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Compromise boosts pass-through firms, Cushman & Wakefield says
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Apartment landlords, retail real estate owners stand to gain
U.S. commercial real estate is a likely winner in the evolving Republican tax overhaul, which is poised to lower rates for property owners, spur new investment and increase demand for rental housing, according to a new report…
Tax Overhaul Could Be Big Win for U.S. Real Estate Investors
San Jose Office Portfolio Changes Hands for $128M
By · CommentsBrookfield has acquired Towers @ 2nd, two office buildings totaling 411,544 square feet in San Jose, for $128 million. The company purchased the assets from Harvest Properties and Invesco Real Estate. The sale of Towers @ 2nd marks Harvest’s and Invesco’s sixth deal together. Harvest will continue to manage the asset and Cushman & Wakefield will be the leasing manager.
1 MSF Chicago-Area Office Complex Sells for $78M
By · CommentsSix years after acquiring One Pierce Place and 500 Park Blvd. in Itasca, Ill., Long Wharf Capital LLC and Hamilton Partners have sold the 976,000-square-foot office complex for $78.3 million. A partnership between Balfour Pacific Real Estate Fund IV and Hamilton Partners now own the Class A metropolitan Chicago property, which last traded in 2011 for $73.8 million.
SkyWalker Buys DFW Data Center, Plans Upgrade
By · CommentsSkyWalker Property Partners has acquired a 136,000-square-foot data center in the Dallas-Fort Worth area. The Tier IV facility was vacant at the time of the sale. In addition to the building, the deal included a two-acre ground lease with Dallas-Fort Worth International Airport. Coldwell Banker Commercial Advisors represented the buyer in the transaction and was retained as the exclusive leasing agent for the facility.
Iron Mountain Forges U.S. Expansion with $1.3B Deal
By · CommentsIron Mountain, a leading storage and information management services company, continues its expansion into the data center market with the planned $1.3 billion acquisition of the U.S. operations of Phoenix-based IO Data Centers LLC.
The announcement comes about three months after the Boston-based company opened its fifth data center in the United States in Manassas, Va. The company invested more than $80 million in the 165,000-square-foot and 10.5-megawatt facility, the first phase of the Northern Virginia project. A total investment of more than $350 million in four data centers is planned there…
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Peak Core has returned 8.1% on average since start in 2014
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Fund holds long positions in S&P 500, commodities and gold
The potential for a housing crash in Sweden has Peak Asset Management surveying for opportunities…
This Hedge Fund Is Preparing for Swedish Real Estate Turmoil
CBRE Arranges 67 KSF FL Industrial Leases
By · CommentsEndurance JV Acquires PA Industrial Portfolio
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Home prices flatlined in November, RICS survey suggests
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Brexit, political instability flagged as reasons for concern
The U.K. housing market is stuck in a rut…
U.K. Housing Market Stagnates as London Price Drop Continues
CBRE To Lease New Atlanta Office Development
By · CommentsSimon Property Group has retained CBRE as the exclusive leasing agent for a planned Class A office tower to be built as part of Phipps Plaza’s redevelopment in Atlanta’s Buckhead submarket. The 12-story building is slated for completion by 2020.
Simon plans to transform the luxury mall into a mixed-use development that will encompass approximately 300,000 square feet of Class A office space, a three-story lower level parking garage, a flagship Nobu restaurant, a five-star hotel by Nobu Hospitality and a 90,000-square-foot Life Time athletic facility.
Shadow Lending Growing as Canadians Chase Housing Dream
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New rules will make it harder to get a mortgage at a bank
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Borrowers turning to unregulated lenders to help fill the gap
Mortgage broker Samantha Brookes is trying to figure out how to get one of her clients out of a housing-fueled debt hole…
New Yorkers aren’t paying up for Trump-branded condos…
Trump Properties Fare Worse in New York’s Luxury-Condo Slowdown
NBC Sports Bay Area Renews San Francisco Lease
By · CommentsKilroy Realty Corp. has signed a five-year lease renewal with NBC Sports Bay Area. The lease encompasses 44,000 square feet of office space at Kilroy’s 360 Third St. in San Francisco. NBC Sports first moved its office to the address almost 10 years ago.
Located in San Francisco’s South of Market district, the seven-story building is located within one block of Interstate 80 and is accessible via approximately 20 different bus links. Current tenants include TripAdvisor, Wikia, Adobe Systems and Comcast SportsNet, according to Yardi Matrix…
Kennedy Wilson Refinances $334M of Irish Properties
By · CommentsThe wholly owned European subsidiary of Kennedy Wilson has completed two refinancing deals totaling €284 million—$334 million—with the Bank of Ireland. The transactions cover seven assets in Ireland, primarily in the capital city of Dublin.
The refinancing operations extend the weighted average term to maturity to 5.1 years and lower the weighted average cost of the floating rate debt, while releasing €54 million, or roughly $63.6 million, of equity…
Lee & Associates Facilitates Warehouse Sale in AZ
By · CommentsParkland Center II, a 35,542-square-foot industrial warehouse, changed hands in Tempe, Ariz. Principal Matt Hobaica of Lee & Associates Arizona represented the buyer, BPG Designs. DCT Industrial, the seller, was represented by JLL. BPG acquired the asset for $3.5 million.
The property is located at 7307 S. Harl Ave., in West Tempe. Built in 1982, the warehouse sits on a 2.3-acre site. It features 103 parking spaces, grade-level loading docks and air conditioning. The building also comprises retail space facing Harl Avenue.
Friedman Arranges MI Office Lease
By · CommentsFriedman Integrated Real Estate Solutions has facilitated an 8,230-square-foot office lease at City Center, a central location in Troy, Mich. The company, which has been recently appointed manager of the historic Ford Building in downtown Detroit, worked on behalf of the tenant, Somerset Pain Clinic.
The Class A office building is located at 888 W. Big Beaver Road along the Big Beaver Corridor and is owned by Unicorp National Developments, according to Yardi Matrix. Completed in 1979, the 13-story property encompasses approximately 330,000 square feet of office and retail space, as well as a parking lot accommodating up to 1,300 vehicles…
Sweden’s finance minister says the biggest Nordic economy is strong enough to avoid an all-out rout in the nation’s housing market.
The recent decline in prices is “sensible” after years of a housing boom, Magdalena Andersson said in an interview after a press conference in Stockholm.
“Much points to a soft landing,” she said. The economy is “doing well,” there’s real income growth, low rates and “large demand” for housing in Sweden, she said…
Sweden’s Housing Market Headed for ‘Soft Landing,’ Minister Says
Santa Clarita Mixed-Use Lands $21M
By · CommentsBuchanan Street Partners has closed on a $20.8 million construction loan for Newhall Crossings, a mixed-use project including 47 units and 20,167 square feet of retail space in Santa Clarita, Calif. Buchanan Street provided a 77 percent loan-to-cost, non-recourse construction loan for the project. Developed by Serrano Development Group, Newhall Crossings is slated for completion by 2019.
HSA Commercial plans to expand its footprint in suburban Indianapolis by adding a new warehouse to its existing industrial portfolio. For this, the company has acquired a 19-acre parcel at the corner of Stafford Road and Airtech Parkway, near the Indianapolis International Airport in Plainfield, Ind.
Construction is slated to start early next year, with the first tenants scheduled to arrive in fall 2018. Upon completion, the 262,758-square-foot building is expected to feature 32-foot clear heights, 30 expandable truck doors and four drive-in doors…
London’s housing market has had a glorious run. That’s been unwinding since the Brexit vote — you can blame unaffordable prices mixed with political uncertainty.
Tru by Hilton Opens in Vegas
By · CommentsTru by Hilton has opened a new location in Las Vegas, near McCarran International Airport. The 166-key hotel is currently the largest to operate under Hilton’s Tru brand and is the eighth one to open in the U.S.
What Hedge Funds Will Do After the Hedge Fund Model Dies
By · CommentsAs long-short strategies take a beating, managers see niches like private debt as fuel for future returns.
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As long-short withers, firms turn to niches like private debt
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This story is part of a series on the future of investing
The long and short on hedge funds is that long and short isn’t working so well anymore.
That’s the rather simple strategy that built the $3.2 trillion industry — the once-durable buying long when you figure an equity will go up and selling short when you reckon the opposite — and that basically put the “hedge” in hedge fund. These days it’s unreliable, at best.
Hines to Oversee Conagra Brands Campus Redevelopment
By · CommentsConagra Brands has selected Hines to redevelop part of its Omaha, Neb. campus. The redevelopment, expected to occur over the next decade, will include residential units, a hotel, restaurants, office and green spaces. Hines expects to break ground around early summer 2019 and selected Bear Properties to assist with the project.
ShopOne Enters NYC MSA
By · CommentsShopOne Centers REIT Inc. has acquired Oak Park Commons, a 139,717-square-foot grocery-anchored shopping center in South Plainfield, N.J., marking its initial entry in the New York City MSA. The price was not disclosed.
“For us, we were looking to find something in a really strong demographic market, finding our first deal in the New York metro area and then honing in on that exact trade area,” Michael Carroll, ShopOne Centers REIT’s CEO, told Commercial Property Executive.“It’s really strong, with over 100,000 people within a three-mile radius of the site, and a preeminent location.”…
Efforts to diversify Calgary’s economy beyond hydrocarbons are starting to work.
Mark Craig didn’t worry much when oil plunged from $100 a barrel to less than $50 in late 2014. Having worked in the Canadian oil industry since high school, the Calgary resident had seen booms and busts before. His confidence seemed justified when, just months after taking a buyout at British oil giant BP Plc, he was hired to manage the IT department at Calgary-based Penn West Petroleum in April 2015. Then, four months later, Penn West cut half its staff, including Craig, in the midst of an accounting scandal. Oil had just begun to take another leg down, ultimately bottoming below $30 a barrel, and no one in the city that’s the epicenter of Canada’s oil and gas industry was hiring. Two years later, no one is hiring still. “After Penn West, I realized there were basically no jobs out there,” says Craig, 56. “It was a very harsh reality that slapped me in the face.”…
JPMorgan Renews, Expands Boston Lease
By · CommentsJPMorgan Chase has signed an office lease renewal and expansion with a joint venture involving Meritage Properties and CV Properties. The tenant will expand onto three separate floors, taking more than 140,000 square feet in the Boston Seaport District.
With a total of 477,000 square feet of creative space, the asset was originally constructed in 1909 and previously served as a warehouse, until its conversion to offices in 1980. Despite the transformation, the building features high ceilings and traditional brick-and-beam architecture…
Transwestern, JDM Partners Buy 2 MSF Tempe Office
By · CommentsA partnership between Transwestern Investment Group and JDM Partners LLC, called Corporate Properties Trust III LP, has completed its acquisition of a five-building, 2-million-square-foot Class A office campus in Tempe, Ariz., in a sale-leaseback with State Farm Automobile Insurance Co.
Financials on the deal were not disclosed, but a Phoenix-area outlet reported the deal as valued at $928 million, a big enough sum to make it the largest-ever CRE sale in metro Phoenix…
ATCAP Fund I LP acquired a four-property light industrial portfolio in Houston, Texas, from Stockbridge Capital Group.
HFF represented the seller in the deal, and also arranged acquisition financing for the buyer, securing a five-year, fixed-rate loan with Global Atlantic Financial Group. The transaction price was not disclosed…
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Robust growth offers window for official rates to be raised
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But tightening cycle is complicated by years of loose policy
Years of cheap money across Asia have left a legacy of surging debt that will force the region’s central bankers to be cautious when they eventually follow in the footsteps of South Korea by raising interest rates.
In South Korea, whose borrowing costs were boosted on Nov. 30, household debt has ballooned to about 150 percent of disposable income. It’s an even larger 194 percent in Australia. In China, it’s companies feeling the strain with corporate debt equating to about 160 percent of gross domestic product…
MA Hilton Hotel Lands $53M Financing
By · CommentsColliers International’s Boston-based Capital Markets group has arranged the joint venture equity financing for the construction of a 235-key, dual-branded Hilton Hotel. The property is situated at the busy intersection of I-95 and I-93, providing easy access and assuring high visibility.
The building will be located at 369 Washington St., in Woburn, Mass., amid a retail- and entertainment-dominated area. Madison Properties is the owner of the site and has received entitlements for the hotel and three retail pad sites since the initial acquisition. The company has leased one pad site to the now open gourmet burger chain, Red Robin, and another pad site to Chick-fil-A, scheduled for opening in 2018…
A Year in Review: South Florida’s Hotel Lending Climate
By · CommentsThis year offered a challenging lending climate for the hotel industry, prompting developers such as Rodrigo Azpurua, the founder & CEO of Riviera Point Development Group, to search more proactively for alternative financing options. The EB-5 investor program, private equity and crowdsourcing have proved to be some of the most successful alternative lending sources.
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Rightmove says prices in the capital will fall another 2%
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Nationally, values will likely rise 1% as shortage continues
London’s property market is in for another rough ride next year, according to Rightmove Plc.
Home values in the capital are likely to fall another 2 percent in 2018 after a 1.8 percent decline this year, the real estate website operator said Monday. In December alone, prices dropped 3.7 percent in London and by 2.6 percent nationally. The month usually sees a big seasonal slump…
London Property Market Likely to Continue Price Drop in 2018
Ft. Lauderdale Development Grows Tenant Roster
By · CommentsCushman & Wakefield has negotiated a long-term lease with Johnstone Supply at I-595 Business Center, a 150,000-square-foot industrial facility currently under construction in Dania Beach, Fla. The tenant will occupy 32,400 square feet at the property scheduled for delivery in August 2018.
Located at 3200 SW 30th Ave., the Class A building will feature 32-foot clear heights, T-5 lighting, built-to-suit offices, four dock-high doors per bay, ESRF fire safety system and 183 parking spaces. Johnstone Supply, a subsidiary of The Ware Group, is a wholesaler, distributor, contractor and supplier of HVAC/R equipment. The company is relocating its Dania Beach operations from Broward International Commerce Center at 329 N. Bryan Road…
Vista Investment Goes Shopping in Portland Market
By · CommentsVista Investment Group has purchased the U.S. Customs House, a 67,000-square-foot building located in Portland, Ore. Eastern Real Estate sold the asset for $30 million. This transaction marks Vista’s latest acquisition of historic buildings located in urban neighborhoods. JLL’s Executive Vice President Paige Morgan, along with Managing Director Buzz Ellis and Senior Vice President Peter Furest, led the JLL team on the sale.
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Data due on Thursday is expected to confirm another price drop
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Market reversal spooks home owners but Riksbank less concerned
Anyone with a stake in Sweden’s property market should make space for Thursday in their calendar. That’s when they’ll get fresh clues as to whether they are facing a temporary blip or the start of a full-blown crash.
Svensk Maklarstatistik AB and Valueguard will both publish housing price data for November on December 14. There are indications that the monthly drop will be as big — if not bigger — than October’s, when prices fell 3 percent, the steepest decline since the global financial crisis of 2008…
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Cheap leverage is available to enhance returns, Pil says
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Central bank policies are diverging as Fed, ECB tighten
JPMorgan Chase & Co.’s alternative asset management unit is eyeing Japanese real estate and infrastructure, betting betting such investments will benefit from the nation’s lingering monetary stimulus even as central banks elsewhere start to tighten…
JPMorgan Eyes Japan Real Estate on Bet BOJ Persists With Easing
Faris Lee Completes Sale of CO Retail Asset
By · CommentsFaris Lee Investments has arranged the sale of a 14,990-square-foot, freestanding retail property in Northglenn, Colo. for $6.1 million. The retail space is triple-net leased to Walgreens. Faris Lee Investments worked on behalf of the seller, Northglenn LLC. and Pinnacle Real Estate Advisors represented the buyer Governors Park Lofts LLC. The transaction closed at a 6.5 percent cap rate.
AJ Capital Partners Opens MN Hotel
By · CommentsAJ Capital Partners has opened the Graduate Minnesota, a 304-key hotel—formerly known as The Commons Hotel—located on the East Bank campus of the University of Minnesota. This hotel marks the only on-campus lodging in the area.
Located at 615 Southwest Washington Ave., between Coffman Memorial Union and Gopher’s stadium, the boutique hotel offers convenient access to various shopping, dining and entertainment venues such as TCF Bank Stadium, Mill City Museum, Walgreens and Minneapolis Institute of Art. Additionally, the Minneapolis-Saint Paul International Airport is six miles away. Graduate Minnesota features common area amenities such as:
When you have one of the most contentious projections on Wall Street for the U.S. Treasury market, it’s hard to avoid the limelight.
Morgan Stanley’s forecast that the difference between yields on short- and long-dated U.S. government bonds will narrow to zero late next year is spurring strong push back even as the gap tumbles to decade lows, the bank notes.
The forecasts — on both the shape and level of the curve — have the potential to roil bond trades and the Federal Reserve’s tightening path, while raising concern for a downturn in the business cycle…
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New futures fly higher than bitcoin, prompting mixed reaction
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The ‘market opening was a mild disaster in many respects’
Bitcoin’s triumphant debut on Wall Street hasn’t ended the financial industry’s skepticism.
The new breed of futures contracts that launched on Cboe Global Markets Inc.’s exchange late Sunday quickly became a 24-hour microcosm of bitcoin’s own wild ride this year, marked by technical glitches and surging valuations. The first day left true believers cheering, yet kept many mainstream financial professionals peering uneasily from the sidelines…
Bitcoin’s First 24 Hours on Wall Street Feed Euphoria and Doubts
ORION Facilitates Phoenix Office Property Sale
By · CommentsTransit-Oriented Development Accelerates in Queens
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Rightmove says prices in the capital will fall another 2%
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Nationally, values will likely rise 1% as shortage continues
London’s property market is in for another rough ride next year, according toRightmove Plc.
Home values in the capital are likely to fall another 2 percent in 2018 after a 1.8 percent decline this year, the real estate website operator said Monday. In December alone, prices dropped 3.7 percent in London and by 2.6 percent nationally. The month usually sees a big seasonal slump…
London Property Market Likely to Continue Price Drop in 2018
BLT Enterprises Sells $16M OR Warehouse
By · CommentsBLT Enterprises has sold a 91,711-square-foot distribution facility located in Central Point, Ore. for $15.9 million. Marcus & Millichap’s David Weinberg, Paul Kerber and Adam Lewis represented BLT Enterprises, while the buyer Tomchi Oregon LLC was represented by Barbara Kreis of Sperry Van Ness.
The property’s single tenant is FedEx Ground, which has been leasing the property for eight years. The warehouse is located in the Medford submarket, a region that has encountered a strong population growth in the past several years…
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Trade Secretary Liam Fox to anounce funding at WTO conference
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Aid will support developing economies by expanding exports
The U.K. government will donate 18 million pounds ($24 million) in trade development aid to 51 of the world’s poorest countries, the Department of International Trade said.
International Trade Secretary Liam Fox will announce the funding at the World Trade Organization’s ministerial conference in Argentina on Monday, the department said…
U.K. to Pledge $24 Million for Trade Development in 51 Countries
PAC Snags $19M FL Shopping Center
By · CommentsPreferred Apartment Communities Inc. (PAC) has expanded its Florida portfolio with the acquisition of Crossroads Market, a 126,895-square-foot shopping center in Naples, Fla. The $19 million deal was carried out through PAC’s wholly-owned subsidiary New Market Properties LLC., while HFF marketed the property on behalf of the seller, a private real estate fund advised by Crow Holdings Capital – Real Estate.
Hedge Funds Love Tech Again
By · CommentsWell that didn’t last long.
Just a few short days after market observers declared the end of momentum and technology stocks’ reign atop the best performers, hedge funds’ appetite for the shares is picking up again. After cutting their exposure by 7 percent in November, leveraged buyers have already added back on a quarter of that reduction, according to data from Credit Suisse Group AG…
Children’s Hospital Expansion Set to Open in Palo Alto
By · CommentsStanford Children’s Health has opened the new main building of the Lucile Packard Children’s Hospital Stanford in Palo Alto, Calif., more than doubling the hospital in size. The 521,000-square-foot structure will add 149 beds to the hospital’s campus, greatly expanding the capacity of the facility.
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By the second half of 2018, Fed may have more of an effect
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Real cash rate seen having more influence than yield curve
This year’s boom in financial markets has taken things to “late cycle,” but the cycle has a little ways to go yet, according to JPMorgan Chase & Co.
The key trigger for an “inflection point in risky markets and volatility” will be when cash rates adjusted for inflation are at 1 percent, JPMorgan strategists led by John Normand and Dubravko Lakos-Bujas wrote in a Dec. 8 note. Currently, the rate is about negative 0.5 percent, measuring the upper band of the Federal Reserve’s policy target minus the consumer-price index excluding food and energy…
Raleigh Hotel Market: On the Rise
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Careem gets backing from Rakuten, Didi, Daimler and others
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Mideast tech companies increasingly on investors’ radars
Once upon a time, building new roads was the most logical way to improve transportation. Now, making the most efficient use of roads is even more important, according to the chief executive officer of ride-hailing company Careem Inc.
“We believe ride hailing, or a version of it, is the best way to build public transport today,” Mudassir Sheikha said in an interview in Dubai, where Careem is based. There’s a Middle Eastern city “that’s building a metro bus system for $700 million dollars that will transport 200,000 people. If they invested the same amount in ride-hailing, it would have capacity for 1.5 million people and create 100,000 jobs.”…
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Private condos aboard The World top rates in London, New York
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Vessel tours North America this year marketing units for sale
It’s among the world’s most-expensive real estate per square foot, where the oceanfront views never tire, and where the price of entry buys access to the otherwise inaccessible—165 apartments aboard The World, a condo cruise ship. Its intensely private residents spend a third of the year, on average, gliding to the planet’s farthest reaches: Antarctica, Pacific atolls that haven’t seen a ship in two decades, and Ascension, a volcanic outcropping halfway between Africa and Brazil…
M&T Bank Sells Pair of NJ Office Assets
By · CommentsM&T Bank has disposed of two office buildings in Paramus, N.J. Two different entities purchased the 92,000-square-foot assets, which are strategically located immediately off of routes 17 and 80.
The first building is located at 80 W. Century Road and comprises 70,000 square feet on 3.5 acres. Amenities include 15,000-square-foot flexible floor plates and an on-site M&T bank branch, which will continue to operate despite the change in ownership. The new owner plans to occupy part of the building, while the remaining portion will be marketed for lease.
Meritex Expands Charlotte Industrial Presence
By · CommentsThe Meritex Co. has begun construction work on its latest development near Charlotte Douglas International Airport in Charlotte, N.C. The building, expected to deliver in the first quarter of 2018, is the first of three to be built next to the company’s 11-building CLT Logistics Center, which it acquired last year.
Homebuying Doesn’t Hinge on the Mortgage Tax Break
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Economists say interest deduction doesn’t boost homeownership
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Republican tax bill would diminish the housing perk’s use
One of America’s most popular tax breaks is about to be rendered nearly useless. And there are few economists rushing to defend it…
Homebuying Doesn’t Hinge on the Mortgage Tax Break
Curio Collection Opens First Hotel in Australia
By · CommentsMultiplex has completed construction of West Hotel, Curio Collection by Hilton, which marks Australia’s first Curio hotel.
Located at 65 Sussex St. in Sydney, the 182-key hotel was designed by Fitzpatrick + Partners, with interiors by Wood Bagot. The property features spacious suites, a restaurant, open air garden atrium, private meeting and dining room, bar and fully-equipped fitness center. West Hotel features a botanical theme throughout with a three-story internal garden atrium courtyard, white flower motif in the lobby and floral-inspired carpet design in the guest rooms. A signature feature of the hotel is its geometric façade with 333 individual panels of glass used for its construction, the first of its kind in Australia. Construction began in October of 2016 and was completed in less than 13 months…
NKF Brokers South Bay Office Asset Sale
By · CommentsGramercy Property Trust sold Redondo Beach Business Court to Miramar Capital. The 124,400-square-foot office building in Redondo Beach, Calif., changed hands for $36.7 million.
The two-building asset, located at 3701 Doolittle Drive, was completed in 1985 and underwent cosmetic renovation in 1989. The building offers more than 200 parking spaces and convenient access to interstates 105 and 405. Redondo Beach Business Court was 58 percent occupied at the time of sale, with less than two years remaining on the lease term for its tenant Northrop Grumman. The property is situated near multiple restaurants and hotels, including Annapurna Indian Restaurant, Spires Restaurant and SpringHill Suites by Marriott…
How Affordable Urban Housing Stays Affordable
By · CommentsNKF Arranges $27M Retail Sale in NH
By · CommentsNKF Capital Markets has completed the sale of The Windalier Portfolio in West Lebanon, N.H. The Davis Cos. acquired the 230,035-square-foot asset for $27.2 million. NKF Managing Director Justin Smith, U.S. Head of Capital Markets Robert Griffin and Executive Managing Director Geoffrey Millerd represented the seller, Dead River Properties.