The Amsterdam-based company has inked a 27,110-square-foot lease in Lincoln Park. This is its first location opened in Chicago and the 14th one in North America.

Creative co-working company Spaces chose Chicago to open its 14th location in North America. The company signed a 27,110-square-foot lease agreement with Newcastle Limited, the owner of the office building at 1500 N. Halsted St. in Lincoln Park. Spaces plans to move into the new location in early 2018…

Co-Working Firm Spaces Coming to Chicago

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Stratus Development Partners LLC will begin construction on the two properties in Sonoma County and Napa Valley totaling 225 keys, next month.

Stratus Development Partners LLC is developing two Cambria Suites in California which are slated for completion in 2019. Hall Structured Finance closed two new first lien loans totaling $42 million to finance the construction of the properties in Sonoma County and Napa Valley, which is scheduled to begin next month. Scott Silver, chairman of Hospitality Funding Inc. and Silver & Associates LLC, brokered the loans. The brand debuted in California in May of this year…

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The new plans approved by the New York City Council allow the construction of modern office space, reduce challenges for redevelopments and aim at upgrading the area’s transit and pedestrian infrastructure. Still, experts say only sophisticated developers will be able to take advantage of the approved regulations.
The rezoning plan for Manhattan’s Greater East Midtown district is now in effect, after New York City Council’s unanimous approval. The regulations cover 78 blocks and are primarily focused on the renewal of the area’s office building inventory. Developers are now able to buy unused development rights from landmarks and are required to contribute to the Public Realm Improvement Fund in exchange. The contribution will be a minimum of $61.5 per-square-foot or 20 percent of the air rights’ sale price. The final version of the text was years in the making, after the Department of City Planning felt that the existing office properties (most of which are around 75 years old) wouldn’t offer the desired facilities for tenants in the long run. Former member of the City Council Ken Fisher, now partner in the real estate practice at Cozen O’Connor, explained how the new zoning plan will impact development in one of New York’s most dense business districts.
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  • Ravisankar was involved in trade that made eight-fold return
  • His firm plans concentrated investments in future leaders

Hari Ravisankar, who helped Janchor Partners make an eight-fold return on an investment in Alibaba Group Holding Ltd., is starting his own Asia-focused stock hedge fund, said people with knowledge of the matter.

His Ishana Capital, based in Hong Kong, will start trading with external money on Sept. 1, said the people, who asked not to be identified because the information hasn’t been publicly disclosed. Initial capital for the fund has been pledged by institutions including HS Group, a Hong Kong-based strategic investor in hedge funds, the people said…

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IRA Capital LLC sold three Class A properties totaling 137,686 square feet in Dallas–Fort Worth and Austin, Texas. The assets are fully leased to long-term tenants.

IRA Capital LLC disposed of a three-property medical office portfolio in Dallas–Fort Worth and Austin, Texas. HFF marketed Class A portfolio, which totals 137,686 square feet, on behalf of IRA. The company also procured the buyer, a publicly traded health care REIT…

HFF Closes MOB Portfolio Sale

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  • S&P 500 has second worst day of year as Trump hits GOP leaders
  • Terrorist attack in Barcelona adds to unease in global markets

A sense of growing unease gripped financial markets as President Donald Trump exacerbated the controversy sparked by a racist rally in Virginia and terrorists struck a crowded street in Barcelona.

U.S. stocks retreated, with the S&P 500 Index posting its second biggest one-day decline of the year, and a measure of market volatility spiked higher. Treasuries rose with the yen as investors sought havens. Gold jumped…

Markets Roiled on Trump Stance Tensions: Markets Wrap

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Dubbed Ridge Brewster Creek II, the project is slotted for completion by December 2017. Newmark Knight Frank will handle leasing for the development.

Ridge, Transwestern’s industrial development arm, broke ground on its newest facility at Brewster Creek Business Park, a 468-acre, master-planned industrial development in Bartlett, Ill.

Dubbed Ridge Brewster Creek II, the 186,000-square-foot building is slotted for completion by December 2017. Located at 1331-1337 Schiferl Road, the project will include 32-foot clear ceiling heights, an ESFR sprinkler system, two drive-in doors, 50-by-50-foot column spacing, 35 dock doors and 224 parking spaces. The park is located at the intersection of Stearns and Munger Road, within close proximity of Route 59, Interstate 90 and O’Hare International Airport via the planned I-390 expressway…

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  • Ohio city overtakes Las Vegas for top spot in survey
  • Ranking is for homes with loans 25% or more higher than value

The Las Vegas metropolitan area, which led the nation with the biggest share of seriously underwater homes after the housing crash, has been overtaken by Cleveland.

The share of homeowners in the Nevada city whose loans are higher than the property’s market value by 25 percent or more fell to 20 percent in the second quarter from 55 percent four years earlier, according to figures released Thursday by ATTOM Data Solutions. Cleveland’s share was 22 percent, down from 39 percent in the second quarter of 2013, when the research company began tracking the data…

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  • Federal filings show more violations than other big pipelines
  • Project will transport natural gas from Marcellus shale

In the energy business, it’s one of the biggest projects going today: construction of a 710-mile pipeline to transport natural gas from America’s most prolific shale deposit in the eastern U.S. to consumers in the Midwest and Canada. Even Blackstone Group LP has agreed to take a sizable stake.

But it holds another, more dubious, distinction. The Energy Transfer Partners LP pipeline has racked up more environmental violations than other major interstate natural gas pipelines built in the last two years, according to a Bloomberg analysis of regulatory filings during that period. And that’s all since U.S. regulators approved the $4.2 billion project in February…

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Giralda Place is a recently topped off mixed-use development located in Coral Gables, Fla., comprising ground-floor retail, Class A office space and 33 luxury residences.

Co-developers Heidi Eckes-Chantré, Kim Tabet and Christopher Brown selected CBRE to handle the retail leasing for their forthcoming mixed-use project, Giralda Place. The nine-story property is located in Downtown Coral Gables, Fla., and is set for completion in early 2018.

The development is located at 2222 Ponce De Leon Blvd. and stretches throughout an entire city block. It will include 13,395 square feet of ground floor retail, 101,300 square feet of Class A office space, three luxury penthouses, one-, two-, three- bedroom suites and two-story town homes…

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  • Kim Jong Un has ratched strategic tension to a new level
  • Home prices in Seoul present a big home-grown problem

Decades of provocations from the regime in Pyongyang have conditioned South Koreans — including economic forecasters — to shrug off talk of war and carry on business as usual. Many have also grown accustomed to a housing market that just keeps rising…

Twin Threats to South Korean Growth: Missiles and Property Rules

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A mansion in Los Angeles wouldn’t sell. But what if it cost $8 million more?
In early 2008, Albert Elkouby bought a 1.54-acre piece of land on the corner of a main thoroughfare in Beverly Hills for $18 million and set about erecting a 28,000 square-foot “French chateau-inspired” house. Four years later, in 2012, Elkouby, who owns JH Design, an apparel company that makes branded jackets for the NFL, NBA, and Nascar, put the shell of the home on the market for $29.9 million
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The six-story tower will sprout up at Lake Nona Town Center within the Lake Nona master-planned community, bringing the developer’s local pipeline to more than 1 million square feet.

Tavistock Development Co. keeps busy in its hometown of Orlando, Fla., with the announcement of a new project at the Lake Nona Town Center mixed-use development within the company’s 17-square-mile Lake Nona master-planned community. The diversified real estate firm will erect a speculative office tower at the 100-acre town center, adding 155,000 square feet of space to a hungry office market.

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  • Biggest private equity manager bets on energy infrastructure
  • Deal follows firm’s credit, secondary additions in past decade

Blackstone Group LP will add $10 billion in assets by buying energy investor Harvest Fund Advisors, betting that demand for pipelines and facilities will continue to rise despite sluggish energy prices.

Blackstone is acquiring the Wayne, Pennsylvania-based firm for an undisclosed amount of cash and future incentive payouts, Blackstone partner Dwight Scott said in a phone interview Thursday. Harvest’s 18-person team will remain at their headquarters and continue to be led by Eric Conklin, who will report through Blackstone’s credit unit…

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  • America’s oldest mutual fund stands its ground in indexing age
  • ‘You don’t want to screw up anything that was the first’

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Kevin Beatty can take the long view on investing. Ninety-three-years-long, to be exact.

From his perch in Boston, Beatty co-manages the oldest mutual fund in America, if not the world. Opened in the Roaring Twenties, when Calvin Coolidge was president, the Massachusetts Investors Trust has weathered 16 recessions, roughly 20 bear markets and worse…

Why This Fund’s 256,766% Return Still Doesn’t Beat the Market

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The editorial board of The Wall Street Journal has asserted that bankers and traders didn’t go to jail for their bad behavior in the years leading up to the financial crisis “because they haven’t committed any crimes.”

“Politicians and journalists have made careers of lamenting that too few bankers have been convicted of crimes,” the editorial writers said. “They overlook that, at least in America, to prove a crime you have to have enough evidence and that a mistake is not necessarily criminal.”…

The Whale That Should Not Have Gotten Away

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LONDON — Akzo Nobel, the Dutch paint and chemicals company, said on Wednesday that it had reached a truce with Elliott Management, ending a dispute that had been the latest example of an activist investor looking to reshape a major business.

The dispute had centered on repeated efforts by PPG Industries, an American rival, to take over Akzo Nobel, which counts Dulux paint among its brands. Akzo Nobel rebuffed the approaches, and PPG abandoned its pursuit in June…

Akzo Nobel Ends Feud With Elliott Management

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On Tuesday, Indra Nooyi, the chief executive of PepsiCo, joined a call with other prominent corporate chieftains who — like her — had agreed to advise President Trump.

A rebellion was brewing.

Along with other business leaders, Ms. Nooyi had watched with bafflement over the weekend as Mr. Trump blamed “many sides” for an outburst of white supremacist violence in Charlottesville, Va…

After Trump Hedges His Condemnation of Hate, C.E.O.s Organize a Mass Defection

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Advanced Drainage Systems, a provider of water management products, opened its 62nd facility. The Harrisonville, Mo., plant has 72,650 square feet and approximately 50 employees.

Advanced Drainage Systems Inc., (ADS) a manufacturer of water management products and solutions for commercial, residential, infrastructure and agricultural applications, hosted a grand opening event for its new Harrisonville, Mo., manufacturing plant. The 72,650-square-foot facility hired 50 people.

Located approximately 40 miles south of Kansas City, Mo., the 35-acre facility produces a wide range of ADS products, including ADS N-12 high-density polyethylene pipe and the company’s line of HP polypropylene pipe…

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  • Akamatsu Fund is on track to post highest return since 2013
  • Small-cap stocks boosted returns at some Japan hedge funds

Akamatsu Fund, a $60 million Japan-focused hedge fund, is on track for its best returns in four years as bets on small-cap manufacturing stocks started to bear fruit.

The long-short fund rose 2.2 percent in July, bringing its returns for the first seven months of the year to 12 percent, according to the fund’s monthly report to investors. The fund, which invests in stocks excluding Japan’s biggest 250 companies, rose as picks including Wavelock Holdings Co., a plastic manufacturer, and condom maker Sagami Rubber Industries Co. helped lift returns…

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The U.S. showcased its booming 20th century economy by defying gravity, creating concrete and steel giants known as skyscrapers.

Skyscrapers are a dominating presence on the skylines of many U.S. cities, having become a century-old staple of Americana. Although most cities boast at least one of these steel superstructures, New York City and Chicago are home to the country’s most representative commercial buildings, an enduring mark of their once-fiery architectural fight.

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The company has teamed up with SCS Development for the creation of At Dublin, a sprawling retail hub anchored by entertainment offerings and a food marketplace.

Shea Properties will soon have its hands full in Dublin, Calif. Dublin Land Co. has chosen to sell 76 acres of land to the diversified real estate company and SCS Development Co. for the creation of At Dublin, a sprawling mixed-use project for which Shea will spearhead the entitlement process and building activity.

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Austin, Dallas, and Houston are on pace to issue more than 10 percent of permits for new homes in 2017.

In the market for a new home? You’ll fare better if you’re house-hunting in Texas.

Dallas, Houston, and Austin are on pace to build a total of nearly 130,000 new homes in 2017, based on a Trulia analysis of building permits. That’s more than 10 percent of all new construction expected in the U.S. this year, and enough to put all three metropolitan areas in the top five for permitting activity. New York and Phoenix round out the group.

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Reps. Robert Pittenger (R-N.C.) and David Scott (D-Ga.) introduced the H.R. 2148 bill in hopes of clarifying capital requirements for HVCRE loans. But when and if the bill will be passed in its current form is still unknown.

Reps. Robert Pittenger (R-N.C.) and David Scott (D-Ga.) recently introduced H.R. 2148 in an attempt to clarify what qualifies as a high volatility commercial real estate (HVCRE) loan and what doesn’t. The bipartisan bill, titled Clarifying High Volatility Commercial Real Estate Loans, has since been co-sponsored by Republican representatives for North Carolina, Ohio, Florida, Kentucky, Missouri and Colorado. On July 12, a subcommittee of the House Financial Services Committee held hearings to examine nine pieces of legislation that would provide regulatory relief for community financial institutions, including H.R. 2148.

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The in-person shopping experience can thrive in revitalized core districts, representing a potential goldmine for small business tenants with strong customer relationships.

While media analysts wring their hands over the impending death of brick-and-mortar retail stores, maverick investors are seizing the opportunity to reinvigorate the downtown shopping experience. This long-range strategy includes aggressively expanding real estate portfolios in carefully targeted markets to create attractive destination neighborhoods filled with successful local businesses.

Of course, the retail paradigm is shifting, but people will still leave their computers at home for a positive experience in their communities. The goal of downtown property owners should be the creation of an exciting neighborhood atmosphere that draws people out…

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  • Malaysian tech stocks help Lim Tze Cheng trounce his peers
  • Inter-Pacific CEO donates half his salary to charity

Lim Tze Cheng says all you have to do is ignore the noise.

Choose a handful of stocks you know are set to boost profit and hold out until they rise. If you get the first part right, and can resist the temptation to react to daily events or try to time the market, the rest of the job should, essentially, be dull.

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The properties in Corona and Ontario, Calif., changed hands for a total consideration of $13.1 million. Vacancies in small-size warehouse properties are below the region’s average.

Daum Commercial Real Estate Services brokered two industrial acquisitions in the Inland Empire for more than $13.1 million. The properties in Corona and Ontario, Calif., total 112,671 square feet.

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U.S. housing starts stumbled in July on an abrupt slowdown in apartment construction and a modest decline in single-family homebuilding that shows the industry will do little to spur the economy, Commerce Department data showed Wednesday.

HIGHLIGHTS FROM HOUSING STARTS (JULY)

  • Residential starts decreased 4.8% to a 1.16 mln annualized rate (est. 1.22 mln)
  • Multifamily home starts slumped 15.3%, one-family down 0.5%
  • Permits, a proxy for future construction, fell 4.1% to 1.22 mln rate
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  • Goldman has bet on 15 fintech ventures this year, report shows
  • JPMorgan ranks second among banks with nine investments

A new type of hedging is sweeping Wall Street this year.

Goldman Sachs Group Inc. and JPMorgan Chase & Co. are leading big banks in plowing record funds into outside ventures trying to disrupt their industry, a role typically dominated by venture capital firms, according to a report from Opimas, a management consultancy…

Goldman Tops Banks Betting on a New Type of Hedging

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The company entered into an agreement with Northmarq to acquire its partner firms in Minneapolis, Seattle, Salt Lake City and Las Vegas. In total, the firms will have 750 employees and manage 50 million square feet of space.

Cushman & Wakefield have entered into an agreement with NorthMarq Cos. to acquire Cushman & Wakefield NorthMarq in Minnesota and Cushman & Wakefield Commerce operations in Nevada, Utah and Washington.

“This is far more than an acquisition — this is the formal merging of a trusted partner in our company,” said Tod Lickerman, chief executive, Americas at Cushman & Wakefield, in prepared remarks…

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Cracks are appearing in India’s bull market, which has handed equity investors total returns of 19 percent this year, as the new sales tax bites into corporate earnings forecasts. Profit expectations for companies have been cut about 10 percent since the start of April, just as analysts increase their optimism for firms across the Asia Pacific region. Bulls are hoping the effects of the tax on Indian goods and services introduced last month will be temporary, while the bears are declaring that earnings don’t justifythe 21 percent run up in stock prices since the start of 2016…

Profit Worries Show Peril Embedded in Indian Equity Surge: Chart

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Private equity firms are continuing to diversify away from, well, private equity.

On Wednesday, Bloomberg News reported that Advent International is planning a move into debt investing and is in the early stages of forming a team to then raise a dedicated fund. The news comes just weeks after tech-focused buyout specialist Thoma Bravo confirmed in a filing that said it’s seeking to raise $750 million for its first fund dedicated to credit investing, joining others in the industry that already have thriving debt businesses…

Private Equity Follows the Money

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Rents are escalating due to steady employment gains and net in-migration, driven by activity associated with Ohio State. Average rent reached $876, well below the national figure of $1,316.

The multifamily market is expanding in Columbus, which has been an economic standout in Ohio and the Midwest. The metro’s tight labor market is lifting average wages, attracting more residents and bolstering demand for apartments.

Government, energy, education and health services led job gains over the past year and contributed to wage growth in high-paying sectors. In addition to being the state capital of Ohio and home to The Ohio State University, Columbus is a corporate hub with national and regional headquarters of several major financial and consumer products companies…

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There is an adage that “it’s better to ask forgiveness than it is to get permission.” In the world of corporate misconduct, it seems that there is even less need to beg forgiveness these days as the government scales back how much it will police companies that appear to have violated the law.

There may be no better recent example of how a corporate culture devolved into an almost preternatural focus on expanding the bottom line at the expense of customers and the law than Wells Fargo. [Full disclosure: My home mortgage is with the bank.]…

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Take the money and run is the new Uber benchmark.

The ride-hailing company, valued at nearly $70 billion in its most recent funding round, is facing multiple controversies, managerial turmoil and huge losses. The early investor Benchmark may be loath to give in to demands to sell its 13 percent stake. But it would help restore some stability and let the venture capital firm rake in billions of dollars.

Benchmark, which led Uber’s Series A funding round in early 2011, has injected nearly $30 million into the company, according to fellow shareholders. Now, though, it has turned to the courts to try to stop Uber’s co-founder and former chief executive, Travis Kalanick, from participating in board business…

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One June evening last year, some of New York’s most prominent Indian-Americans gathered at a gated house in Rye, N.Y.

A few dozen Indian-American businessmen and their bejeweled wives, some decked out in colorful salwar kameezes, had arrived at the home of Ajit Jain, a top executive at Warren E. Buffett’s Berkshire Hathaway, say people who were invited to the dinner. They were there to welcome back an old friend, Rajat K. Gupta.

Only two months before, Mr. Gupta had finished a two-year prison sentence for divulging corporate secrets to Raj Rajaratnam, the hedge fund titan now serving the longest sentence ever for insider trading…

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Oscar Insurance Corp., the health-insurance startup focused on selling Obamacare plans, posted a smaller first-half loss than a year earlier, according to state regulatory filings.

Oscar, whose co-founders include Joshua Kushner and Mario Schlosser, lost $57.6 million in the first half of the year in Texas, New York and California. That’s down from $83 million a year earlier. In Texas and California, the company brought in more in premiums than it spent on care, though in New York its health costs still exceeded premiums…

Obamacare Startup Oscar Posts $57.6 Million First-Half Loss

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After a turbulent and scandal-filled year at Wells Fargo, the bank’s chairman is headed for the exit.

Stephen W. Sanger, 71, will retire at the end of the year and will be succeeded by Elizabeth A. Duke, 65, a former Federal Reserve Board governor. Ms. Duke joined the Wells Fargo board in 2015 and became its vice chairwoman last year. She was the board’s unanimous choice to take over, Mr. Sanger said on Tuesday in a statement announcing the changes.

Mr. Sanger will leave the board in December, with two other directors, Cynthia H. Milligan and Susan G. Swenson, who both joined the board in the 1990s. Juan A. Pujadas, a retired PricewaterhouseCoopers executive, will join the board next month…

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Praelium Commercial Real Estate and South Street Partners needed the financing in order to acquire Newmarket Business Park, a 471,486-square-foot office property in Marietta, Ga.

Walker & Dunlop closed $59 million in bridge and equity financing on behalf of Praelium Commercial Real Estate and South Street Partners for the acquisition of Newmarket Business Park in Marietta, Ga.

The debt was placed by a debt fund and arranged as a floating rate bridge loan with full-term interest-only payments. A hedge fund invested the equity.

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  • Sales in biggest city still falling after government measures
  • But economists see evidence the worst declines may be over

Canada’s benchmark home price fell by the most in nearly a decade last month as Toronto led a fourth straight decline in sales.

The nationwide benchmark home price declined 1.5 percent to C$607,100 ($476,000) from June, the Canadian Real Estate Association said Tuesday, the largest drop since the previous recession. In Toronto, the country’s largest city, the price fell 4.7 percent on the month.

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The billionaire Beny Steinmetz was detained by the Israeli police on Monday morning for questioning in connection with an investigation into money laundering, obstruction of justice and bribery, officials said.

Mr. Steinmetz, an Israeli diamonds, mining and real estate magnate, is already under scrutiny by law enforcement authorities in four other countries, including the United States. Federal prosecutors in the United States are investigating whether representatives of his firm bribed government officials in Guinea to secure a multibillion-dollar mining deal. In Switzerland and Guinea, prosecutors have conducted similar inquiries. He was previously detained and questioned in Israel in December…

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  • Investments in the two FAANG firms declined in second quarter
  • Investors pushing up Blue Apron shares should look at Snap

Hedge funds have adored the FAANGs for so long it’s no wonder that two of them — Apple Inc. and Facebook Inc. — are losing their appeal.

Ken Griffin’s Citadel sold 3.4 million shares of Apple, the majority of its stake. And Viking Global Investors, led by Andreas Halvorsen, shed 9.6 million shares of Facebook, or most of its holding. These are just two tidbits from the fire-hose of data hedge fund managers disclosed Monday in 13F filings, due 45 days after the end of each quarter…

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The 91-key hotel is located in close proximity to NASA Johnson Space Center, Challenger Seven Memorial Park and Galveston Island.

Home2 Suites by Hilton announced its newest property, Home2 Suites by Hilton Houston Webster. The 91-key hotel is located at 600 West Texas Ave., halfway between the Houston and Galveston, Texas, metro areas.

LH Webster LLC owns the new hotel, and Lodgic Hospitality LLC manages it. Amenities include fully equipped kitchens and modular furniture, complimentary internet and communal spaces, as well as trademark Home2 Suites amenities such as Spin2 Cycle, a combined laundry and fitness area, Home2 MKT for grab-and-go items and the communal breakfast buffet—the Inspired Table. In addition, the pet-friendly hotel offers an outdoor saline pool, outdoor grills and fire pit…

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SOPHY will be located in Hyde Park and will operate under The Olympia Cos. The hotel is expected to offer 98 rooms, a bar, a restaurant and a fitness center.

The Olympia Cos. and SMART Hotels are preparing to deliver their second hotel in Chicago’s Hyde Park, after Hyatt Place Chicago-South/University Medical Center. SOPHY, which is slated for completion in the summer of 2018, is designed as a four-diamond luxury property and expected to receive LEED certification upon delivery.

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The loan package covers 13 properties in Miami and Fort Lauderdale. Strong fundamentals make South Florida attractive to lenders.

Walker & Dunlop Inc. recently closed a $96 million loan package for a 1.6 million-square-foot industrial portfolio in Florida, and did so in a flash—just 45 days, to be precise. The firm orchestrated the financing for the assets, located in Miami and Fort Lauderdale, through one of its life company correspondents.

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Sentiment among American homebuilders unexpectedly increased to a three-month high as builders saw greater prospects for industry demand despite elevated material costs and shortages of labor and lots, according to data Tuesday from the National Association of Home Builders/Wells Fargo.

HIGHLIGHTS OF HOMEBUILDER SENTIMENT (AUGUST)

  • Builders’ Housing Market Index increased to 68 (est. 64) from 64 in July
  • Measure of six-month sales outlook rose to 78 from 73
  • Index of current sales climbed to 74 after 70
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SAN FRANCISCO — Uber’s board has voted to move forward on proposals by two investment groups to buy shares in the ride-hailing service and is considering a third offer, with any final decision set to affect who gains the upper hand at the company.

Over the last week, the privately held company’s board voted to take the next step on investment interest from SoftBank, the Japanese conglomerate. It is still considering an offer from a consortium led by Shervin Pishevar, an early investor in the company, to buy Uber shares from an existing investor. The board also earlier voted to go forward with a proposal from a coalition led by the Dragoneer Investment Group to buy stock from Uber’s existing shareholders…

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A Korean investment firm purchased the retail asset for $42.3 million. Salem is pursuing entitlements to redevelop the adjacent site to the store into a hotel/condominium project.

Salem Partners sold its flagship Walgreens in Honolulu to a Korean investment firm for $42.3 million. This sale marks one of the highest prices for a store in Walgreens history.

The company is pursuing entitlements to redevelop the adjacent site to the store, located at 1500 Kapiolani Blvd. Walgreens will continue to occupy the 36,058-square-foot space under a long-term lease…

Salem Sells Flagship Walgreens in Hawaii

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The acquisition was financed with more than $100 million in cash and $339 million in loans. The complex consists of planned research-and-development and office space spread across four buildings.

An investor group led by Five Point Holdings, LLC has acquired Broadcom Limited’s 73-acre corporate campus in Irvine, Calif., for $443 million and renamed the property Five Point Gateway.

The Orange County campus consists of nearly one million square feet of planned research and development and office space across four buildings. Broadcom will remain the property’s largest tenant, leasing approximately 660,000 square feet of R&D space pursuant to a 20-year lease…

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The last time Macy’s increased its sales, Donald J. Trump had not started running for president and the Chicago Cubs still had not won a World Series in more than a century.

For more than two years — 10 consecutive quarters, to be exact — that storied retailer has reported declining sales.

Traditional department stores like Macy’s have been trying to reinvent themselves, shedding stores and expanding their e-commerce operations to try to compete with Amazon and other online retailers. But this week, Wall Street’s patience with such turnaround efforts wore thin, amid a string of unsettling earning reports by brick-and-mortar retailers…

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The buyer already owns more than 3 million square feet of space located across the state of Maryland, with some 825,000 square feet concentrated within the Towson/Timonium submarket of Baltimore County.

Baltimore-based Merritt Properties has expanded its footprint in the Northeast with the recent acquisition of a five-story office building located in Baltimore’s Towson area. The company purchased the 121,414-square-foot property at 100 West Road from TA Associates Realty of Boston for an undisclosed price.

“Towson is a major employment center and a hub of a variety of businesses and corporate headquarters,” said Scott Dorsey, CEO of Merritt Cos., in prepared remarks. “In addition to representing a stable market, the area is growing rapidly as evidenced by many recent developments.”

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In a new joint venture, the partners will co-develop The Boro, a trophy office building at Meridian’s $825 million mixed-use project in Tysons, Va.

The Meridian Group, developer of the $825 million The Boro mixed-use project in Tysons, Va., has brought aboard a new partner on a portion of the development. Meridian selected Rockefeller Group to co-develop Boro Tower, a 437,000-square-foot trophy office building, in a 50/50 joint venture.

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Fenway Properties bagged $16.3 million for Wateridge Pavilion. Premier Realty Holdings Inc. plans to occupy space at the 62,427-square-foot purchased asset.

Premier Realty Holdings Inc. acquired Wateridge Pavilion, a 62,427-square-foot office building in the Sorrento Mesa submarket of San Diego, for $16.3 million. The buyer plans to occupy space at the property. Fenway Properties sold the three-story asset, which was 97 percent leased at the time of the transaction.

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  • China home sales rose at slowest pace in more than two years
  • Cooling housing market dents demand from cement to furniture

China’s economy hit a mid-year speed bump last month as factory output, investment and consumption slowed.

While there were multiple reasons — from a deleveraging push to capacity cuts to the simple fact that the heady pace of first-half expansion was always likely to prove unsustainable — one key cause of the weakness was a pullback in property…

China’s Property Slowdown Means Peak of Growth Cycle Has Passed

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Categories : Real Estate
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The 252-key property owned and operated by Pacific Hospitality Group remained operational through the 75-day renovation. Kay Lang + Associates developed the project scope.

Level 3 Construction completed the renovation of DoubleTree by Hilton Irvine-Spectrum, a 252-key property owned and operated by Pacific Hospitality Group. The hotel remained operational through the 75-day renovation.

Located at 90 Pacifica in Irvine, Calif., the asset has easy access to interstates 5 and 405 and Route 133. The property is one mile from Irvine Spectrum Center. Property amenities include a swimming pool, fitness room and business center…

Level 3 Takes DoubleTree Irvine-Spectrum to Another Level

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Separate affiliates of Amsdell Group LLC and Compass Self Storage LLC purchased a 70,000-square-foot self-storage facility in Whitsett, N.C. This is Compass’ fourth property in the state.

Compass Self Storage, a member of the Amsdell family of companies, expanded its footprint with a self-storage center in Whitsett, N.C. This is the company’s tenth acquisition in 2017, which brings the number of its North Carolina properties to four. The new owner plans to expand and upgrade the facility.

The asset is located at 6605 Burlington Road and offers drive up and climate controlled units totaling 70,000 square feet of rentable space. Compass plans to make several improvements to the facility, including state-of-the-art security and surveillance systems and individual digital customer access control…

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  • Household formation lagged home construction, census data show
  • City has seen one of biggest drops in share of young families

When it comes to Toronto’s runaway housing prices, the most important question remains the extent to which speculation is driving demand.

Ideally, fundamentals such as demographics and employment are at play, and the price gains reflect natural household growth getting ahead of supply. If that’s true, the market should eventually stabilize once new supply kicks in.

A situation where speculators are bidding up prices would be much more problematic…

Toronto Has More Housing Than You Thought

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Phase I of Dania Pointe will feature 300,000 square feet, which is already 80 percent pre-leased to a variety of brands. The development is located 10 minutes from the Fort Lauderdale-Hollywood International Airport and Port Everglades.

Kimco Realty Corp. broke ground on the Phase I retail portion of its Dania Pointe development in Southern Broward County, Fla.

Slated to open for the 2018 holiday season, Phase I will feature 300,000 square feet and is currently 80 percent pre-leased to a variety of brands, including Ulta Beauty, Hobby Lobby, TJ Maxx, BrandsMart and several restaurants…

Kimco Breaks Ground on 1 MSF Retail Project

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The sale is expected to close in the fourth quarter of 2017. Though barely in the top 10 tallest buildings in Brooklyn, 16 Court St. is reportedly the borough’s tallest commercial office property.

CIM Group has agreed to purchase, for a gross sale price of $171.0 million, the 317,600-square-foot vintage Class A office building at 16 Court St. in Brooklyn. SL Green Realty Corp. was the seller.

SL Green had acquired the 36-story building in 2007 for $107.5 million through a joint venture with Joseph P. Day Realty—according to information provided by Yardi Matrix—and in 2013 took full ownership.

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  • Iron ore, zinc may be close to peak: Academia’s Szpakowski
  • Some China leveraged commodities set to ‘unwind’ next 6 months

The bubble may be about to burst for commodities pumped up by China’s efforts to reform its steel industry, presenting a compelling opportunity for investors to sell, according to hedge fund Academia Capital.

While speculative buying has boosted raw materials from iron ore to zinc, those gains may reverse as growth slows into 2018, according to Ivan Szpakowski, chief investment officer at the hedge fund. Szpakowski predicted oil would be the “trade of the year” in January 2016, just before Brent prices slumped to a 12-year low and then doubled to end the year near $57 a barrel…

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Categories : Hedge Funds
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