Record Supply Moderates Rent Growth in St. Louis
By · CommentsSt. Louis’ job gains are somewhat middling, but a below-trend unemployment rate means that housing continues to be in high demand. The metro added 1,800 units in 2017, marking a new cycle peak. As a result of strong supply growth, occupancy for stabilized properties dropped to 94.5 percent as of December. Although rents are still rising, the average rate was still below the $900 mark and about $500 behind the U.S. average.
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First coal supply from Carmichael mine now planned by 2021
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Indian firm plans to supply coal to China, Vietnam and Taiwan
Indian conglomerate Adani Enterprises Ltd. will miss its original deadline to start shipping thermal coal from one of the world’s biggest planned mines due to funding difficulties, even as it eyes export deals with Asian companies…
Billionaire’s Mega-Mine Misses Coal Deadline on Funding Headache
North FL Retail Development Lands $80M Loan
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.
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Developer Broccolini to spend up to $233 million on project
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Site will be ‘ultimate mixed-use’ with condos, office, retail
Broccolini Construction Inc. plans to invest as much as C$300 million ($233 million) to build the tallest residential tower in Montreal…
Montreal’s Tallest Residential Tower to Rise Near National Bank
Somerset Properties Sells Office Portfolio in NJ
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…
A 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
Deutsche Bank AG Chief Executive Officer John Cryan said he’s committed to remaining in his job after people familiar with the matter said that the lender has held talks with potential replacements…
Deutsche Bank CEO Cryan ‘Absolutely Committed’ to Serving Lender
Brookfield Strikes Deal to Acquire Rest of GGP
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.
British 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
LPC Breaks Ground on Atlanta Distribution Center
By · CommentsLincoln Property Co. has commenced construction of Union 85, a 243,540-square-foot speculative distribution center in southern Atlanta. The project is anticipated to be completed later this year.
Located at 3725 Royal S. Parkway, the 24.4-acre project site is situated in Atlanta’s I-85 South corridor, which has seen a wealth of new industrial properties come online in recent years, occupied by major tenants including Procter & Gamble, Mondelez and XPO Logistics. The new building will sit just off Interstate 85, which connects the area to Atlanta’s urban core, 15 miles to the northeast…
Why Office Landlords Need to Increase Creativity
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Manager cites recent poor performance for returning capital
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Billionaire David Tepper seeded Pennant with $12 million
Hedge fund manager Alan Fournier is returning client capital at his $1.5 billion Pennant Capital Management after almost two decades, citing poor returns…
Alan Fournier Shuts Hedge Fund Pennant Capital After 17 Years
TriGate Capital Buys Tampa Industrial Asset
By · CommentsThe 368,081-square-foot asset marks the company’s second acquisition within the Tampa market. Big Box Property sold the building for $20.3 million.
TriGate Capital has acquired a 368,081-square-foot industrial facility in Tampa. The asset marks the company’s second acquisition within the Tampa MSA. Big Box Property Owner traded the facility for $20.3 million, according to public records.
The warehouse is situated at 8800 Adamo Drive, at the intersection of 60 and 301 freeways and is within four miles of interstates 4 and 75. Additionally, downtown Tampa is merely 15 minutes from the property. The asset was built in 1972 and features built-to-suit office, 21-foot high ceilings, dock high loading and is fully sprinklered…
Hunting for the Perfect Rate of Homeownership
By · CommentsTroubled China Conglomerate Puts All Properties on Block
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Chairman under scrutiny, firm said to be taken over by state
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Pressure mounting on CEFC as banks form creditors committee
CEFC China Energy Co., the sprawling conglomerate that’s come under increasing government scrutiny, plans to sell its entire global property portfolio with a book value of more than 20 billion yuan ($3.2 billion), according to people with knowledge of the matter…
Moonwater Capital Expands in Vegas With $41M Office Buy
By · CommentsMoonwater Capital has acquired its third property, Montecito Tower, a Class A office building in Las Vegas’ Bruce Woodbury Beltway, for $41 million. The capital package was arranged by Dekel Capital. Part of the funds were secured through a $28.5 million first mortgage loan with Prime Capital, while the balance of the capitalization was funded through a joint venture equity investment between Moonwater and a private equity fund.
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Reputation risk hurts ability to pass on rising funding costs
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Big-four lenders ‘are really stuck,’ governance expert says
A recent spike in funding costs is happening at the worst time for Australia’s big banks, as intense public scrutiny crimps their ability to pass on increases to customers…
Aussie Banks Face Squeeze as Conduct Probe Crimps Pricing Power
Wall Street’s average bonus jumped 17 percent in 2017 to $184,220, the highest since 2006, according to estimates by New York State Comptroller Thomas DiNapoli…
Wall Street Bankers’ Average Bonus Jumps to Highest Since 2006
JV to Build 752 KSF Industrial Campus in Vegas
By · CommentsThe three-building campus is SunCap’s third development in Las Vegas, and will be located at the intersection of North Las Vegas Boulevard and North Lamb Boulevard.
A joint venture of SunCap Property Group and Colony NorthStar has acquired a 40-acre site in northeastern Las Vegas. The partnership will develop a Class A light industrial campus, to be named SunPoint Crossing.
The campus will be located at the southeast corner of the intersection of North Las Vegas Boulevard and North Lamb Boulevard. SunPoint Crossing will comprise three buildings, totaling 752,838 square feet. Each building will be divisible up to 35,000 square feet and will feature a concrete construction, 32-foot clear ceiling height, ESFR sprinklers and a plethora of dock-height and grade level doors…
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Chinese buyers accounting for increased share of market
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Leitao says no need for measures to curb foreign demand
Foreign buyers of real estate in Quebec are putting “marginal” pressure on prices while still accounting for a tiny sliver of the market relative to Vancouver and Toronto, according to new data released by the French-speaking province…
Foreign Buyers Starting to Drive Up Housing Prices in Quebec
As many investors retreat from the online lending industry, Upstart Network Inc. is hoping to find investors still willing to bet on the business. Upstart, which was founded by Google veterans, is testing venture capitalists’ appetite for an investment round of about $100 million, said two people briefed on the matter…
Upstart Seeks $100 Million, Testing VCs’ Appetite for Online Lending
JLL Spark Buys CRE Software Company
By · CommentsJLL Spark, a division of JLL, has acquired a software-as-a-service (SaaS)-based real estate technology platform. Stessa—“assets” spelled backwards—reportedly lets investors in income properties easily and cost-effectively track, manage and communicate the performance of their portfolios.
This is JLL Spark’s first strategic acquisition since its inception last year and is touted as delivering on the company’s mission “to transform the real estate industry through technology-based innovation.” Both JLL Spark and Stessa are headquartered in San Francisco…
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Trade tension blow-out, inflation surprise are also tail risks
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Debt load will make it hard for companies in case of recession
The continuing economic expansion and pending benefit from U.S. tax cuts offer a crucial window for companies to reduce leverage and get ready for the next downturn, according to $808 billion asset manager Aberdeen Standard Investments…
Companies Must Pay Down Debt Now, $800 Billion Fund Manager Warns
Litigation over a gun defect will likely be delayed. How those claims will ultimately be resolved is unclear.
Remington Outdoor Co.’s decision to seek court protection was a long-anticipated move by one of America’s oldest gun-makers. It was in part the result of a maelstrom that’s buffeted the industry since the election of Donald Trump, one also fueled by mass shootings and protests such as this weekend’s nationwide march for gun regulation…
Remington Has a $500 Million Question Hanging Over Its Bankruptcy
JV Arranges $25M Sale of GE Transportation Building
By · CommentsA partnership between Stan Johnson Co. and SVN/First Guardian Group has sold two office buildings near Orlando, Fla., known as the GE Transportation Building, for $25 million. Stan Johnson Co. Associate Director David Bailey and SVN/First Guardian Group Erik Carlson represented the seller, TIC Properties Management, in the transaction. Reserve Capital Partners was the buyer.
Turner, AC Martin Win $520M CA State Project
By · CommentsTurner Construction Co., in partnership with architectural firm AC Martin, just landed a big fish in the Golden State. The team secured a design-build contract with the State of California Department of General Services for the new 838,000-square-foot Department of Natural Resources headquarters. The downtown Sacramento office development carries a project cost of approximately $597 million, with $520.5 million dedicated to construction, which is expected to commence in early summer.
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Shares fell as much as 13% after article noted plan for audit
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Miner refutes assessment, saying it will work with authorities
First Quantum Minerals Ltd. plunged the most in almost two years as the miner was hit with a $7.9 billion tax bill by Zambia, which accounts for 84 percent of its revenue…
CT Office/Industrial Property Lands $7M Refi
By · CommentsWashington Trust’s Commercial Real Estate Group has provided a $6.6 million loan to owners CH Commerce Drive Associates LLC and City Park Commerce Drive LLC, for the refinancing and tenant improvement of a mixed-use property in Connecticut. The office and industrial property in Trumbull, Conn., managed by Cambridge Hanover Inc., served as the North American headquarters of the Pilot Pen Corp.
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Saudi Arabia, Hong Kong policy makers grapple with the impact
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Australian short-term funding costs are surging as well
From Riyadh to Sydney, short-term funding markets worldwide are starting to feel the effects of soaring U.S. dollar Libor rates…
Soaring U.S. Libor Rate Trickles Into Funding Markets Worldwide
UK Health System Signs 105 KSF Office Space Lease
By · CommentsHines, in a joint venture with a fund managed by Oaktree Capital Management LP, has announced that The University of Kansas Health System has signed a lease for a 105,000-square-foot office space at 11300 Corporate Ave. in Lenexa, Kan. The space is used for support operations for the health system.
Canada’s uninsured mortgage market reached an eight-year high in January as government steps to reduce taxpayer exposure to the housing market gain traction, according to data from the country’s banking regulator…
Uninsured Mortgages Keep Surging Even as Canadian Housing Cools
Citigroup Inc. said Chief Executive Officer Michael Corbat was unaware that the bank was in the process of closing a real estate loan to a Kushner Cos. venture when he met with Jared Kushner…
Citigroup Says CEO Was Unaware of Loan When He Met With Kushner
RagingWire Opens First VA Facility Within 1 MSF Campus
By · CommentsRagingWire has opened the first of seven planned data centers at its 78-acre campus in Ashburn, Va., and the company’s third in the region. Northern Virginia is currently the largest data center market in the world by net absorption values, with 115 megawatts delivered by the end of 2017, according to JLL’s 2018 Data Center Outlook. It is estimated that about 70 percent of all Internet traffic passes through this area.
Bluemercury Comes to Chicago’s Fulton Market
By · CommentsLuxury beauty and spa chain Bluemercury is getting ready to open its 11th store in Chicago as the company has leased 1,800 square feet within the 900 West mixed-use development. The new store, located at the corner of Sangamon and Randolph streets, is expected to open in the summer of 2018.
TPG Pace to Buy EnerVest Shale Assets for $2.7 Billion
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TPG Pace Energy, a blank-check company, targets Eagle Ford
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Chazen will lead newly formed company to be called Magnolia
Steve Chazen, who transformed Occidental Petroleum Corp. into a heavyweight of the U.S. shale boom, is looking to replicate that success in south Texas with a $2.66 billion deal…
TPG Pace to Buy EnerVest Shale Assets for $2.7 Billion
Larry Ellison’s Fortune Takes a $4.5 Billion Hit
By · CommentsJeff Bezos, the world’s richest person, added $3.3 billion to his net worth on Tuesday even as the fortunes of fellow technology tycoons took a tumble. The founders of Facebook Inc., Alphabet Inc. and Oracle Corp. lost a combined $6.7 billion…
Larry Ellison’s Fortune Takes a $4.5 Billion Hit
Donahue Schriber Realty Group has sold Westlake Village, a 31,980-square-foot retail center in Sacramento, Calif., located at 3501-3511 Del Paso Road. The sale also included an additional 4-acre site prone to future development.
Hanley Investment Group Real Estate Advisors Executive Vice President Bill Asher, President Ed Hanley and Ten-X represented the seller, while Associate Eric Vu represented the buyer, a family trust from San Francisco’s East Bay which traded out of a northern California-based retail property to fulfill a 1031 exchange…
Liberty Property Trust, one of the largest office developers in the northeastern U.S., has sold an even dozen office properties in suburban Philadelphia in two separate transactions. The properties, totaling 779,190 square feet, changed hands for $106.9 million.
The assets in the larger sale are located at 440 and 460 E. Swedesford Road in Wayne, 2100 and 2201 Renaissance Blvd. in King of Prussia, 45 Liberty Blvd., and 300, 400 and 500 Chesterfield Parkway in Malvern. These buildings total more than 590,000 square feet and sold for $92 million…
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State Street is bullish on sterling and the Norwegian krone
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Rising hedging costs also dim dollar’s attractiveness: Binny
State Street Global Advisors has cut its dollar positions to neutral from long, deterred by rising hedging costs and a break in the correlation between the global currency and rates markets.
After getting kicked out of the chief executive officer job at Uber Technologies Inc. in June, Travis Kalanick is getting back in the saddle…
Ex-Uber Chief Travis Kalanick Buys Real Estate Company, Takes CEO Reins
Radisson Opens New Hotel in Eastern KS
By · CommentsThe Country Inn & Suites by Radisson has opened a new 89-key property in Lawrence, Kan. The owner of the hotel in eastern Kansas, a legal entity affiliated with Diamond Everley Roofing Contractors, kicked off the building’s development in early 2017. Apex Engineers provided engineering services, and Heinen Custom Operations acted as general contractor.
Located at 2176 E. 23rd St., the hotel is situated approximately three and a half miles from the University of Kansas, with the Haskell Indian Nations University positioned two miles to the west. In the past, an antique dealer and a steakhouse operated on the 1.2-acre parcel…
QTS has signed new contracts with longstanding clients at its Atlanta metro hyperscale data center. Two lease extensions were inked, totaling 19 megawatts in aggregate capacity. The anchor tenants paid above pre-renewal rates.
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Largest transaction in the current en-bloc cycle, CBRE says
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Quek teams up with Singapore cousin Kwek on transaction
Billionaire Quek Leng Chan’s GuocoLand Ltd. and its joint venture partners are buying Pacific Mansion near Singapore’s business district for S$980 million ($743 million), the biggest purchase of a residential site for redevelopment in more than a decade…
Singapore Residential Site Sells to Billionaire Quek for S$980 Million
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Interest in mutual funds picked up as shares rallied
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Popularity of some products has alarmed China’s regulators
Three years after China’s stock market trauma, the speculative spirit is far from snuffed out…
4 Things to Know About Phoenix Data Centers
By · CommentsThe data center sector is booming. By the end of 2017, markets in the United States saw approximately 315 megawatts in net absorption, according to JLL’s 2018 Data Center Outlook. This accounts for more than half of the overall absorption rate of 583.5 megawatts across top global markets. Europe, Middle East and Africa came in second with a total 135 megawatts, while the Asia-Pacific region reached about 85 megawatts.
DC-Area Retail Center Trades for Record Price
By · CommentsJ Donegan Co. has purchased a three-tenant shopping center in a record net lease sale in Loudoun County. The recently completed asset traded for $4.8 million, attaining $925 per square foot and a cap rate of 5.5 percent, in a transaction facilitated by Calkain Cos.
Claire’s Becomes Latest Retailer to Go Bankrupt
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Ear piercing couldn’t immunize it against falling mall traffic
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Group led by Elliott to help fund restructuring plan
Claire’s Stores Inc., known for tween jewelry and ear piercing, has become the latest victim of the retail apocalypse…
Claire’s Becomes Latest Retailer to Go Bankrupt
Supermarket Bankruptcies Are Beginning to Pile Up
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Bankruptcies show how tough competition has gotten for grocers
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Walmart, Kroger are making expensive investments in technology
This is how the grocery industry lives now…
Supermarket Bankruptcies Are Beginning to Pile Up
CenterPoint IL Spec Building Fully Leased
By · CommentsCenterPoint Properties has fully leased its recently completed speculative facility in Joliet, Ill. The building was leased to a large home improvement retailer and CTDI, a global engineering, repair and logistics company.
Located at 3900 Brandon Road, the building comprises 751,622 square feet and is situated within the CenterPoint Intermodal Center-Joliet/Elwood. The home improvement retailer signed a 15-year, six-month lease for 250,309 square feet of the facility, including:
CenterPoint IL Spec Building Fully Leased
Rockwood Capital Buys Bay Area Office Park
By · CommentsRockwood Capital has purchased Growers Square, a three-building, 195,372-square-foot Class A office project in Walnut Creek, Calif., in the East Bay, according to NKF Capital Markets, which represented the seller, Invesco.
The property, at 1646-1676 California Blvd., includes a four-level parking facility reportedly featuring one of the highest parking ratios in Walnut Creek. Growers Square also benefits from a location with immediate access to both BART and the area’s dense retail core…
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Mortgage lender denies allegations and says it will fight suit
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HouseCanary’s real-estate data and technology at issue
Quicken Loans Inc. was sued by real-estate data analytics startup HouseCanary Inc., which accused the mortgage-lending firm of trying to steal its data and technology through a sham licensing agreement so it could develop competing appraisal software…
Quicken Loans Is Sued by Data Startup Claiming Trade Secrets Theft
L3 Snags Chicago Retail Building
By · CommentsL3 Capital has acquired a retail building in Chicago for $23 million. Mid-America Real Estate Corp. brokered the sale on behalf of the seller.
Located at 118-120 East Oak St., the property comprises 10,141 square feet and is fully occupied by The Northern Trust Corp. The trophy-quality building is situated in Chicago’s prominent Oak Street luxury district…
Multiplex has completed the Learning and Teaching Building at Monash University, a new $225 million education property in Clayton, Australia.
“We are delighted to continue our collaboration with Monash University with the delivery of the Learning and Teaching Building, which will provide students with truly progressive and contemporary learning spaces,” Graham Cottam, Multiplex’s regional managing director, said in a prepared release…
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Partners Enhanced fund is said to plunge 23% this year
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Pure Spread and European Event Equities funds saw gains
Billionaire John Paulson can trace his loss of assets and senior executives to a familiar refrain: poor performance…
John Paulson’s Merger Arbitrage Fund Plunged at the Start of the Year
Hedge-Fund Billionaire Buying Bitcoin Is Cautionary Tale
By · CommentsAlan Howard can dabble where mortals should fear to tread.
Bitcoin continues to redefine the word volatility. The cryptocurrency is down more than 50 percent from its December peak; but that still leaves it up more than 600 percent from its value a year ago…
Hedge-Fund Billionaire Buying Bitcoin Is Cautionary Tale
Seattle-Area Class A Office Asset Trades for $15M
By · CommentsPJP Group LLC has purchased a fully leased Class A office buildingin Kirkland, Wash. Claddagh Ventures LLC sold the property for $14.8 million, in a 1031 exchange deal. NAI Hunneman, in a collaboration with NAI Puget Sound Properties, represented the seller and procured the buyer.
CRE Tech Sector Headed for Defining Moment
By · CommentsLast year was an active period in commercial real estate technology, and the details are all broken down in CREtech’s 2017 End-Year Report, which indicates that there’s much more to come as the sector approaches a watershed period in its lifecycle.
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Loan upsized after Uber annnouces autonomous vehicle fatality
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For yield hungry investors valuation is too good to ignore
Uber Technologies Inc. is borrowing more than it originally planned in the U.S. leveraged loan market, where a decision by the ride-hailing company to halt autonomous vehicle tests following a fatality isn’t deterring investor demand.
Amazon Has Considered Buying Some Toys ‘R’ Us Stores
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Potential deal could create Amazon-branded retail locations
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Toy-store chain has announced plans to shut down U.S. stores
Amazon.com Inc. has looked at the possibility of expanding its retail footprint by acquiring some locations from bankrupt Toys “R” Us Inc., according to people with knowledge of the situation…
Amazon Has Considered Buying Some Toys ‘R’ Us Stores
1788 Holdings Acquires PA Industrial Asset
By · CommentsIn an $11.7 million deal, an affiliate of 1788 Holdings has acquired Riverside Business Center, a single-story light industrial buildingin Whitehall, Pa. Located at 1139 Lehigh Ave., the property comprises 423,900 square feet and was 87 percent leased to 11 tenants at the time of sale.