Alwaleed, Caught in Saudi Purge, Has Assets Across Globe
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Citigroup, Apple, Twitter, Lyft are among his investments
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Transactions are shrouded in secrecy via intertwined funds
When Prince Alwaleed bin Talal was arrested as part of an anti-corruption probe in Saudi Arabia, it was the latest twist in the story of a billionaire who has courted international attention — while cloaking his investments in secrecy…
Alwaleed, Caught in Saudi Purge, Has Assets Across Globe
As an ever-growing and sought-after real estate market, Orlando is a hot spot for both domestic and foreign investors, who are drawn to the metro due to its combination of no state income taxes and year-round temperate weather. But in the current market conditions, developers are facing rising land costs, encouraging them to shift their focus to mixed-use developments, aiming to maximize economic value and minimize risk.
First Tenant at Boston’s 121 Seaport Signs for 250 KSF
By · CommentsWith the assistance of Cresa Boston, PTC will soon make its move from the suburbs to inner-city Boston. Tenant-only commercial real estate firm Cresa Boston orchestrated the tech company’s office space lease of 250,000 square feet at 121 Seaport, a 480,000-square-foot office tower under development by Skanska US in Boston’s central business district…
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Values could fall 10% in expensive areas, Moody’s Zandi says
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Mortgage-deduction and tax caps may curb buying incentives
Pricey U.S. housing markets, from the New York suburbs to California’s coastal cities, could take a direct hit under the tax-reform bill released by House Republicans.
Under the bill, mortgage interest would be deductible on loans up to $500,000 instead of the current $1 million for couples filing jointly — weakening the incentive in high-cost markets where property deals often require large mortgages. The deduction would be rendered useless for many others as the standard deduction is doubled and state and local tax deductions are substantially downsized, diminishing the need to itemize…
Colocation Northwest Inks 7mW in Seattle Metro
By · CommentsColocation Northwest expands into the Puget Sound region, signing a lease for seven megawatts of mission-critical IT capacity in Centeris’ South Hill data center campus. The company stated that increasing customer demand for scalable colocation and disaster recovery services drove it to the Seattle region…
Does Internet Quality Impact Office Leasing Decisions?
By · CommentsA majority of leasing decision makers say a lack of reliable internet connections is a factor affecting their office rentals, according to a study that cites a building’s connectivity as a top factor in evaluating future office space…
Millennials looking to enter the housing market might not be cheering the Republican tax plan…
Homebuilders Plunge as New Buyers Could See U.S. Tax Break Cut
Carter Validus Buys Two Data Centers for $34M
By · CommentsCarter Validus Mission Critical REIT II has acquired two data centers for an aggregate price of $34.4 million, excluding closing costs and related fees. The two properties are situated in King of Prussia, Pa. and Tempe, Ariz. After closing the deal, the REIT procured a $12.5 million loan with Israel Discount Bank of New York. The company is focused on diversifying its portfolio with health care and data center asset acquisitions.
Gramercy Lands $400M Syndicated Term Loan
By · CommentsHouse Republicans announced a tax proposal Thursday that would cut the U.S. corporate tax rate to 20 percent, reduce most of the individual tax brackets, and cap the mortgage-interest deduction on new purchases of homes.
The measure would phase out the estate tax over five years and impose a tax of as much as 12 percent on multinational companies’ accumulated offshore earnings. House Ways and Means Chairman Kevin Brady may revise the bill over the weekend before his committee starts considering it on Monday. The Senate aims to propose its own bill as early as next week…
Transwestern Expands Property Management Portfolio
By · CommentsGriffin Capital selected Transwestern to handle the property management duties for four office buildings in Las Vegas. Situated in the Spring Valley and Paradise submarkets, the assets total a little more than 390,000 square feet.
Located at 6355 S. Buffalo Drive, the 222,268-square-foot Class A building is Griffin’s largest office asset in the market. Completed in 2007, the three-story asset features more than 450 parking spaces. According to Yardi Matrix data, Griffin acquired the property in 2016 from Panattoni Development for $66.5 million. The other three assets are located at 840, 880 and 950 Grier Drive, next to the McCarran International Airport and Interstate 215. Griffin purchased the buildings in 2015 from CIP Real Estate for $33 million…
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Finance minister says she’s ready to do more to steer market
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Main scenario now is for soft landing in Norway housing market
Is Norway’s housing market about to sink into a correction?…
A Housing Crash Is Dodged as Norway Keeps Intervention Door Open
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Year-end sprint for legislative win begins with bill’s release
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House bill took months to write, may be rewritten over weekend
House Republican leaders began rolling out a tax bill Thursday that contains sweeping changes for business and individual taxes, including a measure to cut the corporate tax rate to 20 percent…
GOP Bill Offers Business Tax Breaks, Unexpected Mortgage Hit
CBRE Arranges Chicago Lease for Property Law Firm
By · CommentsCBRE represented Green Griffith & Borg-Breen, an intellectual property law firm, in its office relocation to 676 N. Michigan Ave. in Chicago. The space encompasses 10,000 square feet and is located at one of the highest floors of the building.
“Law firms continue to be very active in Chicago and real estate has become a major differentiator in the competitive pursuit of top talent,” said CBRE Associate Dan Persa in a prepared statement…
The U.S. real estate industry reeled as the House Republican tax bill proposed capping the mortgage-interest deduction, a long-cherished incentive many Americans have had to buy a house…
Homebuilders Slide After GOP Tax Plan Caps Mortgage-Interest Break
The home-building sector in the United States has faced an array of challenges, including natural disasters, a long-running labor shortage and increased regulatory costs. Now, two of the nation’s biggest residential-construction companies are merging in hopes that their combined heft will help them counter those forces.
The Lennar Corporation said on Monday that it would merge with the CalAtlantic Group to form America’s largest home builder in a stock-and-cash deal worth $5.7 billion. The deal would create a behemoth with around 240,000 building plots in 21 states, a market value of about $18 billion and combined revenue of $17 billion over the past 12 months…
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Four-bedroom villa has pool, garden, elevator and harbor view
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Property sold by Wheelock to unknown buyer through tender
A luxury home in Hong Kong’s exclusive Peak neighborhood sold for HK$1.16 billion ($149 million), Wheelock Properties Ltd. said…
This Four-Bedroom Home in Hong Kong Just Sold for $149 Million
Hines to Break Ground on Mexico City Logistics Center
By · CommentsM&T Bank, Natixis Co-Lead $195M NYC Office Refi
By · CommentsM&T Bank and Natixis have teamed up to arrange a $195 million loan for SL Green Realty Corp. and PGIM Inc., to refinance 55 W. 46th St., a 347,694-square-foot Class A office building in Midtown Manhattan.
M&T Bank served as administrative agent and Natixis is the co-lead on the senior loan that will provide capital to complete the lease-up of the building…
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Red Mountain breaks record for single-day fundraising
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Resort benefits from legendary powder, gold-rush lore
A tiny Canadian ski resort forged by Scandinavian miners chasing an 1890s gold rush has become the unlikely recipient of a record equity crowdfunding raise, tapping into powder hounds’ quest to fend off a wave of consolidation led by Vail Resorts Inc...
‘Fight the Man’ Ski Resort Leads Crowdfunding to Snub Vail
T5 Begins Next Phase of Chicago Facility
By · CommentsThe multi-tenant data center campus operated by T5 in Chicago is receiving an upgrade. T5@Chicago is one of T5’s nine purpose-built facilities in the U.S., featuring concurrently maintainable and fault-tolerant infrastructure. The company recently finished construction of another facility, T5@Dallas, on its campus in Legacy Business Park in Plano, Texas.
T5 will add two more megawatts of available data center capacity to the 208,000-square-foot building. Citing regional demand, the company provides a scalable solution to its potential tenants, maintaining the possibility of further expansion on the adjacent four-acre land parcel. T5@Chicago has 10 megawatts available for lease, spanning 66,000 square feet of isolated data halls…
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Values up 2.5% in October versus year ago, Nationwide says
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BOE interest-rate increase could affect housing sentiment
U.K. house-price growth remained stuck in a relatively slow gear at the start of the fourth quarter, Nationwide Building Society said…
U.K. House Prices Stuck in Low Gear Amid Pressure on Incomes
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Promoter of real estate, diamond-backed ICO’s arrested
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Zaslavskiy accused of conspiring to defraud investors
A businessman accused of fraud involving two fake cryptocurrency offerings got bailed out of jail by his brother who works at a major investment bank…
Banker Brother Comes to Aid of Accused Cryptocurrency Fraudster
Western Specialty Names New Manager at Chicago Branch
By · CommentsWestern Specialty Contractors promoted Kevin Rogers to manager of its Chicago Façades branch. Rogers has been with the company for four years and was advanced from a sales/project manager position. In his new role, Rogers will oversee sales, daily operations and personnel and he will also be in charge of developing façade restoration projects in the Chicago metropolitan area.
New Zealand’s Housing Boom Has Come to an End
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New government pledges to further clamp down on speculators
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Investor-induced ‘frenzy’ in housing market is subsiding: QV
House prices in New Zealand’s largest city posted their first annual decline in six years in October, bringing an end to the nation’s property boom…
Ex-JPMorgan Wealth Manager Recounts Life-Altering Firing
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ennifer Sharkey says she blew the whistle on red-flag client
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Sharkey’s firing ‘like taking your life away,’ she testifies
More than eight years after she was fired from JPMorgan Chase & Co.’s private wealth management group, Jennifer Sharkey told jurors the experience was “like your whole life is taken away from you.”…
Ex-JPMorgan Wealth Manager Recounts Life-Altering Firing
Armada Hoffler Initiates Phase VI of VA Development
By · CommentsArmada Hoffler Properties continues the development of Town Center, a mixed-use project in Virginia Beach. The $53 million expansion, which represents the development’s Phase VI, will feature 39,000 square feet of retail and restaurant space, as well as 131 apartments. Two national furniture retailers—Williams Sonoma and Pottery Barn—will take up 18,000 square feet in the new building. On the second level, a 300-seat Zeiders American Dream Theater is planned, which will occupy 17,000 square feet…
JPMorgan Chase & Co. was ordered by a Dallas jury in September to pay more than $4 billion in damages for mishandling a client’s estate. It looks like the bank is going to be paying significantly less than that…
JPMorgan’s $4 Billion Texas Verdict May Be Pared to $71 Million
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Kayne Anderson buys Heights building from Jehovah’s Witnesses
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Project is third in New York City aimed at well-heeled seniors
New York City is getting another luxury senior-living development. This time, in Brooklyn…
NYC’s Latest Luxury Senior-Housing Tower Will Be in Brooklyn
Apple Hospitality Acquires Two Marriot Hotels
By · CommentsApple Hospitality REIT Inc. has acquired two Residence Inn by Marriott Hotels for $81 million. The REIT bought the 179-key Residence Inn by Marriott Portland Downtown/Waterfront for $55.8 million, $311,500 per key and the 136-key Residence Inn by Marriott Salt Lake City Murray for $25.5 million, or $187,500 per key.
NKF Arranges Sale of South LA Office Campus
By · CommentsRuth Group sold The Knox, a two-building office park in Torrance, Calif., to Wilshire Capital Investments. The 108,000-square-foot property changed hands for $21.6 million. At the time of sale, the asset was 98 percent occupied.
Located at 680 and 690 Knox St., within the Harbor Technology Center Business Park, the property sits at the intersection of interstates 110 and 405. The Knox offers easy access to multiple bus stations, restaurants and hotels, including Los Chilaquiles Mexican Grill, Holiday Inn and Extended Stay America. Completed in 1984, the two buildings underwent a major cosmetic renovation in 2016. Tenants include C.H. Robinson, Midmark Corp. and Allied Digital…
San Diego Luxury Hotel Lands $85M Bridge Financing
By · CommentsGeorge Smith Partners: Real Estate Investment Banking secured an $85 million bridge loan for the San Diego Pendry Hotel.
Operating under Montage Hotels & Resorts’ jurisdiction, Pendry San Diego is a 317-key luxury hotel located at 550 J St. The San Diego Convention Center and Petco Park are both nearby…
Sacramento Market Maintains Robust Rent Growth
By · CommentsAmid a strong stint of unrelenting growth, Sacramento’s average rent as of August was $12 higher than the U.S. average. While investment activity has slightly tempered in 2017, property values have skyrocketed, leading average per-unit prices to $160,000. Meanwhile, deliveries remain extremely limited, helping to maintain occupancy at one of the highest levels among major metros and putting more pressure on rents…
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Using multi-pronged strategy boosts volatility-adjusted return
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‘Lot of hedges have disappointed,’ says Pimco’s Jamil Baz
The old recipe of using bonds to hedge against risks from equity holdings may not be a winner anymore, and investors would be better off with a more complex approach that relies on multiple tactics, according to Pacific Investment Management Co. analysis.
C&W Completes Upgrades of Own Portland Office
By · CommentsCushman & Wakefield completed the upgrade process of its downtown Portland, Ore., office. Improvements include new design enhancements and amenities for a more technologically advanced and functionally efficient workplace.
Located at 200 SW Market St., between SW Second and Third streets, 200 Market was completed in 1973 and offers more than 400,000 square feet across 18 floors. After acquiring the property, Russell Development kicked off a $25 million reconstruction project in 1990. Russell Development and Cushman & Wakefield co-manage the building, both having offices on site. Building amenities include:
$58M Sourced to Refi South Florida Retail Portfolio
By · CommentsHFF has completed the $58 million refinancing of a portfolio of nine retail properties totaling about 276,000 square feet in Miami-Dade County, Fla. The borrower was MMG Equity Partners, of Pinecrest, Fla., on whose behalf HFF was able to place the 10-year, fixed-rate loan with an HFF correspondent life insurance company. In addition, HFF will service the loan.
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The Miller family controls 68% of Lennar’s class B shares
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Stuart Miller has been CEO since 1997 and votes family stake
Leonard Miller put $10,000 into a homebuilding venture in 1956. That business has been capitalizing on the American construction boom ever since, and now his son is spearheading a $5.7 billion deal to create the U.S. industry leader…
The Florida Home Billionaires Behind Lennar’s CalAtlantic Deal
Houston’s industrial market has had a great year so far, and it seems that the good run will continue. Adding to the market’s success is Liberty Property Trust which announced the groundbreaking of two more buildings at its Port Crossing Commerce Center.
“We’re breaking ground on two new buildings—a 600,000-square-foot industrial building at S. 16th Street at Wharton Weems Boulevard, and a 104,000-square-foot industrial building along Highway 146 near the intersection of Wharton Weems Boulevard,”Liberty Property Trust Vice President Hans Brindley said in a prepared statement. “Interest in the two buildings is very high; we expect to bring both online in the second quarter of 2018.”…
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Real estate lobbying groups oppose changes to deductions
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Lennar’s takeover of CalAtlantic will form largest homebuilder
Lennar Corp.’s record takeover of CalAtlantic Group Inc. is a bullish sign for homebuilding in the U.S. Trade groups, meanwhile, worry that lawmakers are about to kneecap the industry…
Homebuilders’ Record Deal Belies Industry’s Anxiety About Taxes
The typical U.S. home lasted just three weeks on the market, according to a new report.
Here’s more evidence that the defining characteristic of the U.S. housing market is a shortage of inventory for sale: Homes are sitting on the market for the shortest time in 30 years, according to an annual report on homebuyers and sellers published today by the National Association of Realtors…
Homes Are Getting Snapped Up at the Fastest Pace in 30 Years
NAI Hiffman Arranges 4 Leases at IL Office Center
By · CommentsNAI Hiffman arranged leases for four companies at Naperville Woods Office Center in Naperville, Ill. The agreements, totaling approximately 40,000 square feet, take the campus’ occupancy to 96 percent. The largest spaces, listed below next to the tenants’ names, are located on the second floor of one of the buildings that is part of the office complex.
- Equian, a financial health-care solutions firm; 19,585 square feet
- Gallagher Benefit Services Inc.; 14,150 square feet
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Gain in stocks pushed equity holdings toward 70% maximum level
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Other sovereign funds probably followed suit, JPMorgan says
The stock market is rallying too fast for the world’s biggest wealth fund.
Even though it raised its maximum allocation for stocks to 70 percent this year, Norges Bank ended up paring its equity holdings in the third quarter as the surge in prices sent its stockpile of shares toward the self-imposed limit. The move by the $970 billion fund mirrored those of other pension and sovereign wealth funds that form the backbone of world markets, according to research from JPMorgan Chase & Co…
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Retailer has posted $11 billion in losses over past six years
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Sears is spending money as it prepares for holiday season
Sears Holdings Corp. drew down the remaining $60 million on a $200 million loan, signaling that the struggling department-store chain is quickly running through cash.
The retailer set up a revised loan on Oct. 4 and borrowed an initial $100 million, according to a filing on Monday. It tapped an additional $40 million on Oct. 18 and then the final $60 million a week later…
Sears Depletes $200 Million Loan in Latest Sign of Cash Burn
David Rubenstein, Private Equity Titan, Passes the Torch
By · CommentsIt started with a series of meetings at the Carlyle Hotel in New York, and grew to become one of the world’s most ambitious and well-connected private equity firms. Its Rolodex was unrivaled, and its advisers included the first President George Bush and John Major, the former British prime minister.
All along the way, David M. Rubenstein has been the face of the Carlyle Group, which he co-founded 30 years ago. He has raised billions of dollars for investments, struck deals with brands including Dunkin’ Donuts and Beats Electronics, and lobbied Congress to protect a tax arrangement that made the private equity business so tremendously lucrative…
Apollo Bank Promotes Joaquin Medina to SVP
By · CommentsApollo Bank, a locally owned and operated community bank based in Miami, recently promoted Joaquin Medina to senior vice president of client management. In this new role, Medina will serve as the primary leader for the bank’s deposit relationships and will focus on growth strategies.
Detroit’s Slow Acceleration
By · CommentsDetroit continues to rebuild its economy brick by brick and business by business, spurring demand for housing and pushing rent growth above the national average. This restoration is reflected in the local multifamily market’s improving fundamentals, which are also stimulated by the lowest unemployment rate in 17 years. Although investment has slowed down slightly, due to lingering skepticism about the market’s stability, high yields should remain enticing to buyers…
Lat Purser & Associates will start construction on a two-story, 14,871-square-foot office building in Mount Pleasant, S.C. The asset will be anchored by financial planning firm Consolidated Planning, a majority investor in the project. The development team includes general contractor Choate Construction, Overcash Demmitt Architects and civil engineer Earthsource Engineering. South State Bank is providing financing for the project.
“Located in one of the fastest-growing submarkets in the country, 1034 Lansing Drive offers a convenient, central location and close proximity to neighborhood retail and restaurants,” said Adam Robinson, project developer at Lat Purser, in a prepared statement…
Economy Watch: CRE Values Slide Again, Ten-X Reports
By · CommentsAccording to the latest Ten-X Commercial Real Estate Nowcast, the U.S. commercial real estate sector continued its valuation slump in October, with nationwide commercial pricing edging down by 0.2 percent—the sixth consecutive month of contraction for the index. The monthly pricing index combines Google Trends data, Ten-X Commercial’s proprietary transaction data, and investor surveys to track CRE pricing trends.
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Review involving Renaissance Technologies said to begin Nov. 7
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Senate estimated investors avoided $6.8 billion in taxes
A tax dispute involving Renaissance Technologies, the hedge fund firm whose co-chief executive officer is a prominent backer of President Donald Trump, is advancing to a new phase.
Members of the Internal Revenue Service’s Office of Appeals are scheduled to meet with lawyers for Renaissance in New York on Nov. 7, according to a person with knowledge of the matter. The meeting kicks off a review by an independent branch of the tax agency and suggests a resolution may be years away…
Japanese Manufacturer to Build 1 MSF Hub in KC Area
By · CommentsKubota Tractor Corp., marketer and distributor of Kubota-engineered and manufactured machinery and equipment, will build its North American distribution hub on 203 acres, which the company plans to purchase. The logistics center will be located near the manufacturer’s current facility in Edgerton, Kan.
The company intends to design and build two one million-square-foot facilities to expand its distribution capacity for the delivery of service parts and equipment to its increasing customer base in the U.S. In addition to the logistics facilities, Kubota will establish a fifth operational division and sales office in Edgerton, within the same complex…
Office Tower Commands $82M in Downtown Ft. Lauderdale
By · CommentsCBRE arranged the sale and financing of a Class A office tower totaling 226,376 square feet in downtown Fort Lauderdale, Fla. TA Realty sold the asset in an $81.5 million deal to a joint venture between Banyan Street Capital and Oaktree Capital Management, public records show. Metropolitan Life Insurance Co. originated $55.5 million in acquisition financing, scheduled to mature in 2027.
How to Buy a $116 Million Mansion on $80,000 a Year
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Son of Equatorial Guinea’s president convicted in France
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Gets 3-year suspended jail term and suspended $34.9m fine
The son of Equatorial Guinea’s president was found guilty by the Paris criminal court of using ill-gotten gains to buy assets in France ranging from a mansion worth more than 100 million euros ($116 million) near the Champs-Elysees in Paris to a fleet of super-cars, including a Bugatti Veyron, a Rolls-Royce Phantom and a Maserati.
While Teodoro Nguema Obiang Mangue, who is his country’s vice president, won’t have to serve any jail time, judges decided to confiscate assets seized during the investigation worth tens of millions of euros. He was given a 3-year suspended jail sentence and a suspended fine of 30 million euros…
Terreno Picks Up Miami Industrial Facility
By · CommentsTerreno Realty Corp. completed the acquisition of an industrial property totaling approximately 38,000 square feet in Miami’s Airport West submarket. Floral Holdings LLC, an entity affiliated with a New Jersey-based floral distribution and logistics company, sold the asset in a $6.8 million deal, public records show.
STABILIZED ASSET
Located at 1480 NW 94th Ave. in Doral, Fla., on a 3.3-acre site, the industrial distribution facility was completed in 1989 and is 100 percent occupied by one tenant. The property features 10 dock-high and one grade-level loading positions and provides 49 parking spaces. The estimated stabilized cap rate of the property is 5.4 percent…
Dermody Snags Seattle-Area Industrial Complex
By · CommentsDermody Properties has acquired Meridian Campus Corporate Park, a 459,551-square-foot, three-building, Class A industrial park in Lacey, Wash., from the California State Teachers’ Retirement System.
The property, which is located just south of Seattle, also consists of 18 acres of land, which Dermody will develop into a new 318,028-square-foot distribution building. When completed, the facility will feature a 36-foot clear height and 80 trailer parking stalls…
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Country’s property moguls more than double wealth in 2017
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Limited liquidity, crossholdings common among billionaires
Nowhere on Earth is wealth being created faster than in China’s mainland property market.
The collective net worth of the country’s richest developers has rocketed upward since the start of the year, adding $44.3 billion to the fortunes of seven real estate tycoons.
As China’s regulators move to tame a frenzied property market, investors are betting that the largest companies will squeeze out smaller competitors and extend their dominance in a consolidating industry…
Billionaires Keep Bubbling Up in China’s Soaring Property Market
CBRE Closes Sale of Charlotte Business Park
By · CommentsCBRE brokered the sale of Monroe Business Park, a five-building mixed-use complex in the Oakhurst neighborhood of southeast Charlotte, N.C. Nova Capital Partners sold the property in a $6.8 million deal to an investment group affiliated with Charlotte-based Waters Inc. According to public records, South State Bank provided $4.6 million in acquisition financing to facilitate the transaction.
HFF Brokers Suburban LA Shopping Center Sale
By · CommentsPlaza Del Sol, a 165,500-square-foot grocery-anchored shopping center in Burbank, Calif., has come under new ownership with the help of HFF. Acting on behalf of Tourmaline Capital, the commercial real estate and capital markets services provider sold the combination retail and industrial property to an undisclosed investor.
Originally developed in 1984, the property at 10950 Sherman Way operated as a Costco store until 2005, when it emerged from a retrofit as a mixed-use center featuring street-facing retail with an uncharacteristic offering in the back: industrial space. The investment community was more than a little intrigued…
Big private equity firms—and lots of other people with money—are looking for a way to get into Buffett’s buy-and-hold model of investing. It isn’t easy.
A few years ago, private equity managers were growing tired of sitting on the sidelines, watching Warren Buffett’s Berkshire Hathaway make landmark investments in Kraft Heinz and BNSF Railway. They wanted to get in the game.
To play, they would need to give themselves lots of time—decades, in fact—and as near-to-permanent capital as they could muster. Ambitious buyout firms bet that by raising long-duration funds, they would finally have the patient capital to do those eye-watering megadeals they’d been coveting…