U.S. new-home construction cooled by more than expected in February on a reversal in the volatile multifamily category, while building remained on pace to contribute to economic growth this quarter, government figures showed Friday…
U.S. Housing Starts Cooled in February After Robust January
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Asking prices decline for seventh month as listings slide
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BCC report says economy remains subdued despite global pickup
London property asking prices slumped for a seventh straight month as sellers held off putting their homes on the market, according to Rightmove.
Hersha Sells Manhattan Hotel for $32M
By · CommentsHersha Hospitality Trust has sold its Hampton Inn Financial District hotel in Manhattan for $32.4 million. Solid Rock Advisors advised Hersha on the sale.
“This transaction highlights Hersha’s ability to successfully execute accretive dispositions and upgrade the portfolio with higher growth hotels in our core markets,” said Jay Shah, CEO of Hersha, in prepared remarks…
Hersha Sells Manhattan Hotel for $32M
John Paulson Pushes Investors Out of Some Hedge Funds
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Credit Opportunities is among funds that may see money leave
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Hedge fund firm lets go of some senior traders and partners
Billionaire John Paulson, whose hedge fund’s assets have plunged, is opening the door for more money to leave.
The rapid evolution of crypto-assets such as Bitcoin may one day make them a threat to the financial system, Mark Carney, chairman of the Financial Stability Board, said in a letter to Group of 20 finance leaders.
Seattle Marriott Lands New Management
By · CommentsThe owner of the 234-key AC by Marriott Seattle Bellevue/Downtown has selected Crescent Hotels & Resorts to manage the asset’s operations. General contractor Halvorson Construction began work on the Johnson Braun-designed mid-rise in 2015, and the building opened its doors for business in August 2017. Previously, Sage Hospitality served as property manager.
Located at 208 10th Place N.E., the building is strategically positioned in Bellevue’s vibrant central business district, with numerous office and residential high-rises in the immediate area. The seven-story asset sits a half mile from Interstate 405 and two blocks from the recently opened W Bellevue hotel…
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City center is hotspot as commuting times mar suburban life
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London bankers can’t expect to upsize as prices keep rising
Luxembourg’s red-light district could soon be a home for bankers escaping Brexit.
In another universe, they might have starred in an odd-couple comedy about a pair of New Yorkers who rise to fame and fortune: Jamie Dimon, the voluble, sometimes ill-tempered alpha male from Queens; Lloyd Blankfein, shorter and bald, the wisecracking sidekick from Brooklyn.
Carver Bank Relocates Manhattan HQ
By · CommentsSavanna has signed a 20,000-square-foot lease with the nation’s largest African and Caribbean-owned bank, Carver Federal Savings Bank. The tenant will relocate to Lee Building in Harlem, occupying the asset’s top floor, as well as part of the seventh floor. The lease follows the recent, record-breaking $20 million sale of Carver’s historic headquarters on 125th Street in Harlem. The bank plans to keep its 70-year presence in the building by retaining its ground-floor branch.
Hawaii Hotel Fetches $200M
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Adnoc awards 20% of Umm Shaif, Nasr block; 5% of Lower Zakum
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Total is fifth winner of new stakes in Persian Gulf fields
Total SA will pay $1.45 billion for stakes in two offshore oil fields in Abu Dhabi, extending a decades-long partnership as the Middle Eastern emirate seeks to expand production capacity.
How do you get to the top of the private equity business? Turns out, it’s by getting really, really good at flipping real estate.
Calida Grows Vegas Portfolio With 180 Units
By · CommentsThe Calida Group has acquired a 180-unit community located in the western part of Las Vegas. Hampton Garden traded for $27.5 million, with Pacific Coast Capital Partners providing a $24 million senior loan to the buyer.
A CBRE team arranged the financing package on behalf of Calida, with the capital used both for acquisition and renovations to the community. Located at 9750 Peace Way, Hampton Garden comprises 16 buildings, with a floorplan mix of 48 one-bedroom and 132 two-bedroom units. Sizes range from 800 to 1,100 square feet. Common amenities include:
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Worldwide same-store sales rise 1 percent, trailing estimates
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Focus is on generating sustainable sales growth, CEO says
Tiffany & Co. is still trying to regain its luster.
The key metric of same-store sales at the 181-year-old jeweler missed analysts’ estimates in most of its regions last quarter, driving the stock down the most in almost 10 months Friday. Tiffany has been trying to reverse a lengthy sales slump.
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Hollywood talent agency part of kingdom diversification plan
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Deal said to come as crown prince begins visit to U.S.
Saudi Arabia’s sovereign wealth fund is taking a $400 million stake in Endeavor, one of Hollywood’s biggest talent and event managers, as part of Crown Prince Mohamed bin Salman’s grand plan to diversify the kingdom’s oil-based economy, according to people with knowledge of the deal.
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uildings were first and only completed sale by Cadre
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Client money from Goldman Sachs, new funding round, followed
Cadre, the real estate investing startup co-founded by White House senior adviser Jared Kushner, was the primary beneficiary of a property-flipping investment that may have been less profitable if it had fully complied with New York City disclosure rules about rent-regulated tenants.
Marcus & Millichap Facilitates Sale of 2 FedEx Centers
By · CommentsMarcus & Millichap has brokered the sale of two FedEx Freight centers located in Atlanta and Marcus Hook, Pa. Both transactions amounted to $47.8 million. The Atlanta property, which encompasses 292,000 square feet, sold for $32.3 million, while the 150,000-square-foot Marcus Hook facility traded for $15.4 million.
Boyne to Repurchase 6 Ski Resorts
By · CommentsIt’s déjà vu—or at least it will be. Six properties that Boyne Resorts sold more than a decade ago will soon be part of its portfolio again. The mountain resort owner and operator recently entered into an agreement to repurchase the group of North American resorts and a scenic chairlift attraction from Ski Resort Holdings LLC, an affiliate of Oz Real Estate.
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Asia is key for Australia’s largest building materials firm
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CEO Mike Kane also bullish on U.S. housing market recovery
Property demand from a booming middle class in Asia may turn out to be a key driver of growth for Australia’s largest building materials firm, which is also well placed to get a kicker from a ramp up in infrastructure spend in the U.S…
Trump Spending Plan No Match for Asia Housing Demand, Says Boral
Metro ATL Morgan Falls Office Park Adds Tenant
By · CommentsA team of REO Fund 2 principal Garrett Backman and Senior Vice President Jeff Taylor of Transwestern’s Atlanta Agency Leasing division represented REO Asset Strategies in closing a lease agreement with Newell Brands. The tenant will occupy almost all of Building 100, which encompasses 60,402 square feet of space, within Morgan Falls Office Park in Sandy Springs, Ga. Newell Brands was represented by CBRE in the lease negociations.
DoveHill Capital, Wurzak Acquire NoVa Hotel
By · CommentsDoveHill Capital Management and the Wurzak Hotel Group have acquired the Sheraton Reston Hotel, a 298-key, full-service hotel in Reston, Va.
Cyrus Vazifdar, senior director of HFF, represented the seller in the transaction, who was not named. The price was also not disclosed…
Canada’s closely-watched ratio of consumer debt to income held near a record high in the fourth quarter as incomes and borrowing rose at about the same pace…
Canada Household Debt-to-Income Ratio Holds Near Record High
US Storage Centers Enters Expands in PA
By · CommentsUS Storage Centers has purchased Philly Self Storage, a 107,606-square-foot facility in Philadelphia. The asset will be rebranded as US Storage Centers. SVN Commercial Realty represented both parties in the transaction.
Located at 1910 S. Cristopher Columbus Blvd., the property is near Interstate 95, in a densely populated area. According to Yardi Matrix, approximately 302,599 people live within a three-mile radius, with roughly four net rentable square feet of self-storage space per capita. Completed in 2008, the facility occupies nearly three acres and features 1,545 units, ranging from 25 to 180 square feet. Characteristics of the property include climate control, electronic gated access carts and dollies and RV Parking…
The Swiss National Bank reiterated its concerns about an overheating property market and warned that home prices could be at risk of a correction…
SNB Reiterates Warnings About Overheated Swiss Housing Market
Confidence among U.S. homebuilders slipped to a four-month low in March while remaining above historical averages, indicating developers expect demand to withstand rising mortgage rates, according to data from the National Association of Home Builders/Wells Fargo…
U.S. Homebuilder Outlook Eases While Hovering Near 18-Year High
Why AI Won’t Replace the Facilities Team
By · CommentsArtificial intelligence (AI) and Internet of Things (IoT) products are cropping up in a growing number of office and retail buildings, but we are far from calling this the norm. Commercial real estate owners and property managers are slowly warming up to solutions that can help capitalize on the data captured from sensors and other software programs. In this industry, the adoption of new technologies is a very fluid and gradual process.
Talent Agency to Relocate LA Office
By · CommentsBUCHWALD has signed a 15,000-square-foot lease on the penthouse floor of a 31-story office building in Los Angeles’ Miracle Mile district. The full-service talent agency will relocate its Los Angeles branch from 6500 Wilshire Blvd., more than doubling its space. This is the New York City-based company’s second location.
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Mount Nicholson villa Fetches $19,400 per square foot
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Price per square foot about 20% higher than similar property
An unidentified buyer paid a record HK$151,785 ($19,400) per square foot for a new luxury house in Hong Kong’s exclusive Peak neighborhood, making it Asia’s most expensive by area, according to Knight Frank LLP…
New Home on Hong Kong’s Peak Sets Asian Record Price by Area
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Bank sees 72% chance of recession over the next three years
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Investors should monitor the ‘twilight of the mid cycle’
Markets are in the “twilight of the mid cycle” and investors should be prepared to act if the economy edges toward a recession, according to JPMorgan Chase & Co…
JPMorgan Moves Closer to Urging a Rotation Away From Equities
First Data Signs 50 KSF Lease in Marietta, GA
By · CommentsFirst Data Corp., a global payment technology solutions company, has signed an eight-year lease for 50,900 square feet of space at Zamir Equities’ office building in Marietta, Ga. Avison Young arranged the deal on behalf of the landlord. The building is currently 100 percent occupied.
Located at 1600 Terrell Mill Road S.E., adjacent to Interstate 75, the building sits on a 17.3-acre site and offers 253,096 square feet of rentable space. Leases range from 8,000 square feet of divisible space to 50,000 square feet of contiguous space…
Property Management Firm Doubles NJ Office Presence
By · CommentsLone Star Funds has inked an expansion of an office lease in northern New Jersey with mem property management to double the property management firm’s space in Somerset Executive Square. Lone Star acquired the building in 2016 from Equity Office Properties Trust as part of a 24-asset, $333.4 million portfolio transaction, according to Yardi Matrix.
Home prices in the U.S. surged 8.8 percent in February — the biggest gain in four years — as buyers battled for an increasingly scarce resource: homes…
U.S. Home Prices Rise Almost 9%, the Biggest Gain in Four Years
Higher Rates May Spell Private Debt Trouble, Study Finds
By · CommentsHong Kong, Sweden, China and Australia could all find themselves in hot water over private-sector debt if borrowing costs rise, according to research by Oxford Economics.
That’s because those countries all have a particularly high share of floating-rate debt in relation to economic output. If interest rates increase, households and companies are likely to feel the pinch, the study of 16 economies found…
Higher Rates May Spell Private Debt Trouble, Study Finds
Bentall Kennedy Buys MA Office Asset
By · CommentsBentall Kennedy has acquired 150 Minuteman Road in Andover, Mass. NKF Capital Markets arranged the sale on behalf of one of its clients.
The 112,148-square-foot Class A office property is fully leased to Smith & Nephew, a global medical technology company, as the headquarters facility for its Advanced Surgical Devices division. The building is one of seven comprising Minuteman Park, a master-planned suburban campus totaling 1 million square feet. The campus offers onsite amenities within its newly renovated amenity center, including:
Bixby Continues Western Industrial Expansion in Seattle
By · CommentsIn an $18.8 million deal, Bixby Land Co. has purchased a 55,660-square-foot industrial facility in Sumner, Wash., from Panattoni Development. The transaction marks the duo’s fourth industrial transaction in the Seattle area since 2016.
The property is located at 1800 Fryar Ave., within a 40-minute drive south of downtown Seattle, in the Kent Valley submarket. The site is situated adjacent to Route 167 and in close proximity to routes 410 and 512. Constructed in 2004, the building is currently leased to Cummins Inc., a Fortune 500 company which designs, manufactures and distributes engines and power generation…
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Macquarie says first two months likely were ‘peak of the year’
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Tillerson’s replacement may signal a harder U.S. line on trade
China’s crackdown on financial risks and trade tensions with the U.S. threaten to undermine a stronger-than-expected start to the year for the world’s second-largest economy…
China Economy’s Strong Start Faces Risks at Home and Abroad
Skanska to Develop 210 KSF Oslo Office Project
By · CommentsAfter selling its shares in Sundtkvartalet, a 103,000-square foot office building in Oslo, Skanska plans to invest roughly $72.7 million to develop Parallell, a 209,900-square-foot office project in Norway’s capital city. Construction will begin immediately and is slated for completion in spring 2020.
JCPenney Sells Legacy WI Warehouse
By · CommentsJCPenney has sold its Logistics Warehouse and Furniture Outlet Center in Wauwatosa, Wis., to an affiliate of Phoenix Investors for $31.3 million. The 2 million-square-foot property sits on a 77-acre lot adjacent to Interstate 45 and has been under JCPenney’s ownership for more than 50 years. The new owner plans to renovate all the facilities making up the industrial asset.
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Sales gain 16% in January-February, down from 21% in December
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Developer land purchases fall for first time in eight months
China home sales growth slowed in the first two months of this year, amid an almost two-year government campaign to cool the property market…
China Home Sales Growth Slows This Year Amid Deleveraging Drive
StorageMart Expands Portfolio in VA
By · CommentsStorageMart has added a 78,979-square-foot facility to its self-storage portfolio in Virginia Beach, Va. The 560-unit asset marks StorageMart’s first facility in the area.
Located at 1889 Virginia Beach Blvd., the property is close to Interstate 264 and the Naval Air Station Oceana. The facility will serve the local community and businesses, as well as military personnel. According to StorageMart’s website, the new facility features small and extra-large units, ranging from 25 to 310 square feet. Characteristics include climate control, loading bays, drive-up storage units, individual pin-code access, video cameras and interior loading bays…
Blackstone Snags Industrial Portfolio for $1.8B
By · CommentsBlackstone Real Estate Income Trust Inc.’s collection of industrial properties just grew by 22 million square feet. The commercial property REIT recently completed the acquisition of the 146-building Canyon Industrial Portfolio from Cabot Industrial Value Fund IV LP and Cabot Industrial Value Fund IV Manager LP in a $1.8 billion deal.
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Finland’s Varma, Ilmarinen own no funds where AI picks assets
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Funds use quantitative and systematic investment strategies
Some of the biggest investors in one of the world’s most technologically advanced corners don’t want robots to replace people when it comes to managing money…
Strategic Storage Growth Trust Buys CA Facility
By · CommentsStrategic Storage Growth Trust Inc., a public non-traded REIT sponsored by SmartStop Asset Management LLC, has acquired an 86,000-square-foot newly constructed self-storage facility in the San Diego suburb of Chula Vista, Calif.
Strategically located at 2380 Fenton St., the facility occupies 1.5 acres in the Eastlake area, near the South Bay Expressway. The region is densely populated, more than 89,000 people live within a three-mile radius, with only 2.2 square feet of storage space available per capita, according to Yardi Matrix. Additionally, the average household income is approximately $91,389. The three-story facility comprises roughly 900 climate-controlled units and features a covered loading area and drive-up units…
CRE Development Trends in the Midwest
By · CommentsFly Charts: Rexit’s Oil Impact and Hedge-Fund Failure
By · CommentsMiami City Self Storage Expands SoFla Footprint
By · CommentsMiami City Self Storage (MCSS) has opened an 81,299-square-foot self-storage facility in Pembroke Park, Fla. The new asset marks the company’s fourth facility in South Florida and the first in Broward County. CubeSmart is the manager of the storage property.
The newly constructed property is situated at 1781 S. Park Road on 1.4 acres, near the intersection of Pembroke Road and Interstate 95. The facility comprises 795 climate-controlled units and features a concierge-style front desk, security system, motion-activated cameras, intercoms and sensor lighting…
Top 10 California Office Deliveries in 2017
By · CommentsCalifornia is one of the most active office markets in the country, with consistent development and leasing activity over the past decade. In Los Angeles, more than 2 million square feet of office space came online in 2017, while San Francisco added about 1.4 million square feet last year. Moreover, roughly 7 million square feet is expected to come online by the end of 2018 in San Francisco.
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Manager sees opportunities to buy infrastructure, energy bonds
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AMP eyes shorts in highly leveraged real-estate companies
Pacific Investment Management Co. is cutting its investments in Australian bank debt because of lofty valuations as well as trimming holdings of real estate and retailers’ bonds…
Pimco Sells Australia Banks, Property Bonds as Risks Climb
Colliers South Florida Expands Hospitality Team
By · CommentsColliers International South Florida has expanded its hotel brokerage expertise with the addition of John Wijtenburg as vice president. In this role, he will be focusing on hotel and resort investment sales throughout Florida. Wijtenburg brings more than a decade of commercial real estate and finance experience, having conducted underwriting, due diligence and transaction closing for more than $250 million of hotel real estate in the past five years.
Las Vegas Sands to Sell Philly-Area Casino for $1.3B
By · CommentsRoughly a decade after opening the Sands Casino Resort Bethlehem, in Bethlehem, Pa., Las Vegas Sands Corp. has entered into an agreement to sell the property to Wind Creek Hospitality, an affiliate of the Poarch Band of Creek Indians of Alabama. The asset changed hands for $1.3 billion.
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The brothers want to form the Virtual Commodity Association
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A CFTC commissioner applauded the plan for self-regulation
The Winklevoss twins have taken on their next project in the cryptocurrency world: regulation.
The brothers, who run the Gemini exchange for trading Bitcoin and Ether, have submitted a proposal to create the Virtual Commodity Association, a self-regulatory organization meant to police digital-currency markets and custodians. The non-profit group would aim to develop industry standards, promote transparency and work with regulators including the U.S. Commodity Futures Trading Commission to prevent fraud…
Winklevoss Twins Have a Plan to Police Cryptocurrency Trading
IADC To Relocate Houston HQ
By · CommentsJLL has arranged a headquarters relocation lease on behalf of the International Association of Drilling Contractors (IADC) at Lockton Place, a 186,000-square-foot office building in Houston’s Westchase submarket. The tenant is scheduled to relocate to its new 18,920-square-foot space in the third quarter of 2018.
Located at 3657 Briarpark Drive, Triten Real Estate Partners and USAA’s recently completed Lockton Place is now 94 percent leased. The eight-story, Class A property features a fitness center, conference room, dining lounge and outdoor gathering space…
No Rebound for Dubai Property as Slump Drags On
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Property slump seen persisting after disappointing in 2017
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Supply outpaces demand prompting builders to delay completion
Four months after rejecting a broker’s advice to slash his rent demands on a new Spanish-style villa in Dubai, the homeowner was ready to accept a 20 percent cut on the still vacant property…
Encompass Health to Build Houston-Area Rehab Facility
By · CommentsEncompass Health Corp.—formerly known as HealthSouth Corp.—has announced plans to build a $25 million, 40-bed inpatient rehabilitation hospital in Katy, Texas.
The facility will be located at The Reserve at Grand Parkway, providing comprehensive rehabilitative services and around-the-clock registered nursing care to stroke patients, while also tending to spinal cord injuries, amputations and complex orthopedic conditions…
Hedge Funds Finally Got Some Volatility. It Didn’t Help.
By · CommentsOffice Evolution Advances Into Tampa
By · CommentsOffice Evolution has signed a 7,721-square-foot office lease at Travelers Cos.’ Lincoln Center, a 217,695-square-foot Class B office building in Tampa, Fla. The owner picked up the asset in a $21.5 million sale in early 1998, according to Yardi Matrix. The lease comes on the heels of the firm’s recently inked deal for more than 8,000 square feet of new coworking space in Jacksonvile, Fla.
IT Firm Renews DC-Area Office Lease
By · CommentsMicroStrategy, an IT and data analytics service provider, has renewed its lease at one of Quadrangle Development’s Towers Crescent Class A office towers in suburban Washington, D.C. The firm has occupied 200,000 square feet in the building since 2010, according to Virginia Business. MicroStrategy plans to upgrade its space with approximately $6 million in improvements and hire 300 new employees over the coming years.
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Plan comes after sale of Tiffany and Credit Suisse holdings
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QIA spent $3.5 billion on investments last year: SWFI
Qatar’s sovereign wealth fund is selling a stake worth about $640 million in Veolia Environnement SA, months after it reduced holdings in Tiffany & Co. and Credit Suisse Group AG…
Qatar Wealth Fund to Sell Entire Veolia Stake Worth $640 Million
Tata Sons Ltd., the holding company for India’s biggest business group, is selling about $1.25 billion of its stake in software services provider Tata Consultancy Ltd.
Brown Commercial Group has negotiated the sale of three industrial assets in suburban Chicago. President Dan Brown was the sole broker for each deal, which Gilberts and Groves LLC purchased for a total of $7 million.
One of the buildings is located at 300-338 Arrowhead Drive in Gilberts, Ill. The facility comprises 24,400 square feet and offers six units, each with about 3,000 square feet of outdoor storage space…