Business Specialties Investment
CB Richard Ellis Realty Trust Buys Best Buy Warehouse
Aug 07, 2009
CB Richard Ellis Realty Trust acquired a new 238,370-square-foot state-of-the-art suburban Boston warehouse/distribution building built to suit for Best Buy Stores, which is occupying it on a long-term lease. Located at 140 Depot St. in Bellingham, Mass., the center is expandable and features pre-cast concrete construction, cross-docking, a 36-foot clear height, ESFR sprinklers and excess trailer parking. It will be used primarily as a regional distribution center for home delivery of large items, along with some service/repair and dispatching and scheduling work.
Exclusive Yellowstone Club Sells for Only $115M
Aug 06, 2009
Bargain prices for namebrand merchandise. No, it isn’t a sale at Macy’s
or Nordstrom, it is the market for resort properties. The sale of the
exclusive ski lodge for the rich and famous in Big Sky, Mont. – the
Yellowstone Club – was finalized this week for $115 million. Reports
show that the resort could have sold for somewhere around $400 million
just a year ago.
CBRE Investors: The Time to Buy is Now
Aug 05, 2009
For the most part, the investment community has been holding back on
commercial real estate acquisitions, waiting and waiting for the market
to hit bottom. But according to a new report by CB Richard Ellis
Investors, while the bottom may not be at hand just yet, it's close
enough.
Net Lease Players Thinking Small to Get Deals Done
Aug 04, 2009
While the net-lease investment market remains sluggish in the face of
the lingering economic uncertainty, buyers and sellers still looking to make deals are finding it necessary to adapt their strategy.
For some, that means simply making fewer moves. But others have been
able to stay active by setting their sights on smaller deals.
More CRE Investment Projected for Remainder of Year
Aug 03, 2009
Foreign real estate investors project their investments for the rest of 2009 will substantially out-strip investments completed year-to-date,while equity investors expect they will place seven times more than current year-to-date investments, according to the results of a recent survey released by the Association of Foreign Investors in Real Estate.
Prices Drop in Second Quarter, MIT Index Finds
Aug 03, 2009
Prices for commercial real estate dropped at a record level in the second quarter despite an increase in sales, according to an index developed by the Massachusetts Institute of Technology Center for Real Estate. In a report released on Monday and first appearing on Reuters, the center quoted its index as finding that property sold by major institutional investors dropped 18.1 percent, to a level that is down 22 percent for the year, 32 percent from a year ago and 39 percent from its mid-2007 peak, despite transaction volume that increased for the first time since last summer. The decline is greater than the 27 percent drop in the late 1980s/early 1990s and even with it when adjusted for inflation, which brings both periods to a 41 percent drop.
Cadillac Fairview Buys 49% Interest in NY Macerich Center
Jul 31, 2009
Cadillac Fairview Corp. purchased a 49 percent interest in Macerich's Queens Center in the New York City borough of Queens for $150 million in net cash. The eighth joint venture between the two firms, the venture gives Canadian Cadillac Fairview, wholly owned by the Ontario Teachers' Pension Plan, entree to New York City. Queens Center is the top-performing asset in Macerich's portfolio: The 966,499-square-foot urban retail center, which at year-end 2008 was 97.5 percent occupied, was at that time producing annual mall sales of $876 per square foot. Macerich purchased it in 1995 and redeveloped and expanded it in 2004.
$2.2T of Properties Currently at Risk, RCA Warns
Jul 30, 2009
There's a great deal of trouble on the horizon for a bevy of commercial
property owners faced with near-term refinancing needs--about $2.2
trillion in trouble, according to a new U.S. Capital Trends report by
global commercial real estate research firm Real Capital Analytics. The
practically inconceivable figure represents the properties purchased or
refinanced after early 2004 that have since experienced a decline in
value--a decline that will make the challenge of securing refinancing
in the inhospitable credit market all the more difficult.
New Firm Banks on NYC Multi-Family Market
Jul 29, 2009
The current economic climate is certainly putting a drag on many in the
commercial property business. But Kevin Salmon is betting that now is a
time of opportunity. To that end, Salmon has launched Salmon and
Marshall Real Estate Investments, a new firm that will provide
investment sales and consultation services in Manhattan’s apartment and
condominium markets.
AMB Sews Up $125M LAX Parcel Sale
Jul 29, 2009
AMB Property Corp. has completed the $125 million sale of a land parcel
at Los Angeles International Airport to Los Angeles World Airports, the
owner of LAX.
Economic Update - Housing Treads on the Bottom?
Jul 24, 2009
Could spring 2009 have been the housing bottom everyone has beenwaiting for since the pop of the bubble? Residential real estatespecialists hope so. According to the National Association of Realtors,U.S. existing home sales were up 3.6 percent in June to an annualizedrate of 4.89 million. That's more than economists were predicting, andthe most since October 2008.
Post Sells Atlanta, Fairfax Properties for $100 Million
Jul 24, 2009
Post Properties Inc. sold Post Ridge in Atlanta to a locally based entity affiliated with Centennial Holding Company L.L.C. for $44.8 million following Monday's sale of Post Forest in Fairfax, Va., to an entity affiliated with Pantzer Properties Inc. for $57.5 million. CB Richard Ellis Inc. brokered the most recent transaction, while the Post Forest deal was brokered by Holliday Fenoglio Fowler L.P. The REIT expects to report net gains of approximately $54 million relating to the sales.
CRE Prices Continue to Drop in May, Says Moody’s/REAL Index
Jul 23, 2009
As the economic uncertainty continues, real estate prices continue to
fall. The Moody's/REAL National All Property Type Aggregate Index from
Real Estate Analytics L.L.C. measured 125.04 for May, a decrease of 7.6
percent from the previous month. That represents the second largest
one-month decline after April’s 8.6 percent drop. The index, which has
captured price data through the end of May 2009, is now 28.5 percent
lower than it was a year ago and 34.8 percent below the peak measured
in October 2007.
With $210M Fund, Marcus Capital is Latest Firm to Seek Investment Bargains
Jul 23, 2009
Looking to take advantage of the current bargains to be had in the
investment market, Boston-based real estate investment firm Marcus
Partners has closed Marcus Capital Partners Fund I with $210 million in
capital commitments. The fund will cast a wide net, pursuing
diversified investments including office, bio-medical, medical office
and light industrial properties.
Economic Update - Panning for Gold in CRE Debt
Jul 22, 2009
Federal Reserve Chairman Ben Bernanke, high oracle of the U.S. economy,
began two days of testimony before Congress on Tuesday, and said that
things will slowly get better, eventually. He also noted that he and
his banking brethren are watching developments in the commercial real
estate industry--that ticking time bomb--with all the attention that a
ticking time bomb deserves. Meanwhile, down in the trenches, there's a
gold rush of sorts going on to find profits in real estate debt.
16-Property Healthcare Portfolio Snapped Up in $162M Cash Deal
Jul 21, 2009
Grubb & Ellis Healthcare REIT Inc., currently among the minority of
real estate investment concerns that have the cash on hand to make big
purchases, has signed an agreement to acquire a 16-building healthcare
property portfolio in metropolitan Greenville, S.C., from Greenville
Hospital System. The $161.6 million deal will allow the hospital to
lease back the portions of the 855,000-square-foot portfolio of medical
office and healthcare related facilities it currently occupies.
RaceTrac Initiates Sale-Leaseback Program
Jul 20, 2009
RaceTrac Petroleum Inc., which owns and operates 530 convenience stores
and gas stations in 12 states, has tapped CB Richard Ellis Inc.'s
global corporate services unit to exclusively manage a sale/leaseback
program..
Economic Update - Homebuilding Unexpectedly Perks Up, For Now
Jul 20, 2009
The residential market made a surprising turn on Friday, with the U.S.
Department of Commerce reporting that housing starts were up 3.6
percent in June when compared with May: an annualized total of 582,000
units versus 562,000 units. Economists weren’t expecting that many.
JLL: Hotel Market Conditions Remain Murky
Jul 20, 2009
Even as more and more preconditions of a global economic recovery are
being met, the path toward a commercial property market rebound is
uneven and yielding divergent regional trends. Occupancy, ADR, property
values, transaction pricing levels, and debt availability are all
showing evidence of this uncertainty, according to a new report by
Jones Lang LaSalle.
Santa Clarita M-F Trades for $23M
Jul 17, 2009
A 158-unit multi-family property in Santa Clarita, Calif., has traded
for $23 million in what a firm involved in the deal says is the largest
multi-family transaction in the region in three years.
CalPERS-First Washington JV to Replace Macquarie in Partnership with Regency Centers
Jul 17, 2009
Macquarie CountryWide Trust agreed to sell the majority of its interest in Macquarie CountryWide-Regency II L.L.C., a four-year-old partnership with Regency Centers Corp. that owns 86 retail shopping centers valued at $1.7 billion, to Global Retail Investors L.L.C. , a joint venture between the California Public Employees' Retirement System and an affiliate of First Washington Realty Inc. The phased sale will result in Global Retail Investors owning 60 percent of the partnership, with Regency having the option to increase its ownership from 25 percent to 40 percent. Otherwise, the remaining interest would be sold to Global Retail Investors or elsewhere, depending on two possible options.
Prudential Executives See More Pain but Some Improvements
Jul 16, 2009
With unemployment still rising, Prudential executives expect more pain
to come for the commercial real estate market, but they also see some
signs of better health, according to their assessment of the industry
during yesterday’s mid-year commercial real estate outlook.
760,000SF Sale a Jolt for Slow LA Industrial Market
Jul 16, 2009
Despite sale and lease activity in the Los Angeles industrial market
well off from just a year ago, Westcore Properties and Dune Real Estate
Fund II have purchased a seven-building portfolio containing more than
760,000 square feet of L.A.-area industrial properties.
JV Makes $25M Virginia Retail Play
Jul 16, 2009
A joint venture between Spectrum Partners L.L.C., Alex. Brown Realty
Inc. and Potomac Capital Advisors, has acquired Westgate Plaza Shopping
Center in Manassas, Va., for $25 million from Principal Real Estate
Investors.
Grubb & Ellis Healthcare REIT to Buy South Carolina Portfolio
Jul 16, 2009
Grubb & Ellis Healthcare REIT Inc. agreed to purchase a 16-building portfolio from Greenville Hospital System of Greenville, S.C., including approximately 855,000 square feet of medical office and related space, for $161.7 million. The hospital system is among the largest healthcare service providers in the state and will continue to occupy 83 percent of the portfolio, most of which is on or adjacent to its hospital campuses, under a long-term lease agreement arrangement.
Manhattan Office Market Decline Slows
Jul 15, 2009
Manhattan leasing activity increased in June and the monthly vacancy
rate held steady for the first time since February 2008, which together
with some otherindicators and more may show some steadying of
commercial real estate, particularly in the office market, according to
a midyear report released by Cushman & Wakefield.
Furniture Maker Snaps Up 439,000 SF of Industrial Space in California's Inland Empire
Jul 14, 2009
In what is being described by industry players as the second-largest industrial user-sale transaction in Southern California this year,Ashley Furniture Industries Inc. has acquired a two-building portfolio totaling 439,000 square feet in the Cooley Ranch Industrial Park in Colton, Calif., a submarket of the Inland Empire. Overton Moore Properties sold the vacant buildings about 18 months after purchasing them.
Despite Hotel Sector Slump, W San Fran Commands $90M
Jul 08, 2009
The current economy, plagued by job losses galore and belt-tightening
on the business and leisure travel fronts, has been more than unkind to the
hospitality industry, to say the least. Despite the inhospitable
climate, Starwood Hotels & Resorts has nabbed a buyer for its W San
Francisco hotel. Keck Seng Investments (Hong Kong) Limited has agreed
to fork over $90 million for the 404-room property.
In Supply-Constrained Vancouver Market, 204,000SF Office Trades in Sale Leaseback
Jul 07, 2009
In the midst of the sluggish investment market, where most real assets
that are selling are on the smaller end of the spectrum, a major office
property in Vancouver has been acquired by Kingswood Capital Corp. The
21-story, 204,000-square-foot Grosvenor Building, located in the city’s
Downtown, was sold by property investor and developer Grosvenor
Americas, which will continue to make its home at the tower under a
leaseback agreement.
Looking to Re-Enter Investment Market, Steelbridge Hires Cushman Vet Caplin
Jul 07, 2009
Steelbridge Capital has tapped Jay Caplin, formerly executive director
of Cushman & Wakefield Inc.’s capital markets group, as managing
principal. In his new role, Caplin will play a major role in
Florida-based Steelbridge’s return to active investment in commercial
property market—a game the firm stayed out of in recent years of sky
high pricings and cap rate compression.
Saudi Fund Names US, UK Property Investment Targets
Jul 06, 2009
Jadwa Investment, an investment management firm with ownership by the Saudi royal family, has targeted U.S. and U.K. commercial real estate as good focuses for investment, according to the Financial Times. With its first action a bid on a $1.1 billion U.K. sale by insurance company Aviva in partnership with CIT, the newspaper quoted its chief economist, Brad Bourland, as saying it is eying "areas where there is currently a favourable exchange rate, attractive asset prices and a historical connection," which includes the United States and the United Kingdom.
Net-Leased CVS Property Trades in Illinois
Jul 06, 2009
Marcus & Millichap Real Estate Investment Services has arranged the
sale of an 8,540-square-foot single-tenant net-leased property, located
in Westville, Ill.
Stable Skilled Nursing Sub-Sector Lures Health Care REIT into $55.5M Purchase
Jul 02, 2009
While many real estate investors sit on the sidelines waiting for
property prices to fall dramatically or the credit market to defrost,
National Health Investors Inc. is actively enhancing its portfolio in
one of the most stable property sectors in the current economic
climate-- skilled nursing, a subtype of the seniors housing sector. The
healthcare REIT just shelled out $55.5 million in cash for four
skilled nursing facilities, all of which will be leased back to the
seller and tenant, Legend Healthcare L.L.C.
Record Central/Eastern European Deal Closes Despite Global Real Estate Downturn
Jul 01, 2009
Warsaw’s first certified green building also earned the recognition as
the largest commercial real estate transaction so far this year for
Central and Eastern Europe, selling for €117 million, or $164 million.
But commercial real estate markets in many parts of the world continue
to fact debt repayment issues, declining values and deteriorating rents
and occupancies in different combinations.
Blackstone Closes Latest European Real Estate Fund with $4.3B in Commitments
Jun 30, 2009
As is the case in the U.S., the commercial real estate market in Europeis in flux, but when those price tags begin to drop, as is widelyexpected, the Blackstone Group will be perfectly prepared to pounce onthose golden opportunities. The investment company has just completedthe final closing of Blackstone Real Estate Partners Europe III, with atotal of approximately $4.3 billion in equity capital commitments.
Economic Update - Worldwide CRE Still Feels Recession's Reverberations
Jun 30, 2009
Sometimes lost in the din of bad economic news in the United States isthe worldwide impact of the current recession on commercial realestate. Markets everywhere have been affected to some degree, someworse than others, and players in those markets are only now beginningto sort things out, as they are here at home.
Economic Update - CRE Still Faces Stress, Distress
Jun 26, 2009
Not-quite-so-bad news still passes for good news: the U.S. Department
of Commerce has revised its estimate of the annualized contraction of
the American economy in the first quarter of 2009 to 5.5 percent,
instead of the 5.7 percent previously estimated. Still, paired with the
4Q08 annualized contraction of 6.3 percent, the six months between last
October and this March represent the poorest economic performance for
the U.S. economy in over a half century.
Angling to Capitalize on Future Apartment Market Changes, Industry Vets Form New Firm
Jun 24, 2009
The apartment market held up relatively well during the early stages of the economy's descent--but even it is now in decline. And while many investors are shying away, industry veterans Jim Butz and Greg Lamb are jumping in with both feet. The two former principals of leading multi-family developer JPI East have teamed with office and mixed-use developer Akridge to launch Jefferson Apartment Group with the intention of acquiring--and eventually--developing apartment properties in the Mid-Atlantic and Northeast regions.
Interest in Assisted Living Undeterred by Troubled Economy
Jun 22, 2009
No part of the commercial real estate industry has been spared by the economic crisis, but the senior living sector has been less brutally impacted than others have. And according to a new report issued jointly by a quintet of industry groups, the assisted living sub-sector is achieving the seemingly impossible these days--high occupancy levels.
Opportunistic CRE Investment Heats Up
Jun 18, 2009
Back in the days of the early '90s real estate depression, Sam Zell became known as a gravedancer, and it's one of the reasons he's the billionaire he is today. Now that the commercial real estate has swung into the deep doldrums that follow an enormous bubble, the distant tom-tom of a new generation of real estate gravedancers isn't so distant anymore. Investors are out there looking for distressed properties and the future profits they might offer.
New Owner of Atlantic City's Tropicana Somewhat of a Surprise
Jun 16, 2009
Tropicana Atlantic City Casino & Resort is set to come under new ownership, just over one year after owner Tropicana Entertainment L.L.C. filed for Chapter 11 protection. But it's not a big-name gaming company that will take over the property's reigns. The United States Bankruptcy Court in Camden, N.J., has green-lighted a "stalking horse" asset purchase agreement calling for pre-petition lenders--a group that includes billionaire investor Carl Icahn's Icahn Capital--to take hold of the asset in return for forgiving $200 million of debt owed by Tropicana.
New Owner of Atlantic City's Tropicana Somewhat of a Surprise
Jun 16, 2009
Tropicana Atlantic City Casino & Resort is set to come under new ownership, just over one year after owner Tropicana Entertainment L.L.C. filed for Chapter 11 protection. But it's not a big-name gaming company that will take over the property's reigns. The United States Bankruptcy Court in Camden, N.J., has green-lighted a "stalking horse" asset purchase agreement calling for pre-petition lenders--a group that includes billionaire investor Carl Icahn's Icahn Capital--to take hold of the asset in return for forgiving $200 million of debt owed by Tropicana.
RCA: Global Property Sales Volume Nears Rock Bottom--But Recovery Remains Intangible
Jun 16, 2009
As the recession continues to grip nations around the world, commercial real estate property transactions are still moving along at a snail's pace and, in general, without the premium price tags seen just two years ago. Global research and consulting firm Real Capital Analytics concludes in its most Global Capital Trends report that, while sales activity is likely to pick up soon, a full recovery is still a long way off.
New Firm Aims to Help M-F Industry Weather Storm
Jun 15, 2009
In the apartment market, job losses are starting to exact a high cost in terms of declining rents and rising occupancy levels, and for holders of multi-family debt and equity, there's more bad news on the horizon as loan maturities on overvalued assets begin to take hold over the next few years. In an effort to assist those facing the impending challenges, two industry veterans have just launched apartment consulting firm Caldera Asset Management, based out of Denver and Atlanta.
CRE Investment Finance's Sea Change
Jun 12, 2009
It's been nearly two years since the lending market for commercial real estate investment began to freeze up--first a freeze, then a full-stop for a short period in the dark days of the fall of 2008, then a "new normal" of sluggish lending, tough underwriting standards and all-around financial miasma. No one knows how long the new normal is going to last, or whether it represents a pendulum that's moved too far away from the days of easy lending that will someday swing a little ways back.
Stocks, Retail Sales Rise, But So Does Unemployment
Jun 12, 2009
Stocks were higher Thursday closing at highs for recent
months with hopes that economic recovery is on its ways, while investors
concerned that the government’s spending spree and mounting debt will lead to
inflation caused treasuries to surge as an $11 billion sale of 30-year bonds
drew the highest yield in almost two years.
While Hotel Investment Activity Languishes in the U.S., Market Remains Viable in Brazil
Jun 10, 2009
Plagued by the global recession that has slashed both business and
pleasure travel, the hotel market is suffering on an international
level and investors have backed away from buying or building in most
locations, with a few exceptions--like Brazil. According to a new
report by real estate services firm Jones Lang LaSalle Hotels, the
positive long-term growth forecast for Brazil is popping up on the
radar of those who are in the position to invest.
Despite Office Market Slump, 1M-SF Connecticut Campus Trades in $72M Deal
Jun 09, 2009
It's an office trade of such a size that has not been seen in
Connecticut, no less challenged by job losses and economic malaise than
most other markets, in quite a while. Matrix Connecticut L.L.C. has
just taken over ownership of the 1 million-square-foot Danbury
Corporate Center in Danbury, Conn., from GERA Danbury L.L.C. in a $72.4
million merger transaction. The deal is a coup for Connecticut, as well
as its neighbors, as it marks the largest multi-tenant office
transaction in the suburban New York Tri-State area so far this year.
Filene's Basement Assets Snapped Up by Men's Wearhouse in $67M Auction
Jun 09, 2009
Clothing retailer Men's Wearhouse has emerged victorious from a
feverish nine-hour auction of assets belonging to off-price chain
Filene's Basement, which fell victim to the retail market's downward
spiral and filed for Chapter 11 bankruptcy protection in early May,
just two weeks after its purchase by Buxbaum Group affiliate FB
Acquisition II. Acting through its affiliate, K&G Acquisition
Corp., Men's Wearhouse put forth the winning bid of $67 million for 17
to 20 of Filene's store leases, as well as the leases on the company's
Massachusetts corporate headquarters and distribution center, its
Maryland storage facility and-- possibly most important--the Filene's
Basement trade name.
Economic Update - Fast-Track Chrysler Reorganization Stalls
Jun 09, 2009
The Chrysler reorganization and sale to Fiat, which
was to have been a model of a quick turn-around, has hit a snag in the
form of a court order by U.S. Supreme Court Associate Justice Ruth
Bader Ginsburg. Pension funds that hold some of Chrysler’s secured loan
are objecting to the goings-on, claiming it isn’t fair to them, and so
petitioned Justice Ginsburg for the measure. It isn’t clear how long
the temporary stay will delay the sale, or whether it will kill the
sale, or whether the full court will reverse the stay in a few days.
It’s unlikely, though, that the legal wrangling will affect the fate of
the Chrysler dealerships slated for closing, or change the amount of
real estate their closing will put on the market.
Economic Update - Starwood Eyes Distressed Sector with $500M Fund
Jun 08, 2009
Yet another deep-pocketed real estate entity has jumped into the grave-dancing game—only please, don’t call it that, but rather strategic investment in distressed properties. The player is a newly formed investment company called Starwood Property Trust Inc., a creation of Starwood mogul Barry Sternlicht, which filed with the Securities and Exchange Commission late last week for a public offering that aims to raise half a billion dollars to do the distressed-property boogie. It will invest in not only physical properties, but mortgages and mortgage-backed securities.
Lack of Leverage Lends Strength, REIT Week Panel Maintains
Jun 05, 2009
The bad news is, the United States is in a Great Recession and the commercial real estate market is likely to feel continued pain during the next two years as corporate cutbacks result in weaker fundamentals. The good news is, the public equity markets have been improving in the past few months, with returns bouncing back substantially and multiples back down to more reasonable levels as the market has responded to REIT success at raising capital through secondary offerings.
Economic Update - CRE Buyers Looking for Deals
Jun 04, 2009
Turns out that the recession is still on, at least if the latest numbers from payroll firm ADP accurately reflect the state of hiring and firing in the nation. According to ADP on Wednesday, U.S. companies cut an estimated 532,000 employees from their payrolls last month, with goods producers laying off 267,000 workers, and service providers shedding 265,000 positions.
KABR Fund Takes 235,000-SF New Jersey Office
Jun 03, 2009
Newly-formed value-added real estate fund KABR Real Estate Investment Partners L.L.C. has purchased a 235,000-square-foot office building at 85 Challenger Road in Ridgefield Park, N.J., from AIG.
Signs of Life in 2Q as Sales Volume, Capitalization Jump
Jun 03, 2009
Despite overall sales figures down double digits from last year, transactions are still move forward, albeit in smaller amounts. Another good sign of real estate activity is the re-equitization of the REIT industry that continued in May as more companies deleveraged their balance sheets with equity capital raised in the public markets.
In Slow Central Valley Market, 685,000-SF Sale Makes Splash
May 29, 2009
Industrial property sales in San Joaquin County in California's Central Valley have been practically nonexistent this year, but USAA Real Estate Co. just broke the monotony with the acquisition of a 658,000-square-foot distribution facility in the city of Tracy, about an hour east of San Francisco.
Manhattan Sales Reach 25-Year Low: Report
May 29, 2009
After a rough 2008, Manhattan's property investment market has continued to take it on the chin thus far in 2009. Real estate sales in Manhattan reached a 25-year low in 2009's first quarter, according to a new report by Massey Knakal Realty Services.
As Condo Market Remains Tight, Miami Tower Scores Key Fannie Approval
May 27, 2009
In the midst of the sluggish economy and tight credit market, condominium developers are having a tough time selling units. As a result, many projects across the nation have been reverted to rental or stalled outright. But in the midst of one of the most hard-hit condo markets--South Florida--at least one developer is breathing a bit easier.
Stimulus Programs, Financial Market Intervention to Benefit CRE--But Not Right Away
May 19, 2009
The government's pumping up of the economy via various programs created by the nearly $800 billion economic stimulus package and interceding in the financial market will indirectly incite the revival of the commercial real estate market, according to a new report by Marcus & Millichap Real Estate Investment Services. But the major impact is unlikely to be felt this year.
Economic Update - AIG Unloads Choice Tokyo Property for $1.2B
May 12, 2009
American International Group is finally in the news for something other than being a multibillion-dollar black hole for the U.S. Treasury; namely, a property sale. The beleaguered insurer has inked a deal to sell the AIG Otemachi Building and a one-acre site in Tokyo to Nippon Life Insurance Co.
Rockwood Latest Investor to Close Fund, Raising $964M
Apr 29, 2009
Hoping to capitalize on an unsettled real estate environment that could ultimately lead to the "best investment period in the last 20 years," private real estate investment firm Rockwood Capital L.L.C. has closed an investment fund with some $964 million in capital commitments.
Economic Update - Bear Stearns' Bum Real Estate, Revealed
Apr 24, 2009
Bear Stearns Cos. was in the news again Thursday, in case anyone
remembers back far enough to recall the last time it was big news--a
time when the disappearance of that company into JPMorgan Chase seemed
unfortunate, but not necessarily a harbinger of vast financial problems
ahead. Which, in fact, it turned out to be.
Economic Update - Credit Woes Put Kibosh on $2.5B Midway Deal
Apr 21, 2009
Citi Infrastructure Investors--a joint venture of Citigroup Inc., John Hancock Life Insurance Co. and Vancouver Airport Services-- will be unable to go through with a deal that would have seen the group buy Midway International Airport in Chicago for $2.5 billion. After previous extensions, the City of Chicago decided not to give the group any more time to close on the deal.
U.S. Infrastructure at Crossroads: Report
Apr 21, 2009
With $132 billion having been set aside in the stimulus package for road, highway and various other transit related projects across the United States, the issue of the country's outdated infrastructure is at the forefront. The Urban Land Institute and Ernst & Young note in a new report that while the funding will certainly boost the job market, what is of even more vital importance is a long-term infrastructure plan for digging the nation out of an economic slump and shoring up the country to be competitive on an international level in the future.
A Word With ... Dale Anne Reiss
Apr 15, 2009
CPN Editor-in-chief Suzann D. Silverman spoke with Dale Anne
Reiss, who retired last June after 10 years as global director and more
than a decade more as a managing partner in Ernst & Young L.L.P.’s
real estate, hospitality and construction services practice. She
recently formed her own consulting firm, Artemis Advisors L.L.C. Now a
consultant for Ernst & Young, she last month also retained DLA
Piper as a client.
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