Baceline Acquires KC Shopping Center, Sells Indy Asset
By · CommentsBaceline Investments has purchased Piper Plaza, a shopping center in Kansas City, Kan., for $6.3 million from McCownGordon Construction. The acquisition was partially funded by the sale of the firm’s Madison & Edgewood Shoppes in Indianapolis for $4.3 million.
Greysteel Arranges Sale of DC Mixed-Use
By · CommentsGreysteel has closed the sale of 7350 Georgia Ave., a mixed-use property located on the northern outskirts of Washington, D.C. The asset traded for a record price for non-development commercial real estate on Georgia Avenue in the 20012 zip code, at $333.33 per square foot.
The property is located on Georgia Avenue, one of the longest retail corridors of the city, connecting Silver Spring, Md. to downtown D.C. The asset is situated less than a half mile from the Walter Reed redevelopment project and less than a mile walk to the Red Line’s Takoma Metro Station…
JV Snags IL Office Park for $129M
By · CommentsA joint venture between GFH Financial Group B.S.C., Lincoln Property Co. and Crestlight Capital has acquired Central Park of Lisle I and II, a Class A office property in Chicago’s suburb of Lisle, Ill. According to Yardi Matrix, the property traded for $129 million, funded by a $93.9 million loan held by Citibank. The previous owner was Equity Office Properties Trust.
Will Anyone Rent This Apartment for $100,000 a Month?
By · CommentsIt’s got three outdoor showers and a terrace that overlooks the Met.
Pier Guerci, the former president of the U.S. division of Loro Piana, wasn’t ready to give up his Fifth Avenue penthouse apartment…
Will Anyone Rent This Apartment for $100,000 a Month?
CBRE Lands Management of South FL Office
By · CommentsCBRE has been awarded the management contract of an asset in Boynton Beach, Fla. The 100,058-square-foot office building had recently changed hands, with Fox Ridge Capital purchasing the property from Aetna Life Insurance Co. in December 2017. Bill Davis and Cindy Hatcher will lead the team managing the building.
Tenants on Property Management
By · CommentsCPE and Kingsley Associates Partner to see how renters feel about how their spaces are managed.
“The frequent changes in property managers make for poor communication and difficulty in building an excellent working relationship.” —Miami
“The property managers are very attentive to our needs and do an excellent job maintaining the building exterior and grounds, which allows us more time to focus on our customers.” —Hamilton, Ohio….
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Bank of Canada governor expected to increase rates this week
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Highest G-7 debt loads make consumers more vulnerable to hikes
The Bank of Canada is already well into the process of raising interest rates to more normal levels and another increase is expected on Wednesday, after the economy’s stellar performance last year.
China Escalates Crackdown on Cryptocurrency Trading
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Focus on exchange-like platforms follows uptick in activity
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Regulators around the world are scrutinizing cryptocurrencies
China is escalating its clampdown on cryptocurrency trading, targeting online platforms and mobile apps that offer exchange-like services, according to people familiar with the matter…
China Escalates Crackdown on Cryptocurrency Trading
HFF Boston Appoints New Senior Director
By · CommentsHolliday Fenoglio Fowler L.P. (HFF) has hired Kerry Hawkins as senior director for its Boston office. With 18 years of experience in commercial real estate, Hawkins will be focusing on office investment advisory transactions in her new role.
In her previous position as first vice president at CBRE, Hawkins focused mainly on the repositioning and marketing of underperforming assets, representing landlords and tenants in the sale and leasing of office properties. Prior to joining CBRE, Hawkins was a senior associate for three years at the Trammel Crow Co…
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Transcations for all of 2017 were the second highest ever
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Home sales have rebounded after slump earlier this year
Canadian home sales rose to a record in December just before tougher mortgage rules took effect, helping make 2017 the second strongest market ever…
Canadian Home Sales Hit Record Ahead of Tougher Mortgage Rules
The London Borough Where Home Prices Have Crashed by 21%
By · CommentsLondon property is having a tough time, but one borough is suffering more than most. Home prices in Southwark — an area to the south of the Thames that includes London Bridge station, Shakespeare’s reconstructed Globe Theatre and trendy Peckham — fell more than 20 percent in the year through November, according to a report from LSL Acadata on Monday. That saw the average home price there drop from 709,130 pounds ($980,000) to 559,529 pounds…
The London Borough Where Home Prices Have Crashed by 21%
Sector on the Mend in Houston
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Changes come as Canada’s uninsured mortgage market swells
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Leaders being asked to take on redefined roles, agency says
Canada Mortgage & Housing Corp. replaced Chief Financial Officer Wojo Zielonka and shuffled its leadership ranks to “better address current and emerging business needs.”
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Wagers on net-long WTI positions climb to highest since 2006
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Brent in London closes above $70 for first time in three years
Oil traded near the highest close in three years as hedge funds increased their bullish bets on crude to the highest in more than a decade…
Oil Trades Near Three-Year High as Hedge Funds Increase Bullish Bets
GuideStone to Relocate to Pinnacle Tower
By · CommentsGuideStone Financial Resources has leased 115,000 square feet of office space at Pinnacle Tower in Dallas. The company has also sold its current office space, a 194,000-square-foot building at 2401 Cedar Springs Road; however, it will be leased back until the relocation can occur in late summer 2018. JLL brokered the leasing agreement as well as the sale of the firm’s current office.
Hanley Arranges Sale of CA Fitness Center
By · CommentsHanley Investment Group Real Estate Advisors has arranged the sale of a 31,062-square-foot, single-tenant commercial space in Brentwood, Calif. The company worked on behalf of the seller, a family trust, whereas the buyer was self-represented in the deal. The asset is occupied by In-Shape Health Clubs, a non-national gym brand founded in 1981.
Art Basel Boosts Miami Hospitality
By · CommentsArt Basel, the largest global Modern and contemporary art fair, now draws an estimated 80,000 people to Miami, making it one of the major stops among art dealers around the world. Founded in 1970 in Basel, Switzerland, the fair first came to Miami Beach in 2002, attracting 160 galleries and 30,000 attendees as the event’s first international outpost.
Hedge Funds Are Making Money From Exotic Bets
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AHL Evolution, Systematica’s fund beat other trend followers
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Florin Court up after switching focus; Aspect, GAM join fray
Cheese, sunflower seeds and rough rice sounds like an unappetizing mix — unless you happen to be a hedge-fund manager.
Jackson Walker Expands Houston Office Lease
By · CommentsMultiplex Lands $1B Australia Hospital Contract
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Sellers cut asking prices 1.4% in the U.K. capital in January
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Numbers of days required to sell property is climbing
The new year brought little cheer for London’s housing market with asking prices dropping to the lowest since August 2015.
STORE Capital Buys AZ, CA Assets for $21M
By · CommentsMarcus & Millichap has arranged the sale and leaseback of a two-property industrial portfolio, with the assets located in Roseville, Calif. and Chandler, Ariz. STORE Capital Corp. acquired the properties from Erickson Construction for $21 million.
The properties are a 56,000-square-foot lumber yard and industrial building at 8350 Industrial Ave. in Roseville and a 79,000-square-foot manufacturing facility, which served as Erickson’s corporate headquarters, at 250 N. Beck Ave. in Chandler…
Apartment rents are on the decline in almost every Manhattan neighborhood. But in Yorkville, the Upper East Side enclave with a brand-new subway line, landlords are demanding more.
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Sovereign fund may raise about $5 billion from banks this year
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Public Investment Fund is seeking to boost investment returns
Saudi Arabia’s sovereign wealth fund, which aims to become a $2 trillion investment giant, is considering borrowing from banks for the first time as it seeks investments in the kingdom and abroad, according to people familiar with the matter…
Saudi Wealth Fund Is Said to Weigh Bank Loans for Investments
Life Sciences Remodel 2018 CRE Landscape
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‘We want to be No. 1 regardless,’ of competition, CFO says
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Profit margins on new mortgages to fall during first quarter
Wells Fargo & Co. isn’t giving up its mortgage-lending crown without a fight.
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With cap on deductions, ‘everyone’s calling their accountant’
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County’s homeowners pay highest property taxes in the U.S.
The real estate market in New York’s Westchester County, home to the country’s largest property-tax burden, has been on a roll. After a tax overhaul that saddles residents with even higher costs, everyone’s wondering: Can it continue?…
Westchester, Home of America’s Highest Property Taxes, Braces for a Hit
Vista Grows Silicon Valley Footprint With $113M Purchase
By · CommentsVista Investment Group, a Santa Monica, Calif.-based privately held real estate investment firm, expanded its Silicon Valley holdings with the acquisition of Vasona Technology Park, a 314,256-square-foot complex in Campbell, Calif., for $113 million. An unidentified institutional money management firm teamed with Vista in a joint venture on the transaction.
SoftBank Group Corp.’s Vision Fund will invest 460 million euros ($560 million) in Auto1 Group GmbH, valuing the used-car sales portal at about 2.9 billion euros.
About half the investment will be made by issuing new shares, Auto1 said in a statement on Sunday. The Financial Times had earlier reported the size of the investment, saying the deal would give SoftBank control of about one-fifth of the company.
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Average rent rose by 9.1 percent in the fourth quarter
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A frenzy of building, with development at a 25-year high
Go ahead, just try to rent an apartment in Toronto.
Avison Young to Lease DC Office Building
By · CommentsThe RMR Group has selected Avison Young to lease one of its office assets located in Washington, D.C.’s Capitol Hill submarket. A team comprising Principals Greg Tomasso and Eli Barnes and Associate Lauryn Harris will start marketing the 130,000-square-foot building after the only tenant’s relocation.
Alabama Reels in $1.6B Toyota-Mazda Plant
By · CommentsThe nationwide competition for Toyota Motor Corp. and Mazda Motor Corp.’s new joint-venture manufacturing plant is over, and Alabama has emerged victorious. The companies joined Alabama Gov. Kay Ivey on Wednesday, January 10, to announce that the $1.6 billion facility—and the roughly 4,000 jobs it will create—will go to Huntsville.
A bevy of states from across the country vied for the Toyota-Mazda project in a process spearheaded by commercial real estate services firm JLL on the manufacturers’ behalf. “After a thorough national evaluation process, Huntsville was selected as the ideal location for the new plant,” Meredith O’Connor, international director with JLL, said in a prepared statement…
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Rise Fund, co-founded by the U2 singer, is investing in Acorns
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Startup’s other celebrity backers include Kutcher and Durant
Financial technology startups are grabbing a greater share of capital from investors. Now Bono is getting in on the action.
Chase Bank Opens New Williamsburg Location
By · CommentsThor Equities has signed an 8,000-square-foot, 10-year retail lease with Chase Bank at one of its recently completed buildings in Williamsburg. The tenant will occupy space on the ground and lower floors, and is expected to move in during the third quarter of 2018.
The 14,500-square-foot retail building is located at 180 Bedford Ave., and includes 120 feet of frontage. Each ground-, second- and lower-level floor comprises 4,000 square feet, while the property offers 18-foot ceiling heights and a 2,500-square-foot rooftop terrace. The remaining space is suitable for all types of retail or restaurant…
T5 Adds Second Tenant to Chicago Facility
By · CommentsT5 Data Centers has entered an agreement for a second pre-lease at its Phase 2 of T5@Chicago build-out. The enterprise client is an S&P 500 company which will join the first pre-leased tenant, a hospital network, at the upcoming data hall expansion.
Just as British home buyers are finding costs ever-so-slightly more affordable, the price of housebuilders is becoming an increasing stretch.
Strong trading updates this week from Persimmon Plc, Taylor Wimpey Plc and most recently Barratt Developments Plc have been greeted by falling share prices as buyer fatigue sets in…
Barratt Becomes Latest Victim of U.K. Homebuilder Buyer Fatigue
Available office space in midtown Manhattan in the fourth quarter remained far below the post-recession high, but that may not last long.
NKF Closes $25M Sale of Mixed-Use Boston Asset
By · CommentsLocated at 41 Winter St. in one of Boston’s most dynamic districts, the eight-story, 100 percent leased building includes office space and ground-floor retail. The property is anchored by Liberty Travel, which recently signed a lease…
Ventus Group to Develop $300M Mixed-Use Project
By · CommentsA tight supply of U.S. homes for sale, coupled with low mortgage rates, led buyers to bid aggressively last year, with 24 percent paying more than the asking price, according to Zillow. That’s the biggest share since the home-listing site began compiling the data in 2012…
One in Four U.S. Homebuyers Paid Above Listing Price Last Year
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Korea is one of the world’s most active cryptocurrency markets
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Ministry proposal to ban exchanges spurs social-media backlash
Bitcoin slumped to its lowest level since Christmas day as South Korea’s justice minister reiterated his proposal to ban local cryptocurrency exchanges, fueling concern a state crackdown will erode demand for digital coins in one of the world’s biggest markets.
H&R Retail Completes 2 Mid-Atlantic Leases
By · CommentsH&R Retail, a Washington, D.C./Baltimore-based retail real estate brokerage firm, has competed two retail lease transactions in Fairfax County and Baltimore. The properties are located within significant retail centers in their suburban metro areas and total roughly 43,000 square feet.
Aldi signed a 32,014-square-foot lease at the 13031 Fair Lakes Shopping Center in Fairfax, Va., located on the western outskirts of Washington, D.C. The space was formerly occupied by a Sports Authority store. H&R represented owner Toys “R” Us, whose store is situated adjacent to the property. Aldi, a global discount supermarket chain, has more than 10,000 stores in 18 countries…
OC Office Tower Trades for $120M
By · CommentsCB Global Investors has acquired 2600 Michelson, a 311,000-square-foot office tower in Irvine, Calif., from Ocean West Capital Partners. The asset traded for $120 million.
The building is situated on nearly 4.6 acres in the Greater Airport Area submarket of Orange County, just minutes away from Houston’s Restaurant, Mother’s Market, LA Fitness and Central Park West, a new mixed-use urban village and retail center that boasts more than 30 micro-restaurants, bars and stores…
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Wall Street scouts for local staff after ‘point of no return’
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Banks said to block-book school places for London expats’ kids
Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley are on a hiring drive in Frankfurt as global investment banks race to establish new headquarters inside the European Union in time for Brexit.
The biggest Wall Street firms have recently started advertising for scores of staff ranging from risk managers to compliance officers and information-technology specialists, according to internet listings. They need their offices to be up and running by April 2019, headhunters and people familiar with their firm’s hiring plans said…
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Investors ride rally in high-yield debt that beats forecasts
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Enthusiasm ignores predictions of more defaults ahead
More than $2.6 billion flowed into high-yield bond funds during the week ended Jan. 10, according to Lipper Fund Flows data released Thursday, as investors looked to get a piece of a junk-debt rally already blowing through year-end forecasts…
Junk-Bond Funds See Largest Cash Inflows Since December 2016
Fully Leased Tampa Office Asset Fetches $11M
By · CommentsCushman & Wakefield has brokered the sale of a fully leased, 60,000-square-foot office building in Tampa, Fla. Christian Tyler Properties acquired the property for $10.5 million from 10210 Windhorst Blvd LLC, a private investment partnership. According to public records, Axiom Bank facilitated the deal by providing $7.7 million in acquisition financing.
Blackstone to Buy Canada’s Pure Industrial REIT for $3B
By · CommentsCanadian-based Pure Industrial Real Estate Investment Trust has caught the eye of private equity giant Blackstone Group LP, which intends to add the REIT to its growing industrial holdings in a deal valued at C$3.8 billion.
“We are excited to be acquiring PIRET, one of the premier Canadian industrial REITs, as a continuation of our global strategy to acquire high-quality logistics assets in key urban markets. The management team has done an excellent job building the portfolio and we look forward to working together going forward,” Tyler Henritze, Head of North America Acquisitions for Blackstone Real Estate, said in a prepared statement…
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Irish house prices are booming amid shortage of homes
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Price crash led to economic collapse and bailout a decade ago
Irish lawmaker Noel Rock has a very direct interest in the nation’s new house price surge — he’s trying to buy a home in the euro-zone’s hottest market.
Peter Thiel Bids on Gawker Assets Amid Bankruptcy
By · CommentsPeter Thiel made an offer to purchase some assets of Gawker Media LLC, the news and gossip site he helped bankrupt in 2016 by secretly funding a lawsuit, said a person familiar with the offer.
Braun Enterprises Snags Houston Office Asset
By · CommentsHFF has arranged the sale of a boutique office property totaling 162,188 square feet in Houston’s Galleria submarket. Woodway Office Partners LLC, a joint venture of Fuller Realty Partners and Harbert Management Corp., sold the two-building asset to a partnership led by Braun Enterprises.
DIVERSE TENANT BASE
Located at 5757 Woodway Drive, the two- and four-story property sits on a 4-acre parcel and was completed in 1977. Occupied by a diverse tenant base spanning the finance, health-care, communication, technology and education sectors, 5757 Woodway was 70 percent leased at the time of sale…
Bridge Office Expands Atlanta Portfolio
By · CommentsBridge Office Fund Manager LLC has expanded its holdings by a whopping 2.2 million square feet. The real estate investment company recently completed the acquisition of a 13-building office portfolio from Piedmont Office Realty Trust.
“These properties are directly in line with the Bridge Office urban suburban investment strategy of acquiring into the prime business centers of healthy cities around the U.S.,”Jeff Shaw, principal with Bridge Office Fund Manager LLC & CEO of Bridge Commercial Real Estate, said in a prepared statement…
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There’s still a large buffer in interbank liquidity: Leung
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Ample liquidity has spurred rallies in H.K. stocks, property
Don’t expect interest rates to spike anytime soon in Hong Kong, where abundant liquidity has fueled spectacular rallies in the stock and property markets…
Seagis Snags 80 KSF Industrial Asset in Queens
By · CommentsSeagis Property Group has expanded its New York portfolio with the acquisition of a 79,920-square-foot warehouse in the Maspeth submarket of Queens. DY Realty Services procured the buyer and will be listing the property for lease.
The asset is located at 5700 49th Place, about one mile from the Brooklyn-Queens Expressway. Manhattan is also easily accessible via the Williamsburg Bridge and the Queens-Midtown Tunnel. According to Crain’s New York Business, the warehouse was purchased from a longtime owner—the operator of a medical-supply family business—and features an on-site parking lot…
NYC No Longer First Global City in RE Investments
By · CommentsApparently spurred by e-commerce’s impact on industrial and logistics properties near its port, Los Angeles has tied New York as the number one city in the United States for foreign investment, moving up from second last year in an annual survey.
Rising Yields Put a Popular Hedging Strategy to the Test
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Hedging stocks with long-dated bonds won’t work if both dive
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Strategy surged in popularity as assets rose in tandem
A trade that mimics a strategy first popularized by Ray Dalio two decades ago is starting to look a bit precarious…
Rising Yields Put a Popular Hedging Strategy to the Test
Downtown Ft. Lauderdale Office Asset Trades for $41M
By · CommentsCBRE’s Capital Markets team has brokered the sale of the leasehold interest in a 24-story office tower and an adjacent two-story office and retail pavilion in downtown Fort Lauderdale, Fla. Facilitated by Ten-X, special servicer LNR Property Corp. sold the assets through auction to Stockbridge Capital Group in a $41.1 million deal.
Hilton Melbourne Rialto Place Changes Hands in FL
By · CommentsThe Buccini/Pollin Group (BPG) has acquired the 238-key Hilton Melbourne Rialto Place in Melbourne, Fla. PM Hotel Group, a Washington, D.C.-based hotel management company will operate the asset.
Located less than one mile from Orlando Melbourne International Airport, the property is the only full-service, first-class hotel in the mainland market. The site is also in close to the Space Coast industrial base, the beach and youth sports centers…
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Toronto, Vancouver, Montreal sales above C$1 million surge
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Sotheby’s says 2018 outlook for condo market remains strong
A C$20 million ($16 million) penthouse with views of downtown Toronto and Lake Ontario helped luxury condominiums shatter sales records in Canada last year, bucking a cooling trend in the rest of the housing market…
Penthouse With Lake Views Leads Record Luxury Condo Sales in Canada
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Foreign investment in Sydney’s housing falls 5.5% pts in year
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Australia has raised stamp duty, taxes for foreign buyers
Chinese demand for Australian housing is cooling as both nations’ governments tighten the screws on investment activity…
Sydney Homes Aren’t So Attractive to Chinese Investors This Year