JV to Create Upscale Hotel Brand in Japan
By · CommentsHotel Okura Co. and Trinity Investments LLC have formed an exclusive joint venture to create Nikko Style, an upscale hotel brand that will be introduced throughout Japan. Trinity is seeking to raise up to $300 million in equity to initially fund the Nikko Style chain. The first hotel under the brand is expected to open by 2020.
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Fashion brand to ramp up retail footprint online and off
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Equity firm NEO owns stakes in Laduree macarons, AMI menswear
Victoria Beckham Ltd., the maker of $1,365 going-out clutches and $425 aviator sunglasses, sold 30 million pounds ($40 million) in new shares to a former Goldman Sachs Group Inc. banker’s private equity firm.
David Belhassen’s NEO Investment Partners LLP took a 30 percent stake in the former Spice Girl turned fashion designer’s namesake brand, valuing it around 100 million pounds, according to a person familiar with the transaction who asked not to be identified discussing private information. The London-based luxury house will use the funds to expand its retail presence online and off, as well as adding new product categories, the companies said in a joint statement Monday…
U.S. purchases of new homes unexpectedly advanced in broad fashion last month, reaching the strongest pace in a decade and offering an encouraging signal for residential construction, according to government data released Monday…
U.S. New-Home Sales Unexpectedly Rise to Highest in a Decade
NJ Retail Center Welcomes New Tenant
By · CommentsGoldfish Swim School has opened a new location within The Shoppes at the Livingston Circle in Livingston, N.J. The tenant occupies 8,100 square feet, serving children aged four months to 12 years old.
The swim school will also provide weekly family swims and party packages. The new area features an air-conditioned viewing gallery for parents, family dressing area with private changing rooms, a snack bar and a retail shop…
Griffin Sells DreamWorks Animation HQ for $290M
By · CommentsThe five-building, 460,000-square-foot DreamWorks Headquarters and Studio Campus in Glendale, Calif., acquired by Griffin Capital Co. LLC in July 2015, has changed hands again. This time going to a South Korean investment firm that bought the NASA Headquarters building in Washington, D.C., just a few months ago…
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Officials may contain price gains with credit, buying curbs
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Home sale slide may show the risks of property cooling efforts
China’s efforts to cool the property market may lead to the first decline in home sales since 2014 next year, highlighting the risks as officials try to battle bubbles without tanking the economy…
How China’s Going to Try to Control Its Massive Housing Bubble
Investors Are Piling Into This Hot Real Estate ETF
By · CommentsToo much vanilla is growing tiresome for yield-hungry investors. So they’re trying out more exotic flavors — including a particularly hot real estate exchange traded fund.
The iShares U.S. Real Estate ETF, ticker IYR, took in $425 million last week, the largest weekly inflow in almost a year. The fund hadn’t seen more than $400 million since last December…
Investors Are Piling Into This Hot Real Estate ETF
UEFA, Mounting Concern About A.C. Milan’s Murky Finances
By · CommentsA.C. Milan is European soccer royalty, its global popularity driven not just by its 18 Italian league championships but also by its seven European titles. Those glories seem long ago these days — the last of Milan’s European Cups was won in 2007 — and now a financial crisis threatens to delay the club’s return to the top even longer.
European soccer’s governing body, UEFA, is concerned about Milan’s financial viability under its Chinese owner, and without a resolution Milan could face sanctions that include a ban from the continental competition it once ruled. Facing mounting concern over its violations of so-called financial fair play rules, created to keep clubs from spending more than they bring in, Milan’s management is trying to persuade regulators that its new Chinese owner, Li Yonghong, is capable of stopping the team’s bleeding millions of euros a year…
IHG Expands Holiday Inn Express Portfolio in India
By · CommentsFed Remains on Track to Raise Interest Rates Next Month
By · CommentsWASHINGTON — The Federal Reserve is preparing to raise its benchmark interest rate in December despite the concerns of some Fed officials about the persistent weakness of inflation, according to an account of the Fed’s most recent policy meeting.
The account, which the Fed published Wednesday, described officials as united in confusion about the reasons that inflation is weak but divided about the consequences. While some officials favored watching and waiting, a majority of Fed officials — including the chairwoman, Janet L. Yellen — have made clear that they are inclined to keep raising the Fed’s benchmark rate…
AccorHotels Partners With Brazil Hospitality Group
By · CommentsJV Obtains $15M Loan for Suburban Chicago Acquisition
By · CommentsDivaris Completes 6 VA Leasing Transactions
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South American nation seized rights to gold deposit in 2011
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Lawyers haggling over release of details of the deal
Crystallex International Corp. and Venezuela agreed to settle a $1.2 billion dispute over the 2011 nationalization of a gold deposit in the South American nation.
Ontario Superior Court Justice Glenn Hainey in Toronto approved the settlement on Friday after it was announced two days earlier through filings in Canada. Parts of the agreement remain sealed, including the amount to be paid…
Crystallex, Venezuela Agree to Settle $1.2 Billion Mine Dispute
TownePlace Suites by Marriott Expands Canada Footprint
By · CommentsThe property is the first major extended-stay property to operate in the city’s center, offering guests a long-term hotel option on the Canadian side of the border.
TownePlace Suites by Marriott announced the opening of a new 128-key hotel in Windsor, Ontario, in a newly renovated downtown building. Prior to its opening, there was no extended-stay hotel in the city center. The Sunray Group owns and operates the property, along with a growing number of other hospitality properties throughout eastern Canada…
TownePlace Suites by Marriott Expands Canada Footprint
Aussie Housing Market Is Four Times the Size of Economy
By · CommentsNot even the U.S. and U.K. markets achieved such heights at their peaks
Australia’s housing market dwarfs its economy after five years of red-hot price growth. The value of the nation’s homes has ballooned to A$7.3 trillion ($5.6 trillion) — or more than four times gross domestic product. Not even the U.S. and U.K. markets achieved such heights at their peaks a decade ago before prices spiraled lower and dragged their economies with them. “The risk is that it leaves the Australian economy extremely exposed, and a minor shock could become far more significant,” said Daniel Blake, an economist at Morgan Stanley in Sydney…
Mainstreet To Acquire CareIT Portfolio for $425M
By · CommentsA partnership between Mainstreet and Tiptree is set to purchase CareIT’s portfolio. The properties include 42 senior living communities and health-care facilities.
In a partnership with Tiptree Inc. and other subsidiaries, Mainstreet Health Investments is slated to acquire Care Investment Trust for approximately $425 million.
The health-care portfolio encompasses 35 independent living, assisted living and memory care properties and seven skilled nursing assets, comprising a total of 3,718 suites/beds located across 11 states. The deal is expected to close by the first quarter of 2018…
Mainstreet To Acquire CareIT Portfolio for $425M
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Prices seen rising 5%-10% next year after 11% growth this year
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Tight supply, cheap money, Bank of Mom and Dad fueling prices
Hong Kong’s red-hot housing market shows no signs of cooling anytime soon.
Prices in the city have climbed 11 percent this year, defying skeptics waiting for the bubble to burst and government attempts to rein in the world’s most expensive housing market through a raft of taxes and mortgage curbs…
CBRE Wins $200M Contract for NY Public Library Revamp
By · CommentsGrandbridge Real Estate Capital recently closed a $7 million first mortgage loan for 6606 Tussing Road, a 496,460-square-foot industrial R&D/flex facility on roughly 30 acres in Columbus, Ohio.
Funding for the permanent loan was arranged through one of Grandbridge’s banking relationships and featured a 10-year term and 15-year amortization, closing with a fixed interest rate of 4.25 percent for five years. The Branch Banking and Trust Co. originated the loan…
JLL’s Capital Markets experts have secured a $52 million refinancing for a 554,823-square-foot, 4,711-unit Space Mart Self-Storage portfolio in Pennsylvania and Richmond, Va. The company secured the loan on behalf of the owner group and the sponsor, Space Development Co., through Goldman Sachs.
The portfolio includes four properties in the Greater Philadelphia market, two in central Pennsylvania and two in Richmond, Va. The self-storage facilities feature climate-controlled units, ranging in size from 25 to 300 square feet. Other amenities include 24-hour access, lounge and meeting area, truck rental and computer controlled security…
Nafta Talks Have High Stakes for Two Texas Bridge Owners
By · CommentsPrivate crossings to Mexico are a rich franchise under
the North American Free Trade Agreement, but discussions
on reopening the accord have put that bonanza at risk.
RIO GRANDE CITY, Tex. — Caught quite literally in the middle of the international debate over the way the United States trades with its southern neighbor are two Texans named Sam…
Nafta Talks Have High Stakes for Two Texas Bridge Owners
FL Self-Storage Project Receives $8M Loan
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Value of nation’s homes equivalent to four times the economy
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Risk that ‘a minor shock could become far more significant’
The party is finally winding down for Australia’s housing market. How severe the hangover is will determine the economy’s fate for years to come.
After five years of surging prices, the market value of the nation’s homes has ballooned to A$7.3 trillion ($5.6 trillion) — or more than four times gross domestic product. Not even the U.S. and U.K. markets achieved such heights at their peaks a decade ago before prices spiraled lower and dragged their economies with them…
Two Timber Buildings Break Ground in Brooklyn
By · CommentsResidence Inn by Marriott Opens in Miami
By · CommentsMarriott’s Residence Inn brand has opened Residence Inn Miami Sunny Isles Beach, a 194-key hotel in the heart of Sunny Isles Beach.
Located at 17700 Collins Ave., the 19-story building is situated between major Miami shopping destinations including Aventura Mall and Bal Harbour Shops. Additionally, the property is in close proximity to Miami International Airport and Fort Lauderdale-Hollywood International Airport…
Temer Agrees on Brazil Pension Vote With House Chief
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Plan is for debate on bill on Dec. 5, floor vote on Dec. 6-7
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Bill needs 3/5 support from Lower House, Senate to become law
Brazil President Michel Temer on Wednesday struck a tentative deal with Lower House Speaker Rodrigo Maia to put the administration’s controversial pension bill to vote in early December, prompting local assets to rally…
Temer Agrees on Brazil Pension Vote With House Chief
Homewood Suites Opens Its Doors in Milwaukee
By · CommentsNewMark Merrill Buys CA Shopping Center
By · CommentsMadison Marketplace is located in Fair Oaks, Calif., and is 93 percent leased to several national and local retailers including Raley’s Supermarkets and TJ Maxx.
NewMark Merrill Cos. acquired Madison Marketplace, a 258,981-square-foot shopping center in Fair Oaks, Calif., previously owned by TA Realty. The company obtained a 10-year fixed-rate loan provided by John Hancock Insurance for the purchase. Pacific Southwest Realty Services arranged the financing…
NewMark Merrill Buys CA Shopping Center
Private Equity, Japan’s Finally Open for Business
By · CommentsIt’s taken decades but finally, Japan’s doors are swinging open for private equity.
The country’s corporate giants have long been a coveted target for buyout firms seeking to put large pools of capital to work. Money, though, hasn’t been enough to overcome the traditional Japanese hostility to takeovers…
Private Equity, Japan’s Finally Open for Business
NY-Area Retail Centers Land $663M Refi
By · CommentsUrban Edge Properties, a New York-based shopping center REIT, has refinanced 16 individual, non-recourse mortgages totaling $663 million for 15 Class A retail properties and one industrial in New York and New Jersey. HFF worked on behalf of Urban Edge to secure the 16 separate loans with two CMBS lenders, three life company lenders and one bank. The loans include 14 fixed- and two floating-rate facilities with terms ranging from seven to 13 years.
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Increasing use of borrowed money is a sign of confidence
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Managers raising longs while cutting back on short positions
Hedge funds are borrowing more to buy equities, a sign of growing confidence in the economy and their favorite stocks…
Hedge Funds Haven’t Been This Leveraged to Buy Stocks Since the Bull Market Began
Steel Manufacturer to Invest $250M in MO Mill
By · CommentsNucor Corp. plans to build a rebar micro mill in Sedalia, Mo, about 90 miles east of Kansas City, Mo. The project represents a $250 million investment and is expected to be operational in 2019, pending the receipt of final approvals and award of state and local incentives.
Rent Deceleration Continues in San Francisco
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Strategist says failed fork cleared room for coming surge
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Call comes after Novogratz sees coin at $10,000 by January
The bitcoin bulls are charging.
A day after hedge fund manager Mike Novogratz said the cryptocurrency will end the year at $10,000, Fundstrat’s Thomas Lee doubled his price target to $11,500 by the middle of 2018 — a 40 percent gain from current levels…
Crypto Bull Tom Lee Doubles Bitcoin Price Target to $11,500
Banyan Grabs Miami Office Asset in $33M Deal
By · CommentsCBRE Capital Markets has brokered the sale of 9350 Financial Center, a Class A office building totaling 105,713 square feet in Kendall, Fla. Delma Properties sold the asset to Banyan Street Capital in a $33 million deal and BankUnited originated the seven-year acquisition financing that facilitated the transaction.
U.K. Chancellor of the Exchequer Philip Hammond’s measures to help young people into the housing market underwhelmed investors and sent home-builder stocks tumbling.
In his budget speech Wednesday, Hammond abolished stamp duty for first-time buyers of homes worth up to 300,000 pounds ($398,000) as the Conservative government sought to regain support among the younger voters who abandoned them at the last election…
U.K. Curbs Home-Buying Taxes While Unveiling Land-Banking Review
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From regulation to communication, many PBOC tasks are in flux
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Taming debt levels will be a key responsibility for new chief
When Zhou Xiaochuan finally hands over the baton at the People’s Bank of China after a decade and a half in charge, his successor will inherit a series of headaches crowned by a debt pile racing toward 300 percent of output…
These Are the Five Biggest Tests Facing China’s Next Central Bank Chief
Ft. Lauderdale-Area Office Building Lands 89 KSF Tenant
By · CommentsCresa negotiated a new lease with Envision Physician Services at a 102,000-square-foot office building in Plantation, Fla. The tenant will occupy 89,143 square feet at the property and plans to open in the summer of 2018.
Located at 1801 NW 66th Ave., the two-story building was completed in 1983 and underwent a series of renovations this year following the departure of three long-term tenants. Improvements included upgrading the lobby along with the common areas, elevator and parking lot, as well as refurbishing the exterior and new roofing. The 1801 Building provides 24-hour secured access and a parking ratio of roughly 4.6 spaces per 1,000 square feet…
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Opportunities near top of list anywhere: Bain Capital Credit
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Varde is looking at a ‘number of situations’: CIO Carstairs
India’s highest-profile default this year and the government’s plan to inject capital into state-controlled lenders have thrust the nation’s bad debt into the spotlight. Some global debt funds increasingly like what they see…
India’s ‘Dirty Dozen’ Debtors Lure Big Funds to Their Bad Loans
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Yields on AAA rated notes have jumped as deleveraging kicks in
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Weaker companies to find it harder to refinance debt: Gui
China’s deleveraging campaign is finally starting to bite in the nation’s corporate-bond market, a shift that will make 2018 a clearer test of policy makers’ appetites to let struggling companies fail…
China’s $3.4 Trillion Corporate Bond Market Faces Rocky 2018
C-PACE Funding Granted to Houston Office Asset
By · CommentsPetros PACE Finance closed on a $1.3 million Commercial Property Assessed Clean Energy (C-PACE) deal that will fund energy upgrades to a Houston office building located at 1225 North Loop West. The project marks the first occasion that any C-PACE program in Texas has been used to fund energy efficiency improvements to a multi-tenant office building…
Billionaire investor Stanley Druckenmiller sold his eight-bedroom Greenwich mansion for $25 million, the biggest sale this year in a Connecticut town where high-end listings have been piling up…
Druckenmiller Mansion Markdown Is Biggest Greenwich Sale of 2017
7 KSF Dublin-Area Medical Office Changes Hands
By · CommentsBradenton Pediatric Building Co. Ltd. (part of Bradenton Health & Professional Condo Association) sold Building A, an $800,000 medical office building in Dublin, Ohio, to a 1031 tax deferred buyer.
Certified Commercial Investment Member (CCIM) David Hartsook, John Hall and Kevin Connor of CBRE’s Columbus office represented the seller.
“The building was sold in about six months,” said CCIM David Hartsook, first vice president at CBRE, in a prepared statement. “The speed of the sale is a testament to just how well-maintained this building is,” Hartsook concluded…
Caesars to Buy Indiana Gaming Operator for $1.7B
By · CommentsCaesars Entertainment Corp. has agreed to acquire Centaur Holdings LLC for $1.7 billion in cash, which will add to Caesars’ already-extensive roster, including Centaur’s “racino” operations in Indiana…
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Jakarta court rejects counterclaim against Benny Tjokrosaputro
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U.S. firm ordered to pay damages for Hanson share transaction
An Indonesian court ordered Goldman Sachs Group Inc. to pay 320.8 billion rupiah ($24 million) in damages to the founder of PT Hanson International, for what was ruled to be an “illegal transaction” to buy shares in the property developer…
Goldman Sachs Ordered to Pay $24 Million to Indonesia Tycoon
Radisson Hotel Opens Near Charlotte Airport
By · CommentsRadisson opened Hotel Charlotte Airport South in North Carolina, a 91-key hotel that recently completed an extensive multimillion dollar renovation, which includes enhancements to the lobby, guest rooms, fitness center, business center and exterior. There is a 17,000-square-foot meeting room that can accommodate up to 800 people.
Retail Strategies: New Market Properties
By · CommentsTyson Foods to Invest $300M in 5th TN Plant
By · CommentsTyson Foods Inc., one of the world’s largest food processors, intends to build a $300 million production facility in Humboldt, Tenn. The investment is expected to create more than 1,500 local jobs once the processing plant begins operations in late 2019. Outside contractors will help build the project, and Tyson Foods expects it will involve hundreds of workers.
A deputy governor at Sweden’s central bank talked down fears of a housing market correction and said the krona, which sank last week after surprisingly weak property data, was likely to appreciate…
Riksbank Takes On Housing Correction Fears, Sees Stronger Krona
Mike Novogratz Says Bitcoin Will End the Year at $10,000
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Former Fortress Investment Group manager starting crypto fund
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Hedge fund manager says bitcoin should be compared to gold
Hedge fund manager Mike Novogratz, who is starting a $500 million fund to invest in cryptocurrencies, says the bitcoin rally still has some serious legs…
Mike Novogratz Says Bitcoin Will End the Year at $10,000
Ten Capital Management has sold its limited partnership interest in Miracle Mile Retail Center to a joint venture between M&J Wilkow LTD and ALTO Real Estate. The nearly 300,000-square-foot, Class A retail center is located in Monroeville, Pa.
LRC Properties Acquires SC Mixed-Use Campus
By · CommentsLRC Properties acquired Leeds Park, a 1,056,000-square-foot mixed-use campus located in Charleston, S.C. The deal closed at $42 million and was arranged by a team of brokers from NAI Charleston. Amherst Capital Management provided the loan for the purchase and future renovations of the asset.
“The property is geographically well situated in North Charleston off Interstate 526, near the port, the airport, and Boeing’s manufacturing facility, offering great potential for tenants. We plan to bring Leeds Park up to and even exceeding standards deserving of this important market and its tenants,” said Howard Lavitt, principal & co-founder of LRC Properties, in prepared remarks…
Sales of previously owned U.S. homes rose to a four-month high, indicating demand was firming at the start of the quarter as the impact from hurricanes faded, according to a National Association of Realtors report released Tuesday…
U.S. Sales of Previously Owned Homes Rise as Storm Impact Fades
The industry was struggling to keep up with demand even before this year’s natural disasters.
Hurricane victims emerging from ravaged trailer parks are discovering that the U.S. mobile-home market has left them behind. In Florida and Texas, dealerships are swarmed by buyers looking to rebuild their lives after hurricanes Harvey and Irma, but many leave disappointed…
Mobile Homes Are So Expensive Now, Hurricane Victims Can’t Afford Them
Davidson Expands CA Portfolio
By · CommentsDavidson Hotels & Resorts has expanded its management portfolio with the addition of the Hyatt Regency Monterey Hotel & Spa. The asset is owned by an affiliate of Fairwood Capital LLC.
“This will be our 11th full-service Hyatt hotel and we have tremendous confidence in the brand, its positioning and its strong offerings. Hyatt has been an important part of the Monterey community and together with Fairwood we will create an exciting new future for the property,” said John Belden, president & CEO of Davidson, in prepared remarks…
Forest City to Begin Work on SF’s Pier 70
By · CommentsForest City Realty Trust Inc. is set for the first phase of Pier 70, a 28-acre mixed-use project in San Francisco.
At full buildout, the project will consist of about 2,150 residential units, 30 percent of which will be affordable, up to 1.8 million square feet of commercial space and 450,000 square feet of retail, arts and light industrial/maker space. Additionally, it will include parks, transportation and infrastructure improvements and significant public benefits…
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Online giant will buy a stake of over 36% in Sun Art Retail
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Deal arms China’s largest hypermart player for battle
Alibaba Group Holding Ltd.’s $2.9 billion deal to buy a slice of China’s largest hypermart chain pits it against Wal-Mart Stores Inc. in the world’s largest retail arena.
China’s biggest e-commerce company agreed to acquire 36 percent of Sun Art Retail Group Ltd., which operates about 400 hypermarkets under the Auchan and RT-Mart banners. As part of the deal, France’s Auchan Retail SA will raise its stake in the Hong Kong-listed company to a similar level, and form an alliance with the internet giant to tackle the same Chinese food retail sector Wal-Mart’s targeting…
LPC Buys Land for 900 KSF Phoenix Spec Project
By · CommentsLincoln Property Co. will break ground in December on Phoenix’s first 40-foot high speculative industrial building. The company bought the 50-acre plot of land from EJM Development Co., where it will build the distribution facility. Lincoln Logistics 40 will be situated within EJM’s master-planned, 350-acre project, Airport Gateway at Goodyear.
Reducing Energy Consumption in CRE: ULI Report
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