Rick Selvala started Harvest Volatility Management to generate yield by trading S&P?500 options. His ‘iron condors’ can add returns and hedge risks.
Rick Selvala stands up from a conference room table in the Graybar Building above Grand Central Terminal and starts drawing up his play on the glass walls of the office: Sell S&P 500 index call and put spreads. Generate cash flow in a tax-efficient manner. Limit downside and liquidity risk…
If You’ve Got $5 Million to Invest, Here’s Your Volatility Play
Westover Buys Suburban Philly Retail Center
By · CommentsThe Westover Cos. acquired Gilbertsville Shopping Center in suburban Philadelphia. The grocery-anchored shopping center was marketed by an HFF team on behalf of the seller, Brixmor Property Group. Westover bought the asset in an all-cash transaction.
The 85,576-square-foot shopping center is anchored by Weis Markets, a food retailer that has been a tenant of the building since its construction in 1976. At the time of the transaction, the asset was 95 percent leased. Other tenants include Anytime Fitness, T-Mobile, Pet Valu, Dairy Queen, Quest Diagnosis and Key Bank…
Brookwood Buys SW Florida Office Portfolio
By · CommentsBrookwood Financial Partners LLC, of Beverly, Mass., has acquired a 15-building, 421,300-square-foot office portfolio in southwest Florida for $43.2 million, or roughly $102.4 per square foot. The seller was AIG Global Real Estate, which came into possession of the portfolio in late 2012, following foreclosure actions against McGarvey Development Co., according to information provided by Yardi Matrix.
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New chief McDonagh forced to set aside more cash for crisis
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Layer of executives face questions over role in episode
When Francesca McDonagh arrived to take over at Bank of Ireland Group Plc last month, she flew straight into the biggest storm to hit the organization since the financial crisis…
A Mortgage Scandal Cost Ireland’s Biggest Lender More Than $200 Million
600 Congress in Austin Has a New $7M Lobby
By · CommentsEndeavor Real Estate finalized a $7 million lobby improvement at 600 Congress, a trophy building located at the corner of 6th and Congress Avenue, in downtown Austin, Texas. The 504,221-square-foot stair step designed property is situated midway between the State Capitol complex and Lady Bird Lake.
When Tenants Need Space
By · Comments“I need more office space. I was willing to build out office space at my expense, but I did not want to sign a seven-year lease or tear down the buildout when the current lease expired.” —Boynton Beach, Fla…
Millennials get a lot of press — good and bad — but Credit Suisse reckons they should have our sympathy.
Its Global Wealth Report says those who came of age after the turn of the century have had a “run of bad luck,” and that low wealth tend to be disproportionately found among the younger age groups…
Millionaire Bankers Feel Sorry for Struggling Millennials
Mixed-Use Center Sells for $13M in Chicago Suburbs
By · CommentsMarcus & Millichap has arranged the sale of Metropolitan Square, a 120,983-square-foot mixed-use grocery-anchored lifestyle center in Des Plaines, Ill. The asset traded for $13 million, or $108 per square foot. The company worked on behalf of the private seller and procured the buyer…
Canada’s housing agency is seeking more data on home loans from shadow lenders, amid concern rising levels of debt aren’t being adequately tracked and may increase the risk of financial instability…
Canada’s Housing Agency Targets Shadow Lenders as Debt Ratios Rise
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
PGIM Acquires 400KSF Houston Mixed-Use Asset
By · CommentsAs investors wonder whether Sweden’s housing market is headed for a correction, the country’s first mortgage fund is about to enter the $370 billion Swedish home-loan industry…
Sweden’s $370 Billion Mortgage Market Gets a New Investment Fund
Australians Love Equity ETFs as Market Assets Surge 39%
By · CommentsEquity products have more than 3/4 of the ETF market share Down Under
Australians can’t seem to get enough of exchange-traded products as they hunt for low cost investments. The sector posted a 39 percent jump in assets under management during the year to Oct. 31, with equity products dominating, according to data from VanEck Australia and the Australian Securities Exchange. Still, the market commands just A$33.2 billion ($25.3 billion) in assets — a drop in the ocean of the world’s $4.5 trillion ETF market…
Australians Love Equity ETFs as Market Assets Surge 39%
Steve Jurvetson, a founding partner of one of the best-known venture capital firms in Silicon Valley and a board member of Tesla and SpaceX, is leaving the firm after it began an investigation into his behavior with women, the firm told investors on Monday.
“As of today and by mutual agreement, Steve Jurvetson will be leaving DFJ,” said a confidential letter sent to investors in the venture capital firm, Draper Fisher Jurvetson, and obtained by The New York Times…
Steve Jurvetson Quits Venture Capital Firm Amid Investigation
Barcoding to Relocate Baltimore HQ
By · CommentsSupply chain automation firm Barcoding Inc. will relocate its headquarters within the former I.C. Isaacs & Co. garment factory in Baltimore’s Highlandtown neighborhood. Barcoding acquired the 31,000-square-foot building earlier this year and is relocating and consolidating several offices due to recent growth. According to public records, the Highlandtown asset last traded this August, for $685,000…
Home Price Rises Slow in India Thanks to Modi’s Cash Ban
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New law, tax add to industry woes as sales, launches decline
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Developers predict recovery in months; analyst sees more pain
India’s property sector was already battling a slowdown last year, when Prime Minister Narendra Modi’s crackdown on cash quashed any hope of an imminent revival…
Skanska Invests $50M in Poland Office Complex
By · CommentsThe Shops at Starwood Expand in TX
By · CommentsToday, Whitestone REIT held a ribbon-cutting ceremony for the opening of the third phase of The Shops at Starwood in Frisco, Texas. More than 10 retailers and restaurants will lease space at the new shopping center, including Icon Nutrition, Trend Empire and Up Inspired Kitchen…
Singapore’s Property Market Is Set to Sizzle
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Land purchases may reach highest since 2011, Cushman says
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Singapore finally catching up with Hong Kong’s red-hot market
A series of blockbuster land deals in Singapore this year signal the city-state’s property market is set to break out of its prolonged slump in 2018…
SC Mixed-Use Development Receives $23M Financing
By · CommentsEyzenberg & Co. has arranged a $22.6 million first-mortgage construction loan for the development of a three-story, 42,000-square-foot entertainment and retail center in Myrtle Beach, S.C. The company advised the borrower, Land South of MB LLC and worked with private lender Gamma Real Estate to arrange the non-recourse, 60 percent loan-to-cost financing. The development is slated for completion by April 2018.
NFR Sells $40M Portland-Area Office Building
By · CommentsNational Financial Realty Inc. has sold a 211,863-square-foot office building in Hillsboro, Ore., to an undisclosed buyer for roughly $39.8 million. The sale marks the final transaction and investment exit of a 3.6 million-square-foot portfolio comprising 41 office and retail buildings located across nine states.
Located at 18700 NW Walker Road, the Class A building is currently leased to Wells Fargo Bank…
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Money managers boost Brent-crude long positions to a record
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Short-sellers take positions to lowest in over eight months
The Middle East is kicking things up a notch in the oil market…
Hedge Funds Add Bullish Oil Bets With Mideast Tension Heating Up
Northridge Breaks Ground on NC Creative Office Project
By · CommentsNorthridge Capital, in partnership with Insite Properties, has broken ground on The Refinery, a 107,000-square-foot Class A creative office and retail project in Charlotte, N.C.
Northridge and its investors already own the Grinnell Water Works Building two blocks west of The Refinery site, the company purchased last year from Insite, who continues to lease and manage the property. Northridge sourced investor equity through its relationship with Cap Corp Investment Co. of Kuwait…
Suning to Boost Online, Offline Retail
By · CommentsSuning Holdings Group, of Nanjing, China, has completed an approximately $3 billion investment agreement with Evergrande Real Estate Group, a subsidiary of the Evergrande Group, a Fortune Global 500 company.
Evergrande, China’s leading property developer, will provide commercial facilities to Suning, which is planning to add 5,000 physical stores with connections to its online presence by 2018. The partners will also explore smart home design, property management and other priorities…
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Yang Yong says his private fund shows how market has evolved
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Former pharma salesman sees slow rally at least into 2018
One of Yang Yong’s stock funds surged 304 percent in a year by investing in a handful of China’s largest companies — and he says that’s a sign of how far the market has come…
304% Gains Show Buffett-Style Investing Now Works in China
Ohio Educational Facility Awarded by EPA
By · CommentsNew York REIT to Sell NYC Office Tower for $255M
By · CommentsNew York REIT Inc. continues its stockholder-approved liquidation program with a contract to sell 333 W. 34th St., a 345,000-square-foot office building in Midtown Manhattan. The REIT will sell the asset to real estate funds managed by Brookfield, pocketing $255 million on the deal.
“To date, excluding Worldwide Plaza and 1440 Broadway, we have sold assets with a gross sales price of $805 million and repaid $517 million of debt,” Wendy Silverstein, president & CEO of New York REIT Inc., said during the company’s third quarter earnings call on November 9, the same day the sale of 333 W. 34th was announced…
OPSkins, a marketplace for rare Counter-Strike guns, has built an exchange that runs on cryptocurrency.
Sam Alexander has spent days at a time in front of the three giant monitors hooked up to his PC, comparison-shopping for “skins,” decorations for virtual guns and knives. In games such as the popular shooter Counter-Strike: Global Offensive, the most sought-after skins confer the kind of prestige that a Rolex watch or Hermès bag would on the street—and can sell for more than $100,000 in real-world cash. But because there are dozens of skins marketplaces online, it can be tough to tell if you’re getting the lowest price; people like Alexander have made a brisk business comparison-shopping on behalf of rich clients. Alexander, 21, says he’s earned “more than an average person makes in a year” from commissions he negotiates with each buyer…
Stellar September Showing Lifts US Hotels to New Heights
By · CommentsBoston-Area Office Portfolio Lands $23M Refi
By · CommentsKS Partners has arranged a $22.5 million loan for the refinancing of a 121,487-square-foot office and flex portfolio in Newton, Mass.
Located at 59-85 Chapel St., Chapel Business Center is the largest property in the portfolio. The 78,187-square-foot, Class B office building was built in 1898, converted to office in 1994 and renovated in 2006. The one- and two-story asset is roughly two-and-a-half miles from the other assets in the portfolio, a 32,000-square-foot flex/office building located at 85 School St. and an 11,300-square-foot flex/office building at 165 Dexter St…
JPMorgan Says Family Awarded $8 Billion Deserves Nothing
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ank says law and evidence don’t support Dallas jury’s verdict
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Lender was found to have mismanaged airline executive’s estate
JPMorgan Chase & Co. urged a judge to throw out a stunning $8 billion jury verdict over a mismanaged inheritance, saying the family deserves nothing…
CBRE Brokers Sale of Nashville Suburb Landmark
By · CommentsCBRE has facilitated the sale of the bowling building located at 517 Gallatin Pike N. in Madison, Tenn. The 28,357-square-foot property situated on 3.5 acres changed hands for $2 million. CBRE represented the seller, CBC Ltd., and Benchmark Realty represented the buyer, Frank May. CBC Ltd. is the original developer of the property and operator of the bowling alley…
SOMA Office Building Commands $27M
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Money managers boost Brent crude long positions to record
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Short-sellers take positions to lowest in over eight months
The Middle East is kicking things up a notch in the oil market…
Hedge Funds Pile on Bullish Oil Bets as Mideast Tension Heats Up
Biophilic Architecture & Multifamily
By · CommentsWhy is strolling through a garden relaxing? Why do people feel compelled to care for animals or keep plants in their homes or offices? Biophilia is a scientific hypothesis that contends that humans have an inherent need to seek connections with their natural surroundings and other forms of life, per Edward O. Wilson’s 1984 book Biophilia, which popularized the term.
Brandywine Breaks Ground on $3.5B Philly Project
By · CommentsBrandywine Realty Trust, in partnership with Drexel University, has begun construction on the first project of the $3.5 billion mixed-use, master-planned Schuylkill Yards, a 14-acre development in West Philadelphia. Drexel Square, a 1.3-acre community park, will be built at the corner of 30th and Market streets with completion set for late 2018…
Kronos HQ in MA Trades for $12M
By · CommentsFollowing its continued expansion, Digital Federal Credit Union (DCU) has purchased the former Kronos Inc. headquarters in Chelmsford, Mass. According to public records, the firm acquired the asset for $12.4 million and will use it as an additional administrative building. Kronos disposed of the facility as part of its relocation to Cross Point in Lowell, Mass.
Located at 297 Billerica Road, the 129,000-square-foot, three-story building features a state-of-the-art data center, outdoor grilling and seating, training rooms, in-house café and locker rooms with showers. According to Yardi Matrix, it was built in 1999 and includes 484 parking spaces…
Balfour Beatty Lands $581M Contract in Texas
By · CommentsBalfour Beatty landed a contract with the Texas Facilities Commission to serve as the construction manager-agent for the first phase of the State of Texas Capitol Complex Master Plan, a $581 million office and promenade project in Austin.
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Brokers see tax change adding to rentals in getaway spots
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House bill kills vacation-home deduction, Senate to keep it
Out in the Hamptons, Wall Street’s favored beach resort on Long Island, brokers and buyers already have a workaround for a tax-plan provision under consideration in Congress that would take away the mortgage-interest deduction for second homes…
Hamptons Homebuyers Have Already Figured Out How to Game the Tax Plan
10 Federal Adds Grows NC Self-Storage Portfolio
By · CommentsThe man known as Bitcoin Jesus feels like a winner even though he wasn’t able to collect $7 million from a wager with other cryptocurrency evangelists over the success of a now canceled offshoot of bitcoin…
Bitcoin Jesus Praises New Coin After $7 Million Wager Falls Through
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Uber, investors close in on sale of up to $10 billion in stock
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Benchmark agrees to put suit against Uber co-founder on hold
Uber Technologies Inc. approved SoftBank Group Corp.’s offer to buy a multibillion-dollar stake in the ride-hailing company, setting the stage for one of the largest private startup deals ever…
Uber Approves SoftBank’s Multi-Billion Dollar Investment Offer
Richmond Shopping Center Lands 4 New Tenants
By · CommentsSoCal MOB Lands $25M Loan
By · CommentsKeystone Mortgage Corporation—a commercial real estate financing company founded back in 1957—has secured a $24.5 million construction-to-permanent financing for a medical office. Having a single tenant, this 39,000-square-foot property is located in Southern California’s Inland Empire…
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All-Stars bought New Oriental, Alibaba, Baidu shares on dips
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Private investments in Tujia, Didi, Xiaomi also paying off
A former Morgan Stanley executive’s hedge fund has soared 49 percent this year by sticking with well-timed bets on technology stocks and investing in some of China’s hottest private companies…
Ex-Morgan Stanley Executive’s Hedge Fund Jumps 49% on China Bets
Moonwater Capital Snags Las Vegas Office Campus
By · CommentsManhattan Tower Lands $479M Construction Financing
By · CommentsA joint venture between Cove Property Group and an institutional partner has received $479 million in construction financing to redevelop Hudson Commons, a 25-story, 701,364-square-foot trophy office building in the Hudson Yards/Penn Plaza submarket of Manhattan.
HFF arranged the financing through investment funds managed by affiliates of Apollo Global Management, including Apollo Commercial Real Estate Finance Inc…
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Pacts include imports to China spanning helicopters to beef
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Many agreements are tentative, involve existing partnerships
Get the latest on our coverage of Trump in Asia and the world leaders’ meeting in Vietnam in your inbox daily. Sign up here…
Dissecting the $250 Billion China Deals Trump Got for U.S.
Sonnenblick-Eichner Closes Seattle Hotel Sale
By · CommentsSonnenblick-Eichner Co. secured the sale of Hampton Inn Seattle/Southcenter, a 153-key hotel in Tukwila, Wash. The company worked on behalf of the seller. A Pacific Northwest-based investor bought the asset in an all-cash transaction.
Hampton Inn Seattle/Southcenter features more than 700 square feet of meeting rooms. Additional common area amenities include:
Sonnenblick-Eichner Closes Seattle Hotel Sale
Despite some investment constraints due to low oil pricing, Middle East investors spent $10.1 billion on global commercial real estate assets in the year between the second quarter of 2016 and 2017, focusing much of their attention on New York City and Washington, D.C.
The U.S. was the top country destination in the time period for Middle East investors with volume reaching $3.9 billion. New York City received $820 million in investments, followed by Washington, D.C., with $469 million, according to a CBRE research report. London, with $1.68 billion in Middle East investments, topped the list…
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Kingdom’s wealthiest are talking to asset managers and banks
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Anti-corruption drive is set to widen as more accounts frozen
Wealthy Saudis are moving assets out of the region to avoid the risk of getting caught up in what authorities call a crackdown on corruption, according to people with knowledge of the matter…
Saudi Billionaires Look to Move Funds to Escape Asset Freeze
TN Plastic Manufacturer Plans $42M Expansion
By · CommentsM&M Industries, a manufacturer of plastic containers, will embark upon a major expansion in Chattanooga, Tenn. The company plans to invest more than $42 million and create 110 jobs in Hamilton County, during the next few years.
Headquartered in Chattanooga, M&M intends to purchase and retrofit a building at 1435 E. 14th St. and also extend its current manufacturing facility at 316 Corporate Place to support a growing demand across M&M’s product lines. The two facilities are within a 15-minute drive from each other and provide easy access to Interstate 24…
Redeveloping Malls’ Retail: An $8B Business
By · CommentsWestbrook Buys DC-Area Office for $72M
By · CommentsAn entity controlled by Westbrook Partners acquired Two Liberty Center, a nine-story office building in Arlington, Va. The Class A asset was sold for $72 million, free and clear of any debt, by an entity controlled by the Fred Schnider Investment Group.
The building was constructed in 2007 and is part of the 2.2 million-square-foot Liberty Center mixed-use development. Located at 4075 Wilson Blvd., in Washington D.C.’s Ballston neighborhood, the asset features nine-foot ceilings, four sides of window line, a rooftop terrace and 20,000 square feet of flexible floorplates. It is LEED Silver certified…
Transwestern JV Buys Seattle-Area Office Park
By · CommentsTwo of New York’s most significant construction projects — Manhattan West, where Amazon.com Inc. will have offices, and One Vanderbilt, destined to be among the city’s tallest buildings — are both ensnared by a $76 million labor dispute.
Both projects, managed by AECOM-Tishman, have “numerous issues” due to a union problem, according to a Wednesday bankruptcy filing by one of their contractors. One Vanderbilt, currently a steel skeleton hulking over Grand Central Terminal at the corner of 42nd Street, developed with SL Green Realty, is estimated to have total construction costs of $3.17 billion…
NYC’s One Vanderbilt, Manhattan West Towers Snared by $76 Million Union Spat
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‘I’m here doing cartwheels,’ says bondholder Ray Zucaro
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Venezuela still behind on more than $500 million of payments
Venezuela’s state oil company came through with an overdue $1.1 billion principal payment, sending another signal to investors that the cash-strapped country intends to stay current on its obligations even as it seeks debt relief…
Stream Tapped to Lease Dallas-Area Industrial Facility
By · CommentsMorgan Stanley selected Stream Realty Partners to lease Eagle Park 20/35, a 454,408-square-foot industrial facility in DeSoto, Texas.
The property, located at 1240 Centre Park Blvd., was completed last year and features 114 trailer stalls, 109 dock doors and four drive-in ramps. The building also includes more than 200 parking spaces. Eagle Park 20/35 sits on 29.5 acres just off Interstate 35E and 11 miles from UP Dallas Intermodal Terminal and BNSF Intermodal. The facility offers convenient access to Interstate 20, Eagles Nest Estates Airport and Dallas South Port Airport…
Faulty practices by debt collectors spur calls for a massive audit. But America’s securitization industry warns there may be consequences for future borrowers.
It seemed like the kind of case regulators had resolved countless times before: Debt collectors are accused of using flawed documentation and lawsuits to collect unpaid loans. A fine is levied, a promise to reform is made, and everyone moves on…
Wall Street Is Fighting a CFPB Deal Over Billions in Defaulted Student Loans