odyssey intends to implement extensive renovations, such as the complete refurbishment of the building’s mechanical and HVAC systems, the addition of turn-key units with new finishes and a modern office layout. According to Dillon, Odyssey will deliver move-in ready suites this August…
Hines, Oaktree Sell 2 Buildings in Utah’s Silicon Slopes
Posted by: | CommentsNGKF represented the sellers of South Towne Corporate Center, a 262,219-square-foot property located near Salt Lake City’s CBD. A partnership between EverWest Real Estate Partners and Independencia Asset Management bought the property.
A joint venture between Oaktree Capital Management and Hines recently sold South Towne Corporate Center in southern Salt Lake City to a partnership between EverWest Real Estate Partners and Independencia Asset Management. NGKF Capital Markets’ President of West Coast Capital Markets Kevin Shannon, Executive Managing Director Ken White, Managing Director Rick Stumm and Eli Mills with CBRE represented the sellers of the two-building, Class A asset totaling 262,219 square feet…
Valeant Tumbles Below $10 on Struggle to Sell Assets, Raise Cash
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Shares down to 2009 low after news report on iNova unit
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$10 a share ‘critical psychological price point’: analyst
Valeant Pharmaceuticals International Inc. is a single-digit stock once again.
Valeant dropped as much as 6.4 percent to $9.52 on Wednesday, its lowest intraday level since 2009, after the Australian Business Review reported that the company was struggling to sell a pharmaceutical distribution unit for as much as it sought…
Valeant Tumbles Below $10 on Struggle to Sell Assets, Raise Cash
Gene Kaufman Architect Doubles Up in NYC
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Gene Kaufman Architect has been seeing double as of late. GKA recently got the green light from the New York City Department of Buildings for its design of Marriott-and-Residence Inn at John F. Kennedy International Airport, a dual-branded property to be developed by Soundview Real Estate Partners and Chartwell Hospitality. The architectural firm has also received an assignment from The Lam Group to take the reins at the developer’s Courtyard by Marriott-and-Residence Inn, another combination property, which is already in the construction phase.
Former ARC Hospitality Closes First Phase of $400M Investment
Posted by: | CommentsNow renamed Hospitality Investors Trust Inc., the former American Realty Capital Hospitality Trust Inc. has closed the $135 million initial funding of a $400 million convertible preferred commitment from an affiliate of Brookfield Strategic Real Estate Partners II, a CRE private equity fund managed by affiliates of Brookfield Asset Management Inc., HIT announced late last week…
Former ARC Hospitality Closes First Phase of $400M Investment
![By rpongsaj (Flickr) [CC BY 2.0], via Wikimedia Commons](https://dealbreaker.com/uploads/2017/03/safe-300x225.jpg)
By rpongsaj (Flickr) [CC BY 2.0], via Wikimedia Commons
Randall Dillard, Jeff Holland and Ben Funk had a secret: The founders, head of research (respectively) and owners (collectively) of fund of hedge fund Liongate Capital Management hadn’t invested with Bernard Madoff, exactly, but then they hadn’t not invested with him, either, putting $18.5 million of its $2 billion into a little operation called Fairfield Sentry, which proved to be the largest Madoff feeder fund around. Luckily, they also had the only evidence: A pair of files locked securely in their safe in London.
Prologis Acquires 4-Building Industrial Distribution Center in Houston
Posted by: | CommentsHFF announced it has closed the sale of a four-building Class B industrial distribution center in the West by Northwest Industrial Park in Houston. Prologis Inc. acquired the property from TH Real Estate. HFF represented the seller, an affiliate of Nuveen, the investment management arm of TIAA.
The distribution center totals 809,196 square feet and consists of the buildings at 14902 and 15002 Sommermeyer, 6450 Clara St. and 10410 Papalote St. in Houston’s northwest industrial submarket. The assets are situated on 39.6 acres near the intersection of Beltway 8 and U.S. 290, deemed as the “main and main” intersection for bulk industrial product. The front-load distribution buildings feature 14.2 percent office finish and clear heights ranging from 20 to 24 feet…
Payless Files for Bankruptcy in St. Louis
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Challenging retail environment ‘will only intensify,’ CEO says
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Company says creditors back bid to reduce debt by almost half
Payless Inc., the discount shoe seller, filed for bankruptcy with a plan to slash debt by almost 50 percent as the retail spiral persists.
Payless listed liabilities of $1 billion to $10 billion in Chapter 11 documents filed Tuesday in St. Louis bankruptcy court. The chain said in a statement that its restructuring proposal has the support of investors holding about two-thirds of its first-lien and second-lien term debt. The agreement, if carried out, will reduce interest costs and give the company access to capital, according to the statement.
Cliff Asness REALLY Doesn’t Like The New “Iron Fist” TV Show
Posted by: | CommentsHey Netflix, if comic book uber-fan boy – and sometime hedge fund manager – Clifford Asness knows how to kill a reincarnated ninja zombie, why the fuck don’t you?
That is just one of the questions we would like answered after seeing Cliff’s epic tweetstorm takedown of the new “Iron Fist” series currently airing on Netflix…
Cliff Asness REALLY Doesn’t Like The New “Iron Fist” TV Show
Car Parts Manufacturer to Bring $60M Investment to Springfield
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Topre, a Japan-based company, recently announced its plans to invest $60 million in Springfield, Ohio. The company will take over a roughly 30-acre, four-year old, industrial business park. Initially, Topre sought to create a smaller $10 million, 20,000-square-foot, manufacturing plant to produce high-strength steel parts for the Acura MDX sport utility vehicle. New plans include expanding the project more than seven times in order to build a stamping, assembly and distribution facility that will create 85 jobs.