Peapod Relocates HQ to Downtown Chicago
By · CommentsPeapod is relocating from Skokie, Ill., to a new 53,000-square-foot space at 300 S. Riverside Plaza in downtown Chicago. The company expects to move all its current 220 employees from its offices in Skokie and the Civic Opera Building to the new location by April 2018. Colliers International represented the tenant in the lease while The Telos Group worked on behalf of the landlord, Third Millennium Group.
Franklin Street Closes Major Credit Facility Expansion
By · CommentsOver the past week, Franklin Street Properties Corp. has completed a cluster of financial transactions, chief among which was recasting its existing unsecured credit facility into a $1 billion facility.
Newly Developed Retail Center Lands $13M Loan
By · CommentsMeridian Capital Group negotiated $12.5 million in acquisition financing for the recently developed retail component of Plantation Pointe. The shopping center is part of an office park located at the southeast corner of University Drive and Sunrise Boulevard in Plantation, Fla.
The 11-year loan features a fixed rate of 3.87 percent and was originated by a national life insurance company. According to public records, Transamerica Premier Life Insurance Co., an affiliate of AEGON USA Realty Advisors, provided the mortgage scheduled to mature in September 2028…
Hyatt to Open 2nd Germany Hyatt House Location
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Almost 20 percent of those surveyed struggle to pay the rent
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Cities rocked by foreclosure crisis still see higher evictions
Rents have increased rapidly across U.S. housing markets as the share of renting households has risen faster than the number of new units. Now, in a survey published Thursday by an apartment-listing service, nearly one in five respondents reports struggling to make the monthly payments…
Rising Rents Are Pushing More Tenants Past the Breaking Point
JV Nabs Suburban Boston Office/Flex Campus
By · CommentsBrookwood Financial Partners has sold Brookwood Business Center, a 448,707-square-foot office/flex park located in Tewksbury and Billerica, Mass. The buyer was a joint venture between Condyne Capital Partners and a fund managed by Westport Capital Partners LLC. An acquisition loan financed by HarborOne Bank and Brookline Bank funded the sale.
Aman Resorts Is Bringing $50 Million Condos to NYC
By · CommentsScheduled to open in 2020, the resort will have 83 hotel rooms and 20 apartments.
Vladislav Doronin, the chairman and chief executive officer of Aman Resorts, the super-luxury hotel chain, is standing in the middle of a filthy concrete husk of a room in midtown Manhattan. “Look at this!” he says, gesturing through the dirt-stained windows of the 24th floor of the Crown Building, whose 4th through 26th stories he’d purchased with a partner for about $500 million in 2015. (The bottom three stories, which are for retail, are owned by other companies.)…
Aman Resorts Is Bringing $50 Million Condos to NYC
Private Equity’s Biggest Backers Are Tired of the Fees
By · CommentsLove the returns. Hate the fees. Is it time to go solo?
The biggest U.S. pension fund isn’t happy. After years of paying steep fees to private equity fund managers, it’s plotting an end run. Officials of the California Public Employees’ Retirement System, which oversees about $337 billion, gave fund managers an earful at a pension board meeting on July 17 in Monterey. Huffed one CalPERS director: “I don’t see your industry standing up and justifying fees.” (The pension’s chief investment officer later said it would explore buying more companies on its own to lower fees and lift returns.) Firing back, Sandra Horbach, a top executive at Carlyle Group LP, one of the world’s biggest leveraged buyout managers, warned that CalPERS and other pensions looking for their own deals would be at a “strategic disadvantage” in a head-to-head rivalry with private equity firms like Carlyle…
Savills Studley Inks New Office Lease
By · CommentsSavills Studley has expanded its elbowroom in Denver with a relocation to 1125 17th St., a 492,800-square-foot office tower in the city’s Midtown submarket. The commercial real estate services firm staked a claim to approximately 8,500 square feet at the building, which was acquired by Hines in a partnership with Pearlmark and Goldman Sachs & Co. in January of this year for $169.7 million.
Hoefer Wysocki Adds VPs to Dallas Office
By · CommentsGeisha-Loans Bank Outshines Japan’s Behemoth Lenders
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Community bank shows how to thrive despite Japan’s low rates
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Lending is based on borrower’s personality rather than metrics
Kikuno Kashima, a Tokyo geisha, couldn’t get a bank loan to open a club for her patrons and select guests until a tiny credit union agreed to lend her the money. Now she’s part of a lending model that’s doling out cash to startup companies and yielding surprisingly high profits in the process…
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Lifeline comes from company with deep entertainment roots
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Fortress backed producer of two best picture Oscar winners
Weinstein Co., the beleaguered film studio whose co-founder has been accused of sexual assault, is close to obtaining a crucial loan of about $35 million from Fortress Investment Group LLC, according to a person with knowledge of the matter…
Weinstein Co. Is Close to Getting a $35 Million Fortress Loan
Aloft and Element Hotels Receive $140M Financing
By · CommentsHFF arranged $140 million in financing for Aloft and Element Hotels in the Seaport District of Boston. The firm worked on behalf of the borrower, a venture of a fund managed by an affiliate of Ares Management and CV Properties LLC, to secure the loan through Starwood Property Trust. HFF has recently refinanced three Boston-area hotels totaling 623 keys.
Broad-Based Employment Fuels Demand in Indianapolis
By · CommentsA healthy employment climate and a relatively affordable cost of living are drawing residents to Indianapolis, spurring demand for apartments and pushing up rents. However, due to a significant amount of new deliveries, the occupancy rate dropped 30 basis points in 12 months, reaching 94.4 percent in July.
SK Hynix Inc. posted third-quarter earnings that fell short of analyst estimates after boosting investment in production to capture a rally in memory chip prices…
SK Hynix Profit Lags Analyst Estimates on Higher Chip Investment
Vantage Adds 9MW to Santa Clara Campus
By · CommentsVantage Data Centers completed its new facility in Santa Clara, Calif. The recently completed V6 is a two-story building located within the 18-acre campus at 2895 N.W. Parkway. The facilities currently offer 51 megawatts of critical IT load, with nine more to be added by V6. Supply of co-location space in Silicon Valley is constrained, and Vantage is among the few companies to conquer this challenge. Recently, Digital Realty also completed a new facility in Santa Clara.
U.S. purchases of new homes unexpectedly surged in September to the highest level in a decade as activity accelerated in the South after hurricanes Harvey and Irma, according to government data Wednesday…
U.S. New-Home Sales Unexpectedly Jump to Highest Since 2007
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Squeeze comes as Turkey faces unprecedented break with West
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EIB says current political developments in Turkey a ‘concern’
The German government is wielding its influence with international development institutions to restrict financing to Turkey over an escalating political dispute, people familiar with the matter said…
Germany Tightens the Screws on International Funds to Turkey
CBRE Arranges Sale of Caribbean Resorts
By · CommentsHunter Hotels Brokers Sale of AR Hotels
By · CommentsHunter Hotel Advisors represented an institutional client in the sale of TownePlace Suites by Marriott and Candlewood Suites Rogers, two hotels in Bentonville, Ark. Investra Capital Inc. acquired the all-suite hotels. Hospitality Ventures Management Group will continue to manage both assets.
Located at 3100 S.E. 14th St., TownePlace Suites by Marriott features 78 keys equipped with full kitchens. Each suite includes hardwood floors, marble countertops and flatscreen TVs…
UT Health San Antonio broke ground on a new Sam & Ann Barshop Institute for Longevity & Aging Studies in the South Texas Medical Center. The three-story, 108,000-gross-square-foot building will be built at the corner of Floyd Curl and Charles Katz Drives, adjacent to UT Health’s Medical Arts & Research Center and across the street from UT Health’s Greehey campus.
Law Firm Relocates to Pittsburgh CBD
By · CommentsUber Fields Bids for Its Subprime Lending Unit’s Assets
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Potential buyers include startup Fair, rental car companies
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CEO focuses on Uber’s core business in ‘times of trouble’
Uber Technologies Inc. is fielding bids for some assets of the subprime lending unit that the ride-hailing giant is shutting down, according to people familiar with the matter…
Law Firm Relocates to Pittsburgh CBD
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Potential buyers include startup Fair, rental car companies
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CEO focuses on Uber’s core business in ‘times of trouble’
Uber Technologies Inc. is fielding bids for some assets of the subprime lending unit that the ride-hailing giant is shutting down, according to people familiar with the matter…
Uber Is Said to Take Bids for Its Subprime Lending Unit’s Assets
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House passes two sanctions bills; third vote planned Thursday
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Measures are unrelated to sanctions over nuclear program
The U.S. House passed new sanctions in response to Iran’s support for Hezbollah, part of a legislative package that stops short of addressing the Islamic Republic’s compliance with the multinational accord designed to curb its nuclear program…
Iran Sanctions Over Support for Hezbollah Pass U.S. House
BlackRock Sells LA Office
By · CommentsBlackRock Real Assets has sold Pacific Corporate Towers, a 1.6 million-square-foot, Class A, multi-tenant office building and parking structure in El Segundo, Calif., to an institutional investor. Eastdil Secured worked on behalf of the seller in the transaction. Tenants include technology firm Nativo Inc., which relocated its headquarters to Pacific Corporate Towers at the beginning of this year.
Spurred by e-commerce growth, corporate expansion of distribution spaces and overall momentum in the supply chain, investment levels in leasing, construction and capital market sales in the industrial sector are expected to remain strong for at least 12 to 18 more months, according to a new survey.
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First Singapore bank to post third-quarter earnings results
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CEO warns of geopolitical and oil risks despite income growth
Oversea-Chinese Banking Corp., Southeast Asia’s second-largest lender, reported higher third-quarter profit on increased revenue from its lending, wealth management and life-insurance businesses…
OCBC’s Quarterly Net Profit Gains 12% on Lending, Wealth, Insurance
Sumner Redstone’s former girlfriend has no right to a $3.75 million apartment on Manhattan’s Upper East Side, a judge ruled, dealing another blow to Manuela Herzer’s legal campaign against her former lover…
Sumner Redstone’s Ex Has No Right to NYC Apartment, Judge Rules
Interstate Hotels Launches INTRIGUE Brand
By · CommentsInterstate Hotels & Resorts launched its lifestyle management division: INTRIGUE Hotels & Resorts by Interstate. In creation for nearly one year, INTRIGUE will focus on delivering innovative culture, style and technology as well as next generation lodging and experiential services.
Upon its introduction, INTRIGUE Hotels & Resorts draws from Interstate’s decades of experience operating independent and soft-branded properties across the country and around the world including Nomo SoHo in New York, N.Y.; Hotel Erwin in Venice Beach, Calif., The Charles Hotel in Boston and the Marker in Dublin…
Drury Buys Land for Future Arlington Hotel
By · CommentsDrury Development Corp. bought a 9.24-acre, mixed-use, zoned tract of land in Arlington, Texas. The site will be used for the building of a full-service hotel. Located at 2880 Dallas Parkway (west of the Lincoln Square retail center), the property will feature a 268-unit Drury Plaza Hotel and a restaurant.
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Bank to add coverage of 60 stocks, with 14 to 20 by year-end
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Research arm had previously focused on local mid-cap firms
Singapore’s second-largest lender has decided that the best place to expand its research is the country’s rival market Hong Kong…
Singapore’s Second-Largest Lender Plans a Push Into Hong Kong Research
Skanska Disposes of $29M Swedish Nursing Facility
By · CommentsSkanska sold a nursing home under construction in Gothenburg, Sweden for about $29 million to Northern Horizon. Ambea will become the tenant of the facility when completed in spring 2019.
The project comprises a retirement home with 72 apartments on five floors located in the center of Angered, Gothenburg. The 57,000-square-foot nursing home has been developed by Skanska in cooperation with Ambea and is the first phase in a major investment in new housing in the district. Skanska will also build apartments in the area managed by BoKlok. The project will aim for LEED Gold certification and is currently under construction…
Job Growth Keeps Market Steady in Miami
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Kingdom’s wealth fund is hosting global banking CEOs this week
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Saudi Arabia plans to sell hundreds of state assets in reform
Saudi Arabia’s ambitious plan to transform its economy away from oil has global banks lining up for a piece of the action…
Everyone From Goldman Sachs to HSBC Wants a Piece of Saudi Banking
Keeping CRE Sustainable
By · Comments“I’m very appreciative of the electric charging station. Most Class A office buildings offer this amenity and it is great that this building does as well.” —San Diego
“Working with surrounding communities to improve accessibility to the property with alternative means of transportation allows us to reduce our care use, which also results in a reduction of our carbon footprint.” —Golden, Colo…
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Ten-year yield closes above key mark for first time since May
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Breakthrough has traders eyeing 2.5% and 2.6% levels
The bond bears may finally be having their moment…
Bond Market’s 2.4% Moment of Truth Elicits Warning From Gundlach
Velocis Annexes Two Sugar Creek to Its Office Portfolio
By · CommentsPrivate equity real estate manager Velocis acquired Two Sugar Creek, a 143,410-square-foot office property located in Sugar Land, Texas, a southwestern Houston suburb. HFF intermediated the transaction, representing the seller—TA Associates Realty. Terms of the transaction were not disclosed.
The 143,000-square-foot office development was 85 percent occupied at the time of the deal. Stream Realty Partners will handle the leasing and management responsibilities for Two Sugar Creek…
ULI Report: Asian Investors Flocking to DTLA
By · CommentsDowntown Los Angeles remains a hot market for investment, particularly attracting Asian capital. Investors from several Asian countries are deploying billions of dollars in some of the city’s tallest, most luxurious projects currently underway, hoping to bring a variety of uses and high-quality amenities to the city. At this year’s ULI Fall Meeting in the City of Angels, attendees had a chance to tour three major mixed-use projects that are shaping the city’s skyline, which came to fruition thanks in large part to Asian investment.
There’s Now a Cryptocurrency Fund-of-Funds
By · CommentsJust a year ago there were hardly any dedicated cryptocurrency funds, now investment in the sector has mushroomed enough that the first funds-of-funds are emerging…
There’s Now a Cryptocurrency Fund-of-Funds
Port 10 Logistics Center to Break Ground in Baytown, TX
By · CommentsA rail-served Class A industrial development is set to break ground near the Houston Ship Channel. Behind the project is Houston-based Pontikes Development, which intends to deliver the first phase of the complex in the third quarter of 2018.
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Danske says ‘nobody really knows’ what risks lie in market
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Swedbank is more exposed to housing correction than its rivals
The first signs of a potential correction in Sweden’s housing market may well appear in the country’s property-management industry…
The First Sign of a Correction in Sweden’s Housing Market Could Be Near
Thinking of buying a home in Queens? Well, hurry up.
In almost all neighborhoods in the borough, properties that found buyers in the third quarter had been on the market for a median of less than three months. People looking for affordability close to Manhattan snapped up homes in Astoria, where listings were available for a median of 59 days. Next door in Woodside and Sunnyside, homes were listed for 58 and 56 days, respectively. Ridgewood had the fastest turnaround in the borough: a median of 42 days…
Homes Get Snapped Up in Queens and Linger Longer in Manhattan
Goldman Sachs edged past Morgan Stanley on style points in the third quarter, but not on substance. Lloyd Blankfein’s firm cranked out $2 billion of earnings in the three months to the end of September, at an annualized return on equity of 10.9 percent. That bested the 9.6 percent showing of Goldman’s main Wall Street rival — the first time this year that it has come out ahead. Morgan Stanley’s boss, James Gorman, though, has crafted a more attractive-looking business for the longer term.
Raytheon Opens 3rd ABQ Facility
By · CommentsRaytheon Co., a technology and innovation company specializing in defense, civil government and cybersecurity solutions, opened a new facility in Albuquerque, N.M., in the Sandia Science and Technology Park, expanding its operations to develop and produce range monitoring and telemetry systems for the U.S. and its allies. The new 72,000-square-foot building is the company’s third facility in the metro and will bring 60 new high-tech manufacturing jobs to the state over the next six years.
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Carson says HUD is working with Justice Department on Fines
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Big banks say lawsuit fears have prompted lending pullback
Ben Carson doesn’t want big banks to worry so much about being penalized from mortgage lending errors…
Ben Carson Vows to Pull Back on Mortgage Penalties at HUD
Scottsdale Office Complex Trades for $53M
By · CommentsA joint venture of Equus Capital Partners Ltd. and iStar Inc. has acquired McDowell Mountain Business Park, a Class A office complex in Scottsdale, Ariz., for $53.2 million. Mesa West Capital has funded a $42.6 million mortgage debt for the purchase of the asset. The property was sold by RAIT Financial Trust. CBRE led the negotiations between the buyer and the seller and arranged the loan from Mesa West Capital.
Terreno Arranges 100 KSF San Leandro Lease
By · CommentsTerreno Realty Corp. completed the renovation and leasing of two industrial distribution buildings in San Leandro, Calif. Spreading over a 8.2-acre site, the 100,000-square-foot properties are located at 2062 and 2091 West Ave. 140th.
A 68,662-square-foot asset was leased to a third-party logistics provider through January 2023, while the other 31,832-square-foot property was rented by an equipment rental company through April 2027…
Irish Bankers Tarnished Again as Mortgage Scandal Mounts
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Finance minister to demands answers from banks on overcharging
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Irish PM brands banks’ behavior scandalous, threatens taxes
Helen Grogan says her bank has left her brimming with “rage, frustration and anger” and 40,000 euros ($47,000) worse off…
Monument Adds New CFO to Miami Office
By · CommentsMonument Capital Management, a fully integrated real estate investment company, appointed José Gonzalez as chief financial officer. In this new role, Gonzalez will be responsible for directing all the firm’s financial operations and support activities, including accounting, investor reporting, human resources and IT. He will be based in Monument’s corporate offices in Miami…
Redfin Expands Chicago Footprint
By · CommentsRedfin opened a new office in Chicago after signing a 6,250-square-foot lease at 112 S. Sangamon. The real estate company will occupy the entire top floor of the building, being the first office open in the city’s downtown. At the end of last year, Redfin tripled the space at its main Chicago location at 8725 W. Higgins Road near the O’Hare International Airport.
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S&P 500 relative-strength index above 70 for 15 days in a row
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Earnings growth priced into current market: Morgan Stanley
The biggest bull on Wall Street is expecting a pause in the record-setting rally as equity prices already reflect earnings growth expectations…
Wall Street’s Biggest Stock Bull Says Momentum Signals Pullback
C&W Secures $13M in Financing for GA Assets
By · CommentsCushman & Wakefield (C&W) arranged financing for Miami-based KAS Partners’ acquisition of Phoenix Business Park in Atlanta, and Kings Landing Office Center in Roswell, Ga. Senior Director Jason Hochman of C&W’s South Florida commercial team worked on behalf of the borrower in securing the loans.
Chicago Mixed-Use Lands $1.2B Research Hub
By · CommentsRelated Midwest, the Chicago office of multifamily and mixed-use developer Related Cos., has just secured an anchor for The 78, a 62-acre master-planned community in Chicago for which the company is serving as master developer. The University of Illinois System will build Discovery Partners Institute, a $1.2 billion public-private research and innovation center, at the sprawling site.
“Leveraging Related’s extensive experience in international placemaking, The 78 will be a transformative downtown neighborhood designed to respond to the rapidly changing demands of future generations, making it the ideal location for a dynamic institute like DPI,” Curt Bailey, president of Related Midwest, said in a prepared statement…
SVN Sells Westlake Medical Office
By · CommentsSVN – Rich Investment Real Estate, a full-service commercial real estate brokerage firm, sold a 29,783-square-foot medical building located at 3180 Willow Lane in Westlake Village, Calif. Both sides of the transaction were represented by SVN – Rich Investment Real Estate’s partner, the Pacific Bridge Team of commercial real estate advisors, which consists of Jeff Albee, Travis Albee and Tilden Moschetti.
“With this sale, Willow Lane will be entirely renovated and will continue attracting top-tier medical professionals to serve the local community,” said Travis Albee, vice president of SVN’s Pacific Bridge Team, in prepared remarks…
Sares Regis to Redevelop Former Toyota HQ
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Sares-Regis Group, of Irvine, Calif., has completed its purchase of Toyota’s former Los Angeles–area national headquarters, an approximately 110-acre complex totaling more than 2 million square feet of office and industrial space in Torrance, Calif., JLL Capital Markets announced.
Managing Director Jeff Adkison and Senior Vice President Brendan McArthur led the JLL team on the sale…
Homewood Suites by Hilton Columbus/OSU is now under Crescent Hotels & Resorts’ management. The newly built, upscale, 109-key hotel adds to Crescent’s growing management portfolio in North America.
Located at 1576 W. Lane Ave. in the Upper Arlington entertainment district, the hotel is two miles away from the Ohio State University and The Jerome Schottenstein Center and five miles from downtown Columbus. The building includes grocery shopping service, 24-hour pantry, indoor pool, fitness center and business center. Keys feature full kitchens, dining tables, pull-out sofas, free Wi-Fi, flat-screen TVs and balconies…