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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Miramar Property Group acquired a 75,711-square-foot property in Torrance, Calif., from Continental Development Corp. The asset is fully leased to Unify Financial Credit Union.

Continental Development Corp. sold a 75,711-square-foot office building in Torrance, Calif. to Miramar Property Group. The asset changed hands for $19 million.

Located at 1899 Western Way, the office building sits a few minutes from Interstates 405 and 110. Completed in 2004 and situated on 4.4 acres, the asset is fully leased to Unify Financial Credit Union, which uses the space as its corporate headquarters…

NKF Brokers Sale of South LA Office Building

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  • Risk-on tone persists, though moves limited before Fed meeting
  • Trump set to address North Korea in first UN appearance

U.S. stocks advanced to fresh records, while the dollar halted a two-day drop and Treasuries slipped as investors remained optimistic about the economy. Gold fell as demand for havens faded.

The S&P 500 Index held above 2,500 to notch a fresh record after briefly losing an advance that reached 0.3 percent. The Dow Jones Industrial Average added to its all-time high. Earlier, equities from Asia to Europe gained. The dollar climbed versus the euro and pound. The 10-year Treasury yield hit 2.23 percent. Gold tumbled, while oil was little changed…

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The Class A+ property traded for one of the highest prices per square foot ever recorded outside of New York City. The deal reflects the increasingly competitive commercial market in Santa Monica, Calif.

JOSS Realty Partners sold a Class A+ creative office building in Santa Monica, Calif., to MDC Realty Advisors for $30.5 million or $1,296 per square foot. This marks one of the highest prices per square foot ever recorded for a commercial office building outside of New York City.

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  • Ex-president speaks to Carlyle, Cantor, Northern Trust
  • ‘If someone is willing to pay him to give a speech, God bless’

Hillary Clinton says she made a mistake when she gave speeches on Wall Street after leaving government. Taking money from banks, she writes in her new memoir, created the impression she was in their pocket.

Her old boss doesn’t seem to share her concern.

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Sentiment among America’s homebuilders fell more than forecast in September as companies grew concerned about the cost of construction materials and labor shortages in the wake of Hurricanes Harvey and Irma, according to data Monday from the National Association of Home Builders/Wells Fargo.

HIGHLIGHTS OF HOMEBUILDER SENTIMENT (SEPTEMBER)

  • Housing Market Index fell to 64 (est. 67) from a revised 67 in August
  • Measure of six-month sales outlook dropped 4 points, the most since November 2015, to 73
  • Current sales index declined to 70 from 74, the biggest retreat in nearly three years
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  • Quail Ridge Apartments in Plainsboro has 1,032 units
  • Kushner Cos. sold the property 11 years ago to buy NYC tower

Kushner Cos., the real estate firm owned by Jared Kushner’s family, repurchased an apartment complex in Central New Jersey that it sold 11 years ago.

The 1,032-unit Quail Ridge Apartments was sold by Angelo Gordon & Co. for $190 million, Kushner Cos. said Monday in a statement. The 52-acre Plainsboro property, near Princeton, was among buildings it sold in 2007 to help finance a $1.8 billion purchase of a Manhattan office tower. The deal was completed Sept. 14…

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Akridge and Stars Investments are teaming up to redevelop two brutalist structures into one freestanding, 100,000-square-foot project situated on one of the city’s most powerful streets.

A joint venture between Akridge and Stars Investments has started work on the redevelopment of 1101 and 1111 Sixteenth St., two Washington, D.C. buildings that will be combined to create a 100,000-square-foot, trophy office building.

“1101 Sixteenth St. will be an impressive and efficient building,” Matt Klein, Akridge’s president, said in a prepared release. “The project’s boutique size will give small- and medium-sized clients a prominent identity on one of D.C.’s most powerful streets.”

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  • SQN Capital financing Suniva trade case seeking solar tariffs
  • Opponents argue tariffs may double panel prices, slow installs

A little-known Wall Street lender with a background financing dump trucks and helicopters is bankrolling a trade case that’s threatening the $29 billion U.S. solar industry.

SQN Capital Management typically finances and leases crucial, if prosaic, business equipment: think cement mixers, office furniture, honey-production machines, farm equipment. A $50 million loan to Suniva Inc. was one of its biggest ever, and when that loan went south with Suniva’s April bankruptcy filing, SQN joined the Georgia-based solar manufacturer’s improbable plan: ask President Donald Trump to impose tariffs on cheap imports from Asia…

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  • During periods of central-bank purchases, Treasury yields rose
  • Fed likely to announce start of balance-sheet runoff this week

On Wall Street, the conventional wisdom is that once the Federal Reserve finally starts to whittle down its crisis-era debt investments, U.S. Treasury yields will have nowhere to go but up.

But to some bond investors, history suggests the consensus couldn’t be more wrong.

During each of the Fed’s quantitative-easing cycles, yields rose when the central bank was buying and then fell after it stopped. That ran counter to what many expected based on simple supply and demand as the Fed amassed $4.5 trillion of debt and became the single biggest holder of Treasuries…

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The joint venture will become co-owner of the 2 million-square-foot mixed-use property with the acquisition of a 48.7 percent interest from New York REIT. The deal values the trophy asset at more than $1.7 billion.

New York City’s largest office property owner just added some prime square footage to its holdings. SL Green Realty Corp., along with joint venture partner RXR Realty, entered into an agreement to acquire a 48.7 percent interest in Worldwide Plaza, a 2 million-square-foot mixed-use asset in Midtown Manhattan. The partners will purchase the stake from New York REIT in a transaction that values the property at just over $1.7 billion.

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  • Chain was loaded with debt in buyout more than a decade ago
  • Looming Chapter 11 filing is rippling through toy industry

Toys “R” Us Inc., which has struggled to lift its fortunes since a buyout loaded the retailer with debt more than a decade ago, is preparing a bankruptcy filing as soon as today, according to people familiar with the situation.

The Chapter 11 reorganization of America’s largest toy chain would deal another blow to a brick-and-mortar industry that’s already reeling from store closures, sluggish mall traffic and the threat of Amazon.com Inc...

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NBP Capital acquired the Blagen Block and the New Market Theater in Portland’s CBD. The two buildings are among the few remaining Victorian Italianate buildings in the city.

Swift Real Estate Partners sold the Blagen Block and the New Market Theater, two buildings in Portland, Ore.’s Chinatown district, to NBP Capital. The new owners secured a $26.8 million acquisition loan.

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Sep
17

Tenants and Parking

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Even in cities, many tenants have to worry about parking. Kingsley Associates and CPE asked how parking lots could be improved at various CRE sites.

Even in cities, many tenants have to worry about parking. Kingsley Associates and CPE asked how parking lots could be improved at various CRE sites.

“The spots aren’t big enough for a lot of SUVs/trucks to fit; even some of the mid-sized cars can’t fit. Personally, my car gets dinged almost every week.” —Norwalk, Conn.

“Parking is a constant problem with the temporary labor hired by other tenants. Limit tenants to a certain number of parking spaces so that everyone has reasonable parking access.” —Minneapolis

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  • Cash may come from Google or private-equity arm CapitalG
  • Alphabet grows closer to Lyft as Uber relationship breaks down

Alphabet Inc. has held conversations with Lyft Inc. about a potential investment in recent weeks, signalling strong support for Uber Technologies Inc.’s main U.S. competitor, according to people familiar with the matter.

An investment of about $1 billion in Lyft may come from Google or CapitalG, Alphabet’s private-equity arm, said some of the people, who asked not to be identified because the discussions are private. A deal may not come together. Alphabet and Lyft declined to comment…

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