CreditHarry Campbell

Arconic, the aerospace and automotive parts manufacturer formerly known as Alcoa, is brawling with Paul Singer’s hedge fund, the activist Elliott Management, which owns 13 percent of Arconic.

It’s a battle that shows not just how hard activism is becoming, but how difficult it is for the average person to know exactly what is going on.

The old Alcoa split last year, spinning off its aluminum production business into a new company with the old name of Alcoa. The parent company became Arconic, one of those corporate-speak names, probably meant to invoke an Epcot-like future in some marketing manager’s mind…

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WatchGuard Video will also design, engineer and manufacture body cameras and in-car video systems at its new corporate campus in Allen, Texas.

Allen, Texas—WatchGuard Video, the company that serves a third of the law enforcement agencies across the U.S. and Canada, recently started construction on a $47 million corporate headquarters in Allen, a suburb 24 miles north of Dallas. GFF Architects designed the company’s new office and manufacturing facility, while Adolfson & Peterson has been tapped as the general contractor for the first phase of the project…

Tech Leader Breaks Ground on $47M HQ

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Home prices in 20 U.S. cities rose in the 12 months through December at the fastest pace in almost a year, while nationwide the gain in values was the biggest since 2014, according to S&P CoreLogic Case-Shiller data reported Tuesday.

Key Points

  • 20-city property values index advanced 5.6 percent from December 2015 (forecast was 5.4 percent) after climbing 5.2 percent in the year through November
  • National home-price gauge climbed 5.8 percent in the 12 months through December, the most since June 2014
  • The seasonally adjusted 20-city measure rose 0.9 percent from a month earlier (forecast was 0.7 percent)…
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Even hedge fund royalty isn’t immune to weak performance.

Paul Tudor Jones’s $10 billion firm, Tudor Investment Corporation, is cutting fees to 1.75 percent of assets and 20 percent of gains, according to The Wall Street Journal. That is a bit less than the archetypal “2 and 20” — fees of 2 percent of assets under management and 20 percent of a fund’s annual gain — but it is still above the industry average…

Even Hedge Fund Royalty Comes Under Pressure Over Fees

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The new platform will originate senior mortgages, mezzanine loans and preferred equity on a fixed-rate and floating-rate basis.

Austin, Texas—World Class Capital Group has launched World Class Mortgage Capital, the firm’s commercial mortgage lending business.

“Given the changing regulatory environment, large banks continue to deleverage and reduce commercial real estate risk, creating a need for alternative lending solutions,” Sheena Paul, World Class Capital Group’s chief operating officer, told Commercial Property Executive. “This is the driving force behind the launch of World Class Mortgage Capital.”

World Class Mortgage Capital will originate senior mortgages, mezzanine loans and preferred equity on a fixed-rate and floating-rate basis…

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  • JM Financial’s Kampani sees strategic, private equity interest
  • Cites bankruptcy code, foreign control of asset overhaul firms

Indian stressed-asset deals will increase this year as bad loans rise and reforms pushed by Prime Minister Narendra Modi’s government start to bear fruit, according to the nation’s top investment banker.

Interest will come from both strategic buyers and private equity firms, said Vishal Kampani, managing director of JM Financial Ltd., the former joint venture partner of Morgan Stanley in India. JM Financial was the No. 1 adviser on Indian mergers and acquisitions in each of the past two years, working on $51.6 billion of deals over the period, data compiled by Bloomberg show…

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The national rail operator has signed an 11-year lease at the National Guard Memorial building.

Washington—Savills Studley has recently arranged an 11-year, 85,000 square-foot lease with national rail operator Amtrak for its U.S. headquarters at 1 Massachusetts Ave. NW, also known as the National Guard Memorial building.

Savills Studley’s executive vice presidents Bill Quinby, Tim Foley, David Cornbrooks and Project Management Director David Simmons represented Amtrak in the lease transaction. OPX provided workplace strategy services and is the designer/architect of record for Amtrak’s premises. Bert Donohoe at Donohoe Real Estate Services represented the landlord, the National Guard Association of the United States…

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HFF worked on both sides of the deal, representing the seller, Beacon Capital Partners, and securing $175 million in acquisition financing for the buyer.

Washington, D.C.—No stranger to multitasking, HFF recently played dual roles in the change of ownership of the 764,000-square-foot Tysons Metro Center office complex in Tysons, Va., just outside Washington, D.C.  Acting on behalf of Beacon Capital Partners, HFF sold the four-building, Class A property to Meridian Group for $227 million, and the commercial real estate and capital markets services provider also orchestrated $175 million in acquisition financing for the buyer…

Meridian Nabs $227M Suburban DC Office Campus

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  • oldings in emerging markets rose to $92 billion in 2016
  • Fund now invested in 77 countries, added Argentina last year

Norway’s sovereign wealth fund, the world’s biggest, gained 447 billion kroner ($53 billion) last year after stocks rallied following the election of Donald Trump and as the investor plowed deeper into emerging and frontier markets.

The $900 billion Government Pension Fund Global returned 6.9 percent in 2016, after rising 2.7 percent the previous year, the Oslo-based investor said on Tuesday. Stocks gained 8.7 percent, bonds rose 4.3 percent, and real estate investment grew 0.8 percent…

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The international real estate company has announced the opening of four new locations in Louisiana.

New Orleans—Less than two months after opening their second location in New Orleans, Engel & Völkers has announced that the company is expanding its gulf presence with its newest shops in Slidell, La., Mandeville, La., Framklinton, La., and Chalmette, La.

The expansion comes as a result of the partnership the company has with ABEK Real Estate, a local real estate firm serving the entire New Orleans area…

Engel & Völkers Grows Gulf Presence

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The new company will become the largest shopping center REIT in the U.S.
Hap Stein, Chairman & CEO of Regency Centers
Hap Stein, Chairman & CEO of Regency Centers

Jacksonville, Fla. & New York—Get the party balloons ready, because the largest U.S. shopping center REIT by equity value is almost here. At a special meeting on Friday, Regency Centers Corp. stockholders approved the company’s merger with Equity One, Regency has announced.

As previously reported, the post-merger company, which will retain the Regency name and its NYSE symbol (REG), will have an equity value of $15.6 billion. The merger is expected to close Wednesday.

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  • CEO says will continue to be a long-term investor in Europe
  • Fund rallied 6.9% in 2016 after Trump-fueled stock gains

Bothered about Brexit? Fretting over Frexit? Don’t worry.

Norway’s $900 billion wealth fund, which owns 1.3 percent of global stocks, says politics in only two countries constitute a global financial risk: China and the U.S.

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The new tenants are popular food franchises—Salada, Super Yummy Mongolian Stir-Fry and Sushi, and Bambu.
Cinco Ranch Aerial View, Katy, Texas
Cinco Ranch Aerial View, Katy, Texas

Houston—Thor Equities announced the expansion of The Shoppes at Cinco Ranch’s tenant roster. Three restaurants have leased 7,150 square feet of space in the new 35-acre retail development at 9423 Spring Green Blvd. in Katy, Texas.

Salad bar restaurant Salada signed a long-term lease for 3,000 square feet, while Super Yummy Mongolian Stir-Fry and Sushi took on 2,610 square feet. Bambu, serving Vietnamese chè, coffee, tea and smoothies, opted for 1,540 square feet…

Thor Equities Signs Three New Tenants at The Shoppes at Cinco Ranch

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David Whitehouse has two business cards: one for his office in London’s Shard skyscraper, the other for a rundown building in Manchester.

Most days, the Duff & Phelps Corp. restructuring specialist works up north in Manchester, a city better known as the 19th-century heart of Britain’s industrial revolution than as a financial center. A couple of days each week, he catches the 6:59 a.m. train to the nation’s capital, just two hours away…

U.K. Finance Jobs at Risk From Brexit Aren’t Confined to London

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  • No. 1 Jason Mudrick sees opportunity in commodity-related debt
  • Michael Hintze, No. 4, likes asset-backed notes as rates rise

A global depression caused by a trade war. An overhaul of health care. Rising inflation and deregulation.

To find out what hedge fund managers are looking out for in 2017, we asked several who topped Bloomberg’s 2016 global ranking of the 50 best-performing hedge funds with more than $1 billion in assets. After riding a jump in equities, oil and high-yield debt in the past year, some of the managers see more opportunity in commodities, energy and corporate debt…

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President Trump’s nominee for secretary of the Navy withdrew from consideration on Sunday, saying that meeting the government’s ethics guidelines would require too great a financial sacrifice.

The nominee, Philip Bilden, a former military intelligence officer who ran the Hong Kong branch of a private equity firm, said in a statement that he had informed Defense Secretary Jim Mattis that he did not want to continue to seek confirmation a month after he had been named for the post…

Philip Bilden, Nominee for Secretary of the Navy, Withdraws

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The 105-acre live-work-play development will bring retail, office, hotel and residential space.

Jacksonville, Fla.—Hines has broken ground on Southside Quarter, located at the intersection of I-295 and J.T. Butler Boulevard in Jacksonville.

The 105-acre, mixed-use development will offer retail, office, and residential space, as well as a hotel, to create a live, work, play environment. Office sites in the first phase include up to two 125,000-square-foot buildings, offering lake views, ample parking and walkability to future residential and retail components…

Hines Breaks Ground on Mixed-Use Community in Jacksonville

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  • Small businesses are getting a shrinking share of lending pie
  • From QE to compliance, post-crisis policy has favored bigness

If some American banks are too big to fail, others have begun to feel they’re too small to succeed.

Just ask Joey Root, the president of First Liberty Bank in Oklahoma City with $310 million in assets. Root says small banks like his are being squeezed hard these days, even as the likes of JPMorgan Chase & Co. prosper. Small borrowers are losing out to big ones, too.

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The Chinese-owned brokerage firm CLSA Americas unexpectedly shut down its stock research unit and related functions on Monday, sending some employees and analysts scrambling to pack their things.

CLSA’s cut in functions affects 90 people, more than half of them research analysts like Michael Mayo, who specializes in banking and has often been a colorful commentator on television and during quarterly conference calls with executives of the largest American banks. The firm was hiring senior research executives for its New York office as recently as last fall.

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The Nautilus South Beach is part of Sixty Hotels, a portfolio of five boutique properties located in New York City, Los Angeles and Miami.

Miami—CBRE Capital Markets’ debt & structured finance team recently secured a bridge financing in the amount of $60 million for The Nautilus South Beach, a 250-key hotel situated in Miami Beach, in the heart of the city’s Art Deco district.

The two-year floating rate loan provided by Apollo Commercial Real Estate Finance includes three one-year extension options. Mark Owens and Shawn Rosenthal of CBRE’s Midtown Manhattan office placed the loan on behalf of the borrower, Quadrum Global…

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  • Lenders more than doubled external debt since recession
  • Nation’s current account probably narrowed on oil rebound

One puzzle around the run-up in Canadian home prices is the extent to which foreign money is the driver. The idea is that rich people from places like China are buying up homes as an investment with no intention of ever living in Canada, pushing up the cost of housing for every one else.

Facing complaints about a lack of data, governments are racing to gather more information about just how much non-Canadian cash is fueling meteoric gains in Vancouver and Toronto real estate…

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Martin Shkreli, former pharmaceutical company executive, is facing trial on securities fraud charges.CreditBrendan Smialowski/Agence France-Presse — Getty Images

When children get caught doing something wrong, they often point the finger at one another while proclaiming “I didn’t do it. He did.”

We are seeing something of that dynamic in the prosecution of Martin Shkreli, once described by the BBC as the “most hated man in America” because of how his company increased the price of a drug used to treat a rare disease by 5,000 percent, and a former corporate lawyer, Evan Greebel, who advised Mr. Shkreli’s company…

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The 97,279-square foot retail center serves an area with over 135,000 residents.

Houston—HFF announced it has closed the sale of Renaissance Center, a value-add, grocery-anchored retail center located near the Texas Medical Center in Houston. Williamsburg Enterprises Ltd. acquired the asset from Lionstone Investments for an undisclosed amount and clear of existing debt.

HFF marketed the property on behalf of the seller. Managing directors Ryan West and Rusty Tamlyn led the investment sales team…

HFF Arranges Sale of Houston’s Renaissance Center

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  • Real estate optimism climbs even amid warnings about Toronto
  • Views on economic prospects reach highest since September

Canadians aren’t buying recent warnings about the dangers of escalating home prices, weekly telephone polling shows.

The Bloomberg Nanos Canadian Confidence Index climbed to 58.1, the highest since early September as the disparity between real-estate optimists and pessimists widened. Views on the prospects for the economy also improved, while overall sentiment was tempered by deteriorating personal-finance scores…

What Housing Bubble? Canadian Confidence Hits 6-Month High

 

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The project will create one of the largest processing facilities in the company’s global package network.

Salt Lake City—UPS will build a $275 million, new regional operations hub in Salt Lake City, an 840,000-square-foot facility that will process 69,000 packages per hour as a complement to the existing 200,000-square-foot operations in town.

When completed in 2018, the project will be among the largest processing facilities in the company’s global package network…

UPS to Build $275M Salt Lake City Hub

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The 10-story One Premier Plaza and the seven-story Two Premier Plaza are 81.4 percent leased to a mix of tenants.

Atlanta—HFF recently announced that it has secured $38.8 million in financing for One and Two Premier Plaza, a 316,734-square-foot, two-building, Class A office complex in Atlanta. HFF worked on behalf of the borrower, Zeller Realty Group, to arrange the floating-rate loan.

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After months of secretive planning, seven teams of financial advisers had new business cards and client lists in hand, poised to dump their employers and join Morgan Stanley with more than $500 million of assets in tow.

But the wealth managers woke on Oct. 28 to find the ground beneath them had shifted. Morgan Stanley had pulled the advisers’ lucrative recruitment packages overnight after U.S. regulators clarified new rules to reduce conflicts of interest in the industry, according to people with knowledge of the situation. The teams were thrown into limbo…

Shrinking Bonuses Slow the Revolving Door of Wall Street Brokers

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The $1.2 billion logistics venture will pursue a develop-to-own strategy in prime markets in the East and West Midlands, London and the South East.

San Francisco—Prologis and CBRE Global Investment Partners, a division of CBRE Global Investors, have formed a new development venture in the United Kingdom, one worth at least $1.2 billion, the two companies announced Friday.

Dubbed Prologis UK Logistics Venture, the entity will pursue a develop-to-own strategy focusing on prime markets in the East and West Midlands, London and the South East. It will acquire land, develop buildings, and operate and hold logistics real estate and will be seeded with a 7.6 million-square-foot portfolio of stabilized properties, developments in progress and land, with an initial closing of about 3.9 million square feet…

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Mythics’ corporate headquarters will occupy 39,000 square feet of office space at the 4525 Main St. tower.

Richmond, Va.—Divaris Real Estate Inc. has closed on a 39,000-square-foot lease at the 4525 Main St. office tower within Virginia Beach’s Town Center development. The IT company will occupy the top floor of the property, as well as the majority of the eighth floor.

Vivian Turok, senior vice president with Divaris, assisted Mythics in finding the location, while President Michael Divaris and Vice President Krista Costa represented the landlord…

Divaris Closes Virginia Beach Tech Firm Lease

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  • Ryan’s tax plan calls for ending interest deductions on loans
  • Banks, insurers and leasing companies promised special relief

Debate over a border-adjustment tax is consuming Washington, but another, less-discussed proposal in House Speaker Paul Ryan’s tax plan stands a better chance of being included in a GOP overhaul bill.

The measure would force companies to include the interest they pay on loans in their taxable income. That could pit financial services firms such as banks and insurers that have been promised relief from the proposal against private equity firms, which rely on leverage and wouldn’t get special treatment…

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Feb
26

Peak Market?

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Like any good private-equity investor, Carlyle has demonstrated a knack for buying when others are selling, and vice versa. It is instructive then that Carlyle, led by David Rubenstein, is embarking on its biggest quest for distressed assets at a time when tax-cut hopes are fanning Wall Street euphoria. The $2.5 billion fund is a good reminder that lofty valuations, an aging recovery and a chaotic new administration can produce bad outcomes.

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Civitas Capital secured the financing for 200 Liberty St., a 1.7 million-square-foot office tower in Lower Manhattan.

New York—Brookfield Property Partners has received a $550 million senior loan to refinance 200 Liberty St., a 1.7 million-square-foot, Class A office building located in New York City.

Civitas Capital Group arranged the financing through Kiwoom Milestone US Debt Professional Private Real Estate Trust 2, which comprises 11 institutional investors from South Korea, led by NongHyup Property & Casualty Insurance and Kiwoom Asset Management…

$550M Loan Earmarked for Brookfield NYC Asset

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  • Robur Ny Teknik fund in large part targets medical technology
  • Has recently bought Boule Diagnostics, RaySearch Laboratories

Ignoring its global mandate to invest in Apple Inc. and Facebook Inc. is delivering top returns for this technology fund.

The Swedbank Robur Ny Teknik fund just focuses on small, “innovative” companies in Scandinavia with a heavy concentration in medical technology.

“There’s a Nordic IT miracle,” Carl Armfelt, the fund’s manager who also helps oversee the small-cap team at Swedbank Robur in Stockholm, said in a phone interview on Thursday. “The Nordics is the best region globally to make good investments in these sectors.”…

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About 45 million Americans lack traditional credit files, and the federal government is looking into whether alternative credit scoring models could bring more of these consumers into the financial mainstream.

The Consumer Financial Protection Bureau opened an inquiry this month into the pros and cons of using “alternative” data, like rent and cellphone payments, to formulate credit scores. It is seeking feedback from the public and the credit industry.

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The company will target office, industrial, senior housing, student housing, hotels and multifamily projects in the U.S. and Europe.

New York—StepStone Real Estate has closed StepStone Real Estate Partners III with $700 million in commitments that together with co-investment capital will give the fund more than $1.1 billion to invest in the U.S. and Europe.

Founded by partners Jeff Giller, Josh Cleveland and Brendan MacDonald, StepStone Real Estate is part of StepStone Group, a leading private markets firm that oversees about $100 billion of private capital allocations, including $28 billion of assets under management…

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Deutsche Bank AG cut its bonus pool for 2016 by almost 80 percent, Frankfurter Allgemeine Sonntagszeitung reported, a figure unmatched in the bank’s recent history as it tries to counteract the impact of low interest rates and legal expenses.

Germany’s largest lender is reducing the payments with an eye toward shareholders and is aware it will be “frustrating” for employees, Chief Administrative Officer Karl von Rohr told the German Sunday newspaper. The measures will affect about a quarter of the 100,000 staff. Some workers in key positions — about 5,000 in all — will get a special long-term incentive tied to the bank’s performance and paid out after as long as six years, von Rohr said…

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The 600-unit self storage property is the company’s first investment in St. Louis.
8319 Jennings Station Rd., St. Louis
8319 Jennings Station Rd., St. Louis

St. Louis—Store Here Self Storage recently announced the acquisition of a multi-story indoor self-storage facility located at 8319 Jennings Station Road,  in Jennings, Mo.

According to Yardi Matrix data, RHW Capital Management Group bought the property for roughly $51 million in January.

The property is situated on the corner of Jennings Station Road and West Florissant Avenue. The building was formerly a Schnuck’s grocery store before being converted into a self storage facility in 2016…

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Envisioned by the late Steve Jobs, the 2.8 million-square-foot development will rank as one of the most energy-efficient buildings in the world.

Cupertino, Calif.—The doors of Apple Park, Apple Inc.’s $5 billion campus project in Cupertino, Calif., will swing open to the tech giant’s employees for the first time in April. Envisioned by late CEO Steve Jobs, the 2.8 million-square-foot development will ultimately be home to 12,000 workers.

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  • Billionaire encourages investment in low-cost index funds
  • Letter reiterates optimism about U.S., praises immigrants

Warren Buffett’s sweeping endorsement of index investing is sure to sting the hedge-fund industry and encourage the stampede into assets that passively track the market.

In his well-read annual letter to Berkshire Hathaway Inc. shareholders on Saturday, he estimated that investors wasted more than $100 billion on high-fee Wall Street money managers over the past 10 years. He declared an early victory in his decade-long bet that a basket of hedge funds would fail to keep pace with an an S&P 500 Index fund. And he called Jack Bogle, the Vanguard Group founder who pioneered low-cost market trackers, a “hero.”

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London topped the global ranking of new luxury retail store openings in 2016, with New York also taking a high spot, according to Savills latest luxury retail report.

retailLondon topped the global ranking for new luxury retail store openings in 2016, according to the Savills Global Luxury Retail report, which was released this week. Tied for No. 3, New York was also high in the rankings—the highest in the United States, in fact. The British capital saw a total of 41 new luxury openings during the year, of which 15 were the respective brands’ first-ever stores in London, compared to 36 openings in Paris and 31 in both New York and Dubai.

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  • Low borrowing costs, pent-up domestic demand also drive market
  • Prices have rebounded 16% since bottoming out 11 months ago

Hong Kong’s existing home prices have climbed to a record, fueled by a surge in demand from local buyers and investors despite taxes and mortgage curbs designed to rein in prices.

The Centaline Property Centa-City Leading Index, which tracks sales in the secondary market, rose to 147.74 for the week ended Feb. 19, surpassing the previous high of 146.92 reached in September 2015. The index has rebounded 16 percent since home prices bottomed at the end of March…

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  • Value Partners high-yield China fund returned 4.9% this year
  • Premium on global junk notes has fallen to a three-year low

One of the world’s best-performing junk bond funds is dealing with the surging costs of debt globally by digging deeper in the bargain bin.

As the world’s riskiest notes soar to their most expensive levels in three years, Hong Kong-based Value Partners Group Ltd. is looking for value in securities others have avoided. Gordon Ip, who manages the $2.4 billion Value Partners Greater China High-Yield Income Fund, has overseen returns of 4.9 percent this year, beating 98 percent of peers targeting junk debt globally…

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Credit Suisse Group acquired the property for $27.8 million.
1333 N. Kingsbury, Chicago
1333 N. Kingsbury, Chicago

Chicago—Structured Development’s founding principal, Michael Drew, announced the $27.8 million sale of 1333 N. Kingsbury, a 100,000-square-foot office building in Chicago’s Clybourn Corridor. Credit Suisse Group, a Zurich-based company bought the asset for $278 per square foot. Cody Hundertmark and Blake Johnson of CBRE represented the seller, Everbury Partners, a limited partnership managed by Drew.

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  • ‘Concerning mix of drivers’ pushing up prices, CEO McKay says
  • Average Toronto home prices up more than 20% for five months

Toronto may require measures to cool its red-hot housing market similar to moves taken in Vancouver if interest rates don’t increase, said Royal Bank of Canada Chief Executive Officer David McKay.

The head of Canada’s largest lender said Toronto housing is “running hot” and is fueled by a “concerning mix of drivers” that include lack of supply, continued low rates, rising foreign money and speculative activity. Similar circumstances in Vancouver prompted British Columbia’s government last year to impose a 15 percent tax on foreign buyers…

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  • Samsung Electronics’ success can hurt hedge fund returns
  • Samsung hedge fund says group name is also double-edged sword

For Samsung’s $1 billion hedge fund, the looming presence of Samsung Electronics Co. — and even the Korean conglomerate’s name — can be part of the challenge.

Samsung Hedge Asset Management Co. rose 3.4 percent last year for its worst annual return since its inception in 2011, in part because Samsung Electronics’ shares became so popular that investors pulled cash from the smaller stocks that the money manager often favors. The hedge fund is predicting that trend will reverse this year and a rally at Korea’s largest companies will fade, Samsung Hedge Chief Executive Officer Yoonho Heo says…

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Banking and capital markets, often viewed as dominated by men, achieved high scores in a newly released survey measuring the diversity in their director ranks.

In 2016, women made up 26 percent of the boards in the banking and capital markets industry, which tied with the retail industry, according to a survey conducted by PricewaterhouseCoopers. The average rate of women on boards of companies in the Standard & Poor’s 500-stock index was 21 percent.

In addition, the 21 companies that the survey defined as its banking and capital markets sector have shored up their position by adding more women to their boards. About 13 percent of new directors in 2016 were women…

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The company has acquired Alden Management Group and is preparing to merge with Heger Industrial.
Jeff Lyon
Jeff Lyon, Kidder Mathews CEO

Irvine, Calif.—Kidder Mathews, the largest independently owned commercial real estate firm on the West Coast, is continuing its Southern California expansion, acquiring Alden Management Group and preparing to finalize a merger with Heger Industrial.

Alden is a commercial property management firm with a large portfolio of office, industrial and retail properties in Southern California. It will be rebranded to Kidder Mathews within the next several weeks and the Alden staff will relocate to the Kidder Mathews’ Irvine office bringing the firm’s property management division to 178 people and over 45 million square feet of managed properties…

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The company has acquired the Crossroads III office buildings from Rockwood Capital for $290.7 million.

Sunnyvale, Calif.—Natixis has provided an approximately $232.5 million five-year, fixed-rate loan to Tristar Capital for the acquisition of Crossroads III, an office property in Sunnyvale, Calif.

The financing was arranged by Richard Horowitz of Cooper-Horowitz in New York.

According to a Tristar Capital press release, the properties were acquired from Rockwood Capital for a price tag of $290.7 million…

Tristar Capital Lands $232M in Financing for Sunnyvale Campus

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  • More than 20 million shares changed hands in morning session
  • City’s second exchange under scrutiny over manipulation fears

Hong Kong traders are used to seeing strange things on the city’s small-cap exchange, home to some of the world’s biggest price swings. But the initial public offering of GME Group Holdings Ltd. on Wednesday had even hardened market watchers scratching their heads.

Shares of the tunnel excavating subcontractor rose 543 percent before they were suspended from 1 p.m. local time by the Securities and Futures Commission. The stock was trading for the first time on the city’s Growth Enterprise Market…

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The company has joined forces with Lennar Multifamily Communities to develop the last phase of the lifestyle shopping center.
Scottsdale Quarter Aerial View
Scottsdale Quarter Aerial View

Scottsdale, Ariz.—Washington Prime Group Inc. has announced a new redevelopment project, consisting of a significant expansion of Scottsdale Quarter, an open-air shopping mall located in Scottsdale, Ariz. Construction on the project is expected to commence later this year, with tenants starting to open in 2018.

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  • Shares to keep climbing if earnings remain stable: analyst
  • New home sales soared 48 percent in January over December

A rally by Hong Kong property developers showed little sign of faltering amid optimism rising home sales will boost earnings.

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Landlords Are Taking Over the U.S. Housing MarketAs Wall Street backs off of buying rental homes, small investors are picking up the slack.

As rising home prices, slow new home construction, and demographic shifts push homeownership rates to 50-year lows, the U.S. is increasingly a country of renters—and landlords.

Last year, 37 percent of homes sold were acquired by buyers who didn’t live in them, according to tax-assessment data compiled in a new report published by Attom Data Solutions and ClearCapital.com Inc…

Landlords Are Taking Over the U.S. Housing Market

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The new location will include 25,051 square feet of office space.

Los Angeles—JLL recently announced that it has represented Nativo Inc., a technology firm specializing in native advertising, in a new 25,051-square-foot lease at 100 Pacific Corporate Towers (PCT). JLL’s Jason Fine represented Nativo in the lease. The landlord, GM Pension Fund / Blackrock, was represented by CBRE.

PCT is a three building, 1.5 million-square-foot office complex located at 100, 200 and 222 N. Sepulveda Blvd. in El Segundo, Calif. The property will serve as the company’s new headquarters. The firm will be relocating from its current 9,000 square feet at 200 Pacific Corporate Towers to the 100 PCT…

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  • Apartment prices set to fall more than 20%, Deutsche Bank says
  • Chinese demand slumps amid slowing economy, capital controls

Residential buildings in the Kachidoki area of Tokyo.

Photographer: Akio Kon/Bloomberg

Evidence is mounting that Tokyo’s housing boom is nearing an end.

In the Kachidoki area facing Tokyo Bay, home to the city’s hottest market given its proximity to venues for the 2020 Olympic Games, real-estate broker Hayato Jo has a wall full of notices of apartments for sale, with a 20 percent increase in the number of people looking to sell in the area in the past year. Prices in the neighborhood, which surged 25 percent since Tokyo won the Games in 2013, have started to fall from their peak…

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With the new lease, Olive Hill Group has brought the campus to 95 percent occupancy.
Culver City Corporate Point campus
Culver City Corporate Pointe campus

Los Angeles—Private investor, operator and developer of commercial real estate Olive Hill Group has announced that the company has leased half of the fifth floor of its office campus in Culver City, Calif. Omnia Media, a subsidiary of Blue Ant Media Inc., a Canadian media company, has inked the lease for 9,762 square feet, bringing the asset to 95 percent occupancy.

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  • Move would follow two years of losses, difficult Christmas
  • Company recently hired advisers to mull strategic alternatives

HHGregg Inc., the 61-year-old seller of appliances and electronics, is preparing to file for bankruptcy as it grapples with slumping sales, according to people familiar with the matter.

The filing may come as soon as next month, said the people, who asked not to be identified because the matter isn’t public. The Indianapolis-based company announced last week that it was pursuing a range of strategic and financial options. HHGregg is still seeking an out-of-court solution that would allow it to stave off Chapter 11, one of the people said…

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  • Governor testifies before parliamentary committee in Sydney
  • Market pricing for rates on hold in 2017 ‘seems reasonable’

Philip Lowe.

Photographer: Dallas Kilponen/Bloomberg

Australian central bank Governor Philip Lowe said he expects “a period of stability” in interest rates and suggested further cuts could push already high household debt to “dangerous” levels.

“The issue we’re discussing, internally, is how much extra fragility would that mean in the economy with household debt already at a record high,” Lowe said in testimony to a parliamentary panel Friday in Sydney. “Is it really in the national interest to get a little bit more employment growth in the short run at the expense of creating vulnerabilities which would become quite dangerous in the medium term?”…

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The new name will clearly distinguish each of the company’s 22 global offices as part of a singular entity.

Newark, N.J.—Prudential Mortgage Capital Co. enters the New Year with a new name. The commercial, multifamily and agricultural mortgage lender is now PGIM Real Estate Finance, a moniker that will, for one, clearly distinguish each of the company’s 22 global offices as part of a singular entity.

The change is about more than name identity. “Our new name reflects our full investor base and global lending activities, and highlights our connection to PGIM, the trillion-dollar global investment manager of Prudential Financial,” David Durning, CEO of PGIM Real Estate Finance, told Commercial Property Executive

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  • BNP Paribas, JPMorgan join Mizuho in calling for May hike
  • Most banks are set on June as timing for first 2017 move

Pedestrians walk past JPMorgan Chase & Co.

Photographer: Ron Antonelli/Bloomberg

At least four of Wall Street’s biggest banks are breaking with their bulge-bracket brethren, telling clients that the Federal Reserve will probably raise interest rates before June.

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  • Harvest’s fund doubled its assets in 2017 on Hong Kong appeal
  • PBOC’s tightening may actually boost stocks: fund manager

Zhang Jintao is sticking with the bet that’s made his stock fund China’s top performer: Hong Kong equities.

Harvest Fund Management Co.’s fund has returned 13.4 percent this year after putting 70 percent of its stock holdings in the former British colony, where the local benchmark has jumped 9.3 percent. With the market now near a 1 1/2-year high, Zhang says the rally can continue as earnings improve and China’s economy stabilizes…

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