Business Specialties Investment
Specialization Helps Close Deals
Oct 22, 2009
In most sports, coaches use specialists to deal with pressure situations. In football, for example, they will bring in a slash-type runner on offense to cross the goal line or a pass rusher on defense to sack the quarterback. These specialists have specific skills and in many cases prove to be the difference between victory and defeat. For those in real estate, and particularly with Stan Johnson Co., specialization is the maxim for those that want to succeed in these trying times and get deals closed, no matter what the size or complexity.
Germany's Promising Discount Retail Market Lures Behringer Harvard
Oct 22, 2009
With the recession having taken a chunk out of consumers' pocketbooks
around the world, the retail real estate market has been struggling for
quite some time, and the situation is no different in Germany. However,
the discount retail sub-sector is thriving in the country, and
Dallas-based commercial real estate firm Behringer Harvard has
positioned itself to capitalize on related development opportunities
with the recent formation of Behringer Harvard German Retail, a joint
venture with Hanover, Germany-based real estate investment and
management company Rahlfs Immobilien GmbH.
Fitch: CRE Losses to Increase into Next Year
Oct 22, 2009
Good news in the commercial real estate world seems to be in short
supply these days. In a study released earlier this week by Fitch
Ratings, they’re indicating that losses will increase this year and
next for the U.S. CMBS.
7 Come 2011
Oct 22, 2009
There have been hints for awhile that some of the most well-known titans in the industry were about to be dealt some major losses. Last week’s news was that the deal for Peter Cooper Village and Stuyvesant Town, Manhattan’s most high-profile apartment complex, appears to be moving toward default. According to the report in the Wall Street Journal, the equity investors and many of the lenders associated with this apartment complex, including several state pension funds, may well see most (if not all) of their investment gone.
Economy Watch: No Rush to Build More Houses
Oct 21, 2009
U.S. housing starts posted a gain in September, but only a modest one,pointing to a still-modest rate of recovery for the overall economy.According to the U.S. Department of Commerce, the rate of new homestarted inched upward by 0.5 percent during the month to a seasonally adjustedrate of about 590,000 units. Ever-optimistic economists, it seems, wereexpecting more.
The Graying of America: Age and Opportunity
Oct 16, 2009
The graying of America may arguably be one of the single most dramatic demographic megatrends shaping our landscape. Although the U.S. population growth for individuals age 55 and over during the past nine years hasn’t been impressive—from 21.06 percent to 24.17 percent—growth for individuals age 55-64 increased by 30 percent over the same period. Given that the oldest Boomers turned 63 this year, maybe it’s time investors consider the opportunities this megatrend offers.
Distressed Debt Sales Likely to Soar
Oct 15, 2009
Like moths to a flame, investors these days are forming around what
some believe could be the biggest distressed debt sales market since
the days of the U.S. savings and loan crisis, according to a recent
Ernst & Young survey.
Investors Prepare to Increase Activity in MF Market in 2010
Oct 12, 2009
The multifamily market has not escaped the ravages of the economic
downturn, but investors are bullish on the commercial real estate
sector for 2010. According to Jones Lang LaSalle's 2010 Multifamily
Forecast Survey, 90 percent of the 200 owners and operators surveyed
plan to boost their activity in the sector next year, compared to the
68 percent of respondents who had such plans last year.
Economy Watch - Foreclosure Efforts Not Paying Off?
Oct 12, 2009
Is the federal effort to forestall residential foreclosures all the administration is cracking it up to be? As reported by CPE,
late last week the U.S. Treasury Department was trumpeting 500,000 as
the number of homeowners who have had their mortgage payments
(temporarily) lowered under the Making Home Affordable program, which
began earlier this year.
Economy Watch: Blackstone Takes Amusement Parks
Oct 08, 2009
It seemed like an announcement from the good old days (2006, say):
Blackstone Group L.P. is buying a sizable chunk of real estate. But it
was in fact on Wednesday when the buyout giant told the world that it
was going to spent some $2.7 billion to buy Anheuser-Busch InBev NV’s
amusement parks.
$554B Corus Portfolio Sale One of Biggest Splashes Yet in Distressed Market
Oct 08, 2009
With the global financial crisis and frozen credit market having taking
their toll, many property owners have been forced to sell distressed
assets at bargain-basement prices just to survive. And for those
investors who can still access financing, like partnership Northwest
Investments L.L.C, opportunities abound to buy premium properties on
the cheap.
A Ray of Sunshine?
Oct 07, 2009
The capital markets are on hold right now. The news is all about the lack of debt capital to refinance maturing loans and, on the flip side, the growing pool of equity capital waiting to invest in distressed assets, primarily debt. At some point assets will begin to change hands, but whether that process resembles a dam breaking or a steady flow is uncertain.For a ray of sunshine, we must look to the leasing market.
Finicky Tastes
Oct 07, 2009
The pronouncement earlier this month by Federal Reserve chairman Ben Bernanke that the recession was “very likely over” was scoffed at by some business leaders and economists who believe that, unfortunately, the economy is not out of the woods yet. To the Fed chair’s credit, he did note that while the economy is in recovery, the improvement at least for the short term will be moderate. And the good news, as reported by Real Capital Analytics Inc., is that the net lease market is “a relative bright spot in a dim marketplace.”
Dog Days of Distress
Oct 07, 2009
Long lines of cash-rich investors, including REITs, are forming around what some believe could be the biggest distressed debt sales market since the days of the U.S. savings-and-loan crisis, but Ernst & Young L.L.P.’s latest survey of those investors suggests this market won’t follow quite the same pattern it did in the 1990s.
Lenders Step Up Activity for CRE Investments in U.K.
Oct 07, 2009
For U.K. property investors looking to borrow, lending volume increased
from the first to the second quarter of this year, according to a
report by international real estate advisor Savills. The change i s all
about pricing corrections and a decrease in the cost of funding for
banks.
$330M HSBC Sale-Leaseback Makes Splash in Sluggish Market
Oct 06, 2009
With the commercial real estate market still hindered by a chilly
credit market and declining property values, sale-leaseback activity
has dwindled, but London-headquartered HSBC Holdings plc's HSBC Bank
USA N.A. still sees some advantages in such deals. The financial
services company has signed a $330 million cash sale-leaseback
agreement with a subsidiary of Israel-based IDB Group for its
865,000-square-foot New York City headquarters.
To Shore Up Balance Sheets, REITs Like Brandywine Look to Divest Non-Core Assets
Oct 06, 2009
With loans still hard to come by, Brandywine Realty Trust is shoring up
its balance sheet, reducing leverage and preparing for investment
opportunities with the disposition of non-core assets, including two
properties in Trenton, N.J. The REIT just completed the sale of the
office buildings at 33 W. State St. and 50 E. State St., totaling
474,000 square feet, to a private investment group.
As Gov’t Demand Buoys DC Office Market; ING Makes $73M Sale
Oct 06, 2009
The Washington, D.C., office market may have reached a turning point in
demand as the region experienced improved fundamentals last
quarter—figures propelled by expanded demand for government office
space. And if deals like the recent $73 million sale of an office
building in Falls Church, Va., are any indication, buyers are taking
interest in the area’s strong demographics..
Economy Watch: MGM Cuts Condo Prices
Oct 06, 2009
In an effort to keep buyers from wriggling out of their deals, and as a
simple acknowledgment that the luxury condo market just isn’t what it
used to be, MGM Mirage and its partner Dubai World are slashing prices
for condos at their City Center development in Las Vegas by 30 percent.
Q&A: Starwood CEO Sees Upturn Ahead
Oct 05, 2009
Starwood Hotels & Resorts Worldwide CEO Frits van Paasschen on the outlook for business travel, and Starwood'sincreasingly global slant.
CREW Keynote: Lingering Unemployment No Surprise; All Recoveries are Jobless
Oct 05, 2009
The economic crisis started with a credit crunch, has undergone the
containment stage with the government providing bailout packages and
stimulus money, and is now in the resolution stage, said Marci Rossell,
former chief economist for CNBC, who was a keynote speaker at the CREW
Network’s convention in Boston last week.
CREW Awards 20 Women Under 40
Oct 02, 2009
The Commercial Real Estate (CREW) Network last night lauded 20 Under 40 women from throughout the commercial real estate industry as part of its 20th anniversary celebration. The awards, unveiled during the organization’s 2009 CREW Network Convention & Marketplace in Boston, honor women age 39 or younger working within a qualified area of the industry and considered a “woman to watch” and likely to be an influential leader in the industry.
$49M Exxon Deal a Rarity in Quiet Seal-Leaseback Market
Sep 30, 2009
A convenient method for property owners to secure a quick cash
infusion, sale-leaseback transactions were plentiful just a couple of
years ago, but now it is usually only the more financially burdened of
sellers that resort to accepting lowball sale-leaseback offers. Whether
White Oak Petroleum L.L.C. falls into the aforementioned category is
unclear, but the Springfield, Va.-based company just sold 36 Exxon
gasoline station and convenience store properties for $49 million in a
sale-leaseback transaction with Jericho, N.Y.-based Getty Realty Corp.
Economy Watch - ICSC Predicts Slightly Improved Holiday Season for Retailers
Sep 29, 2009
The International Council of Shopping Centers expects holiday sales
among U.S. retailers to rise 1 percent this year compared with last
year, when retail sales fell off a cliff (down 5.8 percent compared
with the pre-recession holiday season of 2007). It's a slightly more
optimistic forecast than some other organizations that track retail
activity, such as the flat 2009 holiday sales predicted by Retail
Forward, as previously reported by CPE.
Mergers Continue as Federal Capital Snaps Up ACPT
Sep 29, 2009
Three weeks after American Community Properties Trust formed a special
committee to consider strategic alternatives, the St. Charles,
Md.-based real estate company has entered into a merger agreement with
Washington, DC-based real estate investment entity Federal Capital
Partners' FCP Fund I L.P.
Savills Adds Monahan to NYC Office
Sep 25, 2009
David Monahan has joined U.K-based international real estate advisor
Savills as a senior vice president in the firm’s New York City office.
Eyeing Market Opportunities, M-F Developer Expands into Acquisitions
Sep 24, 2009
After multiple quarters of dismal investment activity, new funds and
investment entities are cropping up to capitalize on the discounted
commercial real estate assets that are hitting the market.
Atlanta-based Wood Partners L.L.C. has just entered the game, too. The
multi-family developer has expanded its business platform to include
acquisitions.
With Prices on the Decline, Behringer Harvard Makes $136M M-F Play
Sep 23, 2009
The gap between buyer and seller pricing expectations on commercial
real estate is closing, and with owners eager to sell properties to
escape debt maturities or just to pocket cash to address financial
demands, it has become a buyers market. Taking advantage of the
appealing prices, Behringer Harvard has just acquired two apartment
properties totaling 746 units in separate transactions valued at an
aggregate $136 million.
Jumping on the Bandwagon, LaSalle Forms Partnership to Capitalize on Discounted Real Estate
Sep 23, 2009
As expected, price tags on commercial real estate around the world are
dropping and LaSalle Investment Management is among the minority
presently in a position to take advantage of bargains, the likes of
which may not be seen again in decades. The Chicago-based firm has just
formed a fund with the Austin-headquartered Teachers Retirement System
of Texas to invest an initial sum of $205 million in real estate across
North America.
JV Snags 308-Unit Philly-Area M-F Complex
Sep 22, 2009
A joint venture between Behringer Harvard REIT I Inc. and PGGM Private
Real Estate Fund has acquired a 308-unit multi-family community in
Cherry Hill, N.J., about seven miles east of central Philadelphia.
16-Story Manhattan Office Trades Off-Market
Sep 21, 2009
Daniel Findorak of Dumann Realty, a full-service real estate solutions
company, has completed a deal for 222 West 37th Street Realty Corp. in
the disposition of a 16-story, 50,000-square-foot office building
located at 222 West 37th Street in Manhattan.
Eola Capital Snags Interests in 7.6MSF Office Portfolio
Sep 21, 2009
The grip of the credit crunch is reportedly loosening for hopeful real
estate buyers, and investors with cash on hand are mining the market
for deals, but it is a rare occasion that a transaction involving the
general partnership interests in a multi-million-square-foot portfolio
transpires these days. Orlando-based Eola Capital, however, recently
solidified such a deal, acquiring the general partnership interests in
a 7.6 million square-foot office portfolio from Miami-based America's
Capital Partners.
NorthMarq Places $28M for Minnesota Portfolio
Sep 21, 2009
NorthMarq Capital’s Minneapolis regional office has arranged first
mortgage financing of $28 million for Mendota Office Center I, II, III,
IV and American Corporate Center.
Economy Watch - Multifamily Leads the Way in Housing Starts Increase
Sep 18, 2009
Housing starts and building permits in August were at their highest
level all year, rising 1.5 percent to an annual rate of 598,000 units,
while building permits were up 2.7 percent during the month, according
to the U.S. Department of Commerce. All of the increase was in the
multifamily segment of the housing market: starts spiked up 25.3
percent for multifamily, while single-family home starts dropped 3
percent.
$80M San Fran M-F Sale Bucks Slow Market
Sep 17, 2009
While multifamily deals decreased significantly in the past year or two
in the San Francisco Bay Area, it isn’t because of lack of buyers – it
is because the sellers don’t like the market correction. In spite of
the sellers’ reluctance to put properties on the market, Waterford
Place Apartment Homes in Dublin, Calif., has sold for $80 million.
Market Shifts from Stress to Distress
Sep 17, 2009
What a year it has been! One year after the greatest financial calamity since the Great Depression, it is clear that, with the support of the Federal Reserve and federal government, the credit markets will survive--Lehman Brothers’ demise notwithstanding. But while the stress on the credit markets has been relieved somewhat, the distress in the commercial real estate market is intensifying.
Stonemason Launches $100M Fund
Sep 16, 2009
Stonemason Partners L.P., a full-service commercial real estate company
based in Miami specializing in acquisitions, ownership, leasing and
management, has completed its initial round of fundraising for its
first fund.
Private CRE to Spur Energy Retrofit Market Over Next Few Years
Sep 15, 2009
The government--allotting funds through the American Recovery and
Reinvestment Act of 2009 to upgrade institutional buildings to promote
the reduction of energy consumption--has done its part to keep the
green movement alive. However, it is the private commercial real estate
sector that will keep the energy efficiency retrofit market moving
along at least through 2013, according to a report by Boulder,
Colo.-based Pike Research.
Economy Watch - One Year Later, No Agreement on Impact of Lehman
Sep 14, 2009
On the eve of the first anniversary of the Lehman Brothers Holdings
Inc. collapse, economists are busy doing what they do best--disagreeing
with each other about what it meant, and what has changed since then
(besides the fact that many people are poorer than they used to be) and
where things are headed from here.
Economy Watch - Health Care Jobs Help Spur Investor Interest in Sector
Sep 08, 2009
Just ahead of Labor Day, the U.S. Department of Labor pegged the official U.S. unemployment rate at 9.7 percent in August, a surprising uptick, but actually not that much of a jump since at the same time its figures for June and July were both revised upward. A net of some 216,000 people lost their jobs in August, with construction and manufacturing still accounting for a large share of those numbers(65,000 and 63,000, respectively).
Macerich Continues Deleveraging, Sells $116M Stake in Denver-Area Mall
Sep 08, 2009
Like so many REITs these days, Macerich Partnership L.P. has instituted
a plan to reduce debt by disposing of assets, and the firm's recent
sale of a majority interest in the FlatIron Crossing Mall in
Broomfield, Colo., to GI Partners constitutes its most recent move. The
two companies have formed a joint venture that calls for GI Partners to
give Macerich $116 million in cash in exchange for a 75 percent stake
in the 1.4 million-square foot super regional mall.
Economy Watch - CRE Sales to Dwell in Cellar for Years, Says Report
Sep 03, 2009
Commercial real estate investment sales in the first half of 2009
totaled $16 billion, down 80 percent from the same period in 2008,
according to Jones Lang LaSalle Inc.'s U.S. Mid-Year Capital Markets
bulletin, released on Wednesday. Compared with the all-time high-volume
six-month period for such sales during the first half of 2007, when
some $231.4 billion in commercial real estate traded hands in the
United States, $16 billion seemed positively like chump change.
As US Industrial Market Contracts, 2010 Recovery Possible
Sep 03, 2009
Don’t look for the national industrial market to turn around any time
soon, but what about next year? Results of the North America Industrial
second quarter report prepared by Jones Lang LaSalle show signs that
the market is stabilizing, and indicators point toward some recovery
late next year.
$208M DC Office Buy Not a Shock Despite Industry Malaise
Sep 03, 2009
In Washington, D.C.--which was named the best urban real estate market
in the world by the likes of the Association of Foreign
Investors--Germany-based DekaBank Group’s recent $207.8 million
acquisition of the newly developed 250,000-square-foot 1999 K Street
office building came as little surprise to many, even given the slow
investment market nationwide.
Real Estate Confidence Trends Upward: Survey
Sep 03, 2009
Confidence in the real estate market jumped a bit in August, according
to Point2 Technologies Inc.’s monthly Real Estate Confidence Index that
found an overall confidence reading of 5.9 in the real estate market.
Sales Activity YTD 2009
Sep 02, 2009
Sales totals by sector type for 2009 thus far. Data provided by Real Capital Analytics.
ProLogis Continues Risk Reduction Strategy with New Japan Partnership
Sep 01, 2009
A victim of the credit crisis and the global economic downturn,
ProLogis announced nearly 10 months ago that it would take steps to
shore up its balance sheet and reduce risk, and its latest move in
Japan constitutes yet another one of those steps. The Denver-based
global distribution facilities provider has just formed an alliance
with Tokyo-based Japan Logistics Fund Inc. and Mitsui & Co.,
Logistics Partners Ltd. that allows the aforementioned group, JLF, to
acquire assets in ProLogis' development portfolio in Japan.
Bigger Stays Better
Aug 25, 2009
Despite a slowing U.S. population and the slowest economic growth decade in the past 50 years, investors must continue to search diligently for markets whose sustained growth may offer the best chance for long-term success. The good news is that a number of U.S. top markets will experience healthy population growth over the next five years.
Moving in on Distressed Hotel Market, $1.5B Fund Makes First Play
Aug 25, 2009
The 353-room Hanover Marriott in Whippany, N.J., has just become the
first purchase of HEI Hotels & Resorts' third investment fund, HEI
Hospitality Fund III L.P. The Norwalk, Conn.-based investment firm
acquired the property from Bethesda, Md.-headquartered Host Hotels
& Resorts for $27 million. Raised in 2008 with $515 million in
commitments, the discretionary fund has approximately $1.5 billion in
leveraged buying power and allows HEI to capitalize on the growing pool
of low-priced, distressed assets hitting the market.
$76M Investment Fund to Help Struggling LIHTC-Financed Projects
Aug 25, 2009
The credit crunch and the economic crisis sapped the life out of the
Low Income Housing Tax Credit (LIHTC) market, but with the closing of a
new $76 million investment fund to support affordable housing financed
through LIHTCs, National Equity Fund Inc.--an LIHTC syndicator--comes
to the rescue for 13 projects that will create 1,000 affordable housing
units.
Sandals Buys Four Seasons in Bahamas
Aug 24, 2009
Sandals Resorts International has purchased Four Seasons Resort Great
Exuma at Emerald Bay in the Bahamas for an undisclosed amount.
Expected Job Growth Major Lure in $57M DC Office Sale
Aug 20, 2009
With the current and impending creation of jobs in the Greater
Washington, D.C., area, the demand for apartment properties is still
relatively strong, so the bevy of hopeful buyers that emerged for the
364-unit Post Forest rental community in Fairfax, Va., came as no
surprise to Holliday Fenoglio Fowler, which represented seller Post
Properties Inc. in the transaction. Pantzer Properties emerged
victorious, shelling out $57.5 million for the nearly fully occupied
complex that came with absolutely no debt attached to it.
Free Fallin'?
Aug 20, 2009
Pull out the old VCR and rewind the tape. Some common wisdom holds that the commercial real estate market is destined for, if not already in the midst of, a replay of its early 1990s crash, around the time Dana Carvey was parodying the first President Bush on Saturday Night Live, Sinead O’Connor topped the charts, and the brand-new Mirage Hotel was the glitziest palace on the Las Vegas Strip.
Q&A: Cushman & Wakefield's Gary Gabriel on the State of the Capital Markets
Aug 19, 2009
As small signs emerge hinting at an improvement in the economy, the
real estate market continues its struggle; billions of distressed
properties are in play and the credit market isn't budging all that
much. Gary Gabriel, executive vice president of real estate services
firm Cushman & Wakefield Inc.'s Capital Markets Group, spoke with CPE about the state of the capital markets and where we might go from here.
Economy Watch - TALF Gets Longer Life
Aug 18, 2009
The real estate securitization business, which has had enough problems
lately, got a bit of good news on Monday when the Federal Reserve
extended the Term Asset-Backed Securities Loan Facility, better known
as the TALF. For new CMBS--the little that there is--the extension runs
through June 30, 2010, while legacy CMBS has until March 31.
With Bargains to Be Had in US, Kuwaiti Government Gets Back into M-F Game
Aug 18, 2009
With the total amount of distressed properties in the United States
valued in the high billions, scores of investors are laying the
groundwork to capitalize on the accompanying cut-rate,
once-in-a-lifetime price tags on these assets. And investment entities
abroad with deep pockets are no exception. Safat, Kuwait-based Kuwait
Finance House, 49-percent owned by the Kuwaiti government, has just
formed a joint venture with Denver-headquartered multi-family REIT UDR
Inc. to invest as much as $450 million in multi-family properties
across the country.
New Hines REIT is Latest to Eye Public Offering
Aug 17, 2009
On the heels of Brookfield Properties Corp.’s announcement of a major
public offering late last week, another REIT is hoping to raise capital
via a stock sale as Hines unveils a new global trust to be seeded by a
$3.5 billion share offering of its own.
Economic Update - Brookfield Looks to Public Offering For Dough
Aug 13, 2009
Brookfield Properties Corp. is the latest REIT--and there have been a
good many of them lately--to turn to public offerings to raise
much-needed capital. On Wednesday, Brookfield priced $900 million worth
of common shares, or 95 million shares at $9.50 each, a discount of
about 7.4 percent compared with the company's closing price on Tuesday.
A Big Splash in Growing Troubled Asset Market
Aug 13, 2009
Numerous funds and investment entities have been cropping up to
capitalize on the growing pool of distressed real estate assets around
the world, and Toronto-based Brookfield Asset Management and
Brookfield Properties Corp. are joining the movement--but on a far
grander scale than most. The companies have just launched a $4 billion
investor consortium that will invest in equity and debt in undervalued
real estate companies and portfolios across the globe.
Economic Update - Zillow: Residential Price Slide Slows
Aug 12, 2009
Another day, another report about the continuing decline in residential
real estate prices -- but at least one tinged with the kind of optimism
that comes when things aren't getting as bad as fast as before.
According to the real estate web site Zillow.com, which tracks home
sales prices and tries its Zillow best to estimate how much homes not
on the market would fetch, the value of U.S. homes fell 12.1 percent in
2Q09 compared with 2Q08, just before the panic set in.
Shunning Bankruptcy Rumors, Maguire Continues Disposition Program with Park Place Deal
Aug 12, 2009
General Growth Properties did it. Opus East and Opus South did it. More
than a few REITs have filed for bankruptcy due to ramifications of the
tumultuous economy and frozen credit market, but Maguire Properties
Inc. says that option is just not up for consideration. While shaking
its head at bankruptcy rumors, the financially troubled Los
Angeles-based REIT continues its non-core asset disposition program
with the completion of a deed in lieu transaction of the 1.7
million-square-foot Park Place I office property in Irvine, Calif.
With an Eye on US Distressed Market, JV Buys Half of NYC's 485 Lexington Ave
Aug 11, 2009
It is unclear if those highly anticipated, absolute rock-bottom prices
on commercial real estate in the U.S. are upon us yet, but for at least
one foreign investor, the time is just right to snag a piece of a
premier New York City office property. Mazal 485 L.L.C., a joint
venture involving Herzliya, Israel-based Optibase Ltd. and Gilmore USA
L.L.C., has committed to acquiring 49.5 percent of the
900,000-square-foot office tower at 485 Lexington Avenue in Midtown
Manhattan from a subsidiary of SL Green Realty Corp.
In Sluggish San Antonio Retail Market, 742,000SF Mall Finds a New Owner
Aug 11, 2009
With the economy languishing in a severe slump and the credit market in
a deep freeze, investment activity in San Antonio's retail
market--despite its status as one of the country's least-troubled
retail markets--is at a low point. So, given the circumstances,
Trammell Crow Co.'s recent sale of the 742,000-square-foot Crossroads
Mall marks quite a coup.
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.
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.
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.
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..
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 - 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.
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 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 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.
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.
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 - 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.
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.
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.
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.
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.
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.
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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