Building Boom of U.S. Apartments Is Cooling Off
By · CommentsConstruction of multifamily structures is expected to fall 8 percent next year
The blistering pace of apartment building in the U.S. this year is showing signs of throttling back. While the supply of apartments and condominiums has been increasing as builders responded to rising demand for rental units, the number of projects under construction has leveled off after reaching a 42-year high in February and vacancy rates have edged up. Dodge Data & Analytics projects starts of multifamily structures to fall 8 percent in 2018…
Building Boom of U.S. Apartments Is Cooling Off
Tampa Office Campus Commands $45M
By · CommentsCBRE has brokered the sale of Tampa International Business Center, a six-building office park totaling 324,654 square feet in the Westshore submarket of Tampa, Fla. TerraCap Management sold the asset to Real Estate Value Advisors in a $45.1 million deal. The property was 98 percent leased at the time of the sale.
Located at 5730 Hoover Blvd., 5301, 5519, 5520, 5550 and 5570 Idlewild Ave., the campus was developed between 1980 and 1986 and received a series of upgrades between 2014 and 2017. The property includes 1,816 parking spaces…
JPMorgan Chase Commits $900K to Help Detroit Go Green
By · CommentsMove over, Keith Parker, there’s a new raging bull on Wall Street.
BMO Chief Investment Strategist Brian Belski says the S&P 500 will end 2018 at 2,950, 14 percent higher than Friday’s close. The prediction tops the 2,900 target UBS AG’s Parker issued last week and is the highest among Bloomberg-tracked strategists who have provided forecasts for next year…
Wall Street’s Biggest Bull Sees S&P 500 Pushing Toward 3,000
Compass Self Storage Expands TX Portfolio
By · CommentsCompass Self Storage LLC, an affiliate of Amsdell Group LLC., has acquired a 68,000-square-foot self-storage center in Fort Worth, Texas. The facility marks the seventh Compass Self Storage location in the greater Dallas-Fort Worth market.
Located at 8500 S. Hulen St., the facility is accessible via interstates 20, 30 and 35 West. Dallas is within 50 miles via Interstate 30. Completed in 2004, the self-storage facility features drive-up and climate-controlled units, as well as individual access control and security. Additionally, Compass Self Storage offers moving and packing supplies and truck rental options…
Hong Kong Apartment Sets Asia Price Record, Post Says
By · CommentsA luxury apartment in Hong Kong’s exclusive Peak neighborhood has set a new Asian price record, the South China Morning Post reported.
A single buyer paid HK$1.16 billion ($149 million) for two apartments at No. 8 Mount Nicholson on The Peak, the Post said, citing Wheelock Properties, which is overseeing sales at the project. The second, smaller apartment fetched HK$132,000 per square foot, making it Asia’s most expensive residence by area, the report said…
Hong Kong Apartment Sets Asia Price Record, Post Says
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Bain would hire about 20 from endowment’s real estate group
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Plan may let Bain diversify and Harvard overhaul endowment
Harvard University’s endowment is in talks to move the management of a portion of its real estate investments to Bain Capital, according to people familiar with the matter…
Jernigan Capital Continues Self-Storage Expansion
By · CommentsJernigan Capital Inc. has closed $20.1 million in investment capital to develop self-storage facilities in Miami. The new project will comprise 96,295 rentable square feet. Developed by Mequity LLC., construction is expected to begin in the second quarter of 2018 and is slated for completion by the third quarter of 2019.
At NW 27th St., between the Dolphin Expressway and Tamiami Trail, the facility will be located in Little Havana, in a densely populated residential area that currently offers limited self-storage options. NW 27th St. is a north-south thoroughfare that accommodates daily traffic of more than 48,000 vehicles…
Faster apartment building was instrumental in pulling the U.S. housing market out of its slump a decade ago. Now, that engine is starting to throttle back.
A softening in the multifamily segment is something to keep an eye on even as overall homebuilding — which includes single-family dwellings that make up the largest share of the market — is expected to keep moving forward…
Once-Hot Apartment Construction Cooling as U.S. Housing Engine
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Options open interest in SPY ETF jumps to highest since 2011
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Investors take on wagers amid persistent dip-buying mentality
The main U.S. equity gauge moved just a 10th of a percent last week, but investor hedging has jumped to a six-year high…
A Boring Week in U.S. Stocks Masks a Roaring Appetite for Hedges
TORONTO — Forty inmates lined up for the daily mail call at the Fort Dix Federal Correctional Institution, a complex of low-slung brick buildings in the middle of New Jersey.
It was July 2012, and one of the inmates was Philip Baker. A former hedge fund manager, he was serving a 20-year sentence for fraud. He had used bogus performance data to lure hundreds of people and institutions into his fund. His investors had lost hundreds of millions of dollars…
A Hedge Fund Manager Committed Fraud. Would the U.S. Let Him Go?
Co-Working Creeps into Corporate Property Strategy
By · CommentsThe Urban Land Institute Fall Meeting in October featured a panel discussion titled “What is Creative Office 2.0 and Why Does It Matter?” moderated by WeWork’s Liz Burow with panelists from Microsoft, CBRE and ZGF Architects. The cross-disciplinary panel identified emerging trends in the modern office environment, with emphasis on shorter-term use arrangements to give companies flexibility in how to manage both people and properties…
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Job market going from among the weakest to ‘one of tightest’
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Says near-term recession risk ‘still looks fairly limited’
The U.S. economy is heading into 2018 with strong momentum that’s likely to boost wages and inflation more broadly, requiring the Federal Reserve to raise interest rates four times next year, Goldman Sachs Group Inc. economists said in a research note…
Goldman Sachs Sees Four 2018 Fed Rate Hikes as U.S. Growth Gains
Olive Hill Completes LA Office Renovation
By · CommentsOlive Hill Group has completed the interior renovation and rebranding of a 106,000-square-foot office building in downtown Los Angeles. The company renamed the office formerly known as Crown Plaza to The Olive.
Built in 1985, the building is located at 631 S. Olive St., at the edge of the region previously known as the Jewelry District. The revitalization of the asset has brought jewelers back to the area and to the building as well. The property is also home to Olive Hill Group’s corporate headquarters…
Hammond Vows to Boost U.K. Homebuilding in Budget
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Chancellor speaks in interview with Sunday Times newspaper
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Will pledge 300,000 extra homes a year — up from 217,000
U.K. Chancellor of the Exchequer Philip Hammond will announce a plan to increase house building by almost 40 percent as his Conservative Party seeks to woo younger voters with promises to give them the same home-ownership opportunities as their parents…
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Plan raises questions on whether paying staff bills is ethical
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President’s legal bills had previously been covered by RNC
President Donald Trump has started paying his own legal bills related to the Russia probe, rather than charging them to his campaign or the Republican National Committee, and is finalizing a plan to use personal funds to help current and former White House staff with their legal costs…
Trump to Pay His Own Legal Bills, Set Up Fund to Cover Staff
Greenbridge Finishes Renovations on Seattle Office
By · CommentsGreenbridge Investment Partners has completed an extensive renovation of Georgetown Squared, a 280,000-square-foot Class A office building located in Seattle.
Built in 1983 as a showroom part of the Seattle Design Center, the five-story building includes tenants such as Iridio Studios, Builders Capital, Andersen Construction, Archbright, Darigold, Girl Scouts of Western Washington, Leukemia & Lymphoma Society and Netfortris. Located at 5601 S. 6th Ave., next to the Seattle Design Center, also owned by Greenbridge, the G2 offers convenient access to downtown Seattle and various restaurants, shopping and entertainment venues…
What Investment Flows Can Teach You About Brexit
By · CommentsThese Bloomberg functions provide a window into how money is moving across borders in M&A deals, portfolio investments, and ETFs.
Flows can provide powerful insights into economic and market trends. Both long-term foreign direct investment and shorter-term portfolio flows can be viewed as the business and investing communities’ judgment on policymakers’ economic and regulatory decisions. Buying a stake in a company or shares of an exchange-traded fund, for instance, could imply a vote of confidence…
What Investment Flows Can Teach You About Brexit
For nearly three decades, Goldman Sachs Group Inc. outdid Morgan Stanley in commodities, year after year. In 2017, Morgan Stanley is pulling ahead in a reversal of fortunes for the two banks known as the “Wall Street refiners.” …
How Morgan Stanley Outdid Goldman in Old Commodities Rivalry
Peak10 + ViaWest Completes Denver Expansion
By · CommentsPeak10 + ViaWest have completed an 88,000-square-foot expansion to its Englewood, Colo. facility. The Compark data center now has a total of 140,000 square feet of raised floor space. A total of five facilities are operated by Peak10 + ViaWest in the state of Colorado, all of them within Denver’s metropolitan area, with the newly expanded one being the largest.
The Republican tax plan isn’t designed to help rich New Yorkers, but Wall Street can certainly look forward to some advantages, said Treasury Secretary Steven Mnuchin.
“There’s a lot of benefit to the New York economy to lowering the corporate tax to 20 percent,” Mnuchin said in an interview on Fox News on Friday. “That’s a huge boom for the financial services industry — they can hire more people, they can pay more people, they can create more jobs, they can be competitive.”…
Wall Street Will Be Riding the Boom From Tax Plan, Mnuchin Says
U.S. new-home construction rebounded in October to the fastest pace in a year, partly reflecting recovery efforts in the hurricane-stricken South, government figures showed Friday. A pickup in permit applications for one- family dwellings indicates building will remain firm in coming months…
U.S. Home Starts Reach Highest Level in a Year, Permits Rise
Peak10 + ViaWest Buys $33M PA Facility
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Values gained in 50 cities in October, versus 44 in September
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Efforts to curb speculation have seen property sales slump
Chinese home prices rose in more cities in October, snapping a three-month decline, a sign the market is stabilizing amid government efforts to curb property speculation…
China Home Prices Stop Three-Month Drop as Market Stabilizes
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High land costs push prices beyond the reach of many buyers
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‘It’s a real turn,’ says broker who sees his sales slowing
The hottest housing market in the world is facing a reckoning…
Even Real Estate Developers Can’t Afford Toronto’s Housing Market
CBRE Adds Tenants to Atlanta Office Center
By · CommentsCBRE negotiated two new leases at The Towers at Wildwood, a Class A office complex totaling 716,484 square feet in Atlanta’s Northwest submarket. The towers have reached 90 percent occupancy with the addition of the latest tenants.
Compass Planning 750 KSF NoVA Data Center
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Coinbase will store digital coins for institutional investors
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The firm estimates there’s $10 billion waiting on sidelines
Coinbase, one of the most popular digital-coin exchanges for retail investors, has its eye on institutional cash looking for a way into cryptocurrencies…
Bitcoin Exchange Wants to Be Digital Safe House for Hedge Funds
Portland’s Tallest Office Tower Changes Hands
By · CommentsMost Expensive High Streets in the World: C&W Report
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Gundlach ‘appalled’ by continuation of carried interest break
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Tax bill will help small fraction of population, he says
Jeffrey Gundlach, chief investment officer of DoubleLine Capital, said the congressional tax plan would expand the federal deficit and help a small fraction of the U.S. population, including hedge fund managers.
“I’m very disappointed incidentally about the shape of this tax cut that is being proposed,” Gundlach told a gathering of industry participants at the Drake Hotel in Chicago on Wednesday. “I am just appalled that we are going to continue to have a carried-interest scheme for hedge funds.”…
CBRE Arranges IL Country Inn Hotel Deal
By · CommentsCBRE Hotels brokered the sale of a 99-key Country Inn & Suites in Naperville, Ill. on behalf of the seller, Hospitality Properties Trust. Renovation work is expected to start at the property.
The hotel is located at 1837 Centre Point Circle, just off Interstate 88 and provides easy access to a variety of local attractions and entertainment options such as the Naperville Riverwalk, the Morton Arboretum, All Seasons Ice Arena, Frontier Park and the Naperville Polo Field. The city also hosts one of the largest clusters of office concentrations outside Chicago, with employers such as Coriant, Navistar, Nokia and Chevron signing the tenant roster…
Summit to Buy Four Hotels for $164M
By · CommentsSummit Hotel Properties Inc. has agreed to acquire four hotels totaling 652 guestrooms for an aggregate price of $164 million, or about $252,000 per key, Summit announced Monday…
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Austrian startup uses hydropower to mint ethereum and bitcoin
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Electricity consumed to mine bitcoin rose 43% since October
A green-energy startup says it can solve bitcoin’s surging electricity consumption without boosting pollution, an issue threatening to halt the meteoric rise of the virtual currency…
This Cryptocurrency Miner Says It Solved Bitcoin’s Power Problem
42 KSF Self-Storage Facility Opens in MS
By · CommentsHernando Self Storage LLC has opened Hernando Self-Storage, a 329-unit state-of-the-art, self-storage facility in Hernando, Miss. Absolute Storage Management will manage the facility, which is the ninth property managed by the firm in the state and the first in Hernando.
Located at 2795 McIngvale Drive, Hernando Self-Storage is less than 30 miles away from Memphis via interstates 55 and 69 and the Memphis International Airport is within 20 miles. The facility, completed in January 2017, comprises 41,545 square feet and occupies 4.3 acres. Hernando Self-Storage is a gated property with drive-up access and has indoor, climate-controlled units. Other services include security cameras, on-site manager and 24-hour access…
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Denmark’s covered bond market, world’s biggest, holds auctions
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Liquidity and cross-currency swaps are the real attractions
Investors in the world’s biggest covered bond market probably won’t get any respite from negative yields this year…
Investing in This $480 Billion Market Means Forgoing Bond Yield
The world’s largest family fortune jumped $10 billion on Thursday thanks to a bounce in Wal-Mart Stores Inc. Shares of the retailer were up 8 percent as of 10:10 a.m. in New York after reporting the strongest sales gain in more than eight years. The combined net worth of Alice, Jim, Rob, Lukas and Christy Walton is up about a third in 2017 and is now $160 billion, according to the Bloomberg Billionaires Index…
The Walton Family Just Added $10 Billion to Their Fortune
IHG to Open Fiji’s Largest Hotel
By · CommentsInterContinental Hotels Group has entered a management agreement with developers Quantum Hi-Tech Group Ltd. to build a Crowne Plaza hotel on Fiji’s East coast, in Nadi. The company claims the project will be Fiji’s largest of its kind when it will open, in 2020.
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Clients allege Chowaiki won’t return cash or paintings
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The gallery’s bankruptcy filing lists debts five times assets
Paintings by Marc Chagall, Wassily Kandinsky and the Italian surrealist Giorgio de Chirico were allegedly used by a New York art dealer to lure investors and collectors into paying hundreds of thousands of dollars for works he never owned or didn’t have a right to sell…
Bankrupt Manhattan Art Gallery Accused of Defrauding Clients
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Allegation comes at court hearing in Manhattan court
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Patriarch lawyer disputes Zohar funds’ claim over secret cash
After being cleared of wrongdoing in a case by the U.S. Securities and Exchange Commission, New York financier Lynn Tilton faces new claims over how she ran her distressed companies in a lawsuit by three funds she once created and managed to raise money for her portfolio…
Lynn Tilton Accused of Withholding Funds After Portfolio Defaults
Digital Realty to Develop 27mW Campus in Germany
By · CommentsDigital Realty opened a new facility on its nine-acre campus in the Sossenheim district of Frankfurt, Germany. The first of three planned buildings delivers nine megawatts of critical IT power distributed across its three floors, with two 10,000-square-foot data suites per floor. The building is designed to provide three megawatts of IT power at cabinet level, from a 2N redundant UPS system. An ancillary space of 60,000 square feet will also be available, with offices, de-box rooms, test rooms and dedicated plant areas.
Eddie Lampert is famous for being an influential hedge-fund manager and the chief executive officer of Sears Holdings Corp., a company where he’s also the top investor.
But his fellow hedge-fund honchos are backing a different department store: Kohl’s Corp…
Kohl’s Is the Department Store of Choice for Hedge-Fund Managers
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Service to start in Toronto and Vancouver, expand in 2018
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Grocer also continues to expand ‘click-and-collect’ offering
Loblaw Cos. will start offering home delivery in a partnership with startup Instacart Inc. as Amazon.com Inc. heightens competition among groceries retailers…
Loblaw Gives In to Home Delivery With Instacart Partnership
CIM Group to Expand With Purchase of Cole Capital
By · CommentsBrookfield Bids $14.8B for GGP
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Blackstone GSO proposal is said to have credit-event trigger
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Unusual jump in home-builder’s CDS indicates default risk
The credit derivatives market is treating New Jersey’s largest homebuilder as if it’s about to default, even as its stocks and bonds show no signs of panic…
A High-Stakes Hedge Fund Battle Erupts Over Hovnanian Debt
SoftBank Plans Up to $25 Billion in Saudi Investments
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Japanese group to invest in new city, Saudi Electricity
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Masayoshi Son has been deepening his ties with the kingdom
SoftBank Group Corp. plans to invest as much as $25 billion in Saudi Arabia over the next three to four years as the Japanese company run by Masayoshi Son deepens investment ties with the kingdom, according to people familiar with the matter…
SoftBank Plans Up to $25 Billion in Saudi Investments
Phillips Edison Buys 100KSF Retail Asset in Florida
By · CommentsAt Long Last, a Measure of Mezzanine Loans
By · CommentsIndexes proliferate in financial markets as a way for investors to benchmark investment strategies and manager performance. The commercial real estate market is no different, as there are multiple indexes that measure the performance of public and private real estate, property types, different geographies and investor strategy.
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William Franke says bare-bones service is winning strategy
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Franke’s Indigo Partners seals largest deal for Airbus planes
At 80 years old, the self-proclaimed father of the ultra-discount airline model is still swinging for the fences, stealing the spotlight at this year’s Dubai Air Show with the biggest order ever placed for Airbus SE commercial aircraft…
Investor Who Skirted ‘Path to Hell’ Lands a $50 Billion Jet Deal
The Hedge Fund Love Affair With Tech Is Souring
By · CommentsLive by technology shares, die by technology shares. Unless you can guard against declines.
Hedge funds are increasing short bets on tech stocks, especially in the U.S., where combined positioning shows managers the least reliant on American technology firms in nine months, according to data from Credit Suisse Group AG’s prime services. The worldwide view also reveals newly added bearish wagers while long positions have remained steady…
The Hedge Fund Love Affair With Tech Is Souring
KAI Design & Build Adds New Chief Integration Officer
By · CommentsKAI Design & Build recently added Michael Hein as its new chief integration officer. In his new role, Hein will focus on driving the firm’s strategic initiatives. Based in the firm’s St. Louis headquarters, he will also be responsible for incorporating new communication and operating systems within the company.
Canadian home sales climbed for a third straight month in October, the longest string of increases in more than a year as Toronto shows signs of bottoming out…
Canadian Home Sales Rise as Toronto Shows Signs of Bottoming Out
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U.S. buyout fund emerges as a top shareholder of Deutsche Bank
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Cerberus had taken a 5% stake in rival Commerzbank in July
Deutsche Bank AG and Commerzbank AG surged after it emerged that private-equity firm Cerberus Capital Management is a top shareholder at Germany’s two biggest banks…
Private Equity Giant Cerberus Emerges as New Deutsche Bank Shareholder
The battle over whether an 800-foot condo tower planned for Manhattan’s East Side can be built to its full height took a step forward Wednesday — with city officials saying both yes, and no…
NYC Condo Skyscraper’s Builder Wins a Round — With a Catch
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Global stocks index is down over the past five trading days
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S&P 500 pares losses, still closes lower; dollar trades flat
The retreat in Asian stocks from historic highs triggered by concerns about outsized gains took a pause on Thursday. Australian bonds climbed after a rally in Treasuries spurred in part by the global equities sell-off…
Stock Slide Pauses in Asia; Aussie Bonds Advance: Markets Wrap
Home Depot Inc. isn’t buying the real estate industry’s claims that a provision in the House Republicans’ tax plan to reduce the mortgage-interest deduction would cause U.S. home prices to plummet…
Home Depot Says Slashing Tax Deductions Won’t Hurt Housing Boom
Waldorf Astoria NY to Undergo Major Renovation
By · CommentsAnbang Insurance Group and AECOM Tishman have unveiled that the first phase of construction to renovate and restore Manhattan’s historic Waldorf Astoria will begin in December.
Anbang has made significant progress toward renovating the property. The development team has advanced design plans, secured permits and carefully moved, preserved and stored prized historic items, including the Cole Porter piano, the World’s Fair Clock Tower, the Kennedy Rocking Chair and the MacArthur Desk.
Empire State Inks Full-Floor Lease at NYC Property
By · CommentsAfter securing an 85,400-square-foot lease with The American Society of Composers, Authors and Publishers in October, Empire State Realty Trust inked a 26,150-square-foot long-term lease with Universal Music Group for an entire floor at the 250 West 57th St. office building in Manhattan. The company will now be located adjacent to its headquarters at 1755 Broadway.
Universal Music Group is home to some of music’s greatest artists, innovators and entrepreneurs. The business owns and operates a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content in more than 60 countries…