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Mattamy Homes will expand over half its business to U.S.
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Ontario land availability scarce; U.S. pricing cheaper: CEO
Mattamy Homes Ltd., North-America’s largest private residential homebuilder, is boosting investments in the U.S. as regulatory excess sends land prices — and frustration — skyrocketing in Ontario, chief executive officer Peter Gilgan said.
Mattamy expects to generate more than half its business from the U.S. in the next five years, including the southern states of Arizona, California and Florida, up from about one-third now, Gilgan said in an interview at Bloomberg’s Toronto office. The Toronto-based company posted annual revenue of C$3.2 billion ($2.5 billion) for its fiscal year ended in May…
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Wave of news Tuesday as digital currency frenzy heats up
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Korean exchange hacked, Crypto Co. gets regulator scrutiny
The wave of cryptocurrency news turned into a tsunami Tuesday.
Before traders broke for lunch in New York, a Korean crypto exchange went bust after getting hacked; a stock unheard of 24 hours earlier surged even after its CEO gave a rambling defense of its business; U.S. regulators halted a coin trader’s stock on suspicion of manipulation; alt coins from ether to iota reached new highs; and an app maker tripled after buying a bitcoin ATM patent…
Crypto Mania Rages With Bankruptcy, Stock Suspension, ETF Plan
DC-Area Retail Asset Trades for $21M
By · CommentsNeuman Commercial Group LLC has arranged the sale of The Shoppes at Bowie Town Center, located on the eastern outskirts of Washington, D.C., for $21 million. Neuman’s Principal Gil Neuman represented the seller, Shoppes at Bowie Town Center LLC, and procured the buyer, J.A.R. New York RLT.
Located at 3811 Evergreen Parkway in Bowie, Md., the 104,000-square-foot property is a specialty retail extension of Bowie Town Center, a popular 578,000-square-foot open-air center across the street…
Jernigan Invests in 2nd NJ Facility
By · CommentsJernigan Capital Inc. has invested $10.6 million in a proposed multi-story, climate-controlled, 836-unit facility in Dover, N.J. Construction will begin in the first quarter of 2018 and is slated for completion in early 2019. The acquisition marks the company’s second investment in the New Jersey market. In November, Jernigan invested $14.7 million in a proposed facility in North Bergen, N.J.
Groundbreaking on single-family homes proceeded in November at the strongest pace in a decade, driving U.S. housing starts to a faster-than-estimated rate, government figures showed Tuesday…
U.S. Single-Family Housing Starts Rise to Highest in a Decade
Jamestown Acquires 280 KSF Bronx Mixed-Use Asset
By · CommentsJamestown LP, a nationwide real estate investor, has acquired a Class A office and retail building in the Bronx. The property commanded a sale price of approximately $115 million, according to Crain’s New York. The seller, Acadia Realty Trust, purchased the property in 2005 from 421 Melrose LLC for $49 million. An HFF team led by Michael Tepedino and Andrew Scandalios represented the seller in the transaction and secured the buyer.
Apple Manufacturing Fund Awards $390M in Texas
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Property prices will likely come to a standstill next year
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Growth in regions including northwest will offset London fall
U.K. house prices will stagnate next year, according to the Royal Institution of Chartered Surveyors.
Overall growth will come to a halt as the number of transactions falls slightly, RICS said in a report Wednesday, with a continued dearth of supply preventing outright declines. Some regions are set to see gains, offsetting slumps in London and the southeast. Political and economic uncertainty, tax changes, a lack of stock, stretched affordability and the Bank of England’s rate hike in November are all influencing factors, according to the report…
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Pilot program for long-term employees adds to vacation days
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Traveling, philanthropy, quality time with family suggested
Paid sabbaticals are coming to Bank of America Corp.
America’s second-largest lender told investment bank employees they’ll soon be able to take off up to an additional six weeks in a year — with pay…
BofA Adds New Perk for Its Bankers and Traders: Paid Sabbaticals
Terreno Snags $38M CA Industrial Asset
By · CommentsTerreno Realty Corp. has acquired an industrial property made up of two buildings in Gardena, Calif. The 231,000 square feet of distribution space cost the company $37.6 million. The investment is expected to have a cap rate of approximately 4 percent.
The property is located at 1855 W. 139th St. and can be easily reached via interstates 105, 405 and 110. It is fully leased to a single tenant, Z Gallerie Outlet, a home décor company. Both buildings provide 24 dock-high and three grade-level loading doors and a parking lot accommodating up to 163 vehicles…
RLJ Sells Luxury Boston Hotel for $170M
By · CommentsRLJ Lodging Trust, of Bethesda, Md., has sold the historic 383-key Fairmont Copley Plaza in Boston for $170 million, or about $444,000 per key.
RLJ did not respond to Commercial Property Executive’s request for additional information. The buyer appears to have been Paris-based Accor Hotels, but CPE was unable to reach Accor to confirm this…
New York Governor Andrew Cuomo on Tuesday called on the $201.3 billion New York State Common Retirement Fund to stop all significant fossil-fuel investments and develop a plan to “de-carbonize” the portfolio.
“Moving the Common Fund away from fossil-fuel investments will protect the retirement savings of New Yorkers,” Cuomo said in a statement. He cited recent moves by the Norwegian sovereign wealth fund to divest fossil fuels and the World Bank’s announcement that it will stop financing oil and gas exploration within two years…
Cuomo Urges New York Pension Fund to End Fossil-Fuel Investments
Why Struggling Hedge Fund Managers Give to Charity
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Charitable gifts boost firms’ net inflows by 9% on average
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Underperforming managers are the most likely to give
A donation to a worthy cause during the holidays gets you a warm feeling, a tax deduction and maybe a better world for the kids. Some hedge fund managers give for an additional reason — to get money-making assets.
A check to the right charity buys access to cocktail parties and galas where they make lucrative connections and raise money, according to a recent study by university researchers…
Why Struggling Hedge Fund Managers Give to Charity
VA Beach Office Building Fetches $1.5M
By · CommentsHines Signs Chipotle to 152 KSF in Denver
By · CommentsThe tenant roster is filling up at 1144 15th St. in downtown Denver’s LoDo neighborhood, and the 671,100-square-foot office tower has not yet opened its doors. Hines, developer of the trophy office building, just signed Chipotle Mexican Grill to a lease of 152,000 square feet for the relocation of its Denver headquarters.
Chipotle’s 15-year lease at 1144 15th follows commitments to the speculative office project from other such notable names as law firm Greenberg Taurig, Optiv Security, Unicom Capital, WeWork and Gates Corp., which inked a deal for 125,000 square feet in 2016…
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Money in equity accounts is dwindling as investors go all in
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Still, gains over the last nine years are not like the 1990s
For a bull market whose hallmark emotion for nine years has been nagging doubt, this one is starting to breed believers.
Little by little, resistance is falling, as milestones such as 7,000 on the Nasdaq Composite Index are passed and new ones like 2,700 on the S&P 500 and 25,000 on the Dow Jones Industrial Average come into view…
Nasdaq Surges Past 7,000 Thanks to Brokerage Cash, Hedge Fund Leverage and Euphoria
C&W Closes Office Leases in Ft. Lauderdale CBD
By · CommentsCushman & Wakefield has arranged a series of lease expansions and renewals at a 350,743-square-foot, Class A office tower in downtown Fort Lauderdale, Fla. The latest additions to the asset’s tenant roster include KEMET Corp., Alms Health and Veritext. The new tenants signed leases totaling 75,321 square feet.
Tenants’ Thoughts on Social Events
By · CommentsDo your tenants want to mix and mingle? This month, CPE and Kingsley Associates asked what people thought about social functions around the complex.
“We are disappointed that there wasn’t a tenant appreciation BBQ this year. It is really important for all the tenants in the buildings to feel like a community. The tenant BBQ provides a place for us to meet new tenants and create that sense of camaraderie.” —Denver
NY MOB Lands $17M Loan
By · CommentsChina’s home prices are warming up in the nation’s smaller cities, even as the government prolongs a campaign to rein in speculation and control bubbles.
New-home price gains are picking up the most in the third-tier cities, rising 0.46 percent in November on a month-on-month basis, according to Bloomberg Intelligence calculations based on government data tracking 70 cities released Monday…
China’s Home Prices Across Smaller Cities Are Warming Up Again
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Late revision supplies break based on investments in property
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Corker, who dropped opposition, says he wasn’t aware of change
Lawmakers scrambling to lock up Republican support for the tax reform bill added a complicated provision late in the process — one that would provide a multimillion-dollar windfall to real estate investors such as President Donald Trump.
The change, which would allow real estate businesses to take advantage of a new tax break that’s planned for partnerships, limited liability companies and other so-called “pass-through” businesses, combined elements of House and Senate legislation in a new way. Its beneficiaries are clear, tax experts say, and they include a president who’s said that the tax legislation wouldn’t help him financially…
JLL Negotiates 12 KSF Lease in Plano, Texas
By · CommentsPape-Dawson Engineers, a civil engineering company, has selected a 11,913-square-foot space in Plano, Texas, for its new Dallas office. JLL teams represented both parties in the lease negotiations.
The five-story Lincoln Legacy Two, located at 5810 Tennyson Parkway, is currently 71 percent occupied. It includes 132,000 square feet of rentable office space, with floor plates as large as 27,404 square feet. Leases range from 2,561 square feet of divisible space to 13,946 square feet of contiguous space…
Summer Street Hotel Approved in Boston
By · CommentsThe proposed Summer Street Hotel, or the Omni Boston Seaport Hotel, has received approval from the Boston Planning & Development Agency (BPDA) board of directors. Developed by a joint venture of The Davis Cos. and Omni Hotel Management Corp., the hotel will comprise more than 788,500 square feet and will create more than 1,100 construction jobs and 700 permanent positions.
Confidence among U.S. homebuilders jumped in December to the highest level since July 1999, exceeding all analyst estimates, as a growing economy boosts housing demand, according to data Monday from the National Association of Home Builders/Wells Fargo…
U.S. Homebuilder Sentiment Hits Highest Level in 18 Years
Bankrupt Toys ‘R’ Us Weighs Closing at Least 100 Stores
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Retailer is said to cope with declining holiday-season sales
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Toy-store chain filed for bankruptcy protection in September
Toys “R” Us Inc., which filed for bankruptcy in September, is considering closing at least 100 U.S. stores in the face of weak holiday sales, according to people with knowledge of the situation.
U.S. sales have declined about 15 percent this Christmas-shopping season from a year earlier, according to people recently briefed on the matter, who asked not to be identified because the information isn’t public. The number of closed stores could reach approximately 200, one of the people said, but no decision has been made…
JLL Brokers Sale of 2 Industrial Facilities
By · CommentsJLL has arranged the sale of two build-to-suit industrial facilities within Crossroads Commerce Center in Tampa, for a total of $21.8 million. Blue Steel Development sold the assets to NewSouth Window Solutions and Colonial Grocers. The industrial center is 50 percent sold and occupied.
Located at 4330 Williams Road, Crossroads Commerce Center occupies 71 acres at the crossroads of interstates 75 and 4, 21 minutes away from downtown Tampa. Other major cities, such as Orlando, Jacksonville, Miami and Atlanta, are accessible via the interstates…
Carter Validus Sells Data Center for $315M
By · CommentsIn a $315 million deal, an affiliate of Digital Realty Trust LP (DLR) has purchased an approximately 250,000-square-foot data center in the Chicago suburb of Northlake, Ill., from Carter Validus Mission Critical REIT Inc.
The data center was originally developed by Ascent LLC, and the 19-acre site provides room for expansion, a DLR spokesperson told Commercial Property Executive.
Designated CH2 by its developer, the center features an onsite 2N electrical substation, 2N UPSs and PDUs, and substantial security measures, according to information from Ascent…
Hedge Fund Managers Expect a 39% Bonus Bump
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Odyssey Search Partners surveyed 500 buy-side investors
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Private equity professionals looking for 14% increase
Hedge fund professionals are expecting year-end bonuses to climb 39 percent at the end of this year, according to a survey of 500 buy-side investors. That view may be too optimistic, said a partner at the firm that did the polling…
Peace Corps Relocates DC Headquarters
By · CommentsWith help from Savills Studley, Peace Corps has signed a new lease at the One Constitution Square building in Washington, D.C. The agency plans to relocate its headquarters to the 173,000-square-foot office starting next year. The NoMa building is less than three miles away from the agency’s former West End location of 20 years—1111 20th St. N.W.
LA Office Campus Fetches $117M
By · CommentsDeutsche Asset & Wealth Management acquired Campus 2100, a core, Class A creative office campus in El Segundo, Calif., from a joint venture between Rockwood Capital and Marshall Property for $117.1 million.
NKF Capital Markets represented the seller in the transaction…
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A previous bond exchange comes back to haunt the chipmaker
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Firm lists debt of more than $1 billion, court papers show
Global A&T Electronics, a Singapore-based chip assembler that took on hefty debt a decade ago through a buyout by TPG Capital and Affinity Equity Partners, filed for bankruptcy as a 2013 debt exchange came back to haunt it…
EquiCap Brokers Sale of IL Self-Storage Facility
By · CommentsEquiCap Commercial has arranged the sale of All American Self Storage, a 31,750-rentable-square-foot facility in Minooka, Ill., for $2.3 million in an off-market transaction. EquiCap’s Self Storage Advisory Group represented the seller and the buyer, a Chicagoland-based operator, in the transaction.
Located at 1000 South Ridge Road, the facility provides access to interstates 80 and 55. All American Self Storage is 14 miles from the city of Joilet, Ill., and an hour’s drive from Chicago. Built in 2004, the five-building facility occupies 4.3 acres and comprises 213 units. The asset provides drive-up access, security cameras and parking spaces…
Adaptability, Brand Recognition Key to Future of Retail
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Ping An wants to get half its earnings from technology
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Shares have jumped 99% in 2017; CFO says they’re undervalued
These days, every big finance company worth its salt is finding ways to boost its bottom line with technology. Few are going quite as far as Ping An Insurance (Group) Co.
Over the past decade, the Chinese behemoth has invested billions in technology to make its insurance, lending and asset management businesses more competitive. In recent years, it started selling that tech — everything from online banking platforms to facial recognition systems — to other financial firms in China and around the world…
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Related Group is seeking to enter rental market in Southwest
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Billionaire Perez says company has never been more diversified
Jorge Perez’s Related Group has opened an office in Dallas to explore opportunities for developing apartments in the U.S. Southwest, a new direction for the billionaire who’s known as Miami’s Condo King…
Miami’s Condo King Opens Office in Dallas to Develop Apartments
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Cboe’s exchange started offering similar contracts a week ago
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CME’s contracts get off to faster start in first hour Sunday
The world’s biggest exchange just joined the bitcoin revolution.
Bitcoin futures started trading Sunday night at CME Group Inc.’s venue, a week after Chicago rival Cboe Global Markets Inc. introduced similar derivatives on the volatile cryptocurrency. CME is a much bigger player in futures, so many traders expect it to make a bigger splash in the nascent space…
Bitcoin Takes Bigger Wall Street Stage With Smooth CME Debut
Kennedy Wilson Buys $60M Portland Mixed-Use Community
By · CommentsKennedy Wilson has purchased Savier Street Flats, a 179-unit community in Portland, Ore., for $60 million. This transaction marks the company’s third large deal in the Portland area in recent months. Kennedy Wilson secured an eight-year loan for $33 million at a fixed rate of 3.5 percent and invested $27 million in equity. Greystar manages the asset.
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Lender SBAB says new mortgage rules may have bigger impact
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Stockholm home prices could drop another 10-15 percent
Stockholm’s property market is falling…
Stockholm Housing Slump Set to Deepen, State Mortgage Bank Warns
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Traders dump net-bullish bets at fastest pace in five months
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Bullion’s 60-day historical volatility near lowest since 2001
Hedge funds are pulling out of gold bets as more exciting moves in equities and cryptocurrencies make safe-haven investments look boring…
Hedge Funds Are Pulling Out of Gold and Seeking Thrills Elsewhere
Specht Wraps Industrial Record-Setter in Portland
By · CommentsSpecht Development Inc. has completed the largest speculative industrial development in the Portland region ever launched in a single phase. The 732,824-square-foot project comprising three buildings includes the metro’s largest single vacant industrial space under one roof.
Leasing at Vista Logistics Park, located on 37.42 acres at SE 223rdand Stark streets in Gresham, Ore., has begun…
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GPIF’s Mizuno: Google, Amazon could become largest managers
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Traditional managers need to update business models, he says
Hiromichi Mizuno was named chief investment officer of Japan’s Government Pension Investment Fund, the world’s biggest manager of retirement savings, in 2014. He has since led a push to increase equity holdings and advocated for incorporating ESG, or environmental, social and governance, factors into investing…
World’s Biggest Pension Fund Says AI Will Replace Asset Managers
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Morgan Stanley, AllianceBernstein expect a VIX pick-up in 2018
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S&P has gone 68 sessions without rising or falling 1 percent
When historians look back on the 2017 stock market, it will be weeks like this that they remember. Three up days, two down, volatility nowhere in sight, and a wire-to-wire gain of less than 1 percent…
This Was the Kind of Week Morgan Stanley Sees Going Away in 2018
Aztec Group Secures Financing for 67 KSF Retail Center
By · CommentsAztec Group Inc. has arranged $6.7 million in financing for Holiday Centre, a 67,360-square-foot shopping center outside of Tampa. BankUnited provided the loan, with a seven-year term, a 4.3 percent fixed interest rate, 30-year amortization schedule and 70 percent loan-to-value ratio.
Built in 1994, Holiday Centre is located at 4701 Sunray Drive in Holiday, Fla., a 50 minute-drive from downtown Tampa. The center, anchored by Publix Supermarket, is fully occupied. Other tenants include Planet Fitness, Bright Now Dental and Verizon Wireless…
Morning Calm Closes Suburban DC Office Value-Add Deal
By · CommentsMorning Calm Management has acquired Metro Plex I and II in Landover, Md., for $16.5 million, the buyer announced Tuesday. The 293,500-square-foot Class B property also includes a 3.7-acre pad site approved for 200,000 square feet of future development.
The park, which is adjacent to New Carrollton station on the Washington, D.C., Metro, is about only 45 percent leased. The buyer, of West Palm Beach, Fla., describes itself as focused on “special situation investing.”…
U.K. Chancellor of the Exchequer Philip Hammond will seal more than 1 billion pounds ($1.3 billion) of trade and investment deals with China during a two-day visit to the Asian nation, the Treasury said Friday…
U.K.’s Hammond Set to Agree $1.3 Billion of Deals With China
Peak 10 + ViaWest Adds 100 KSF to OR Facility
By · CommentsPeak 10 + ViaWest has begun construction work on a 114,700-square-foot expansion of its Hillsboro, Ore. facility, that will feature a completely new building, adjacent to the existing one. The Brookwood data center will total approximately 220,000 square feet of raised floor space once it is completed.
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Brokers report 3.9% increase in November, with Toronto up 16%
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Tighter regulations kick in at beginning of new year
The recent drop in Canadian real estate prices and tougher regulations that kick in Jan. 1 are beginning to juice sales…
Falling Prices and New Mortgage Rules Boost Canadian Home Sales
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Japanese retail investors seen shifting from currency trading
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Men actually hold the majority of Japanese trading accounts
It’s not drug dealers and tax cheats, it’s Mrs. Watanabe…
Deutsche Bank Says Japan’s Retail Investors Are Behind Bitcoin’s Surge
CBRE Secures Portland Industrial Asset Sale
By · CommentsCBRE represented Panattoni Development in the sale of a 12.6-acre industrial site at Panattoni’s Portland Portal Distribution Center in Gresham, Ore. Macadam Forbes’ brokers Rod Brokenshire and Stu Peterson worked on behalf of the seller, a local food distributor.
Located at 172nd NE and Sandy Blvd, the Portland Portal Distribution Center is a few minutes north of Interstate 84. The building is close to U.S. Bank, Pacific Northwest Carpenters Institute and CEVA Logistics. Additionally, the Portland International Airport is seven miles from the distribution center…
Sweden’s Housing Slump Is Getting Worse
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HOX index slides on annual basis for first time since 2012
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Housing market turmoil is spurring concerns about economy
Sweden’s housing slump deepened last month as the market struggles to absorb a supply glut and households lose confidence…
Manhattan’s Luxury Apartments Are Propping Up Rents
By · CommentsL&L Signs Shiseido to 226 KSF in New York City
By · CommentsL&L Holding Co. has signed cosmetics company Shiseido Americas Corp. to a 225,800-square-foot lease at the Midtown Manhattan property. L&L is currently redeveloping the building into a nearly 900,000-square-foot gem in partnership with Clarion Partners LLC, on behalf of the New York State Common Retirement Fund.
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U.S. regulators say current stability impact is very limited
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Digitial currencies pose regulatory challenge, FSOC says
The U.S. government’s chief watchdog for financial system threats put out its annual list of potential nightmares, and the burgeoning market for digital currencies such as bitcoin didn’t rate much more than a few lines in the 152-page report…
Bitcoin Barely Rates a Mention Among Top Risks to Financial System
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China equity long-short is best-performing strategy in 2017
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Such funds still trailed MSCI China by widest margin on record
It was a good year for hedge funds betting on rising and falling stocks in Greater China. Just not good enough to beat a spectacular market rally…
Why the World’s Top Equity Hedge Funds Are Trailing the Market
CH2M Center Lands Hefty Recapitalization
By · CommentsScanlanKemperBard Cos. has recapitalized the $65 million CH2M Center, a 226,815-square-foot, Class A office tower in Portland’s South End Innovation District.
HFF secured $44.2 million in financing for the disposition and recapitalization. The company represented SKP, with funds managed by Oaktree Capital Management L.P., and secured a 10-year, fixed-rate loan through Wells Fargo for the new partnership…
Unibail-Rodamco to Acquire Westfield in $16B Deal
By · CommentsA plan by Unibail-Rodamco SE—Europe’s largest listed commercial property company—to buy Australia’s Westfield Corp. for nearly $16 billion will create a global leader in flagship shopping destinations, but it may also be the beginning of more consolidation in the coming year.
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FSOC calls on agencies to address ‘increased compliance costs’
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Council’s annual report calls for rethink of regulations
A high-powered panel that’s meant to spot dangers to financial stability is now urging regulators to review how rules are holding banks back, the latest sign of how much Wall Street oversight has changed under President Donald Trump…
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Analysts see acquistion and spin as positive for Disney, Fox
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See potential to reshape television, film space through deal
Disney has finally chased down Fox, and the Street is declaring it a victory for both sides…
What Wall Street Thinks About Disney’s $52 Billion Fox Hunt
Huffman Signs 5-Year Health-Care Lease in TX
By · CommentsHuffman Properties has arranged a five-year lease of a 4,718-square-foot space at 511 Oakwood Blvd. in Round Rock, Texas, for the Texas Pain Management Institute (TPMI).TPMI will occupy Suite 200 on the second floor.
Dr. Meraj Siddiqui founded the company, which is led by Austin-area pain management physician & Medical Director Dr. Asim S. Aijaz. With combined expertise and commitment to superior patient care, TPMI plans to set the standard for pain management across the region. Utilizing advanced therapies such as Ultrasound and X-Ray Guided Injections and Spinal Cord Stimulation, TPMI’s facility accommodates interventional pain management procedures…