NAI Hanson, Sitex Break Ground on 271 KSF NJ Warehouse
By · CommentsProject developer Sitex Group, NAI Hanson and township officials have broken ground on the construction of One Sharp Plaza, a 271,000-square-foot Class A industrial building in the Stateline Business Park in Mahwah, N.J. NAI Hanson is the exclusive listing agent for Bergen County’s newest industrial property.
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Median of $995,000 was reached after price cuts averaging 6.8%
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‘Market now is people who are motivated to sell,’ broker says
The price of Manhattan resale homes hit a record in the third quarter, but sellers shouldn’t get too bullish. It took some discounting to get there…
Manhattan Resale Home Prices at Record, Even After Discounts
Nashville Airport Unveils Plan for $1.2B Upgrades
By · CommentsThe Metropolitan Nashville Airport Authority (MNAA) and Mayor Megan Barry revealed the new look, feel and design of BNA Vision, the growth and expansion plan for Nashville International Airport. Music City got its first detailed look at the final plans for the renovation of the terminal and new plaza at BNA, which include a hotel and transit station to accommodate plans for future light rail development. MNAA first announced its preliminary plan for BNA Vision in 2016. Corgan is the lead designer of the $1.2 billion project.
Hines JV to Expand Pinto Business Park in Houston
By · CommentsA joint venture between Hines, Kohlberg Kravis Roberts & Co. LP and Pinto Real Estate Development Inc. is developing a 600,000-square-foot build-to-suit cross-dock distribution facility for Emser Tile Inc. within Pinto Business Park in Houston.
“We are honored that Emser Tile has selected Pinto Business Park as its home for this mission-critical facility that will serve roughly 35 percent of the U.S.,” Charlie Meyer, Hines’ managing director, said in a prepared release. “This is an excellent addition to our park’s market-leading tenant roster, and is also Hines’ fifth build-to-suit in Houston in the past four years.”…
Mark Yusko, founder of $2.5 billion Morgan Creek Capital Management, says he would short Amazon.com Inc. if the stock reaches $1,000 a share…
This Hedge Fund Manager Says He’d Short Amazon at $1,000 a Share
NAI Brannen Goddard Brokers Sale of 169 KSF GA Warehouse
By · CommentsNAI Brannen Goddard facilitated the sale of Stratton Warehouse, a 168,640-square-foot industrial building in Cartersville, Ga., in Bartow County. The company marketed the property on behalf of B & B Realty, and procured the buyer, MJC Inc. The property sold for $4 million, or $24 per square foot.
Port Covington, a 235-acre master-planned development on the water’s edge in Baltimore, just got a big boost. Sagamore Development Co., the force behind the $5.5 billion undertaking, just announced that Goldman Sachs has come aboard as an equity investor, injecting $233 million into the project through its Urban Investment Group.
Trump to Seek $29 Billion in Disaster, Flood Funding
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House may vote on aid package next week, one lawmaker says
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Puerto Rico official estimates building cost up to $60 billion
The Trump administration will ask Congress to provide $29 billion in disaster aid and national flood insurance for hurricane-recovery efforts, a Republican lawmaker said Tuesday…
Trump to Seek $29 Billion in Disaster, Flood Funding
Leasing Picks Up at Ft. Lauderdale Office Tower
By · CommentsCushman & Wakefield negotiated approximately 25,000 square feet of office leases at Las Olas Square, a two-building, mixed-use complex in downtown Fort Lauderdale, Fla. The leasing activity coincides with the extensive improvement program owner Steelbridge implemented on the campus.
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His 420 Kent project adds 857 units to Williamsburg waterfront
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Ex-governor says despite oversupply, ‘we’re going to do fine’
Former New York Governor Eliot Spitzer stands inside his under-construction Brooklyn rental project and takes in the view. There’s the panorama of Manhattan’s skyline to the front, the Williamsburg Bridge to the right. And to the right of that is a competitor’s mega-development promising 2,800 more apartments…
Spitzer, Now Building Rentals in Brooklyn, Bets on Perfect Views
Alliant Energy Corp. Acquires 300MW Wind Project in Iowa
By · CommentsApex Clean Energy sold its Upland Prairie Wind project to Interstate Power and Light Co., a subsidiary of Alliant Energy Corp. The 300-megawatt project occupies 30,000 acres in the northwest Iowa counties of Clay and Dickinson, and is slated for completion in 2018.
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Extension will help about 135,000 people to buy a home
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Program is helping to keep sales values high in London
Homebuilders soared in London trading after the U.K. government said it would extend the Help to Buy program, under which the government lends buyers up to 40 percent of the cost of a new home…
Homebuilders Soar as U.K.’s May Stokes Slowing Property Market
Sometime between fighting the global financial crisis and averting the breakup of the eurozone, central bankers began to be viewed as superheroes. They are in danger of becoming victims of their own success.
Global rate-setters’ omnipotent status has less to do with firefighting and more to do with conquering the soaring inflation of the 1970s and ’80s. Granted, luck as well as skill had something to do with annual price increases falling toward the 2 percent that most of them target…
Low Inflation Could Put Central Bankers’ Superhero Status at Risk
Honolulu-Area Oceanfront Retail Center Changes Hands
By · CommentsHudson Advisors sold the Coconut Grove, a 49,500-square-foot retail center in Kailua-Kona, Hawaii to J.H. Real Estate Partners for $21.8 million.
Located next to the beach, at 75-5815 Ali’i Drive, the property sits on 5.5 acres of land. Coconut Grove is located between the area’s two main transportation corridors and is surrounded by more than 1,400 multifamily units. The center features ocean views, an oceanfront volleyball court and a plantation theme with craftsman-inspired wood finish throughout the buildings. Tenants include ABC Stores, Lava Java and Outback Steakhouse…
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Newly purchased units bring owners rental yield of 2.5%
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Rising prices, higher supply diminish returns, StreetEasy says
Manhattan condo buyers who rent out their apartments are getting little more yield than they would with government debt…
Manhattan Condos Are Barely Yielding More Than Government Treasuries
LONDON — Monarch Airlines, a struggling British low-cost carrier and tour operator, collapsed into bankruptcy early Monday, ceasing its flights and forcing the government to step in and bring home more than 100,000 passengers stranded abroad.
Britain’s aviation regulator called the collapse of Monarch the “biggest ever U.K. airline failure.” The airline is one of many that have struggled to grapple with Europe’s highly competitive airline market…
Bankruptcy of Britain’s Monarch Airlines Strands Thousands Abroad
Cushman & Wakefield to Manage GA Office Building
By · CommentsFollowing its recent acquisition, One West Court Square, a 159,705-square-foot office building in Decatur, Ga., new management took over. The owners, a joint venture among NORO, Pope & Land and Coro Realty Advisors, tapped Cushman & Wakefield to lease and manage the property. The team overseeing the leasing efforts is made up of Managing Director Aileen Almassy and Associate Laura Power. The property manager will be Siobhan McNichols.
Wall Street Has a Secret Wish for Nafta Talks
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Mexican investor anxiety drops to lowest level since July 2015
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No renegotiation is ‘not a bad outcome,’ BlackRock says
Months of high-level meetings from Mexico City to Washington to Ottawa may be for naught as the Trump administration pushes for ground on contentious issues that Canadian and Mexican negotiators are reluctant to cede…
Wall Street Has a Secret Wish for Nafta Talks
CBRE Arranges Sale of Doral Office Tower
By · CommentsCBRE South Florida Capital Markets brokered the sale of One Park Square, a 281,786-square-foot, Class A+ office tower in downtown Doral, Fla. New Boston Fund sold the asset to an entity affiliated with Boston-based institutional advisor TA Realty, public records show.
TSCG Brings Charlotte Retail Center to Full Occupancy
By · CommentsThe Shopping Center Group closed on three new leases at One305 Central, bringing the Charlotte, N.C., retail center to full occupancy. Two local diner concepts, Yafo Kitchen and TRUE Crafted, along with Pilot Brewing Co., a startup brewery, will be coming to the Plaza Midwood neighborhood in spring 2018.
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Ex-Equifax CEO will testify before House committee on Tuesday
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Wells Fargo chief also will speak with lawmakers about scandal
Wells Fargo & Co. is wrapping up one of its worst years ever by passing a baton to Washington’s new favorite financial-industry villain: Equifax Inc...
Equifax Is Taking Over From Wells Fargo as the Financial Industry’s Villain
Recently, industry executives convened at the 2017 Global Leaders in Real Estate Summit in New York City, a conference held in partnership with iGlobal Forum. At the event, top brass from GGP Inc., Olshan Properties and Staples Inc. conferred about retail growth opportunities and the sector’s accelerated transformation.
BEYOND THE HEADLINES
Echoing a popular belief, GGP CEO Sandeep Mathrani opened the discussion by asserting that retail is overbuilt and under-demolished, and suggesting that more retailers will continue closing stores to rationalize their real estate footprints. Opposing the narrative that says retail is dead, the panelists concurred that not all retailers—only those with under-performing properties in weak locations—are suffering…
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U.K. capital is weakest performer for first time since 2005
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National house-price growth slowed slightly to 2% from 2.1%
London house prices posted their first annual decline since the financial crisis, Nationwide Building Society said…
London House Prices Decline for First Time in Eight Years
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Kelley sentenced to three years probation in pay-to-play case
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Gifts to fund manager included, ski trip, McCartney tickets
A former bond broker persuaded a federal judge to spare her from prison after pleading guilty to conspiring with a portfolio manager of New York’s main pension fund to funnel state business to her firm in exchange for bribes including concert tickets and luxury vacations.
Deborah Kelley, 59, a former managing director at Sterne, Agee & Leach Inc., pleaded guilty in May to a single count of conspiracy for spending more than $19,000 to entertain the portfolio manager, Navnoor Kang, with a vacation in New Orleans that included VIP seats to a Paul McCartney concert and a ski trip in Park City, Utah…
Grocery-Anchored Retail Center Trades in San Antonio
By · CommentsSterling Org. sold Grandview Shopping Center in San Antonio, a 103,000-square-foot, grocery-anchored retail center, for $21.9 million. Sterling Org. acquired the asset in 2012 for $11.3 million from its institutional fund Sterling Value Add Partners.
Located at 8005-8135 Callaghan Road, the shopping center is easily accessible via interstates 10 and 410. Grandview Shopping Center is anchored by Sprouts Farmers Market, with Petco Animal Supplies as a junior anchor. Tenants include Dollar General, Yaya’s Thai Restaurant and Asel Art Supply. More than 150,000 people live within a three-mile radius of the property…
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FHFA’s Watt says he’s talking with Treasury on capital buffers
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Companies’ profitability could be threatened by new tax plan
Fannie Mae and Freddie Mac may one day stop paying billions of dollars in dividends to the U.S. government. But not today…
Fannie-Freddie Keep Giving Profits to U.S. Amid Talks on Changes
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In four recent debt deals, borrowers had to pay up or pull out
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Too soon to say market is turning, as exuberance persists
Credit market investors who’ve been piling on the risk in search of higher returns are showing they’re not going to roll over completely…
Credit Investors Start to Say ‘Enough.’ At Least Sometimes.
Inland Empire Logistics Center Trades for $20M
By · CommentsCushman & Wakefield facilitated an industrial transaction on behalf of CP Logistics Fontana. The 135,651-square-foot logistics center, located in the Fontana submarket of the Inland Empire region, changed hands for $20 million, or $146 per square foot. The buyer is an affiliate of Zurich North America.
West Fontana Logistics Center, one of Panattoni Development Co.’s warehouse projects, was completed earlier in July and is fully leased by Gale Pacific. Its transaction price shows that the industrial segment in Inland Empire continues to fare very well…
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Liabilities include $2.2 trillion of reserves held by banks
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Uncertainty as to how banks choose to replace cash at the Fed
While market participants were watching the myriad of Federal Reserve speakers this week to gauge the likelihood of a rate hike in December, the more interesting discussion was taking place in Europe on the risks surrounding the unwind of the central bank’s $4.5 trillion balance sheet…
Fed’s Balance-Sheet Unwind Could Expose Global Funding Strains
Colliers Brokers Two Indianapolis Industrial Deals
By · CommentsColliers International negotiated the transaction of two industrial properties in the Indianapolis area, totaling approximately 500,000 square feet. One of the buyers is Exeter Properties, and the other one is Red Tail Investments.
The first facility is located at 998 Gerdt Court in Greenwood, Ind., on a 10-acre lot and encompasses 132,000 square feet of Class A industrial space featuring 32-foot height, a rear-load configuration and optimal column spacing. It is a brand-new building, completed at the end of 2016 for Shear Property Group, and is fully leased by Peltz Shoes and MaxLite…
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OTP exploiting banking consolidation in Europe, Csanyi says
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Majority of revenue to come from abroad after purchases
Hungary’s largest commercial lender is planning at least five bank takeovers in the next two years, seeking to profit from a wave of consolidation across the industry…
CEO of Hungary’s Top Bank Vows to Buy Five Lenders by 2019
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Reduction aims to help entrepreneurs and farmers obtain credit
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Central bank repeats prudent, neutral monetary policy pledge
China’s central bank said it will reduce the amount of cash lenders must hold as reserves from next year, with the size of the cut linked to the flow of funding to parts of the economy where credit is scarce…
China’s Central Bank Unveils Targeted Lending Plan to Aid Growth
Sterling Org. Expands Grocery-Anchored Portfolio
By · CommentsShortly after purchasing Palm Valley Marketplace in Phoenix, Ariz., Sterling Org. has acquired Huntington Square Plaza, a fully occupied grocery-anchored shopping center in Huntington, N.Y. The firm bought the property through its institutional core fund Sterling United Properties I.
The 126,000-square-foot asset occupies 10.9 acres and was built in 2002. National retailers Stop & Shop and Best Buy anchor the property, with both leases expiring in 2023…
Westfield to Debut $1B Century City Redevelopment in LA
By · CommentsWestfield Century City is ready for its close-up. Wrapping up a $1 billion redevelopment program, Westfield Corp. will present the newly modernized, 1.3 million-square-foot Los Angeles shopping center to the public with a grand opening on October 3.
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Backdrop to latest data includes this year’s surge in sales
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Government’s cooling measures began in 2009, tweaked in March
Singapore’s home prices rose for the first time in four years, snapping a record run of declines and confirming recent signs that the property market is rebounding…
Singapore’s Home Prices Rise for First Time in Four Years
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Administration had been touting effort to tap private capital
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Senate committee working on its own infrastructure bill
Donald Trump’s infrastructure guru spent part of Sept. 26 at a conference in Washington promoting the president’s $1 trillion plan to rebuild the nation’s crumbling roads, bridges and airports relying in part on public-private partnerships. The same day, across town, Trump was telling lawmakers that those kinds of deals don’t work…
Trump’s Change of Heart Puts $1 Trillion Building Plan in Limbo
LA Basin Land Site Sells With an Existing Lease
By · CommentsIn a $9.8 million deal, Harrison Nichols Co. sold an 8.9-acre land site in Irwindale, Calif., to industrial developer CentralPoint Properties. DAUM Commercial Real Estate Services arranged the sale on behalf of Harrison Nichols, while JLL represented the buyer.
The property at 5265 4th St. belonged to Harrison Nichols Co. for more than 40 years, and is currently leased to United Parcel Service (UPS) for vehicle storage. The buyer, CenterPoint Properties, will benefit from the site’s existing lease and its long-term goals include additional industrial development. Until then, the existing lease with UPS will supplement the cost of the site…
“Rapidly shifting technologies, demographics, consumer behavior and political movements” are shaping the way the real estate industry conducts business and makes investment decisions, noted EisnerAmper CEO Charles Weinstein, opening the firm’s 2017 Global Real Estate Summit in New York City, which was held in partnership with iGlobal Forum. “We’re more interconnected than ever, which ultimately provides us with a host of new and exciting opportunities to explore both at home and abroad.”
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Citizens bypass curbs to pump money into overseas property
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Demand rises for cheaper homes amid tighter currency controls
Shanghai restaurateur David Hu said he’s nervous about wiring money to Australia for a home purchase because of China’s crackdown on currency outflows. Instead, he plans to carry the cash in a suitcase…
Chinese Money Is Still Leaking Into the World’s Housing Markets
CBRE To Lease South Beach Office Assets
By · CommentsIvy Realty selected CBRE to market two Class A office buildings totaling more than 130,000 square feet in Miami Beach, Fla. The owner embarked on an extensive improvement program after acquiring the assets in July 2016, public records show.
Located at 1688 Meridian Ave., on a 0.26-acre site on the corner of Michigan and Meridian Avenues, the 10-story office tower encompasses 96,870 square feet and was constructed in 1961. Additionally, the building includes 7,600 square feet of ground-floor retail space. The second office property is a five-story building situated at 1674 Meridian Ave., featuring 33,384 square feet of rentable space…
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London risk too high now, UBS economist Holzhey says
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Cheap loans, optimism fuel price growth in major cities
Toronto and London are among the cities most at risk of a housing bubble as economic optimism and low borrowing costs push up property values in urban areas worldwide, according to UBS Group AG…
Toronto, London Among Riskiest Housing Bubble Cities, UBS Says
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Clients told reporting losses ‘to you was making me miserable’
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Shutting down ‘was a hard decision, but the right one’
Whitney Tilson is closing his hedge fund, Kase Capital Management, and returning money to investors after struggling with losses…
Whitney Tilson to Shut Hedge Fund After ‘Sustained’ Poor Returns
The opening panel discussion at the DLA Piper 14thWorld Real Estate Summit called on panelists to explore how ever-swifter global change is impacting real estate.
“Real Estate in a Changing World” panel moderator Cynthia Foster, president of National Office Brokerage for Colliers International, headed a forum comprised of Imperial Cos. co-founder and managing partner Michael Fascitelli, Carlyle Group head of international real estate Adam Metz, Boston Properties CEO Owen Thomas and The Howard Hughes Corporation CEO David Weinreb. Panelists began by agreeing expectations in office space are dramatically changing…
Waldorf Astoria Dives into the Maldives
By · CommentsWaldorf Astoria Hotels & Resorts, a Hilton brand, has signed a management agreement with Ithaafushi Investments Pvt. to open Waldorf Astoria Maldives Ithaafushi, a 138-key hotel scheduled for completion in early 2019.
The opening of the five-star property will mark the first ground-up project for the Waldorf Astoria brand and Hilton’s second in the Maldives overall. Last year, Hilton announced plans to develop a Waldorf Astoria in San Francisco, slated to open in 2020 or 2021…
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University of Pennsylvania’s endowment valued at $12.2 billion
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Peter Ammon has been chief investment officer since 2013
The University of Pennsylvania’s endowment posted a 14.3 percent investment return for the 12 months through June, with equities fueling gains just like at other large college funds…
Penn’s 14.3% Return Was Boosted by ‘Notable’ Stock Performance
The repositioning of the former Promenade at Howard Hughes Center in Westchester, Calif., announced earlier this year, is halfway through. Laurus Corp., the company that acquired the retail center in mid-2015, invested $30 million in transforming the classic “brick-and-mortar” retail center into an entertainment destination for the entire community. Project completion is scheduled for the beginning of 2018.
Strong Demand Augments Occupancy Rate in the Twin Cities
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Big futures trade adds to steepening momentum amid selloff
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10-year yield exceeds 200-day average, first time since August
Traders in the $14.1 trillion Treasuries market are signaling that the persistent flattening of the yield curve this year has gone far enough…
A Bond Trader Made $10 Million by Betting the Yield Curve Is Too Flat
When Warren Buffett Runs Your Pension Plan
By · CommentsFunds at Berkshire Hathaway companies have concentrated, stock-heavy portfolios.
For Warren Buffett, taking the road less traveled has often led to better investment returns. One often overlooked example: how he’s approached the $15 billion in pension plan assets at his conglomerate, Berkshire Hathaway Inc. Over the next several weeks, subsidiaries such as the Buffalo News and Geico will likely file detailed reports to the U.S. Department of Labor about their plans. The documents make for dry reading. But they reveal a strategy that’s unlike just about any other company’s…
When Warren Buffett Runs Your Pension Plan
Total U.S. real estate investment volume dropped by 12 percent compared with the same period in 2016, with industrial being the only sector to increase volume in the first half of 2017, Avison Young reported recently.
Los Angeles led the way in total investment sales dollar volume at $11.5 billion as of the end of the second quarter of 2017, though that’s $2.7 billion less than the same period in 2016. Office, retail and multifamily sales dollar volumes were all below their mid-year 2016 levels. Only industrial sales volume picked up, by 17 percent, from the same time in 2016…
Hines Breaks Ground on Phoenix Office Building
By · CommentsA joint venture between Hines and New York Life Real Estate Investors has started construction of the Offices at Chandler Viridian, a six-story, Class A office building located at the intersection of Loop 101 and Loop 202 in the Phoenix submarket of Chandler, Ariz. The project is expected to become the tallest multi-tenant office building in the area.
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$9 billion South Korean pension fund also looking at Australia
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‘It’s the thirsty man who digs the well,’ POBA’s CIO says
Student housing in Europe and Australian infrastructure are luring global funds out of their comfort zone, as a South Korean manager of local government employee savings joins peers around the world getting creative overseas in search of better returns…
This $9.1 Billion Korean Fund Is Eyeing Europe Student Housing
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‘Bondholders’ proposal is not viable,’ fiscal agency says
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Offered swap of $1 billion of debt for $850 million new bonds
Puerto Rico rejected an offer from Electric Power Authority bondholders to lend the utility $1 billion in the wake of Hurricane Maria, saying the deal would hamper the agency’s recovery.
Investors holding about $3 billion of power utility bonds said the loan was made to help the island meet local matching requirements to receive Federal Emergency Management Agency funds. They also proposed exchanging $1 billion of outstanding power utility debt for $850 million of new bonds.
Wealth Grew Broadly Over 3 Years, but Inequality Widened
By · CommentsEight years after the Great Recession officially ended, the fruits of economic growth are finally spreading to low-wage workers, racial and ethnic minorities and other groups that were largely left out of the early stages of the recovery.
But in a pattern that has become familiar in recent decades, the biggest gains continued to flow to the richest Americans…
Wealth Grew Broadly Over 3 Years, but Inequality Widened
JLL Brings Phoenix Center to Full Occupancy
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Purchase to triple reserves, more than double production
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Beach plans share sale, debt facility to fund acquisition
Australia’s Beach Energy Ltd. agreed to buy Origin Energy Ltd.’s conventional oil and gas business, Lattice Energy, for A$1.59 billion ($1.25 billion) in a deal set to triple the Adelaide-based company’s reserves.
Beach will fund the acquisition through a A$301 million share sale and a new A$1.58 billion debt facility, the company said in a statement Thursday. The agreement will boost Beach’s proved and probable reserves by 200 percent to 232 million barrels of oil equivalent, while lifting its 2018 production guidance by 150 percent to between 25 to 27 million barrels…
Hilton Grows DC Presence With Iconic Building
By · CommentsHilton Hotels & Resorts added a new building to their Washington, D.C. portfolio. A partnership between the hospitality company, Walton Street Capital and Waterton allowed the acquisition of Loews Madison Hotel.
The iconic building has been re-branded as The Madison Washington D.C., a Hilton Hotel. It is the third Hilton hotel in Washington, along with Capital Hilton and Washington Hilton. Earlier this year, the company expanded its NYC presence by launching Millennium Hilton New York One UN Plaza, a five-year renovation project of $68 million…
Strong Fundamentals Fuel Heavy Development in DC
By · CommentsNewMark Merrill Secures $62M Refi for CO Retail Asset
By · CommentsNewMark Merill Mountain States has secured the $62 million refinancing of the Village at the Peaks, a 442,000-square-foot shopping center in Boulder, Colo., and announced its completion.
Back in April, the company was close to completing Rialto Marketplace, the largest shopping center in the city of Rialto, Calif.
DLA Report: Real Estate Investment Remains Attractive
By · CommentsThe CEO of Pershing Square Capital Management was interviewed by Eastdil Secured CEO Roy March, who said he savored the chance to learn the thinking of a hedge fund manager. Asked whether today is a better time or worse time for hedge funds, Ackman seemed to favor the former. “This is a very benign economic environment, with low interest rates, low unemployment, low inflation,” he said. “And opportunities for returns in real estate make it one of the very best places to invest.”