When the Trump administration unveils new details of its tax plan, promised for next week, one group of taxpayers will be under the microscope: the rich.

That’s because they take advantage of so many tax breaks that few, if any, pay the top rate of 39.6 percent. Eliminating at least some of those breaks would make it possible to reduce tax rates for the highest earners (and everyone else) while raising the same or even more in total revenue…

Tax Reform for the Rich: Reduce the Rates but Lose the Breaks

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The 1.7 million-square-foot manufacturing facility will be Sentury Tire’s first outside of Asia. Sentury Tire selected SSOE Group to design the project.
Sentury Tire, a Chinese manufacturer of tires for cars and aviation, hired JLL’s Capital Markets to help find a developer to construct its $200 million North American manufacturing facility and headquarters, a 1.7 million-square-foot mixed-use property that will be located in Atlanta. Managing Director Todd Torok, together with Managing Director Bill Cavagnaro and Senior Vice President Michael Carpenter, will be leading JLL’s marketing efforts…
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The company acquired three warehouses totaling 135,000 square feet. This purchase marks Seagis Property Group’s entry into the Brooklyn submarket.

Seagis Property Group has expanded its New York City Boroughs holdings with three warehouse buildings, totaling 135,000 square feet. The company purchased the assets of East New York submarket of South Brooklyn in separate transactions. The properties located at 931 Stanley Ave., 1010 Stanley Ave. and 1970 Pitkin Ave., range in size from 22,000 square feet to 70,000 square feet. The buildings are vacant and ready for immediate lease.

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The 1.2 million-square-foot property is located in the downtown area and has been undergoing significant renovations. Director Greg Frankum will lead the seven-person team responsible for leasing the office space.

Georgia-Pacific Center, the iconic 1.2 million-square-foot office tower located in downtown Atlanta, has a new leasing team. Transwestern was tapped to lead the efforts of retaining existing tenants and attracting new ones to the building, with Director Greg Frankum spearheading the seven-person crew. The tower is undergoing more renovation work after the common areas have recently been upgraded.

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  • 74% of high-priced London homes are bought using loans
  • Rising values and taxes are behind the jump in finance take-up

More home buyers are resorting to mortgages to purchase London’s most expensive houses and apartments as rising prices drag them into higher tax brackets.

Seventy-four percent of homes costing 1 million pounds ($1.4 million) or more in the U.K. capital were bought with a mortgage in the three months through July, up from 65 percent a year earlier, according to Hamptons International. The figure was as low as 31 percent during the depths of the financial crisis in 2009…

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The company purchased the new asset for $18.3 million. Located in Kenton, the property is leased to New York-based International Paper Co.
Monmouth Real Estate Investment Corp. acquired a new, 298,472-square-foot industrial building in Kenton, Ohio, for $18.3 million. The property is net-leased for 10 years to global leader in the paper and packaging industry, International Paper Co.
Located at 2465 Fontaine St., the building is situated on 46 acres, approximately 28 miles south of Findlay, Ohio. The Class A distribution center has full rail access and is adjacent to one of International Paper’s largest manufacturing plants in the U.S…
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The tenant renewed its 48,871-square-foot lease and added another 8,486 square feet of office space at its location in the Central Perimeter submarket.

Cushman & Wakefield represented SunTrust Bank in a lease renewal and expansion at 211 Perimeter Center in Atlanta. The tenant was already using 48,871 square feet of office space in the building and expanded it by 8,486 square feet. The brokers who negotiated the agreement on behalf of SunTrust Bank are Executive Managing Director Kirk Diamond, Vice President April Parrish, Director Erin Smith and Transaction Manager Steven Taylor. The landlord, Windsor at Convergence 211, was represented by JLL Senior Vice President Jeff Frantz.

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  • Bezos’ empire to buy shares in Mumbai-based Shoppers Stop
  • Shoppers Stop to host Amazon experience centers in stores

Amazon.com Inc.’s investment in retailer Shoppers Stop Ltd. will help the Indian company boost revenue and add 25 percent more stores, while the U.S. firm expands its reach into smaller towns in the world’s second-most populated nation.

Shoppers Stop will raise 1.8 billion rupees ($28 million) selling a 5 percent stake to Amazon.Com NV Investment Holdings LLC, the Mumbai-based company said in an emailed statement late Saturday. As part of the deal, Amazon experience centers — which let customers test out the products available online — will be set up across Shoppers Stop’s network of 80 bricks-and-mortar stores in India. The company will add 20 stores in the next four years, Govind Shrikhande, managing director of Shoppers Stop said.

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The warehouse, which Calare bought in 2015, is located in Watertown, Mass., and changed hands for $15 million. It is 100 percent leased.

Shortly after selling a lab facility in Billerica, Mass., Calare Properties finalized a new transaction in the Boston area. The 94,268-square-foot warehouse and distribution facility is located in Watertown and is fully leased through January 2024. The deal closed at $15 million, signaling a robust Greater Boston industrial market.

Industrial real estate continues to see significant value increases as a growing buyer pool drives up exit pricing,” said Bill Manley, the company’s CEO & CIO, in a prepared statement. According to industry reports, lease rates increased by 6.3 percent year-over-year, as of the second quarter of 2017…

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New buildings and renovations will expand the city’s office, residential, retail and hospitality offerings, continuing the city’s transformation into a magnet for businesses and visitors.

Change is afoot in Detroit and Bedrock is behind some of it. The local real estate firm recently announced plans for four transformative developments that will bring millions of square feet of office, residential, retail and other commercial offerings to the city at a total cost of $2.1 billion.

“Detroit is going vertical,” Dan Gilbert, Bedrock founder & chairman, said in a prepared statement. “In fact, that is the only way to create any type of significant expansion in the city because we are virtually at full occupancy for residential and commercial space in both downtown and midtown.”…

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  • Indian market never cheap, focus on long term: Habrok’s Khanna
  • Reform push should bolster economic expansion next year

The top-performing hedge fund focused on India isn’t scared by equity valuations that are the most expensive in 10 years and predicts Asia’s third-largest economy will have seven good years in the next decade.

Rahul Khanna, chief investment officer at Habrok Capital Management LLP, said his fund is betting on the long-term potential of the economy, which will begin to benefit next year from the government’s crackdown on black money and a nationwide sales tax. Last year’s cash ban and the goods and services tax introduced July 1 are expected to widen the tax base, while the latter should also make it easier to do business…

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Ally Financial leased the majority of Ally Charlotte Center, a 742,000-square-foot office tower built by Crescent Communities. Construction of the 26-story building is set to begin early next year.
Ally Financial Inc. and Crescent Communities entered into a lease agreement for a new office building that will be constructed in Charlotte, N.C. Named Ally Charlotte Center, the building will house Ally’s new corporate center and will bring all its employees in the city under one roof. Ally Charlotte Center will have 26 stories, 742,000 square feet of office space, 30,000 square feet of ground-floor retail and restaurant space, 20,000 square feet of open plaza space and a 300-key hotel. Ally Financial will be the anchor tenant of the building, occupying 400,000 square feet of office space…
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The firm, set to be sold to its management team and private equity firm Lovell Minnick Partners, has $9 billion in U.S. assets under its umbrella, as well as global real estate and infrastructure investments.

Saying it wanted to streamline its portfolio, BNY Mellon Investment Management has agreed to sell its real asset investment subsidiary CenterSquare Investment Management to its management team and the private equity firm Lovell Minnick Partners.

BNY Mellon has owned CenterSquare for 11 years and the two firms are expected to continue as partners in a number of areas after the deal closes later this year. Terms of the transaction were not released…

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  • UniSuper increases Asia equity allocation, buys U.S. banks
  • Profit growth in emerging markets is key driver for UniSuper

John Pearce has returned to Sydney from a week in Hong Kong beaming, with one clear message of where to invest his next dollar: China.

The chief investment officer who’s in charge of A$60 billion ($48 billion) at Australian pension fund UniSuper Management Pty expects returns in Asian emerging-market equities to beat developed economy peers, extending an outperformance that’s already underway. The main reason: Chinese firms are driving profit growth set to exceed that in mature stock markets as it’s coming from a lower starting point…

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Describing the results as “disappointing,” Harvard University reported on Tuesday that its $37.1 billion endowment earned an 8.1 percent return for its most recent fiscal year.

The endowment’s new chief executive, N. P. Narvekar, said that the fund was in the middle of a major revamping and that problems in the endowment would “require time to overcome.”

That return significantly trails the mean one-year return of 12.7 percent for more than 400 institutions tracked by Cambridge Associates, which manages money for many nonprofit organizations. And while many of the nation’s largest endowments have yet to report returns, this month the Massachusetts Institute of Technology posted a 14.3 percent return for its $14.8 billion endowment…

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Hillwood and Al. Neyer plan to develop two speculative buildings, totaling more than 1.7 million square feet, in Erlanger, Ky. The construction of Building 1 will start in 2018.

A joint venture between Hillwood—a Perot company—and Al. Neyer is developing Erlanger Commerce Center, a state-of-the-art distribution center in Erlanger, Ky. The two speculative buildings will total more than 1.7 million square feet, and will be located at the intersection of interstates 75 and 275.

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The JV purchased a seven-property portfolio completed in the 1990s and early 2000s which is currently about 91 percent leased to a STEM-heavy tenant roster. HFF marketed the offering on behalf of the seller and procured the buyer.

A joint venture of Starwood Capital Group, Trinity Capital Advisors and Vanderbilt Partners has sold, for $105.5 million, a seven-property, 581,600-square-foot office portfolio in the Perimeter Park in Raleigh-Durham, N.C. HFF marketed the offering on behalf of the seller and procured the buyer, an undisclosed institutional investor.

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American Realty Advisors sold 4100 Newport, a 190,400-square-foot office tower in Orange County, Calif., to Olen Properties in a transaction that’s been deemed the area’s largest office sale by price per square foot.

The trophy office tower at 4100 Newport Place Drive in Newport Beach, Calif., has come under new ownership, courtesy of a $75.6 million transaction. Relying on commercial real estate services firm Cushman & Wakefield for representation, American Realty Advisors sold the 190,400-square-foot building to Olen Properties in a deal that marks the highest office investment sale based on price-per-square-foot in Orange County year to date, according to the listing brokers…

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  • 74% of high-priced London homes are bought using loans
  • Rising values and taxes are behind the jump in finance take-up

More home buyers are resorting to mortgages to purchase London’s most expensive houses and apartments as rising prices drag them into higher tax brackets.

Seventy-four percent of homes costing 1 million pounds ($1.3 million) or more in the U.K. capital were bought with a mortgage in the three months through July, up from 65 percent a year earlier, according to Hamptons International. The figure was as low as 31 percent during the depths of the financial crisis in 2009…

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U.S. counties at the greatest risk of hurricanes, earthquakes, and other catastrophes saw the fastest home-price appreciation, a new report says.

It’s been a bad few weeks for natural disasters.  A series of hurricanes ripped through Texas, Florida, and the Caribbean, killing hundreds and racking up hundreds of billions of dollars in damage. Wildfires are raging in the Western U.S., and a pair of powerful earthquakes have battered Mexico.

Amid the terrifying recent events is a worrisome finding from a new report: The parts of the U.S. most at risk of natural disasters are also the places where property values are highest and increasing most quickly…

Home Prices Soar in Disaster-Prone Areas

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Kennedy Wilson represented the seller of the leasehold interest in the property and the buyer of the fee interest in the land. The Little Italy asset traded hands for the first time in 63 years.

Kennedy Wilson negotiated a two-part sale of the ground lease and underlying fee interest in land for a property in the Little Italy submarket of San Diego. Ocean West Capital Partners in partnership with DivcoWest acquired the 123,000-square-foot, seven-story office building and is under contract to purchase the land in the off-market deal. This is DivcoWest’s second purchase of an office building in San Diego this month.

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U.S. household wealth increased in the second quarter to yet another record, driven by solid gains in financial assets and rising property values, figures from the Federal Reserve in Washington showed Thursday.

HIGHLIGHTS OF HOUSEHOLD WEALTH REPORT (2Q)

  • Net worth for households and non-profit groups rose by $1.7t q/q, or 1.8%, to $96.2t, according to Fed’s financial accounts report, previously known as flow of funds survey
  • Value of financial assets, including stocks and pension fund holdings, increased by $1.2t
  • Household debt increased at a 3.7% annual rate in the second quarter
  • Household real-estate assets rose by $508b; owners’ equity as share of total real-estate holdings up to 58.4% from 57.9%
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  • Banks also joining RE100, a corporate renewables initiative
  • Private sector continues to support emissions reduction

Morgan Stanley and Citigroup Inc. announced they will get all of their energy from renewables in a few years, another show of corporate support for climate action running counter to U.S. President Donald Trump’s view on the issue.

The New York-based banks are aiming for their operations to be carbon-neutral, Morgan Stanley by 2022 and Citi by the end of the decade, according to separate statements from the companies. Both plan to buy power from clean energy projects…

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Wang has extensive experience in Northern California real estate and he will manage the company’s West unit. He will oversee several operations, including purchases, development, asset and property management.

Lincoln Property Company (LPC) named real estate industry Brandon Wang as executive vice president. He will focus on managing the Northern California region for the company’s LPC West unit which spans the Bay Area, Seattle, Los Angeles, Orange County and San Diego. Wang’s main responsibilities will include purchases, development, asset and property management, and repositioning of existing commercial, retail and mixed-use properties…

Brandon Wang Joins Lincoln Property Company as EVP

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  • Water, electricity, tattletales to identify absent investors
  • ‘Shall we tax people who buy new shoes and don’t wear them?’

On a wet, midweek evening when most Australians are home cooking dinner, less than a third of the lights are on in the apartments in Melbourne’s Docklands. Most shops and restaurants are closed. The only people passing through seem to be on their way elsewhere.

These “ghost towers,” as the high-end residential property with three-bedroom apartments costing almost $1 million have been dubbed, are popular with Chinese investors who mostly live abroad. Their darkened blocks loom as sparsely occupied symbols of a property market where even solidly middle class households have increasingly found themselves priced out

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  • 359,000 square feet on west side to house advertising
  • Project comes amid bids for larger, second headquarters

Amazon.com Inc. is set to open a large new office in New York City and create 2,000 high-paying jobs.

The e-commerce giant, which already has several locations across the city, will expand its presence with a 359,000 square-foot office in Manhattan that will employ people in finance, sales, marketing and information technology earning an average of $100,000 annually. Amazon will invest $55 million in the building project on Manhattan’s west side, according to a statement from the office of Governor Andrew M. Cuomo. The space, at Brookfield Property Partner’s Five Manhattan West, will be the primary New York location for Amazon’s advertising, the real estate firm said…

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The Space Shop Self Storage sold by Stein Investment includes a redevelopment in Cumming, Ga., and creative infill in the Old Fourth Ward District in Atlanta.

Stein Investment Group, a private real estate investment firm, has sold three of its Space Shop Self Storage properties in metro Atlanta to Life Storage LP, on behalf of one of its joint venture partners. The assets include: Space Shop East Cobb in Marietta, Ga.; Space Shop Old Fourth Ward in Atlanta and Space Shop Cumming in Cumming, Ga.

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  • Mark Yusko’s Morgan Creek has invested in China since 1995
  • China’s bad debt may be 40% smaller than bears estimate: Yusko

One hedge fund investor says Kyle Bass, Jim Chanos and other China bears are missing a key piece of the equation.

Global investors have underestimated the power of China’s command economy, where leaders can cancel or forgive debts and control the currency, Mark Yusko, chief investment officer of Morgan Creek Capital Management, said in an interview. China’s unique ability to control its market ensured that predictions of a yuan crash, a debt crisis and an economic hard landing didn’t play out, said Yusko, whose Chapel Hill, North Carolina-based firm manages about $2.5 billion in private investments and hedge funds…

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For over two decades, Lev Alburt has been teaching strategy, patience, and prognostication to the finest in finance.

On East 83rd Street there’s a squat brick walk-up that’s a viable contender for the least fancy apartment building on Manhattan’s Upper East Side. But for the past 25 years, Wall Street machers and captains of industry have marched up to its gray-carpeted third floor to learn the secrets of attack and defense from Lev Alburt, a three-time U.S. chess champion and one of the most prominent Soviet defectors of the 1970s. Alburt has long been giving ­patter-filled private lessons to New Yorkers from all walks of life, encouraging, cajoling, and reprimanding men and women as they attempt to learn the so-called game of kings…

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The company opened its first data center in Prince William County, with three more scheduled for construction on the campus. The 165,000-square-foot, 10.5-megawatt facility is the company’s fifth U.S. data center.

Iron Mountain, an enterprise information management company, celebrated the opening of its fifth data center in the U.S., located in the growing tech market of Northern Virginia, in Prince William County. Last year, Iron Mountain broke ground on its facility, being well within the allotted time frame for construction and deployment.

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Wes Machowsky is the firm’s newest senior vice president of acquisitions, bringing vast real estate capital markets and leasing experience to the position.

Shortly after hiring Evan Dreilinger as senior vice president & general counsel, Monday Properties has hired Wes Machowsky as its senior vice president of acquisitions. In his new role, Machowsky will be in charge of selecting and closing new property acquisitions, creating value in current assets and raising capital from investment partners.

Wes will be an invaluable asset to the team with over 16 years of experience in commercial real estate. His strong background in acquisitions, dispositions, leasing and management will bolster Monday’s strategic capabilities and scale as the firm re-enters buy mode,” Monday Properties Managing Partner Tim Helmig said in a prepared statement…

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The 1 million-square-foot building, which will sit within the 1,600-acre Wonderful Industrial Park in Shafter, Calif., is one of only a few developments of its kind in the market.

The call for premier industrial space in California’s Central Valley is growing louder, and Wonderful Real Estate, formerly Roll Real Estate, is responding with a new project. The company is in the midst of developing a 1 million-square-foot speculative industrial property in Shafter, Calif., roughly 130 miles north of Los Angeles and 100 miles south of Fresno in the Central Valley.

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Sales of previously owned U.S. homes declined to a one-year low in August as affordability continued to hamper demand and Hurricane Harvey caused a slump in Houston-area purchases, a National Association of Realtors report showed Wednesday.

HIGHLIGHTS OF EXISTING-HOME SALES (AUGUST)

  • Contract closings fell 1.7% m/m to a 5.35m annual rate (est. 5.45m)
  • Purchases in Houston decreased 25% y/y; excluding Harvey’s effect, sales would have been “flat,” according to NAR’s chief economist
  • Median sales price rose 5.6% y/y to $253,500
  • Inventory of available properties decreased 6.5% y/y to 1.88m, marking the 27th consecutive year-on-year decline
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China’s new set of restrictions on foreign investment is expected to impact U.S. real estate. Morris, Manning & Martin’s Samantha Ahuja weighs in on the extent of the effect and the alternatives for Chinese investors.
Following the Chinese government’s announced restrictions on outbound capital flow, the country’s investors have been finding it more difficult to purchase U.S. real estate. The effects are already showing, as total volume of Chinese foreign investment in the first six months of the year declined 46 percent to $48 billion, after total volume hit a record high of $101.4 billion in 2016, according to China’s Ministry of Commerce data. Aimed at strengthening China’s economy, the restrictions were formalized and updated in July, and they’re likely to significantly curb Chinese investment in U.S. real estate even further. Samantha Ahuja, partner at Morris, Manning & Martin LLP, discussed with CPE the updated regulations and what impact they could have on the U.S. real estate industry…
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The joint venture is developing Park 840 East Building 100, a 558,600-square-foot distribution and logistics facility in Lebanon, Tenn. The project is scheduled for delivery by mid-2018.

Ridgeline Property Group has entered a joint venture with USAA Real Estate Co. to develop Park 840 East Building 100, a 558,600-square-foot Class A distribution/logistics facility in Lebanon, Tenn.

Under terms of the deal, RPG will develop the project on a prime 29-acre site located at the southeast corner of Central Pike and I-840, just east of Nashville…

Ridgeline, USAA Team Up in Nashville

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  • Shanghai, Beijing joined by regional cities in boom era
  • Tropical Haikou displays fastest property leverage run-up

Beijing and Shanghai are now well known for their ballooning house prices — double-digit gains last year prompted more regulatory tightening. But the risk factors that could decide the fate of China’s property boom can be found well beyond the capital and biggest city.

A close look at the available economic data of ten cities reveals big differences in the factors that can inflate, and deflate, property bubbles, including population growth, income gains and the ratio between house prices and pay…

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The 275,000-square-foot River Oaks shopping plaza features tenants such as Target, buybuyBaby, Total Women Gym & Spa, Big 5 Sporting Goods, Sprouts, ULTA and Pier 1 Imports.

In a $115 million deal, InvenTrust Properties Corp. acquired River Oaks, a grocery-anchored center in Los Angeles.

“We are excited to acquire this institutional-quality retail destination positioned at the epicenter of the Valencia retail hub,”said Michael Podboy, executive vice president, chief financial officer & chief investment officer of InvenTrust, in prepared remarks.

PREMIER RETAIL ASSET

The 275,000-square-foot shopping plaza features tenants such as Target, buybuyBaby, Total Women Gym & Spa, Big 5 Sporting Goods, Sprouts, ULTA and Pier 1 Imports…

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The company has partnered with longtime owner and manager Nordblom to acquire 1000 Washington St., a 242,000-square-foot building and adjacent parking garage in the city’s South End.

CIM Group has added to its Boston holdings with the acquisition of 1000 Washington St., an 11-story, 242,000-square-foot office building and the adjacent four-level, 309-stall parking garage at 321 Harrison Ave. in Boston’s South End, from Rubenstein Partners LP.

The purchase was made in partnership with Nordblom Co., which has owned a stake in the property and managed it since 2006. In late 2014, Nordblom and Rubenstein announced a partnership acquisition of the property for $75 million. The current sales price was not released nor was information on Nordblom’s stake.

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The company’s facility in Canada is the first commercial-scale plant in the world to produce cellulosic ethanol made from non-recyclable, non-compostable mixed municipal solid waste.

Enerkem Inc., a Canadian producer of biofuels and renewable chemicals, started the commercial production of cellulosic ethanol at its facility in Edmonton, Alberta, Canada. The plant is the first commercial-scale manufactory in the world to produce cellulosic ethanol from non-recyclable, non-compostable mixed municipal solid waste.

The company has been producing and commercializing biomethanol since 2016. The methanol-to-ethanol conversion unit was installed earlier this year. The ethanol global market is anticipated to reach 124 billion liters per year by 2030, according to the International Renewable Energy Agency…

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  • BOE stability officials hold quarterly meeting this week
  • Easy access to loans, credit cards fueling debt binge

Bank of England Governor Mark Carney has 200 billion reasons to keep an eye on consumer borrowing and he’s about to find out just how concerned he should be.

With household credit rising five times faster than earnings, alarm bells are ringing and regulators have fast-tracked part of their annual stress tests to get an insight into the resilience of banks to a sharp jump in defaults. Carney and his Financial Policy Committee will have that crucial information when they gather for their quarterly meetings this week…

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  • Fund has ballooned in size since first cash injection in 1996
  • Fund manages oil wealth for future generations of Norwegians

Norway’s sovereign wealth fund hit $1 trillion for the first time on Tuesday, driven higher by climbing stock markets and a weaker U.S. dollar.

The milestone valuation was reached for the first time on Sept. 19 at 2:01 a.m. in Oslo, Norges Bank Investment Management said in a statement on Tuesday…

The World’s Biggest Wealth Fund Hits $1 Trillion

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The new tenants of Port 95 Business Center in Dania Beach, Fla., will boost the building’s occupancy to 92 percent. The leases total 47,182 square feet.

A team of brokers from Cushman & Wakefield represented MSG Port 95, the owner of Port 95 Business Center, in closing long-term agreements with two Broward County businesses. General Insulation, an insulation distributor and supplier, is relocating from Pompano Beach to Dania Beach with a move-in date scheduled for the fourth quarter of 2017. The other business is Kaman Industrial Technologies, a subsidiary of Kaman Corp., which is planning to consolidate several locations in a single one. The company plans to move into the new space in September.

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  • Acadata shows annual price change at the weakest since 2012
  • London is leading the slowdown in U.K. property market

U.K. house prices fell for a fifth month in August, according to a new report, dragging their annual gain to the weakest since 2012.

In a monthly report published Wednesday, Acadata said values fell 0.2 percent from July to an average 297,398 pounds ($400,863). From a year earlier, they rose 2.1 percent. Detailed figures published with a lag show London values dropped 1.4 percent in July, led by prime boroughs such as Kensington and Chelsea, and Westminster…

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  • Yellen presses on with rate hike plan amid inflation ‘mystery’
  • 10 years after financial crisis, Fed unwinds key policy tool

The Federal Reserve moved to dismantle a pillar of crisis-era support for the world’s biggest economy and stuck with its forecast to raise interest rates again this year, saying hurricane damage won’t derail an otherwise healthy expansion.

“Hurricanes Harvey, Irma and Maria have devastated many communities, inflicting severe hardship,” the Federal Open Market Committee said in its statement on Wednesday following a two-day meeting in Washington. “Storm-related disruptions and rebuilding will affect economic activity in the near term, but past experience suggests that the storms are unlikely to materially alter the course of the national economy over the medium term.”

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Expected to be completed in the first quarter of 2019, Expo Station is an 80,000-square-foot transit-oriented development. The asset will feature three levels of creative office space and a two-level parking structure.

The Luzzatto Co. broke ground on Expo Station, an 80,000-square-foot transit-oriented creative office development in West Los Angeles. The property is scheduled for completion in the first quarter of 2019.

Located at 12414 Exposition Blvd., the upcoming office building will offer easy access to interstates 10 and 405. The property will also sit near multiple bus stations, restaurants and hotels, including The Upper West, Valentino and Ocean Park Hotel. Expo Station will feature three levels of creative office space and a two-level parking structure, more than 16,000 square feet of outdoor patio areas with seating, bar and barbecue…

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Barry Ward and Price Gutshall of Cushman & Wakefield | Thalhimer’s Roanoke office represented the landlord in the lease negotiations.

Cushman & Wakefield | Thalhimer brokered a new lease at One Ten Franklin, a 193,043-square-foot, Class A office tower in downtown Roanoke, Va. Associated Asphalt, an independent asphalt reseller, will occupy the building’s entire ninth floor, totaling approximately 19,632 square feet, where it plans to establish its new headquarters.

Located at 110 Franklin Road SE, the 12-story property was constructed in 1992 and recently traded in a $10 million deal, according to public records. Associated Asphalt has 260 employees across Virginia, West Virginia, the Carolinas, Georgia and Florida…

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Located predominantly in the Midwest, the properties netted Barnett Capital $84 million, a tidy sum for snapping up assets in the Chicago area, the company’s target market.
Barnett Capital Ltd. has pocketed $84 million on the sale of a 2.1 million-square-foot industrial portfolio spanning nine states. The company sold the collection of 20 predominantly single-tenant properties, three-quarters of which can be found in the Midwest, to Brennan Investment Group.

Commercial real estate services firm CBRE represented both seller and buyer in the transaction…

Barnett Capital Sells 2 MSF Industrial Portfolio

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  • Connecticut property will start operating after artist’s death
  • Will be open to visual artists, poets, musicians, dancers

Jasper Johns, America’s most acclaimed living artist, has a plan to make sure his bucolic Connecticut estate remains a creative haven long after he’s gone.

Johns, 87, whose 1950s depictions of the American flag are among the most influential contemporary works, received a green light last week to turn his 170-acre property in Sharon into an artists’ retreat after he dies…

Jasper Johns Plans to Turn His 170-Acre Estate Into an Artists’ Retreat

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Quadrant Co. built Quadrant I-5 Corporate Park in 1999. JLL worked on behalf of the seller to arrange the $12.5 million transaction.

Commercial real estate investment company SmartCap Group has acquired Quadrant I-5 Corporate Park, Building B, a 68,575-square-foot office property in Everett, Wash. TMG Lynnwood LLC sold the asset for $12.5 million.

CLASS A OFFICE SPACE

Located at 808 SW 134th St., the Class A, two-story building sits on approximately 4.1 acres. Built in 1999 by the Quadrant Co., a division of Weyerhaeuser, Quadrant I-5 Corporate Park has tenants such as Redfin and the international Thales Group. The property features a conference room, a lobby and a recently upgraded common area, free parking spaces and 24-hour fresh food options. The building is approximately 89 percent occupied…

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Steady U.S. new-home construction in August together with a jump in permits indicate the housing market was moving ahead before a likely temporary hit from Hurricanes Harvey and Irma, government figures showed Tuesday.

HIGHLIGHTS OF HOUSING STARTS (AUGUST)

  • Residential starts fell 0.8% m/m to a 1.18m annualized rate (est. 1.174m) after upwardly revised 1.19m pace the prior month
  • Single-family home starts rose 1.6% to 851k; multifamily starts, such as apartment buildings and condominiums, fell 6.5% to 329k
  • Permits, a proxy for future construction, rose 5.7% to 1.3m rate (est. 1.22m), highest since January, from 1.23m pace
  • Data collection on housing starts was below normal in Texas, Florida areas affected by storms
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  • Endowment markdowns in natural resources have hurt its results
  • World’s biggest college fund is now valued at $37.1 billion

Harvard University’s endowment reported an 8.1 percent annual investment gain, a lagging performance its new manager said was “a symptom of deep structural problems” that will take years to turn around.

N.P. “Narv” Narvekar, who took over as chief executive officer of Harvard Management Co. in December, said in a five-page letter published Tuesday that the problems “highlight the critical impact of culture, structure, and incentives in an investment organization.”…

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The 300,000-square-foot facility is slated for completion in late 2018. Once completed, the plant is set to employ more than 100 full-time workers.

Georgia-Pacific is building a new lumber production facility in Talladega, Ala. The location for the state-of-the-art plant will be Georgia-Pacific’s former plywood plant that closed in 2008. Construction of the $100 million property will begin immediately and is slated for completion in late 2018.

Once in production, the 300,000-square-foot facility will receive 150 log trucks a day and produce 230 million board-feet of lumber a year…

GP to Invest $100M in New AL Lumber Facility

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  • Al Gore’s Generation Investment Management also backs Gogoro
  • Taiwanese startup eyes new cities and more R&D spending

Gogoro Inc., an electric scooter-maker backed by Panasonic Corp., raised $300 million from Singapore’s Temasek Holdings Pte. and other investors to pay for expansion and research and development.

Generation Investment Management LLP, co-founded by Al Gore, Japan’s Sumitomo Corp., and French utility Engie SA, also invested. The new funding brings the Taiwan-based startup’s valuation to about $800 million, including the new cash injection, according to a person familiar with the matter. That’s double the level when it last raised in 2015, the person said…

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The company is developing the project for Monash University at its Clayton campus in Victoria. Plans call for 123,000 square feet of learning space across four levels.

Multiplex, a Brookfield company, will develop a $64.8 million (AUD $81 million) world-class biomedical learning and teaching building for Australia’s Monash University at its Clayton campus in Victoria.

Multiplex is also currently constructing a new $164.9 million (AUD $206 million) Learning and Teaching Building at the University, which will include a large underground parking facility and regional transport interchange…

Brookfield Multiplex to Build Melbourne Biomedical Facility

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  • Trading revenue fell to worst since first quarter of 2016
  • Investment-banking revenue at the firm surges 61% to a record

Jefferies Group, like its Wall Street competitors, is leaning on investment banking to weather a trading slump.

The firm’s revenue from trading dropped in the three months through August to the lowest in six quarters, a sign that an industrywide decline in transactions is worsening. The quarter was saved by investment banking, where fees surged 61 percent to a record $475.7 million…

At Jefferies, Like Wall Street, Trading Cedes to Banking

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 Investors may rue the day the macro strategy died.
Hugh Hendry is killing off his Eclectica Fund after 15 years. Moreover, he predicts that investors won’t be willing to back other hedge-fund managers pursuing similar strategies — just when they might be most needed…
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The company partnered with Cassco Development to build the retail and office project, which is situated within the 270-acre Clearfork master-planned community.

Simon Property Group and Cassco Development Co. have opened The Shops at Clearfork, a 500,000-square-foot, open-air luxury retail and office center in southwest Fort Worth.

Anchored by a 90,000-square-foot Neiman Marcus store that opened in February, The Shops at Clearfork includes such luxury, home furnishing and specialty retailers as Louis Vuitton, Tory Burch, Tiffany & Co., Mitchell Gold + Bob Williams, Z Gallerie, Arhaus, Mizzen+Main, Tesla and NuVitrum. Scheduled to open by the end of the year are Kendra Scott, Clean Juice Bar, Stanley Eisenman Shoes, Burberry and Elaine Turner, among others…

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  • Conatus manages $1.6 billion, down from $2.3 billion at start
  • Flagship fund gained 18% this year; media fund up 24%

Hedge fund manager David Stemerman is closing his Conatus Capital Management after a decade to explore a run as the Republican candidate for governor of Connecticut.

As Conatus approaches the end of its tenth year, I have decided to pursue an opportunity in public service and will be winding down the firm in December,” he wrote in a letter to investors. “As I begin to evaluate the opportunity to serve as Connecticut’s next governor, I expect to form a candidate committee that will prepare to launch a campaign in 2018.”

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  • President’s legal bills could amount to more than $1 million
  • Expenditures are legal, campaign finance lawyers say

President Donald Trump will use money donated to his campaign and the Republican National Committee to pay for his personal legal bills related to investigations into his campaign’s ties to Russia, two people familiar with the matter said.

The first payments from the campaign and RNC have already been made to Trump lawyers John Dowd and Jay Sekulow, said one person. Another person said the RNC has been working for months to figure out the legal parameters for using campaign donations for a candidate’s personal defense…

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Stream Realty Partners’ Mike Adams and Blaine Annett will lead leasing efforts at 199 South Los Robles in Pasadena, Calif. Jennifer Costa and Tania Chavez will be in charge of managing the property on behalf of the owner.

Stream Realty Partners is the new manager of 199 South Los Robles, a 163,194-square-foot office building in Pasadena, Calif. Stream’s Mike Adams and Blaine Annett will lead leasing efforts, while Jennifer Costa and Tania Chavez will be in charge of managing the property on behalf of the owner.

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