CBRE Facilitates Sale of Houston-Area Hotel
By · CommentsCBRE Hotels arranged the sale of Holiday Inn Express & Suites, a 74-key, limited-service hotel in Bay City, Texas. Houston-based SNI 5618 Investment LP acquired the asset from San Antonio-based Baywood Hotels for an undisclosed price. The transaction marks the first hotel acquisition for the buyer, which owns several apartment properties in the Houston area.
‘Psychopath’ Hedge Fund Managers Make Less Money
By · CommentsPrologis Sells Iconic San Diego Asset
By · CommentsL&L Holding Tops Out Manhattan Office Tower
By · CommentsL&L Holding Co. has added the final beam of steel to 390 Madison Ave., topping out the former 291-foot tall, 24-story office building to its new height of 32 stories and 373 feet.
The re-massed mid-20th century building now has eight additional floors and offers more than 860,000 square feet of space, according to Yardi Matrix. It is being further transformed into a sleek, light-filled tower featuring massive column-free spans, high ceilings, modern infrastructure, a new façade of transparent, floor-to-ceiling glass, and 13 outdoor terraces…
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GE Shares Tumble After Third-Quarter Earnings Miss Estimates
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Analysts Say ‘Reset’ May Mark Trough, Question Dividend
After General Electric Co. disappointed investors with its quarterly earnings and full-year forecast cut, the stock pared early losses, with several analysts saying the outlook is a total reset that may mark a trough for earnings. Others are now turning their attention to the company’s free cash flow and sustainability of its dividend after drilling into divisional results and stripping away extraneous charges. Shares dropped 0.3 percent to $23.51 at 1:25 p.m. in New York, after earlier falling as much as 6.3 percent, its worst slide in more than two years…
Daimler AG to Invest $1B in AL Mercedes-Benz Facility
By · CommentsDaimler AG, which will invest an additional $1 billion in its Alabama footprint, has become the latest automaker to announce plans to expand its manufacturing operations in the U.S. this year. The German company will manufacture electric SUVs under its Mercedes-Benz EQ sub-brand in Tuscaloosa, Ala., and also build several other projects in the region, adding about 2 million square feet in the state.
Once regarded as novices, family offices are looking beyond stocks and bonds to pursue direct investments in companies and real estate. The most sophisticated are turning into investing giants.
Michael Gottdenker glimpsed the future over a bowl of pasta earlier this year, and he liked what he saw…
Foundry Commercial to Relocate Nashville Office
By · CommentsFoundry Commercial, a full-service real estate services and investment company, is relocating its Nashville office to The Pinnacle at Symphony Place, a 519,622-square-foot, Class A+ office tower in downtown Nashville, Tenn. The company, currently located in the city’s Cool Springs district, will occupy its new space on Dec. 1st.
New Supply Tempers Rent Growth in San Antonio
By · CommentsBids to be the home of Amazon’s second headquarters, HQ2, were due on Thursday, and more than 50 cities (or metros with various polities collaborating) put in for what’s probably the biggest site selection prize of the 2010s. Now it’s up to the retail giant, which will announce the winner sometime in 2018.
How Saudi Arabia Is Building Its $2 Trillion Fund
By · CommentsSaudi Arabia is stepping up plans to turn its sovereign wealth fund into a global giant. This week, it’s holding a coming-out party of sorts for the Public Investment Fund, which is central to the government’s effort to diversify the economy away from oil, under a plan known as Vision 2030. The Saudis are hosting the titans of investing and finance at a summit that aims to raise the profile of the PIF, which could eventually control more than $2 trillion, according to Crown Prince Mohammed bin Salman. That explains why many eyes will be on — and private jets winging toward — the Saudi capital…
Homeowners affected by the hurricanes in Florida and Texas are now falling behind on their mortgages…
Homeowners Hurt by Hurricanes Now Falling Behind on Mortgages
Columbus Convention Center Debuts $140M Transformation
By · CommentsLMN Architects expanded and renovated the Greater Columbus Convention Center in Ohio. The $140 million, multi-building project added 137,000 square feet of new space and refurbished 800,000 square feet of the existing structure. Schooley Caldwell Associates served as associate architect for the project, with Corna Kokosing Construction Co. and Elford Inc. as construction manager.
SoCal Delivering for Investors in San Diego
By · CommentsThese Cities Make NYC Housing Look Dirt Cheap
By · CommentsPhoenix Industrial Asset Reaches Full Occupancy
By · CommentsColony NorthStar recently acquired a two-building Phoenix portfolio for $18.7 million—Reywest Commerce Center and Reywest Industrial Park. The properties are located at 3602 and 3555 W. Washington St., respectively.
At the time, the properties were 46 percent occupied. JLL’s Phoenix office completed a final lease, bringing both to full occupancy. The two firms have an ongoing relationship: JLL brokered the sale of another Phoenix industrial portfolio, for $39 million, earlier this year…
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Fund made money buying AAC shares after short-seller attack
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It also owns share in Chinese developers Evergrande, Sunac
Betting against the short-sellers helped Gloria Lu’s fledgling hedge fund establish itself among Asia’s biggest stars of 2017…
How One Hedge Fund Ignored the China Bears and Made a 65% Gain
Hankook Tire Opens $800M TN Plant
By · CommentsHankook Tire opened its first U.S. manufacturing facility in Clarksville, Tenn. The company invested $800 million in a new 1.5-million-square-foot facility, where it will produce passenger car radial and light truck radial tires. The plant has already brought nearly 1,000 jobs to the local economy, a total that is expected to climb to 1,800 as infrastructure expands.
Morgan Stanley sees a way to make money betting against U.S. residential mortgage-backed securities. Just don’t say it’s a “big short.” …
Morgan Stanley Has a New Top Trade: Call It the Not-So-Big Short
TruAmerica Acquires $47M Orlando Community
By · CommentsThe Carroll Organization and Goldman Sachs Asset Management Private Real Estate sold a 300-unit multifamily community in East Orlando. TruAmerica Multifamily bought the asset for more than $47 million. Located at 102000 Falcon Pine Blvd., Arium Falcon Pines occupies a 21-acre site.
The property features 48 one-bedroom, 168 two-bedroom and 84 three-bedroom apartments. Lake Nona’s Medical City, the Central Florida Research Park and the University of Central Florida are all nearby…
Report Explores Technology’s Role in CRE Trends
By · CommentsThe recently released 90-page report “Real Trends: The Future of Real Estate in the United States” takes a wide-ranging look at factors that include immigration and an aging population.
Much of the report focuses on single-family housing, especially issues around affordable housing. Many of its most intriguing observations, however, are on where technology might be leading CRE. Written by Albert Saiz and Arianna Salazar of the Urban Economics Lab at the Center for Real Estate, Massachusetts Institute of Technology, the report was sponsored by Capital One Commercial Banking…
The foreclosure auction for a penthouse at Manhattan’s ultra-luxury One57 tower is back on…
NYC Billionaires’ Row Penthouse Foreclosure Auction Is Back On
TechSpace Extends National Footprint
By · CommentsMonths after opening a location in Houston, national co-working and flexible office space provider TechSpace Holding Co. will open its 10th campus in Arlington, Va. The firm will take up the entire eighth floor, or 20,000 square feet of space, at Two Liberty Center, a premier 177,429-square-foot office asset owned by The Shooshan Co. The location will be named TechSpace Arlington and is expected to open in June 2018.
First Phase of Bakersfield Commons to Start in 2018
By · CommentsConstruction of a 260-acre mixed-use, master-planned community in Bakersfield, Calif., is scheduled to begin next year and will feature residential, retail, industrial and office space along with a luxury theater and hotel.
Soros-Backed Hedge Fund Beats Peers With 23% Return
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Glen Point bets on emerging-market debt, currencies paid off
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Macro fund’s gain for this year compares with a loss in 2016
Glen Point Capital, a $2.3 billion hedge fund that invests money for billionaire George Soros and other clients, surged 22.7 percent through September this year, according to a person with knowledge of the matter…
Home2 Suites Pittsburgh Opens
By · CommentsHome2 Suites opened its newest property, Home2 Suites by Hilton Pittsburgh Area Beaver Valley, a 107-key hotel situated approximately 30 miles from downtown Pittsburgh.
Located at 1000 Wagner Road Extension South, the property is in close proximity to various retail, shopping, dining and restaurant such as Columbia Gas Training Center, Penn State Beaver, Community College of Beaver County and Beaver Valley Automall. Additionally, Pittsburgh International Airport is a 20-minute drive away…
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Vacasa raises $104 million as vacation rental market grows
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Financing is said to nearly double company valuation
Vacasa LLC, an online vacation rental company, raised $104 million from a group of private equity firms looking to build up a challenger to Airbnb…
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Hedge fund offers details, but not a name for new short bet
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Extra Space Storage has same business segments as mystery REIT
Newbrook Capital Advisors, the $1.8 billion hedge fund run by Robert Boucai, has a new short bet, and this time it’s targeting a company in the real-estate sector…
Cracking the Code of a $1.8 Billion Hedge Fund’s Mystery Short
NKF Announces New Hires in Seattle
By · CommentsNewmark Knight Frank added two new hires to its Seattle office: Charlie Farra as managing director and Matt Betterman as associate director.
Prior to joining the company, Farra served as vice president for Colliers International for five years, where he specialized in tenant representation. He completed more than 1 million square feet of office leasing and sales. His clients included Dorsey & Whitney, Sonos, Blue Bird Bio and Alliant Insurance…
Colliers Welcomes Back Jessica Sawyer as EVP
By · CommentsColliers International appointed Jessica Sawyer, a former employee, executive vice president of operations. Sawyer used to be a vice president in the development and consulting services group before she decided to rejoin Colliers, following an absence of five years. She will be based in Boston and will oversee the firm’s operational activities, including finance and accounting, talent management, marketing and technology. The new executive vice president will be reporting directly to the CEO.
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B-20 guidelines are aimed at uninsured market for home loans
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‘Collateral damage’ seen in markets outside Toronto, Vancouver
Canada’s banking regulator released final rules that will make it tougher for borrowers to take on uninsured mortgages, adding to a growing list of measures to rein in the nation’s housing markets…
Goldman Sachs Asks for $30,000 for Research Post-MiFID
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Package gives access to research portal for up to 10 users
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Includes attendance at events; speaking to analysts costs more
Goldman Sachs Group Inc. has asked some clients to pay $30,000 for up to 10 of their staff to access basic research through its analyst portal once the MiFID II rules come into force in January, according to people with knowledge of the matter…
How Hyatt Regency Hotel Complements Nashville’s Vibe
By · CommentsEco Group Plans $800M M-U Project Near Raleigh-Durham
By · CommentsA rebound in homebuilders’ confidence to a five-month high indicates concern over fallout from major hurricanes has been alleviated, according to data Tuesday from the National Association of Home Builders/Wells Fargo…
U.S. Homebuilders Gauge at Five-Month High Shows Storm Recovery
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Fixed-income trading proved largest problem for U.S. banks
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Record-high stock market boosted investment banking gains
As earnings season for the biggest banks drew to a close, Morgan Stanley and Goldman Sachs Group Inc. joined other major U.S. lenders in showing the advantages and drawbacks of calm markets…
Here Are Key Takeaways From Wall Street’s Third-Quarter Earnings
Pacific Center Changes Hands in Torrance, CA
By · CommentsRelated Fund Management acquired Pacific Center, a 306,765-square-foot, class A office building in Torrance, Calif. HFF’s Senior Managing Director Ryan Gallagher and Managing Director Andrew Harper procured the buyer and represented the seller, Stream Realty Partners, who recently expanded its property management portfolio in Pasadena, Calif.
The eight-story, state-of-the art building is situated at 21250 Hawthorne Blvd., at the intersection of Hawthorne and Torrance Boulevards across from the Del Amo Fashion Center and is exposed to State Route 107. Pacific Center is close to neighborhoods such as Palos Verdes, Rancho Palos Verdes, Rolling Hills Estates, Hermosa Beach and Manhattan Beach…
300 KSF Chicago Arena to Open at McCormick Square
By · CommentsClark Construction Group, part of the design-built joint venture team Prairie District 3 Partners, has delivered Wintrust Arena, a 300,000-square-foot facility in Chicago’s McCormick Square neighborhood.
The multi-purpose arena will open the weekend of Oct. 20-22 as part the Chicago Architecture Foundation’s Open House Chicago event. The arena will serve as home to DePaul University’s basketball teams, the WNBA’s Chicago Sky and serve as an entertainment venue for concerts and special events…
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Canada’s alternative lenders face bigger impact from new rules
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OSFI’s stress tests will likely further slow housing, TD says
Borrowers who don’t meet the lending criteria of Canada’s big banks for home loans may turn to credit unions and private lenders under tougher mortgage rules released by the country’s banking regulator, according to RBC Capital Markets…
New Mortgage Rules May Push Borrowers to Alternative Banks, RBC Warns
NKF Adds Executive VP to LA Office
By · Commentsewmark Knight Frank appointed Miles Loo Jr. as executive vice president leading the firm’s Valuation & Advisory Data Center Solutions Group. Loo will base his team’s operations in the firm’s Los Angeles office, working on projects globally. Recently, the firm also added a new Managing Director to the same branch.
Berkadia Tapped to Seek $650M for San Diego Project
By · CommentsA joint venture led by Manchester Financial Group tapped Berkadia Hotels and Hospitality to source a $650 million construction loan for the $1.3 billion Manchester Pacific Gateway project located on San Diego’s waterfront.
The 12-acre downtown bayside site reportedly is the largest undeveloped urban waterfront site on California’s coast and will eventually encompass 2.8 million square feet of hotel, office and retail space. The location is bounded by Broadway, Harbor Drive and Pacific Highway and is adjacent to the U.S.S. Midway Museum…
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EventShares funds aim to track Republican, Democratic policies
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Investments are picked using active, long-short strategies
Politics is always a gamble — and a couple of new exchange-traded funds are letting investors put real money on it…
Trump-Inspired Political Funds Bring Active Twist to ETF Market
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Global Sigma, BTG Pactual among firms adding volatility funds
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Bets on higher market turbulence have backfired this year
Does the lack of worry in global financial markets worry you? A growing number of hedge fund managers are counting on it…
Hedge Funds Can’t Resist This Volatility Trade That’s Been Losing Money
Slow Growth, Plentiful Promise in Fort Lauderdale
By · CommentsJapanese Company Buys NYC Office for $468M
By · CommentsHammond Pledges ‘Fix’ for UK Housing Market Gone Wrong
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Chancellor concedes young people losing faith in free market
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Hammond constrained by Brexit effect on economic outlook
Chancellor of the Exchequer Philip Hammond said something has gone “wrong” with the U.K. housing market as his government pledges to tackle the issue of fairness between generations…
Ft. Lauderdale-Area Retail Center Changes Hands
By · CommentsCBRE brokered the sale of Regency Lakes Village Center, a multi-tenant, Class A shopping center in Coconut Creek, Fla. According to public records, Regency Lakes Village Center Partners LLC, an entity affiliated with Colorado-based ServiceStar Capital Management, sold the asset to Pacific Equities Capital Management.
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September total apartment sales lowest since January
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City’s home prices rose in 3Q for first time in four years
Singapore home sales fell in September as developers marketed fewer projects in a month considered inauspicious by Chinese homebuyers…
Singapore Home Sales Drop as ‘Hungry Ghost’ Month Spooks Buyers
London House Prices Fall Most Since Financial Crisis
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Values in capital likely fell 2.7% in September, Acadata says
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Picture less downbeat outside capital and southeast England
London house prices are falling at their fastest pace since the financial crisis, confirming the British capital as the worst-performing part of a slowing market…
Hampshire Sells 117 KSF CT Industrial Portfolio
By · CommentsThe Hampshire Cos. sold a 117,992-square-foot, four-building industrial portfolio in Connecticut to a private buyer.
The portfolio comprises two buildings totaling 45,500 square feet at 55 Old Ridgebury Road in Danbury, as well as a 22,138-square-foot asset at 81 Fuller Way and a 50,354-square-foot facility at 83 White Oak Drive, both in Berlin…
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Home building shows surprising strength across the country
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Of condos built in Toronto, 99.9% were sold at completion
For Canada’s real estate developers, 2017 is shaping up to be a comeback year…
The World’s Largest Oil Hedge Is Complete
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Locks in export price of $46 per barrel for 2018: Rubio
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Larger stabilization fund will help secure price for 2018
Mexico has completed its annual oil hedge for 2018, which will lock in an average export price of $46 per barrel of crude, Deputy Finance Minister Vanessa Rubio said in an interview…
Empire State Realty Inks 85 KSF at NYC Office Asset
By · CommentsThe American Society of Composers, Authors and Publishers (ASCAP) signed an 85,400-square-foot lease with Empire State Realty Trust for four floors at 250 West 57th St. in Manhattan.
The Class A office building features a total of 530,716 square feet and has an 18.2 percent vacancy rate, according to Yardi Matrix. Built in 1921, the property also includes 17,387 square feet of ground floor retail space. Empire State Realty Trust purchased the asset in 2013 from Helmsley Enterprises for nearly $170 million…
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t will take 1.3 years to clear unsold units: Molior report
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Excess supply is worst for capital’s more expensive new homes
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London’s Stock of Unsold Homes Under Construction at Record High
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Announcement sends shares of department-store chain tumbling
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A review of options will continue after the holiday period
Nordstrom Inc. is suspending efforts to take the company private after struggling to get financing with favorable terms, another sign that the department-store industry has lost favor with both customers and investors…
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Electronic traders are boosting their share of market making
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Regulation has hurt this business for firms like Goldman Sachs
A hidden war is taking place within your exchange-traded fund, and some of the biggest names on Wall Street are losing out…
DC-Area Office Asset Lands $33M Loan
By · CommentsCushman & Wakefield closed a $33 million loan on behalf of German company WealthCap for the repositioning of an office asset located in Rockville, Md., roughly 15 miles north of Washington, D.C. According to Yardi Matrix, the loan was originated and is held by East West Bank.
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Global Sigma, BTG Pactual among firms adding volatility funds
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Bets on higher market turbulence have backfired this year
Does the lack of worry in global financial markets worry you? A growing number of hedge fund managers are counting on it…
The Money-Losing Volatility Trade That Hedge Funds Can’t Resist
Zeller Taps JLL to Lease Atlanta Office Tower
By · CommentsZeller Realty Group selected JLL to lease a Class A, 620,000-square-foot office tower in Atlanta’s Fairlie-Poplar neighborhood. The owner is transforming 100 Peachtree into an urban center through a speculative office program, building modernization and on-site programming.
Located at 100 Peachtree St., the property represents Chicago-based Zeller’s second investment in the market. The real estate firm shelled out $90 million for the office asset in May and paid $54.7 million for Premier Plaza in December 2016, according to Yardi Matrix. Amenities at 100 Peachtree include 24-hour security, fitness center, conference facility and on-site dry cleaning…