Activity Abounds at Gaedeke’s Dallas Office Properties
By · CommentsAn active ending to 2017 precedes big plans in 2018 at Gaedeke Group LLC’s three-property office portfolio in the Uptown/Turtle Creek submarket of Dallas. Gaedeke recently recorded a flurry of lease agreements totaling nearly 40,000 square feet at the premier office high-rises, and now the real estate firm is preparing for renovations at two of the buildings.
Luxury Hotel Breaks Ground in Tribeca
By · CommentsThe developers of an eight-story luxury hotel planned for 456 Greenwich St. in Manhattan’s Tribeca neighborhood are betting on demand for ultra-luxury accommodations and a lack of supply in an area that is booming with new development.
“Combining its historic roots with an extraordinary influx of development and investment, Tribeca continues to be one of the most charming and sought-after neighborhoods in the entire city,”Joshua Caspi, principal of Caspi Development, said in a prepared statement…
Peebles-Led JV to Build $1.2B Angels Landing High-Rises
By · CommentsThe City Council of Los Angeles has selected Angels Landing Partners LLC to manage development of the Angels Landing site in Downtown. Peebles Corp., MacFarlane Partners and Claridge Properties teamed up for the complex project with an estimated total budget of $1.2 billion. Handel Architects designed the two towers—one will rise 88 stories and the other 24 stories. The high-rises are expected to be among the tallest in all of the western U.S.
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Commodity Capital returned 94% in 2017, beating larger funds
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Sees opportunities in Nevada given Trump’s permitting plans
This year’s best-performing commodity fund is betting on more mining companies turning to deal-making for growth in 2018…
Year’s Best Commodities Fund Is Betting on Mining M&A in 2018
International Wheel and Tire Buys MI Asset
By · CommentsInternational Wheel and Tire owns a new industrial facility in Farmington Hills, Mich. The 53,486-square-foot asset belonged to Korean-based Wooshin North America and features a 21,000-square-foot office component. Friedman Integrated Real Estate Solutions brokered the deal on behalf of the seller.
Cranes Keep the Strip in Growth Mode in Las Vegas
By · CommentsWith rents rising at the second-fastest rate in the nation by the end of October, the Las Vegas multifamily market is enjoying a strong spell across the board. Employment growth is driving significant population gains, resulting in more development. The city’s much-maligned housing market is nearing a full rebound to pre-downturn levels, on the back of household creation in rentals. A relatively low average rent of $974 has helped strengthen Sin City’s newfound appeal…
In a new twist to the cryptocurrency craze, Venezuela, the South American oil giant in default on some of its dollar bonds, plans to issue its own digital unit, dubbed the petro…
Get Set for Petro, Venezuela’s Cryptocurrency Answer to Bitcoin
Carter Validus Sells $750M Data Center Portfolio
By · CommentsA joint venture of Mapletree Investments Pte Ltd. and Mapletree Industrial Trust has formed an unlisted, single-purpose trust, Mapletree Redwood Data Centre Trust (MRDCT), to invest in a 14-asset data center portfolio. Carter Validus Mission Critical REIT sold the properties for approximately $750 million. Per the agreement, Mapletree Investments holds a 60 percent interest in MRDCT, while Mapletree Industrial Trust holds the other 40 percent.
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Housing market grew $2 trillion in 2017 to $31.8 trillion
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Los Angeles-Long Beach-Anaheim housing stock leads at $2.7 tln
The total value of all homes in the United States rose 6.5 percent in 2017 to $31.8 trillion, according to Zillow. Renters paid a record $485.6 billion this year…
U.S. Renters Paid a Record High $485.6 Billion in 2017: Zillow
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It was a great year for copper, Ukrainian stocks, palladium
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Uzbekistan’s currency, Venezuelan bonds and sugar not so much
It was a great year to hold bitcoin, but a bad time to have been invested in the Uzbek soum…
From Bitcoin to Belize, Here Are Best and Worst Assets of 2017
PCCP, Blue Steel Team on 1.4MSF Tampa Industrial Park
By · CommentsThe call for premier industrial space is growing louder in South Florida, and a new partnership plans to respond with a 1.4 million-square-foot industrial project in suburban Tampa. PCCP LLC and Blue Steel Development have established a joint venture to acquire a 154-acre site in Lakeland, Fla., on which the partners will develop a 1.4 million-square-foot industrial park.
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Country’s total housing stock now worth $31.8 trillion
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The 6.5% jump is biggest since 2013, but lags other assets
Your home may not have made the same gains as stocks or bitcoin, but it still was a robust year for the U.S. housing market…
Homes in U.S. Gained $2 Trillion in Value This Year, Zillow Says
Wall Street Picks the Best New Restaurants in New York
By · CommentsThe Grill is the favorite new dining room for the Bloomberg audience.
It should come as no surprise that Bloomberg Terminal users (aka the who’s who of the financial industry) eat out a lot. After all, there’s a lot of business to be done at restaurants, and it’s been a big year for New York dining, especially with the relaunch of the former Four Seasons space. So we took a poll among readers of Red Dot NYC, a weekly restaurant-openings newsletter available on the Terminal, to determine their favorite restaurants across the five boroughs. No surprise: It’s still all about Manhattan…
Tech Scene Continues to Thrive in Seattle
By · CommentsFueled by the continued expansion of the technology sector and population growth, Seattle’s multifamily market remains healthy. However, the metro is showing signs of slowing, following the robust gains of the last several years. The metro has fallen from the list of top U.S. metros in year-over-year rent growth, and was negative in the most recent three-month period. That could be a short-term blip, but the weight of new supply and declining affordability could signal more moderate growth moving forward.
South FL Shopping Center Trades for $33M
By · CommentsWeingarten Realty Investors has sold Flamingo Pines Plaza, a 139,462-square-foot community shopping center in Pembroke Pines, Fla., to JBL Asset Management. According to South Florida Business Journal, the Walmart-shadow-anchored retail asset traded for $33.2 million.
Flamingo Pines Plaza is located at 12520 Pines Boulevard, at the heavily-trafficked intersection of Pines Boulevard and Flamingo Road, in an infill location. The site is situated adjacent to Pembroke Lakes Mall and east of Interstate 75, being exposed to more than 110,000 vehicles per day…
Landlords Hold Pricing Power in Orange County
By · CommentsDemand for apartments continues to be strong in Orange County, where high construction costs and surging land values maintain the housing market as one of the most expensive in the country. Following this year’s surge in construction, occupancy has remained tight, indicating rapid absorption of new deliveries, while rent growth dropped to 2.6 percent as of October.
A measure of contract signings for the purchase of previously owned U.S. homes unexpectedly increased in November after surging a month earlier, according to data released Wednesday by the National Association of Realtors…
Contract Signings to Buy Existing U.S. Homes Rose in November
Forest City Initiates Major Retail Selloff
By · CommentsAs the year draws to a close, Forest City Realty Trust Inc. continues making progress on its plan to sell off retail holdings and focus on urban office, residential and mixed-use assets, recently announcing closings with two of its joint venture retail partners.
The larger of the two transactions was with Madison International Realty LLC, which bought out 10 specialty retail centers in the New York City region. The REIT also said it had closed on the sale of its interest in South Bay Galleria, a 960,000-square-foot regional mall in Redondo Beach, Calif., to QIC…
NYC Mixed-Use Development Secures $190M Loan
By · CommentsTrinity Place Holdings Inc. (TPHS) has secured $189.5 million in construction financing to develop 77 Greenwich St., a 300,000-square-foot mixed-use property in Manhattan.
When completed, the development will consist of 90 luxury condominiums and a public elementary school. The project’s hard costs are 93 percent “bought out” and are managed under a gross maximum price construction contract…
Two more Wall Street strategists bumped up their 2018 forecasts for the S&P 500 just days before the new year starts.
Jonathan Golub of Credit Suisse Group AG now predicts that the benchmark index will end next year at 3,000, up from a previous target of 2,875. Wells Fargo & Co.’s Chris Harvey boosted his projection to 2,863 from 2,784…
Wall Street’s Rushing to Raise S&P 500 Forecasts for 2018
Cambria Hotel Coming to Orlando
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Paul Tudor Jones says low volatility is becoming ‘dangerous’
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CQS’s Hintze calls North Korean tensions a ‘potential pothole’
Even a new U.S. president and rising geopolitical tensions couldn’t stop stock markets from marching higher. But that’s about to change, money managers say…
Crypto, Taxes & Volatility: A Hedge Fund Watch List For 2018
Real Estate Financing: What to Expect in 2018
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Value-added levy means 3% charge on some returns from Jan. 1
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Change is the latest blow to country’s hedge fund sector
Hedge funds may be the biggest losers from a new 3 percent tax on some investment returns in China…
China’s New Tax May Hit Hedge Funds More Than Investment Rivals
Miami’s Citigroup Center Emerges From $20M Makeover
By · CommentsMiami’s Citigroup Center is ready for its closeup. Crocker Partners, which acquired the 803,000-square-foot office tower for $262 million in 2012, recently revealed the outcome of its $20 million renovation of the property.
Citigroup Center’s revamp included a facelift, almost literally—Crocker restored the 34-story high-rise’s glass façade. And with the help of architecture firm Richard Meier & Partners, the lobby of the three-decade-old tower at 201 S. Biscayne Dr., was upgraded and the ground-level retail spaces were reinvented…
Rent for the Poor Really Is Too High
By · CommentsAfter paying for housing, those in the lowest income bracket have little left for life’s essentials.
Are poor Americans doing better than they used to, or worse? It’s hard to know, because so many important things in life — social status, emotional health, human relationships — can’t be measured. But in purely material terms, many things have improved…
Rent for the Poor Really Is Too High
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Lender says measures positive in future for U.S. earnings
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Barclays says ultimate impact of changes still under review
Barclays Plc will take a charge of about 1 billion pounds ($1.3 billion) this year as a result of the recent U.S. corporate tax overhaul driven by President Donald Trump.
However, the British lender expects its future U.S. after tax earnings to be positively impacted by the changes, it said in a statement on Wednesday. The one-off charge in the financial year ended Dec. 31 will reduce its CET1 capital ratio by about 20 basis points, it said…
The San Francisco housing market is the most overvalued market in the United States. People over inflate the market because tech is sexy and cool and many are chasing the next Google, Amazon, or Facebook. Everyone wants to strike it rich with as little work as possible. And what better way to do that than in real estate? In San Francisco the typical crap shack will cost you $1.2 to $1.5 million. The response from many housing cheerleaders is the typical logic you see in manias – hey, someone paid for it! You also get similar stories from the tulip bubble, dotcom bubble, and other bubbles where the justification for higher prices is simply that some other sucker paid for it at that level. And there is now signs that we may be in a rental bubble in the Bay Area. 83 percent of renters surveyed in the Bay Area said they plan on leaving. Tie that in with the UBS Global Real Estate Index showing that San Francisco is dangerously close to bubble territory and you have indicators that something is rotten in SF…
Rockbridge Opens Nashville Luxury Hotel
By · CommentsRockbridge Capital has opened downtown Nashville’s newest luxury hotel, operated by MAKEREADY under Marriott International’s Tribute Portfolio flag. Known as Noelle, the 224-key, 13-story historic structure was first opened as a hotel in 1930 by the Noels, a prominent family in the area. The building was later converted to office space, though it was left vacant in recent years. Rockbridge acquired the property in late 2013, and began adaptive reuse work approximately two years later, financed by a $42 million construction loan held by Wells Fargo Bank.
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PBOC’s Xu Zhong sees need to rein in local government debt
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Finance Ministry pledged to break expectations of bailouts
A Chinese central bank official said China should allow local governments to go bankrupt to help rein in regional authorities’ excessive borrowing…
China Central Bank Official Says Bankruptcy May Benefit the Country
It seems like a lot of people are tripping over themselves regarding the GOP tax plan. For California, the housing cheerleaders always trumpeted the massive amount of tax deductions you got when buying a ridiculous crap shack. I always found this to be absurd. You usually got “free market” thinkers on the economy but then suddenly, wanted massive government support when they bought their expensive home. In the Bay Area a crap shack will cost you $1.5 million if you even want to have a parking spot within walkable distance. So it is no surprise that the GOP tax plan doesn’t give two seconds of thought as to what is good for California. And good just means on what side of the dinner table you are sitting at. Frankly, the rest of the country subsidizes the crazy housing market in California and other expensive states so it never made sense to have a mortgage interest deduction of up to $1,000,000 when the typical house in the U.S. costs $200,000. In regards to housing, the GOP tax plan will not help California housing values…
PA Casino Resort Commands $281M
By · CommentsBoyd Gaming Corporation has entered into a definitive agreement to acquire Valley Forge Casino Resort, a 40,000-square foot casino in King of Prussia, Pa., from Valley Forge Convention Center Partners.
“In our industry, Pennsylvania is a pretty important market. It’s the second-largest state in terms of gambling revenues, David Strow, Boyd Gaming Corp.’s vice president of corporate communications, told Commercial Property Executive. “So, the opportunity to enter that market was obviously very important to us.”
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Credit risk transfer bonds among best-performing debt of year
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Planned tax changes may draw new investors to the securities
One of the best bond trades of 2018 might be one of the top from this year: betting that U.S. homeowners won’t default on their mortgages.
The Next Big Trade for Bond Investors Is Betting on U.S. Homeowners
You constantly hear that owning a home is a no brainer in California because you will always get major tax benefits. Well the new GOP tax plan is actually going to benefit California renters while California homeowners in crap shacks will see higher tax bills. It is an interesting tax proposal because the typical US household owning a typical $200,000 home is going to come out ahead. This is your bread and butter “American” family. However, Taco Tuesday Baby Boomers and Gen X’rs in California have been getting mega subsidies for buying hyper expensive crap shacks. Every tax bill that comes out seems to favor homeowners. In fact, I haven’t seen one that hasn’t favored homeownership. But the way the tax bill is setup, crap shack owners are going to actually have to pay more and renters are going to benefit nicely from the much larger standard deduction. We are now seeing some scenarios where this is playing out…
NYC’s Largest Modular Hotel Tops Off
By · CommentsThe use of modular construction continues to pick up steam in the U.S. hotel sector, and citizenM Bowery Hotel in Manhattan is among the latest evidence of the trend. With the Rinaldi Group aboard as general contractor, Brack Capital Real Estate and hotel chain citizenM Hotel just topped off the 300-key lodging destination, which will be the largest modular hotel in New York City.
Housing prices in 20 U.S. cities accelerated more than forecast in October, rising by the most since mid-2014 as lean inventories continued to prop up values amid steady demand, S&P CoreLogic Case-Shiller data showed on Tuesday…
Home Prices in 20 U.S. Cities Increase by Most Since 2014
C&W’s John Cefaly on What Makes a Top Broker
By · CommentsSkanska to Build $125M Mixed-Use Tower in MA
By · CommentsSkanska USA’s strong relationship with EF Education First just got stronger. The construction and project development company has inked a deal with EF to construct the third building on the education company’s North Point campus in Cambridge, Mass. Skanska USA’s contract for the approximately 300,000-square-foot development is $125 million.
“Public-private partnership is increasingly key to creating critical social infrastructure, and EF’s growing campus is a prime and leading example,” Richard Kennedy, president & CEO of Skanska USA, said in a prepared statement…
Distressed-Debt Hedge Fund Archview Is Shutting Down
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Founder Jeff Jacob expected to join Bruce Richards’ Marathon
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Archview rooted in Citi team that invested in troubled firms
Archview Investment Group LP became the latest distressed-debt hedge fund to close its doors, according to people with knowledge of the matter.
The firm founded by former heads of Citigroup Inc.’s distressed-debt team will start returning money to investors after the end of the year, the people said, asking not to be identified because the information isn’t public. Archview, which counts Blackstone Group LP among its bigger investors, posted gains of 5.3 percent this year with assets of about $650 million, one of the people said…
Philips Edison REIT Goes Shopping in GA
By · CommentsPhilips Edison Grocery Center REIT II has purchased a 93,396-square-foot shopping center in Dacula, Ga. Mountain Crossing Associates sold the property for $13.8 million. Franklin Street’s John Tennant and Bryan Belk represented both parties in the transaction.
The Mountain Crossing retail center is located at 2700 Braselton Highway. The building is 97 percent occupied and anchored by Kroger. Other tenants include Great Clips, UPS, Wells Fargo and several restaurants. Georgia traffic officials announced a new highway interchange near the property, at the intersection of Interstate 85 and Gravel Springs Road…
U.S. purchases of new homes unexpectedly surged in November to the highest level since before the last recession, indicating resilient demand, according to government data Friday…
U.S. New-Home Sales Surged in November to Highest Since 2007
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Virginia county reports lines of residents seeking to prepay
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New law caps deduction for state, local taxes at $10,000
Homeowners in states with the highest property taxes are looking to prepay 2018 bills ahead of a $10,000 cap on the deduction for state and local levies, including property taxes, in the GOP tax overhaul President Donald Trump just signed.
In New York, residents are peppering local officials with questions about how to prepay their 2018 property tax bills in the current year in the hope of deducting them from 2017 taxes, the New York Times reports…
Bixby Acquires Phoenix Industrial Facility for $10M
By · CommentsBixby Land Co. has acquired a 146,663-square-foot industrial warehouse and distribution facility in Phoenix. The company paid $9.5 million in cash for West 10 Business Center. Executive Managing Director Will Strong of Cushman & Wakefield represented the seller, Clarion Partners, while Bixby was self-represented.
Atlanta’s Top 10 Office Deals in 2017
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Consumer, real estate shares drag S&P; Europe stocks struggle
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Bloomberg Commodity Index rises as metals gain, oil tops $58
U.S. stocks fluctuated while Treasury yields climbed to a nine-month peak as the Republican tax overhaul passed its final vote before going to President Donald Trump for his signature.
The S&P 500 Index was little changed Wednesday, held back in part by slumping consumer and real estate shares, while the energy and telecom sectors rose. Core European bond yields followed Treasury rates higher, with European Central Bank asset purchases for the year ending Thursday…
C&W Arranges Sale of AZ Retail Center
By · CommentsCushman & Wakefield has facilitated the sale of The Plant, a 56,831-square-foot shopping center located in the south-eastern outskirts of Phoenix. Sarofim Realty Advisors acquired the asset from Common Bond Development Group for $25.8 million.
The grocery-anchored shopping center is situated on a 7.6-acre site at 4021-4095 South Gilbert Road, in Chandler, Ariz., in a suburban, mostly residential area. The Plant is anchored by Sprouts Farmers Market, which opened at the location in April 2016. Other tenants include Starbucks, Café Rio, Pet Planet, Club Pilates and Dairy Queen…
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Ride-hailing giant completes $4 billion equity funding round
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Abu Dhabi’s Mubadala said to participate in financing
Didi Chuxing, China’s biggest ride-hailing app, increased its valuation to about $56 billion after completing a new funding round of more than $4 billion, people familiar with the matter said.
The financing increases its cash reserves to $12 billion and includes backing from Abu Dhabi’s Mubadala, the people said, asking to not be identified as the details are private. The company was previously said to be valued at $50 billion. Didi confirmed the $4 billion round and said it will help fund international expansion while SoftBank Group Corp. said it took part…
CIS Leases 60 KSF in Suburban DC
By · CommentsCIS Secure Computing Inc. has signed a 65,000-square-foot lease with St. John Properties Inc. at Ashburn Crossing in Loudoun County, Va. Upon completion in the first quarter of 2018, CIS will relocate approximately 200 of its employees to two, adjacent single-story buildings at 21050 and 21100 Ashburn Crossing Drive.
Ashburn Crossing is an 81-acre mixed-use business community which will comprise 700,000 square feet of commercial and amenity retail space including R&D, office and flex space. CIS will fully occupy the 45,120-square-foot building at 21100 Ashburn Crossing and take up only 75 percent of the other 29,040-square-foot premises…
A widening chasm between housing prices and rental cost could be a sign that a correction is right around the corner. The biggest chasm can now be found in Norway.
That’s the finding of a study of 20 advanced economies by Moody’s Investors Service looking at the dynamic between house prices and what it defines as a market equilibrium…
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Issues range from central bank independence to Atilla trial
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Going to be another volatile year in Turkish markets: SEB
The case for returning to Turkish assets after this year’s selloff may be growing, but there’s no shortage of risks investors must weigh before taking the plunge in 2018.
The lira hasn’t been this cheap relative to its trade partners in more than a decade, local bonds boast some of the highest nominal yields among major economies and stocks are trading near the widest discount to other emerging markets in more than eight years…
Terreno Nabs 8 CA Industrial Buildings for $28M
By · CommentsTerreno Realty Corp. has acquired the eight-building Hawthorne Business Park in Hawthorne, Calif. for $27.6 million. The property, consisting of one distribution and seven flex buildings, totals 152,000 square feet. The closing cap rate was an estimated 4.4 percent.
Located at 3355-3437 W. El Segundo Blvd., the property sits one mile south of Interstate 105 and two miles east of Interstate 405, offering convenient access to Los Angeles International Airport, about five miles away. The buildings are situated in the center of the El Segundo Boulevard industrial corridor, within three to four blocks of a primarily residential area…
Sales of previously owned U.S. homes rose in November to an almost 11-year high, indicating demand picked up momentum heading into the end of the year, according to a National Association of Realtors report released Wednesday…
U.S. Sales of Existing Homes Climb to an Almost 11-Year High
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Banks ending delay-and-pray on balance sheets drives recovery
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Investment highest since crisis and 2018 seen just as good
Spanish real estate is hot property once again.
Investment in malls, warehouses and offices is this year set to reach the highest since 2007, just before the bursting of a decade-long property bubble tipped the economy into the worst slump in the nation’s democratic history…
A Decade After Bubble, Spanish Real Estate a Hot Buy Once More
Interest Stays High in LA
By · CommentsFollowing a strong showing in 2016, rents in Los Angeles continued to grow in 2017, albeit at a more moderate pace. At the end of October, the 3.6 percent year-over-year improvement rate was still well above the 2.3 percent national average. The bulk of growth results from demand for workforce and affordable units, but limited deliveries in that area have pushed up rent gains in the Renter-by-Necessity segment—at 5.0 percent year-over-year through October. Low acquisition yields and some investor reticence have slowed down transaction activity to cycle averages…
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Bill limits mortgage-interest deductions to $750,000 of debt
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Home hunters will want discounts for higher carrying costs
The U.S. tax overhaul sent Wednesday to President Donald Trump for his signature is likely to push down home prices in high-cost markets such as Manhattan and Westchester County to the north as buyers demand discounts to cover higher carrying costs, said Jonathan Miller, president of appraiser Miller Samuel Inc.
“You have so much you can afford a month,” Miller said. “Now you have larger costs taking up that amount you can afford. So there will be downward pressure on prices until there’s equilibrium.”…
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Boeing, Fifth Third also announce investments for employees
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Spending includes bonuses, minimum hourly pay increases
Looks likes corporate America is trying to sway public opinion on the unpopular tax bill — or at least gain favor with the president…
Wells Fargo, AT&T Try to Show Unpopular Tax Cut Helps Workers
NKF Brokers Sale of Boston-Area Retail Plaza
By · CommentsNewmark Knight Frank (NKF) Capital Markets has arranged the sale of Cohasset Village Plaza in Cohasset, Mass. Crosspoint Associates purchased the retail asset from Black Creek Capital.
The shopping center encompasses 49,561 square feet and is situated along Route 3A, a significant retail corridor for the coastal communities south of Boston. CVS, Curtis Liquors and Starbucks are anchor tenants. For CVS, the property represents an important location, as the retailer’s nearest stores are around ten miles from the site…
Newly Designed JFK-Based Hotel Tops Out
By · CommentsMCR Development has topped out the first hotel structure for the TWA Hotel, a planned 505-key, world-class hotel that is repurposed from Eero Saarinen’s iconic TWA Flight Center at John F. Kennedy International Airport in New York.
When completed, TWA Hotel will consist of 505 guestrooms, 50,000 square feet of state-of-the-art meeting and event space and a variety of high-quality food, beverage and retail options. It’s scheduled to open during the first few months of 2019…
Equinix to Acquire Metronode for $792M
By · CommentsEquinix has entered a definitive agreement with Ontario Teachers’ Pension Plan to acquire its equity interests in Metronode, an Australian data center business. The all-cash transaction is valued at $792 million and is expected to close in the first quarter of 2018. It is subject to some closing conditions and pending regulatory approval.
KeyBank Real Estate Capital has originated $12.5 million in CMBS, first mortgage loans for a three-property self-storage portfolio totaling 185,172 square feet in Colorado and Michigan. KeyBank arranged the loans with 10-year terms, five-year interest-only periods and 30-year amortization schedules. Loan proceeds will refinance existing CMBS debt.
The portfolio includes Mini U Storage Denver, a 65,660-square-foot facility that received a $4.3 million loan. Built in 1976, the asset comprises 12, one-story buildings, featuring 484 units and a leasing office…