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Top 3 land developers set to report earnings in February
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More than 10 analysts surveyed expect a price recovery in 2018
The worst may be over for Singapore’s property slump…
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Fuelmakers lose hope for a Trump rescue from biofuels mandates
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Philadelphia Energy Solutions bankrupt after 2012 bailout
After nearly 150 years in business, the biggest oil refinery east of the Mississippi River has operated through the Great Depression, two world wars and the 1970s Saudi oil embargo. It’s faced more than one shutdown. Now, its owner says a 13-year-old government biofuels mandate brought the Philadelphia fixture to its knees…
Who Will Save the East Coast’s Oldest Refiner After Bankruptcy?
Suburban Boston Office Park Commands $80M
By · CommentsTrade risk in U.S. markets is no longer hypothetical, and investors would do well to pay attention, according to Morgan Stanley strategists…
Morgan Stanley Warns on U.S. Trade Risk and Suggests Hedges
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Signs of rent weakness emerge as construction approaches peak
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Almost all of the new units are aimed at the high end
Landlords counting on downtown Los Angeles as a cash machine may be in for the same bout of pain as their counterparts in Manhattan, where a flood of supply has started to drive down rents.
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Lender caught up in 2017 deposit run expected to repay bonds
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Home Capital has ‘ample liquidity’ to redeem debt, CFO says
Home Capital Group Inc. debt investors who took a bet on the Canadian mortgage lender when its survival was in doubt are poised to reap the rewards of their gamble…
Home Capital Bond Investors Poised for Buffett-Powered Gain
NHI Acquires TX Nursing Facility
By · CommentsNational Health Investors Inc. has acquired a 121-bed skilled nursing facility in Waxahachie, Texas, for $14.4 million. NHI is planning on leasing the facility to an affiliate of The Ensign Group Inc.
The acquisition is the second of four to which NHI had previously committed and will expand on the existing lease at an initial rate of 8.2 percent plus annual lease escalators based on inflation. The facility—which opened its doors in November 2016—adds to Ensign’s footprint, which comprises 16 skilled nursing facilities in Texas. The acquisition was funded by NHI’s revolving credit facility…
Hedge Fund Startups in Asia See Signs of Revival
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Industry looks to rebound after record-low openings in 2017
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Former Tybourne, Moore, Owl Creek employees plan own funds
A slew of hedge funds are setting up shop in Asia, pointing to early signs of a revival after new starts slumped in 2017…
Obama Presidential Center Project on Track
By · CommentsThe Obama Foundation has submitted the Planned Development and Lakefront Protection Ordinance Application with the City of Chicago. The application is for city zoning entitlements and contains the revised construction plan for the upcoming presidential center, which is scheduled to break ground by the end of 2018 if the approval process goes smoothly.
Montecito Snags 63 KSF Chicago-Area MOB
By · CommentsMontecito Medical Real Estate has acquired a 63,486-square-foot medical office building in Dyer, Ind., on the campus of Franciscan Health Dyer Hospital, one of the largest acute-care hospitals in Northwest Indiana. The health system includes 14 hospitals with more than 18,000 employees. Built in 2008, Medical Pavilion South is a four-story health-care facility. According to Montecito Medical, the property is 92 percent leased.
Singapore Office Rents to Rise the Most in Asia
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City-state’s office rents set to climb 25% in next two years
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Tokyo only Asian city where rents will decline, Cushman says
Singapore office rents are set to post the biggest gains among Asian cities as an increase in demand runs into moderating supply, according to Cushman & Wakefield Inc…
Central Valley Shopping Center Fetches $6M
By · CommentsDonahue Schriber Realty Group has sold Colony Plaza, a 73,199-square-foot shopping center in Ripon, Calif., for $5.6 million. The buyer, NetCo Investments, financed its acquisition with a $3.1 million mortgage with a variable interest rate held by Five Star Bank, according to public records. An HFF team led by Gleb Lvovich, Bryan Ley and Eric Kathrein represented the seller in the deal.
Marcus & Millichap Brokers Sale of Bay Area Mini Storage
By · CommentsThe Mele Group of Marcus & Millichap has arranged the sale of Bay Area Mini Storage, a 95,479-rentable-square-foot facility in Corpus Christi, Texas. The firm marketed the property on behalf of the seller, a limited liability company, as well as the buyer, a private investor.
Morgan Stanley boosted Chief Executive Officer James Gorman’s 2017 compensation by 20 percent to $27 million, the most pay he’s received since taking the helm eight years ago…
Morgan Stanley Lifts CEO’s Pay 20% to $27 Million for 2017
NAI Hiffman Closes 3 Chicago-Area Office Transactions
By · CommentsNAI Hiffman has closed three different suburban office transactions outside Chicago. The first involved the $3.6 million sale of an office building in Lombard, Ill. The other two deals were leases, one for Joseph T. Ryerson & Son Inc.’s single-tenant lease in Lisle, Ill., and the other a new lease for LexRay in Downers Grove, Ill.
Ashford Trust Refinances 8-Hotel Portfolio
By · CommentsFor the third time in three months, Ashford Hospitality Trust Inc. has refinanced a mortgage loan. In the latest transaction, the Dallas-based REIT refinanced a mortgage loan that had an outstanding balance of approximately $377 million and was secured by eight hotels.
The original loan was part of the BAML 1 & 2 Pool loan with a maturity date of January 2020. The REIT said the new loan totals $395 million and should result in annual interest savings of about $6.5 million…
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Restaurants and stores underpin $370 million of debt
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NY prosecutors last year requested documents for the space
In a six-floor retail space near Times Square, the Guy Fieri restaurant has closed and construction hasn’t begun on celebrity chef Todd English’s food hall. A tourist attraction featuring a 1/87th scale model of New York City was behind on rent for two months as of December, according to loan documents…
Kushner’s Deutsche Bank-Backed Property Stung by Tenant Troubles
WoodSpring Debuts Extended-Stay Hotel in WA
By · CommentsWoodSpring Hotels has launched WoodSpring Suites Seattle Redmond, a 120-key hotel designed for extended stay. The asset was developed by West 77 Partners LLC and will be operated by WoodSpring Hotels Property Management.
“By fully utilizing our expertise in the extended-stay segment and the profitability that is a result of our unique operating model, the WoodSpring Suites brand continues to attract first-rate developers like West 77 Partners,” said Ron Burgett, executive vice president of franchise development and operations for WoodSpring Hotels LLC, in prepared remarks…
Investment Predictions for 2018: TH Report
By · CommentsBrexit Reveals Europe’s Future Financial Hubs
By · CommentsAs Bitcoin continues its wild ride, a Singapore hedge fund unit is raising $10 million for a cryptocurrency arbitrage fund to trade off price movements…
This Singapore Hedge Fund Unit Is Raising Money for a Crypto Arbitrage Fund
Marcus & Millichap Arranges IL Office Building Sale
By · CommentsMarcus & Millichap has facilitated the sale of Mutual of Omaha, a 19,330-square-foot office property located in Decatur, Ill. The company marketed the listing on behalf of the seller, a limited liability company, and procured as well as represented the buyer, a private California investor. The transaction was part of a 1031 exchange.
Groundbreaking on new U.S. homes eased from the fastest pace in 13 months while permits held steady to finish the strongest year for housing construction in a decade, government figures showed Thursday…
U.S. Housing Starts Fall More Than Expected, Permits Steady
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Rising supply, hedging costs dim U.S. allure for Asian buyers
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Booming economy, outperforming debt enhance Europe’s appeal
Sovereign issuers that are selling bonds in euros at a record pace could well be finding some of the world’s most prolific buyers ready to pounce…
Japan Dumping U.S. Treasuries Puts Spotlight on Euro-Area Debt
Personal Mini Storage Grabs 897-Unit Storage Facility
By · CommentsPersonal Mini Storage has purchased, Devon Self Storage, an 897-unit, Class A self-storage facility in Gainesville, Fla. The acquisition marks the company’s sixth asset in the Gainesville market. The facility will be rebranded as Personal Mini Storage.
At 8825 N.W. 13th St., the asset sits on a major street that connects to Interstate 75. Downtown Gainesville is within 15 minutes of the property. The area is surrounded with many apartment communities, which are 91 percent occupied. This year, the city’s population is expected to increase by 2.7 percent…
This Monopoly Is Holding Back the Mortgage Market
By · CommentsIf you apply for a mortgage in the U.S., chances are your credit score will be generated by an algorithm better suited to the economy of the 1990s — part of an ossified system that could be denying millions of otherwise qualified Americans the opportunity to buy a home.
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Measure depends on nearby states adopting similar provisions
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Governor’s statement has scant detail on ‘Fairness Fix’ plan
New York Governor Andrew Cuomo announced plans Thursday to target a tax break for investment fund managers in his state…
Cuomo Proposes Ending Carried Interest Loophole for Hedge Funds
Luxury Ski Resort in Utah Scores $60M Refi
By · CommentsSonnenblick-Eichner Co. has arranged $60 million in financing for St. Regis Deer Valley, a AAA Five Diamond year-round destination resort in the Deer Valley ski area in Park City, Utah.
The non-recourse financing was funded by a domestic life insurance company in what S-E described as “a highly structured transaction.” Proceeds were used to refinance existing debt with a new long-term, fixed-rate loan and to provide for the development of the resort’s next phase, which will include additional condo and hotel units, a destination restaurant, and other resort amenities. Construction on that next phase is expected to begin later this year or in early 2019…
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Pittsburgh has the cheapest housing among the 20 finalists
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Los Angeles is the costliest, according to data from Trulia
If Amazon wants to locate its HQ2 in the most-affordable spot for housing, there’s an obvious choice: Pittsburgh…
If Home Prices Guide Amazon’s Choice, There’s One Top Spot for HQ2
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon received $29.5 million in total compensation for his work in 2017, an increase of 5.4 percent from a year earlier.
Terra Sells $72M Miami-Area Retail Center
By · CommentsTwo years after completing development of Doral Commons in Doral, Fla., Terra Group has traded the 140,000-square-foot retail center for approximately $72 million, or roughly $514 per square foot. With the assistance of commercial real estate services firm Cushman & Wakefield, the integrated real estate development and investment firm sold the grocery-anchored property to Jamestown LP.
Hong Kong’s Red-Hot Home Market Set to Defy Rate Hikes
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Warnings from HKMA, IMF have been falling on deaf ears
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Inflows of liquidity are capping local interest rates
Why are official warnings of the threat that rising interest rates pose to Hong Kong’s red-hot housing market falling on deaf ears?…
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Government funding ends at midnight Friday without new deal
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Senate Democrats say they have enough votes to block bill
The House passed a spending bill Thursday to avoid a U.S. government shutdown, but Senate Democrats say they have the votes to block the measure in a bid to force Republicans and President Donald Trump to include protection for young immigrants…
U.S. House Passes Spending Bill to Avoid Government Shutdown, Senate in Doubt
Friedman Negotiates Lease for Meritus Property
By · CommentsFriedman Integrated Real Estate Solutions has negotiated a 20,045-square-foot lease for Meritus Property Management. The space is located within the Tri-Atria Office Building in Farmington Hills, Mich. Jordan Friedman, an associate broker with the company, negotiated the agreement on behalf of the tenant.
The Tri-Atria Office Building is located at 32255 Northwestern Highway and is owned and managed by Sterling Group, according to Yardi Matrix data. The company in charge of leasing is Signature Associates…
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FHFA Director Mel Watt says MBS guarantees should be explicit
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Watt sends letter to senators in response to request for views
Fannie Mae and Freddie Mac’s regulator is throwing its voice into the debate about what to do with the two companies at the center of the U.S. mortgage system…
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Sale to close this month, adding capital of 410 billion yen
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Toshiba expects to resolve negative shareholder equity
Toshiba Corp. has agreed to sell claims in its Westinghouse U.S. nuclear unit to bolster its capital by 410 billion yen ($3.68 billion) by March, helping it to erase negative shareholder equity and avoid being delisted…
Toshiba Agrees to Sell Westinghouse Assets, Boosting Capital
Forest City Ratner CEO Launches NYC Development Firm
By · CommentsAfter 23 years at Forest City New York including a nearly five-year run as president & CEO, MaryAnne Gilmartin knew that when she left, her next move “really needed to be big, bold, and audacious.”
“I needed to get it right,” she told Commercial Property Executiveas she discussed the launch of L&L MAG, a new company formed with L&L Holding Co. founders David Levinson and Robert Lapidus that will pursue major ground-up development projects in New York City. The company will have space at 594 Dean St. in Brooklyn and L&L’s 142 W. 57th St. offices…
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Advisory bankers to be told this week, traders notified later
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Investment bank CEO Throsby revamping business after poor run
Barclays Plc is eliminating as many as 100 senior staff at its investment bank as the unit’s chief, Tim Throsby, overhauls the underperforming division, according to people familiar with the decision…
Sacramento Office Market Gains Momentum
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BitConnect says exchange will resume ‘work as usual’ Thursday
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Value of startup’s digital tokens drops as much as 95%
BitConnect isn’t letting this week’s closure of its cryptocurrency exchange and lending operations deter it from attempting to raise funds though another digital token offering…
The Value of New York Real Estate Jumps More Than 9%
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Brooklyn leads burroughs with an increase of 12 percent
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Manhattan real estate has slowest price growth, up 7 percent
New York City is still reaping the benefits of the real estate boom.
Poll: Tax Bill Provisions’ Impact on Real Estate
By · CommentsCPE has a new poll! We want to know your thoughts on how the tax bill provisions reducing the corporate and pass-through rates will impact the real estate industry.
Last month, we wanted to know how your predictions of Trump’s influence on real estate changed since he took office one year prior. Of the total respondents, an equal 26 percent said the president had either a neutral or negative impact on the industry. Read on to see the results…
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Fundraising by cybsecurity firms more than doubled in 2017
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Financing is a testament to growing demand for grid security
The world’s power plants and transmission lines are more networked to each other and controlled via the Internet than ever before. And in that, Wall Street sees a business opportunity…
Wall Street Has a $1.7 Billion Bet on the Rising Risk of Grid Attacks
Donald Trump’s tax cuts may be helping Wall Street, but some of its biggest names haven’t forgotten Barack Obama…
Goldman Sachs and Ken Griffin Funds Give Big to Obama Foundation
Sentiment among America’s homebuilders eased in January to the second-highest level since 2005, a sign the housing market will continue to make strides this year, according to data Wednesday from the National Association of Home Builders/Wells Fargo…
Homebuilder Sentiment in U.S. Cools in January From 18-Year High
U.K. House Prices Eke Out Gains
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RICS gauge of house prices advances to 8 in December
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Demand appears weaker as new buyers and transactions decline
U.K. house prices are edging higher, but the market remains subdued…
U.K. House Prices Eke Out Gains
NKF Appoints Market Leader in Phoenix
By · CommentsNewmark Knight Frank has hired a new market leader for its Phoenix office. Michael Garlick will take on the role of executive managing director, replacing Pete Bolton in overseeing office and brokerage operations, as well as growth initiatives in the Phoenix metropolitan area.
Companies Compete for Space in Denver
By · CommentsWheeler Buys Norfolk, VA Shopping Center for $86M
By · CommentsWheeler Real Estate Investment Trust has entered a purchase and sale agreement for JANAF Shopping Yard in Norfolk, Va. Through its wholly-owned subsidiary, WHLR-JANAF LLC, the company will acquire the retail center for an expected price of $85.6 million from four different entities.
Located at 5900 E. Virginia Beach Blvd., JANAF Shopping Yard features 887,917 rentable square feet. The asset is anchored by many national retailers, such as BJ’s Wholesale Club and Fuel Center (151,345 square feet), Big Lots (42,500 square feet), T.J. Maxx (37,383 square feet) and service providers, including the U.S. Postal Service and SunTrust Bank. The property features a 37,234-square-foot office in a different building. At the time of the transaction, JANAF Shopping Yard was 94 percent occupied…
Now Open: 2018 Leaders in Real Estate Education Survey
By · CommentsPreiss Acquires 1,180-Bed Student Housing Portfolio
By · CommentsThe Preiss Co., in partnership with a fund managed by Crow Holdings Capital, has purchased a student housing portfolio containing 1,180 beds. Recently, Crow Holdings teamed up with Trammel Crow to acquire a 1.3 million-square-foot office complexin Washington, D.C.
The assets, 49 North and University Village, are both located in Charlotte, N.C., near the University of North Carolina, Charlotte. The acquisition was financed through a 10-year, variable interest rate mortgage provided by CBRE through Freddie Mac. The financing will additionally fund renovation work on the two properties’ units and amenities…
Divaris Facilitates Sale, Leases in SC and NC
By · CommentsDivaris Real Estate has signed new tenants, renewed leases and negotiated a sale, in the Charlotte-Raleigh metropolitan areas. The recently-closed transactions total 43,628 square feet in North and South Carolina.
DRE’s Charlotte office brokered the $850,000 sale of a former furniture store located at 7515 Two Notch Road, in Columbia, S.C. The asset boasts good access to major thoroughfares, with frontage on Route 1, while interstates 77 and 20 are within minutes of the property. Multiple restaurants, retailers and apartment communities are situated in the vicinity. Diana Teitsma, senior vice president at DRE, represented the seller, Haverty’s Furniture Co. TSN Realty LLC acquired the property…
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Scandic warns of lower earnings from Swedish operations
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Hotel stocks slump as oversupply echoes housing market glut
It’s not just Stockholm’s housing market that is feeling the weight of a surge in supply. Profitability among hotels is also under pressure as demand fails to fill a raft of new rooms in the Swedish capital…
Stockholm Has Too Many Hotel Rooms and It’s Hurting Share Prices
Bamboo Equity Acquires MO Office Asset
By · CommentsLocated at 11960 Westline Industrial Drive, the building features 93,000 square feet across three stories. Built in 1971, the asset is currently 72 percent occupied to tenants including Lindenwood University, Kantar Health and professional staffing service YOH. The company plans to attract new tenants and upgrade the property to make it more energy efficient. The building is within close proximity to interstates 270 and 70, the Page Extension, Highway 141 and Lindbergh Boulevard. The asset is also located near Westport Plaza, formerly a restaurant and entertainment spot in St. Louis County, which was revitalized and includes a new $75 million World Wide Technology headquarters…
Skanska To Build New MOB in Karlskrona, Sweden
By · CommentsSkanska is one of the leading development and construction companies in Scandinavia, with operations in building construction and civil engineering in Sweden, Norway and Finland. The firm, which specializes in residential and commercial property projects in select home markets, has signed a contract with Blekinge County Council to construct a new building at Blekinge Hospital in Karlskrona, Sweden.
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U.K. hub also pitches shorter strip, staged terminal expansion
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Airlines have complained existing design would be too pricey
London’s Heathrow airport put forward proposals for a sloping runway and said the landing strip could be built to three different lengths as it seeks to cut 2.5 billion pounds ($3.4 billion) from the cost of expansion plans…
Heathrow Plans Sloping Third Runway to Cut Costs by $3.4 Billion
Ernst & Young Opens Hoboken Office
By · CommentsCRE in 2018: Change Is Afoot
By · CommentsGeneral Electric Co.’s disclosure of a larger-than-expected $6.2 billion charge related to an old portfolio of long-term care insurance triggered the biggest drop in its shares in more than two months. And analysts say it could be just the beginning of a new wave of bad news from the manufacturer, whose shares plunged 45 percent last year as it undergoes a massive overhaul.