Canyon Square Plaza Trades for $23 M in Santa Clarita
By · CommentsCanyon Square Plaza, a 96,627-square-foot, grocery-anchored shopping center in Santa Clarita, Calif. changed hands for $22.5 million. The center is anchored by a 40,751-square-foot Vallarta Supermarkets. Dixie Walker and Charley Simpson, retail investment specialists with Cushman & Wakefield, worked on behalf of seller Kimco Realty, a real estate investment trust. The property was acquired by a private high-net worth investor.
More people are leaving “blue” counties, those that lean Democratic, than moving in. But politics aren’t the reason — home prices are…
Blue Counties Are Losing Residents Thanks to Rising Housing Costs
Clarion Partners Lands $105M for LA Industrial Facility
By · CommentsClarion Partners secured $105 million in financing for The Brickyard, a fully-leased, Class A industrial facility in the Los Angeles submarket of Compton, Calif. HFF worked on behalf of Clarion Partners and its separate account client to place a floating-rate loan with a foreign bank.
Situated on 56 acres at 1701 North Central Ave. and 1430 McKinley Ave., The Brickyard is located in the heart of Los Angeles’ South Bay industrial submarket and offers close proximity to the Alameda Corridor, a 20-mile freight rail expressway that directly connects the transcontinental rail network near downtown Los Angeles to the Ports of Los Angeles and Long Beach…
Allianz, Columbia Team Up on $421M DC Purchase
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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 aftermath of the financial crisis, confirming the British capital as the worst-performing part of a slowing market…
London House Prices Fall at Fastest Pace Since Financial Crisis
Vornado Sells LA Office Asset for $148M
By · CommentsNorthwood Investors purchased 800 Corporate Pointe, a Class A office building in the lower Westside market of Culver City, Calif. Vornado Realty Trust sold the asset for $148 million. In March, Northwood also purchased the Ballantyne Corporate Park in Charlotte, N.C.
NKF’s Capital Markets West Coast President Kevin Shannon, Executive Managing Director Ken White, Senior Managing Director Rob Hannan and Managing Directors Michael Moll and Laura Stumm represented the seller. The buyer represented itself and NKF’s Executive Managing Director David Milestone and Managing Director Brett Green arranged the financing on behalf of Northwood…
Office Sector Picks Up in Miami
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Public Investment Fund now holds 16.32% stake in Almarai
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Fund owns stakes valued at about $110b in listed Saudi cos
Saudi Arabia’s sovereign wealth fund became the third-biggest shareholder in Almarai Co. as it boosts investments at home and abroad…
Saudi Wealth Fund Builds $2.4 Billion Stake in Food Producer
Hurricane Irma, the strongest Atlantic basin hurricane ever recorded outside the Gulf of Mexico and the Caribbean Sea, stretched 650 miles from east to west and affected at least nine U.S. states. The hurricane made its initial landfall in the Florida Keys on Sept. 10 as a Category 3 storm and later made a second landfall at Marco Island on Florida’s west coast, triggering 6.3 million people to evacuate, flooding major cities and leaving millions without power.
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Bank takes $1 billion charge for pre-crisis mortgage probe
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Surprise charge adds to headaches from fake accounts episode
Nearly a decade after the financial crisis, Wells Fargo & Co. is getting stung by bad behavior in the housing bubble…
Wells Fargo Hit by Surprise Charge From Pre-Crisis Mortgages
Sagging Growth Complicates India’s Bad-Debt Clean Up
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Loan amount due to ‘package failure’ has exceeded 2016 level
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Central bank is pushing for ‘end game’ in bad loan resolution
Sagging economic growth in India is complicating efforts to clean up a mountain of bad debt at the nation’s banks…
Sagging Growth Complicates India’s Bad-Debt Clean Up
177 KSF San Diego Office Asset Lands Refi
By · CommentsPCCP provided a $41.2 million senior loan for the refinance and lease-up of Make, a 177,000-square-foot Class A office asset in Carlsbad, Calif. Mark McGovern and Scott Peterson of CBRE arranged the financing.
U.S. retail sales jumped last month by the most in more than two years as motor vehicles lost to hurricanes were quickly replaced and higher prices lifted receipts at gasoline stations, Commerce Department figures showed Friday…
U.S. Retail Sales Rise Most Since 2015 on Storm-Related Lift
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Santa Rosa has fastest-growing rents in U.S. since 2012
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Fewer options for displaced than in Houston, Florida storms
Ethan de Seife and Laura Holtan moved to California’s Sonoma County from Vermont last year with their newborn son, two cats and a dog in tow, immediately running up against a harsh reality: the state’s housing market is expensive, and inventory-starved…
Deadly California Fires Stretch an Already Tight Housing Market
Arch Street Closes Salt Lake City FBI Office Sale
By · CommentsArch Street Capital Advisors closed the sale of the Federal Bureau of Investigation Field Office in Salt Lake City.
Located adjacent to the Salt Lake City International Airport, the 169,542-square-foot mission critical facility is 100 percent leased to the United States General Services Administration on behalf of the FBI. The built-to-suite property was completed in 2012 and specifically designed and built for the FBI under a 20-year original lease. The Class A facility is backed by the credit of the U.S. Government and has 15 years of remaining lease term with no cancellation options through 2032…
Dropbox has signed a 15-year-lease at The Exchange on 16th, a four-building, 750,000-square-foot development in the Mission Bay neighborhood of San Francisco, the largest single Class A commercial lease ever executed in the city.
Kilroy Realty Corp. signed the global collaboration platform company to take all 736,000 square feet of creative office space in the $560 million property. An additional 14,000 square feet of retail space is currently available…
Jim Chanos’s Short Hedge Funds Have Fallen This Year
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Kriticos, Ursus funds at Kynikos firm saw declines last month
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Chanos short bets include Tesla, Continental Resources
Legendary short-seller Jim Chanos is losing money in his two hedge funds that bet against companies amid a market rally, which has pushed stocks to record highs…
Jim Chanos’s Short Hedge Funds Have Fallen This Year
Phoenix Ritz-Carlton Hotel and Residences Lands $282M
By · CommentsFive Star Development secured $282 million in senior and mezzanine construction financing for the next stage of its Ritz-Carlton Hotel and Residences in Paradise Valley, Ariz., which is currently under construction.
HFF arranged $210 million in senior land and construction loan facilities with Bank of the Ozarks as well as $72 million mezzanine financing with Starwood Property Trust Inc. Loan proceeds will be used to refinance an existing land loan and construct the project…
Flooded homes, big money, and hard choices.
Bryan Schild drives through the byways of Houston looking for what could be the investment opportunity of a lifetime: homes selling for as little as 40¢ on the dollar. “We Pay Cash For Flooded Homes $$$$$$$$ Don’t fix it, sell it. Quick close,” read the signs piled in the back seat of his Ford pickup…
Distressed Investors Are Already Buying Houston Homes for 40 Cents on the Dollar
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First day of earnings season showed trading revenue was muted
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JPMorgan had better lending margins, Citigroup cut expenses
JPMorgan Chase & Co. and Citigroup Inc. kicked off banks’ earnings season by showing the effects of muted trading and concerns about consumer credit, as well as by addressing some hot topics such as bitcoin…
What Bank Investors Learned From JPMorgan, Citigroup Results
Westport Properties Hires New Vice President
By · CommentsWestport Properties welcomed Benn Hall as vice president of acquisitions. The company, which operates self-storage facilities under the US Storage Centers brand, is planning to expand its footprint on the East Coast. Hall will be in charge of identifying new self-storage investment opportunities and will be based in Chicago.
“Ben brings significant experience in the self-storage real estate side of the business and has extensive relationships throughout the industry that will help him succeed in bringing new opportunities to Westport,” said Charles Byerly, president & CEO of Westport, in a prepared statement…
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Taste plans to find way to free up cash in 4 weeks, CEO says
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Company needs more Starbucks outlets to offset startup costs
Starbucks Corp. South Africa operator Taste Holdings Ltd. plans to finalize a way to free up cash over the next four weeks as the retailer looks to repay debt and continue the rollout of the U.S. coffee chain in the country…
Starbucks South Africa Rollout Plan Hindered by Funding Needs
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New leases last month fell 11% in Manhattan, 4.1% in Brooklyn
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Rent reductions now may be needed to fill units, broker says
It’s a renter’s market in New York City, and after a year of being bombarded with landlord offers of gift cards and free months, apartment seekers are getting bored with all the perks…
New York’s Sweet Apartment Deals Are No Longer Wooing Renters
Grandbridge Names New Head of Miami Team
By · CommentsGrandbridge Real Estate Capital appointed Alex Haw as senior vice president and manager of its Miami and Southeast Florida loan origination team.
In this new role, Haw will assist the company in arranging permanent commercial and multifamily real estate loans and servicing loan portfolios, as well as providing advisory services for all types of commercial and multifamily real estate on a national basis…
Don’t Worry About Inflation. Solve the Housing Shortage.
By · CommentsThe Fed is pre-emptively raising interest rates so the economy doesn’t overheat. But overheating is not the current problem.
As millennials age into their family-forming years, their tastes are shifting, and the American consumer industry is ready to appeal to them. But while stories about how Scotts Miracle-Gro intends to win over millennial consumers make for fun cocktail-party conversation, there’s a more serious question about aging millennial households. Will the economy be able to meet this growing demand from a generation that’s getting a late start on traditional measures of adulthood? History suggests the answer is no…
Happily Paying $2,500/hr to See Morgan Stanley
By · CommentsSky-high investment banking research pricing is like a velvet rope at a hot new nightclub.
Some goods attract more demand as their price increases—think fashionably torn jeans. Or as their availability shrinks—like when only one discounted ticket is left. Investment banks seem to be betting on both when it comes to setting premium prices for their research. That may be a fair pitch, as new MiFID II rules push up barriers to entry and restrict supply. Banks will have to work harder to lure pickier clients, though…
Happily Paying $2,500/hr to See Morgan Stanley
CIT to Leave Reverse Mortgage Business
By · CommentsCIT Bank N.A., the bank subsidiary of CIT Group Inc., is exiting the reverse mortgage business with the planned sale of Financial Freedom and its reverse mortgage portfolio.
The amount of the deal, expected to close in the second quarter of 2018, was not released but the Pasadena, Calif.-based firm noted the transaction includes the sale of mortgage servicing rights and approximately $900 million of reverse mortgage whole loans, including other real estate assets owned as of June 30…
Londoners Have Been Losing 40% of Their Salaries to Rent
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Poorest left worse off by cuts to housing benefit, IFS says
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Housing a hot issue as parties offer rival solutions to crisis
Britain’s housing crisis was laid bare in a report that showed how soaring rents, particularly in London, can swallow salaries…
A few days after Hurricane Maria leveled Puerto Rico, John A. Paulson, the billionaire hedge fund manager, boarded his company’s 23-seat Bombardier jet and flew to San Juan.
Mr. Paulson wanted to check personally on several resorts and a large office building that he and his firm own, two people familiar with the trip said. He traveled when commercial air traffic to the devastated island was limited and most private jets landing in San Juan were required to bring badly needed emergency supplies…
Wall Street Firms Gambled on Puerto Rico. They’re Losing.
Hines to Renovate Phoenix Office Campus
By · CommentsHines will invest nearly $1 million in the exterior renovation of its 24th at Camelback office campus in Phoenix. The improvements are scheduled for completion by the end of the year.
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Prices crimping investment, British Columbia minister says
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Trusts, empty homes and Airbnb under scrutiny by province
Vancouver’s million-dollar home prices aren’t just straining buyers, they’re holding back investment and businesses, said British Columbia’s finance minister, vowing to look at every option on the table to cool the market…
Government Eyeing ‘All Options’ to Cool Vancouver Housing Market
SAN FRANCISCO — When Eric Gundersen, the chief executive of a mapping start-up called Mapbox, met Masayoshi Son, the head of the Japanese conglomerate SoftBank, in late July, he expected to have to sell Mr. Son on what made Mapbox important.
But Mr. Son, 60, did not need to be convinced that Mapbox’s technology — which powers Lyft drivers and companies like Snap and Mastercard — had value. After a whirlwind courtship, Mr. Son’s nearly $100 billion Vision Fund, which SoftBank unveiled last October with money from Saudi Arabia and others, led a $164 million investment in Mapbox that was announced on Tuesday…
MCR Buys 2 Salt Lake City Marriott Hotels
By · CommentsMCR has acquired two Marriott hotels, the 97-key Marriott Courtyard Lehi and the 94-key Marriott SpringHill Suites Lehi, both located in the Salt Lake City suburb of Lehi, Utah, for $27.5 million.
“We specialize in purchasing limited-service Hilton and Marriott properties so these two hotels were right down the pipe for us,”Russ Shattan, MCR’s senior vice president of acquisitions and development, told Commercial Property Executive. “A 3-year-old Marriott Courtyard and a 6-year-old Marriott SpringHill Suites, both in a great location. They are beautiful assets, well built and one of the best brands in the business.”
Dollar bulls may be disappointed if they’re pinning their hopes on Republican proposals that could clear the way for U.S. companies to repatriate profits stashed overseas, according to JPMorgan Chase & Co…
FX Traders’ $2.2 Trillion Dream Actually Closer to $456 Billion
Phoenix Industrial Asset Trades for $7M
By · CommentsHFF Arranges Refi of Boston Hotel Portfolio
By · CommentsWith the assistance of HFF, Distinctive Hospitality Group just refinanced three Boston-area hotels totaling 623 keys. The commercial real estate and capital markets services firm arranged a loan with Bank of America, providing Distinctive with the proceeds to refinance existing debt on the three hotels and to reinvest in the assets.
“This was a win-win for all parties; the lender gets to book a loan on three high-quality hotel assets in the suburbs of Boston, and our client gets a competitive rate and sufficient proceeds to implement its long-term business plans,” Mark Remington, managing director with HFF, said in a prepared statement…
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JPMorgan, Citigroup come first, with earnings due Thursday
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Trading revenue, loan growth, bitcoin are among key issues
What to make of the surge in cryptocurrencies? Will the Trump
administration’s tax-overhaul proposals find traction anytime soon?…
What to Watch for as Wall Street Reports Third-Quarter Results
Lee & Associates coordinated a 3,900-square-foot renewal, relocation and expansion for lessee Piper Jaffray at Camelback Esplanade in Phoenix. The company previously leased 3,350 square feet of office space in the same building, for 23 years. In the new lease, which has a five-year term, CBRE represented the landlord.
Piper Jaffray needed larger premises to accommodate anticipated growth, while at the same time remodeling its offices. The company’s Phoenix office was established in 1991…
The owners of Airport Industrial Park, the largest office and warehouse complex in the state of Hawaii, have refinanced the 1.3 million-square-foot asset in Oahu, Hawaii, with a $165 million loan arranged by Sonnenblick-Eichner Co.
The 15-year, fixed-rate, interest-only loan is secured by Airport Industrial Park, a 12.5-acre, mixed-use property located adjacent to Honolulu International Airport. The financing was at 65 percent loan-to-value. While Sonnenblick-Eichner only identified the source of the loan as a domestic life insurance company, the Pacific Business News reported it was provided by New York-based Allegiant Real Estate Capital…
Singapore’s Central Bank Looks Likely to Remain on Hold
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Most economists see policy remaining unchanged on Friday
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Changes to forward-looking language eyed for future tightening
Singapore’s central bank is widely seen sticking to a neutral stance on Friday, but it may be moving closer to tightening policy as the economy continues to strengthen…
Gramercy JV Buys 280 KSF Inland Empire Office Building
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Transactions barely rise despite lower prices for Asian buyers
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Hong Kong, Singapore investors seen to be ‘tapped out’
Realtors who thought that London’s luxury-home market would be kick started by the pound’s fall after the Brexit referendum are being left disappointed…
London’s Luxury Home Sales Haven’t Been Boosted by a Falling Pound
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Derivatives provide hedge or exposure to high-yield AT1 notes
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Other market makers to start publishing tradeable prices soon
Less than a decade after the last major banking crisis, Goldman Sachs Group Inc. and JPMorgan Chase & Co. are offering investors a new way to bet on the next one…
Goldman Has a New Way for You to Bet on the Next Banking Crisis
sbe Debuts 2 Mondrian Hotels
By · Commentssbe opened its newest Mondrian hotels: the Mondrian Doha in Qatar and the Mondrian Park Avenue in New York City.
Mondrian Doha and Mondrian Park Avenue are the fourth and fifth Mondrian hotels globally, after properties in London, Los Angeles and Miami South Beach. The brand has plans to expand in Dubai, UAE in 2019 and Playa Del Carmen, Mexico by 2020…
Genera Inks 211 KSF Lease in Fontana, CA
By · CommentsGenera Corp., manufacturer and distributor of automotive OEM aftermarket parts and components, has completed a 10-year term lease on an industrial property in Bolger Business Center in Fontana, Calif. The deal was valued at $14 million.
Located at 13232 Valley Blvd., the 210,930-square-foot industrial building is owned by Bolger Family Trust, a private investor. Jon Reno, SIOR, CCIM, senior vice president & managing partner, and Trevor Gale, senior vice president of Kidder Mathews together with Conrad Madsen III, SIOR, partner of Paladin Partners, represented Genera Corp. in the transaction…
Multiplex Chosen for $2.8B Melbourne Development
By · CommentsOSK Property has appointed Multiplex, a Brookfield company, to deliver the first stage of its iconic $2.8 billion Melbourne Square development in Melbourne, Australia.
When completed, the development will be one of the largest mixed-use precincts in central Melbourne. Melbourne Square will consist of six towers ranging from 38 to 73 levels in height, with four of the towers acting as residential units and containing approximately 2,610 apartments. There’s also a 621-key hotel and an approximately 520,000-square-foot commercial tower…
DC Office Building Trades, Seeks Rebranding
By · CommentsAfter the disposition of Keystone Office Park in Durham, N.C., American Real Estate Partners (AREP) acquired a 192,000-square-foot office building in Washington, D.C.’s NoMad submarket. The purchase was made through the company’s Strategic Office Fund II LP in a joint venture with one of its institutional investors. According to public records, the property traded for $64.2 million and the sale was backed by a $31.4 million loan funded by Two Harbors Investment…
Caesars Unit Completes Spin-Off of Real Estate Business
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Shaanxi bond deal shows a new template for SOE workouts
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If funding is from debt, it’s not solving the problem: S&P
A key Chinese initiative to rein in the world’s largest corporate-debt load has been a program swapping some loans into equity stakes. As the initiative gets going, however, it’s becoming clear the debt isn’t really going away…
China Debt-for-Equity Swaps Turn Out More Like Debt-for-Debt
Equinix Acquires Istanbul Facility for $93M
By · CommentsIn a move to further enhance its global reach, Equinix purchased a facility from Zenium. This will be its second Istanbul data center, now renamed Equinix IS2. The company currently owns more than 180 International Business Exchange facilities across 44 markets, totaling roughly 17 million square feet. Earlier this year, Equinix closed a $3.6 billion deal with Verizon, acquiring a portfolio of 29 facilities across 15 markets.
Mizrahi Begins Construction on Canada’s Tallest Tower
By · CommentsFoster + Partners revealed its initial design of The One, Mizrahi Developments’ 860,300-square-foot skyscraper project in Toronto, in 2015 and now the architectural firm’s final vision is about to take shape—literally. Mizrahi recently broke ground on the 85-story mixed-use tower, which, at approximately 1,004 feet (or 306 meters) tall, will take on the title of the tallest building in Canada…
Retail RE Veteran Named Lat Purser VP
By · CommentsJames Penman Jr., a 20-year veteran of the retail real estate industry, was named vice president and promoted to the executive team of commercial real estate firm Lat Purser & Associates Inc. Since joining the company in 2015 as director of retail leasing, he has expanded the company’s retail platform and played a key role in the growth of rents and occupancy rates across the portfolio.
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Retail sales climb in September, driven by higher prices
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BOE officials are considering first rate hike in a decade
U.K. retailers are losing the battle against higher prices, potentially strengthening the case for the Bank of England to increase interest rates next month…
U.K. Retail Sales Advance as Brexit Price Increases Persist
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Hedge fund had $350 million at peak before poor performance
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A string of prominent hedge funds have closed this year
Another hedge fund is calling it quits…
Quant Hedge Fund Acrospire Shuts Down After Clients Pull Money
Largest Michigan Solar Park Begins Commercial Operation
By · CommentsIs Gold Really a Good Hedge?
By · CommentsBloomberg’s Macro Man columnist set out to test whether gold really offers protection against market turmoil. What he found was a bit of a surprise.
Gold bugs point to a myriad of reasons to own their favorite metal, from fiat currency debasement to gold’s history as a monetary unit. Among the favorites, however, is gold’s utility as protection against a market or political crisis. In August, for example, Bridgewater Associates LP’s Ray Dalio suggested investors should hold 5 percent to 10 percent of their portfolios in gold to hedge against rising political risks. I’m a macro strategist who writes Bloomberg’s Macro Man column, and I found myself wondering: Is gold really an effective hedge in periods of risk?…
Radler Snags 100 KSF San Antonio Office Property
By · CommentsCBRE Capital Markets’ Institutional Properties arranged the sale of a 100,260-square-foot recently constructed office property in San Antonio. Radler Enterprises acquired the asset from SRP Holdings I LLC for an undisclosed price. Vice Chairman Gary Carr and Senior Vice President John Alvarado of CBRE and Cushman & Wakefield’s Todd Mills and Hunter Mills arranged the deal on behalf of the seller.
Showpad Plans Chicago HQ, Welcomes New COO
By · CommentsShowpad is getting ready to expand its footprint by opening a new office in the Windy City, which will be the third U.S. location for the Belgium-based tech start-up, after San Francisco and Portland. Showpad announced that it has settled on the Loop for running its operations.
The company is one of several that have chosen the Chicago market to put down roots, most recently General Growth Properties decided to relocate its 700 employees from its current office to 350 N. Orleans, which is undergoing renovations scheduled for completion in January 2018…
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Min Luo, founder of Qudian, controls about 20% of the company
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Beijing business is latest IPO for booming fintech industry
Surging valuations for Chinese fintech startups are about to turn micro-lending tycoon Min Luo into the country’s latest IPO billionaire…
Micro-Lending Tycoon Set to Become China’s Latest IPO Billionaire