Archive for Finance

Working on behalf of a partnership of investors advised by JP Morgan Asset Management and IDI Logistics, Cushman & Wakefield secured the loan for the refinancing of eight properties located in Illinois, Ohio, Texas and California.

Cushman & Wakefield has come through for Industrial Properties America III LLC, a joint venture of investors advised by JP Morgan Asset Management and IDI Logistics. The commercial real estate services firm recently arranged $108.6 million in refinancing for the borrower’s 2.2 million-square-foot national industrial portfolio. The financing, secured by  Cushman & Wakefield Senior Director Richard Henry, Executive Director Brian Linnihan and Executive Managing Director Mike Ryan, came in the form of a floating rate loan.

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  • Ant relies on asset-backed securities but issuance is sliding
  • Golden days of easy money from debt market over, analyst says

Billionaire Jack Ma’s Ant Financial, the world’s biggest fintech firm, may have a problem…

China Consumer Loan Giant Ant Financial Threatened by Debt Slump

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The company’s new headquarters will occupy more than 20,000 square feet in a newly renovated office building in Rockville, Md.

Financial services company H. Beck Inc. has signed a 23,000-square-foot lease to move its headquarters into Research West I in Rockville, Md. The tenant plans to occupy its new space in the 122,500-square-foot Washington, D.C.-area office building in August 2018. Realty Capital Partners owns the property, according to Yardi Matrix.

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  • First coal supply from Carmichael mine now planned by 2021
  • Indian firm plans to supply coal to China, Vietnam and Taiwan

Indian conglomerate Adani Enterprises Ltd. will miss its original deadline to start shipping thermal coal from one of the world’s biggest planned mines due to funding difficulties, even as it eyes export deals with Asian companies…

Billionaire’s Mega-Mine Misses Coal Deadline on Funding Headache

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  • Developer Broccolini to spend up to $233 million on project
  • Site will be ‘ultimate mixed-use’ with condos, office, retail

Broccolini Construction Inc. plans to invest as much as C$300 million ($233 million) to build the tallest residential tower in Montreal…

Montreal’s Tallest Residential Tower to Rise Near National Bank

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The 304,732-square-foot portfolio was 94 percent occupied at the time of sale. The office buildings are all located within minutes of major thoroughfares.

Somerset Properties has sold a four-building office portfolio located in Mount Laurel and Marlton, N.J. Mobius acquired the properties for a combined $31.4 million and received a 10-year fixed-rate acquisition loan from Wells Fargo Bank, in the amount of $24.3 million. The portfolio totals 304,732 square feet and is 94 percent occupied.

An HFF team represented Somerset in the transaction and arranged the funding on behalf of Mobius…

Somerset Properties Sells Office Portfolio in NJ

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Deutsche Bank AG Chief Executive Officer John Cryan said he’s committed to remaining in his job after people familiar with the matter said that the lender has held talks with potential replacements…

Deutsche Bank CEO Cryan ‘Absolutely Committed’ to Serving Lender

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The company plans on filling the vacant first-floor with retailers. Two, 4,000-square-foot pad sites will be added on adjacent land, intended for medical offices, office or retail development.

Moonwater Capital has acquired its third property, Montecito Tower, a Class A office building in Las Vegas’ Bruce Woodbury Beltway, for $41 million. The capital package was arranged by Dekel Capital. Part of the funds were secured through a $28.5 million first mortgage loan with Prime Capital, while the balance of the capitalization was funded through a joint venture equity investment between Moonwater and a private equity fund.

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  • Reputation risk hurts ability to pass on rising funding costs
  • Big-four lenders ‘are really stuck,’ governance expert says

A recent spike in funding costs is happening at the worst time for Australia’s big banks, as intense public scrutiny crimps their ability to pass on increases to customers…

Aussie Banks Face Squeeze as Conduct Probe Crimps Pricing Power

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Wall Street’s average bonus jumped 17 percent in 2017 to $184,220, the highest since 2006, according to estimates by New York State Comptroller Thomas DiNapoli…

Wall Street Bankers’ Average Bonus Jumps to Highest Since 2006

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As many investors retreat from the online lending industry, Upstart Network Inc. is hoping to find investors still willing to bet on the business. Upstart, which was founded by Google veterans, is testing venture capitalists’ appetite for an investment round of about $100 million, said two people briefed on the matter…

Upstart Seeks $100 Million, Testing VCs’ Appetite for Online Lending

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  • Trade tension blow-out, inflation surprise are also tail risks
  • Debt load will make it hard for companies in case of recession

The continuing economic expansion and pending benefit from U.S. tax cuts offer a crucial window for companies to reduce leverage and get ready for the next downturn, according to $808 billion asset manager Aberdeen Standard Investments…

Companies Must Pay Down Debt Now, $800 Billion Fund Manager Warns

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Litigation over a gun defect will likely be delayed. How those claims will ultimately be resolved is unclear.

Remington Outdoor Co.’s decision to seek court protection was a long-anticipated move by one of America’s oldest gun-makers. It was in part the result of a maelstrom that’s buffeted the industry since the election of Donald Trump, one also fueled by mass shootings and protests such as this weekend’s nationwide march for gun regulation…

Remington Has a $500 Million Question Hanging Over Its Bankruptcy

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The State of California Department of General Services chose the longtime partners to take on the design-build responsibilities for the new headquarters of the Department of Natural Resources in Sacramento.

Turner Construction Co., in partnership with architectural firm AC Martin, just landed a big fish in the Golden State. The team secured a design-build contract with the State of California Department of General Services for the new 838,000-square-foot Department of Natural Resources headquarters. The downtown Sacramento office development carries a project cost of approximately $597 million, with $520.5 million dedicated to construction, which is expected to commence in early summer.

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  • Shares fell as much as 13% after article noted plan for audit
  • Miner refutes assessment, saying it will work with authorities

First Quantum Minerals Ltd. plunged the most in almost two years as the miner was hit with a $7.9 billion tax bill by Zambia, which accounts for 84 percent of its revenue

First Quantum Confirms $7.9 Billion Zambian Tax Assessment

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  • Saudi Arabia, Hong Kong policy makers grapple with the impact
  • Australian short-term funding costs are surging as well

From Riyadh to Sydney, short-term funding markets worldwide are starting to feel the effects of soaring U.S. dollar Libor rates…

Soaring U.S. Libor Rate Trickles Into Funding Markets Worldwide

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Citigroup Inc. said Chief Executive Officer Michael Corbat was unaware that the bank was in the process of closing a real estate loan to a Kushner Cos. venture when he met with Jared Kushner…

Citigroup Says CEO Was Unaware of Loan When He Met With Kushner

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  • TPG Pace Energy, a blank-check company, targets Eagle Ford
  • Chazen will lead newly formed company to be called Magnolia

Steve Chazen, who transformed Occidental Petroleum Corp. into a heavyweight of the U.S. shale boom, is looking to replicate that success in south Texas with a $2.66 billion deal…

TPG Pace to Buy EnerVest Shale Assets for $2.7 Billion

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Jeff Bezos, the world’s richest person, added $3.3 billion to his net worth on Tuesday even as the fortunes of fellow technology tycoons took a tumble. The founders of Facebook Inc., Alphabet Inc. and Oracle Corp. lost a combined $6.7 billion…

Larry Ellison’s Fortune Takes a $4.5 Billion Hit

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  • State Street is bullish on sterling and the Norwegian krone
  • Rising hedging costs also dim dollar’s attractiveness: Binny

State Street Global Advisors has cut its dollar positions to neutral from long, deterred by rising hedging costs and a break in the correlation between the global currency and rates markets.

Interest rates are the base drivers for currency movements, but that link seems to have “somewhat frustratingly broken down so far this year,” said James Binny, who oversees $116 billion as global head of currency at State Street. The dollar-yen rate is a “classic example,” he said…
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  • Largest transaction in the current en-bloc cycle, CBRE says
  • Quek teams up with Singapore cousin Kwek on transaction

Billionaire Quek Leng Chan’s GuocoLand Ltd. and its joint venture partners are buying Pacific Mansion near Singapore’s business district for S$980 million ($743 million), the biggest purchase of a residential site for redevelopment in more than a decade…

Singapore Residential Site Sells to Billionaire Quek for S$980 Million

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  • Interest in mutual funds picked up as shares rallied
  • Popularity of some products has alarmed China’s regulators

Three years after China’s stock market trauma, the speculative spirit is far from snuffed out…

The Superstar China Fund Managers Luring $5 Billion a Day

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  • Ear piercing couldn’t immunize it against falling mall traffic
  • Group led by Elliott to help fund restructuring plan

Claire’s Stores Inc., known for tween jewelry and ear piercing, has become the latest victim of the retail apocalypse…

Claire’s Becomes Latest Retailer to Go Bankrupt

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  • Bankruptcies show how tough competition has gotten for grocers
  • Walmart, Kroger are making expensive investments in technology

This is how the grocery industry lives now…

Supermarket Bankruptcies Are Beginning to Pile Up

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  • Mortgage lender denies allegations and says it will fight suit
  • HouseCanary’s real-estate data and technology at issue

Quicken Loans Inc. was sued by real-estate data analytics startup HouseCanary Inc., which accused the mortgage-lending firm of trying to steal its data and technology through a sham licensing agreement so it could develop competing appraisal software…

Quicken Loans Is Sued by Data Startup Claiming Trade Secrets Theft

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The company completed the project in March, adding 314,600 square feet of new world-class education space to the Clayton campus. Designed by John Wardle Architects, the development features a four-level building and a new regional transport interchange.

Multiplex has completed the Learning and Teaching Building at Monash University, a new $225 million education property in Clayton, Australia.

“We are delighted to continue our collaboration with Monash University with the delivery of the Learning and Teaching Building, which will provide students with truly progressive and contemporary learning spaces,” Graham Cottam, Multiplex’s regional managing director, said in a prepared release…

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  • Partners Enhanced fund is said to plunge 23% this year
  • Pure Spread and European Event Equities funds saw gains

Billionaire John Paulson can trace his loss of assets and senior executives to a familiar refrain: poor performance…

John Paulson’s Merger Arbitrage Fund Plunged at the Start of the Year

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  • Loan upsized after Uber annnouces autonomous vehicle fatality
  • For yield hungry investors valuation is too good to ignore

Uber Technologies Inc. is borrowing more than it originally planned in the U.S. leveraged loan market, where a decision by the ride-hailing company to halt autonomous vehicle tests following a fatality isn’t deterring investor demand.

The company on Monday said it’s boosting the size of a proposed loan that will fuel growth to $1.5 billion from $1.25 billion. Potential lenders said their decision to lend won’t be impacted by the accident, according to people with knowledge of the matter…
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The rapid evolution of crypto-assets such as Bitcoin may one day make them a threat to the financial system, Mark Carney, chairman of the Financial Stability Board, said in a letter to Group of 20 finance leaders.

“Wider use and greater interconnectedness could, if it occurred without material improvements in conduct, market integrity and cyber resilience, pose financial stability risks through confidence effects,” Carney wrote. His letter, published on Sunday, was circulated for a meeting of G-20 finance ministers and central bank governors in Buenos Aires…
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  • City center is hotspot as commuting times mar suburban life
  • London bankers can’t expect to upsize as prices keep rising

Luxembourg’s red-light district could soon be a home for bankers escaping Brexit.

 As the Grand Duchy prepares to welcome financiers relocating from the U.K., a lack of housing has pushed the price of relatively modest family homes beyond the 1 million-euro mark ($1.2 million).
That’s led to edgier areas being developed to keep up with demand, according to real estate brokers in the tiny country, attracting City of London firms looking for a foothold on the continent…
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 The succession plans at JPMorgan and Goldman say a lot about where the companies—and the Street—are headed.

In another universe, they might have starred in an odd-couple comedy about a pair of New Yorkers who rise to fame and fortune: Jamie Dimon, the voluble, sometimes ill-tempered alpha male from Queens; Lloyd Blankfein, shorter and bald, the wisecracking sidekick from Brooklyn.

Now the men atop the world’s two preeminent banks—Dimon at JPMorgan Chase & Co., Blankfein at Goldman Sachs Group Inc.—have announced plans for an orderly handoff. It’s part of a wider succession moment sweeping through finance a decade after the financial crisis, as men in their 60s and 70s prepare their companies for the next act…
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  • Hollywood talent agency part of kingdom diversification plan
  • Deal said to come as crown prince begins visit to U.S.

Saudi Arabia’s sovereign wealth fund is taking a $400 million stake in Endeavor, one of Hollywood’s biggest talent and event managers, as part of Crown Prince Mohamed bin Salman’s grand plan to diversify the kingdom’s oil-based economy, according to people with knowledge of the deal.

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  • uildings were first and only completed sale by Cadre
  • Client money from Goldman Sachs, new funding round, followed

Cadre, the real estate investing startup co-founded by White House senior adviser Jared Kushner, was the primary beneficiary of a property-flipping investment that may have been less profitable if it had fully complied with New York City disclosure rules about rent-regulated tenants.

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Canada’s closely-watched ratio of consumer debt to income held near a record high in the fourth quarter as incomes and borrowing rose at about the same pace…

Canada Household Debt-to-Income Ratio Holds Near Record High

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  • Bank sees 72% chance of recession over the next three years
  • Investors should monitor the ‘twilight of the mid cycle’

Markets are in the “twilight of the mid cycle” and investors should be prepared to act if the economy edges toward a recession, according to JPMorgan Chase & Co…

JPMorgan Moves Closer to Urging a Rotation Away From Equities

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Hong Kong, Sweden, China and Australia could all find themselves in hot water over private-sector debt if borrowing costs rise, according to research by Oxford Economics.

That’s because those countries all have a particularly high share of floating-rate debt in relation to economic output. If interest rates increase, households and companies are likely to feel the pinch, the study of 16 economies found…

Higher Rates May Spell Private Debt Trouble, Study Finds

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  • Macquarie says first two months likely were ‘peak of the year’
  • Tillerson’s replacement may signal a harder U.S. line on trade

China’s crackdown on financial risks and trade tensions with the U.S. threaten to undermine a stronger-than-expected start to the year for the world’s second-largest economy…

China Economy’s Strong Start Faces Risks at Home and Abroad

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With the closing of the transaction, Blackstone Real Estate Income Trust has added 22 million square feet of last-mile infill warehouse and distribution facilities to its holdings.

Blackstone Real Estate Income Trust Inc.’s collection of industrial properties just grew by 22 million square feet. The commercial property REIT recently completed the acquisition of the 146-building Canyon Industrial Portfolio from Cabot Industrial Value Fund IV LP and Cabot Industrial Value Fund IV Manager LP in a $1.8 billion deal.

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  • Finland’s Varma, Ilmarinen own no funds where AI picks assets
  • Funds use quantitative and systematic investment strategies

Some of the biggest investors in one of the world’s most technologically advanced corners don’t want robots to replace people when it comes to managing money…

$112 Billion Asset Managers Don’t Want Robot Money Managers

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  • Manager sees opportunities to buy infrastructure, energy bonds
  • AMP eyes shorts in highly leveraged real-estate companies

Pacific Investment Management Co. is cutting its investments in Australian bank debt because of lofty valuations as well as trimming holdings of real estate and retailers’ bonds…

Pimco Sells Australia Banks, Property Bonds as Risks Climb

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Wind Creek Hospitality, an affiliate of the Poarch Band of Creek Indians of Alabama, will acquire the property in Bethlehem, Pa. The transaction is scheduled to close by year’s end or in early 2019.

Roughly a decade after opening the Sands Casino Resort Bethlehem, in Bethlehem, Pa., Las Vegas Sands Corp. has entered into an agreement to sell the property to Wind Creek Hospitality, an affiliate of the Poarch Band of Creek Indians of Alabama. The asset changed hands for $1.3 billion.

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  • The brothers want to form the Virtual Commodity Association
  • A CFTC commissioner applauded the plan for self-regulation

The Winklevoss twins have taken on their next project in the cryptocurrency world: regulation.

The brothers, who run the Gemini exchange for trading Bitcoin and Ether, have submitted a proposal to create the Virtual Commodity Association, a self-regulatory organization meant to police digital-currency markets and custodians. The non-profit group would aim to develop industry standards, promote transparency and work with regulators including the U.S. Commodity Futures Trading Commission to prevent fraud…

Winklevoss Twins Have a Plan to Police Cryptocurrency Trading

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The facility will be located at The Reserve at Grand Parkway, providing comprehensive rehabilitative services and around-the-clock registered nursing care to stroke patients.

Encompass Health Corp.—formerly known as HealthSouth Corp.—has announced plans to build a $25 million, 40-bed inpatient rehabilitation hospital in Katy, Texas.

The facility will be located at The Reserve at Grand Parkway, providing comprehensive rehabilitative services and around-the-clock registered nursing care to stroke patients, while also tending to spinal cord injuries, amputations and complex orthopedic conditions…

Encompass Health to Build Houston-Area Rehab Facility

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  • Plan comes after sale of Tiffany and Credit Suisse holdings
  • QIA spent $3.5 billion on investments last year: SWFI

Qatar’s sovereign wealth fund is selling a stake worth about $640 million in Veolia Environnement SA, months after it reduced holdings in Tiffany & Co. and Credit Suisse Group AG…

Qatar Wealth Fund to Sell Entire Veolia Stake Worth $640 Million

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Tata Sons Ltd., the holding company for India’s biggest business group, is selling about $1.25 billion of its stake in software services provider Tata Consultancy Ltd.

Tata Sons was offering 28.27 million shares of Asia’s largest software developer, or about a 1.48 percent stake, after the market close Monday, according to terms for the deal obtained by Bloomberg. The company was planning to sell the shares at 2,872 rupees to 2,925 rupees a share, the terms show…
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  • Pool will hold a 20 percent passive stake in real estate firm
  • Minority stake sales are increasingly common in private equity

Blackstone Group LP fund that takes minority stakes in alternative-asset managers is buying part of real estate firm Rockpoint Group

Blackstone Fund Buys Stake in Property Firm Rockpoint

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  • Yu plans to use contacts among wealthy lawyers, doctors
  • Warrants trading jumped in 2017 amid surging Hong Kong stocks

Johnny Yu, who earned the nickname “King of Warrants” during his 13 years selling the financial derivatives at UBS Group AG in Hong Kong, is moving to the bank’s wealth management unit…

UBS’s ‘Warrants King’ Has a New Role Managing Hong Kong Wealth

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  • Nigeria Mortgage Refinance Co. to tap debt market this year
  • Company is busy preparing its first Islamic bonds issuance

After suffering through an economic contraction that restrained demand for housing loans in Africa’s most-populous country, Nigeria’s state-backed mortgage guarantor is anticipating that a return to growth will help double its nascent asset base…

Nigeria’s Own Fannie Mae Sets Out to Double Mortgage Loans

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  • Move is aimed at preventing financial risks, reducing overlap
  • Combined CBRC, CIRC will oversee $43 trillion of assets

China is giving its central bank greater regulatory powers while merging the watchdogs responsible for banking and insurance, a key move in the nation’s campaign to curb risks in its financial sector…

China Creates Super Regulator for $43 Trillion Finance Industry

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Located 20 miles from Tuscaloosa, the building encompasses more than 125,000 square feet of manufacturing and distribution space, purpose-built for Truck and Wheel USA Corp.

Gladstone Commercial Corp. has acquired a 127,444-square-foot industrial property from Graham & Co. in Vance, Ala., for $14.3 million. The initial cap rate for the structure was 6.98 percent, with an average cap rate of 7.62 percent.

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  • Solomon is ‘well versed’ in the firm, may expand new business
  • Goldman shares outperform the broader KBW bank index

Goldman Sachs Group Inc.’s choice of Chief Operating Officer David Solomon to eventually succeed Lloyd Blankfein as chief executive is winning accolades on Wall Street.

By naming Solomon sole president, the firm cleared the way for him to take the helm, a scenario that analysts say allayed the concern some investors had about there possibly being co-CEOs when Blankfein retires. They also cited Solomon’s diverse background and investment-banking expertise as benefits, and said Goldman’s transparency in laying out the succession plan will help insiders at the firm focus on doing business instead of wondering who’s going to take over as CEO…

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Anthony Orso will be responsible for supporting the integration of Berkeley Point Capital with ARA, two companies the firm recently acquired.

NKF Capital Markets has appointed Anthony Orso as president of Capital Markets Strategies. Orso will be responsible for supporting the integration of Berkeley Point Capital with ARA, two companies recently acquired by NKF Capital Markets.

He will work closely with Berkeley Point Capital CEO Jeff Day and Vice Chairman & Head of U.S. Multifamily Blake Okland. Orso will also work as a liaison with Cantor Fitzgerald’s CMBS business and advise the company on its strategic approach to its third-party debt business, following NKF Capital Markets’ investment in CCRE. Before joining NKF Capital Markets, he was co-founder & CEO of CCRE, which he built into a fully integrated commercial real estate debt platform, while completing more than $250 billion in real estate financing deals…

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Mar
12

Omni Opens $300M Hotel in Kentucky

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The tallest lodging destination in Louisville comes online as the city looks forward to the reopening of the Kentucky International Convention Center this summer, following a $180 million expansion.

More than two years after it broke ground in January 2016, the Omni Louisville Hotel, the city’s tallest hotel, has officially opened. The $300 million, 612-key property was a joint venture of Omni Hotels & Resorts and Metro Louisville.

Omni Louisville features about 70,000 square feet of flexible meeting and event space, and atop the hotel, 225 one- and two-bedroom luxury apartments are available for preleasing…

Omni Opens $300M Hotel in Kentucky

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The 194-key Fairfield Inn & Suites and Towneplace Suites will feature seven stories set atop a 220-space, five-story parking deck.

Arriba Capital has arranged a $40.7 million ground-up construction loan for the development of a dual-branded MarriottFairfield Inn & Suites and Towneplace Suites in Midtown Atlanta. The non-recourse loan was leveraged to 78 percent of the total project cost, with a two-year term and three, six-month extension options.

Fairfield Inn & Suites acts as the primary brand and TownePlace Suites is Marriott’s extended-stay brand. The 194-key dual-branded lodging project will feature seven stories set atop a 220-space, five-story parking deck. The two hotels will share back-of-the-house elements including laundry, maintenance facilities and mechanical/electrical space. Guests will have access to amenities such as:

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  • Ant’s outstanding consumer loans outstrip China’s No. 2 bank
  • Regulatory tightening is said to slow consumer loan ABS sales

Ant Financial’s consumer lending has reached at least 600 billion yuan ($95 billion) despite the affiliate of Alibaba Group Holding Ltd. facing a tougher environment for securitizing its loans, people familiar with the matter said.

From the start of 2017 until this month, Ant’s consumer lending has doubled via its Huabei and Jiebei units even as the government reduces quotas for new asset-backed securities that can underpin such loans, one of the people said, asking not to be named as the matter is private. The loans can incur annual interest rates as high as 15 percent, although they are normally less than that, another person said…
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Tata Sons Ltd., India’s biggest business group, plans to sell $1.25 billion of its stake in Tata Consultancy Ltd., according to terms of the transaction.

 Tata Sons will sell 28.27 million shares of Asia’s largest software developer, or about 1.48 percent stake, according to the terms. The company plans to sell the shares at between 2,872 rupees to 2,925 rupees a share, the terms show. Citigroup Inc. and Morgan Stanley are the bankers to the sale. Tata Consultancy, which is 73.5 percent owned by its parent, rose 0.6 percent to 3,052.15 rupees in Mumbai earlier on Monday…
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  • Plans call for pre-arranged Chapter 11 filing by March 15
  • Second-lien lenders would get biggest share of equity

Nine West Holdings Inc. and its creditors are closing in on a deal to restructure almost $1.5 billion of debt that would include filing for bankruptcy and selling off parts of the shoe and clothing retailer, according to people with knowledge of the negotiations…

Nine West Plans a Bankruptcy Filing With Asset Sales

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  • Billions of dollars seen flowing to Treasuries as stocks rally
  • Pensions’ bond purchases support yield curve flattening: JPM

The bond bear market, touted by billionaire fund managers Bill Gross and Ray Dalio, is about to run into a multi billion-dollar roadblock…

Wall Street Warns of Seismic Pension Shift Into Bonds This Month

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The two-building retail center anchored by Petco is currently 96 percent leased. The asset is across the street from the Mall of Georgia, and along a route with a daily traffic count of 31,000 vehicles.

Bond Street Advisors Group has purchased a 36,358-square-foot retail center in Buford, Ga. for $13.5 million from Mill Creek/Cooper LLC. A team of Franklin Street brokers represented both parties in the transaction.

Mill Creek Walk comprises two buildings located at 3260 and 3264 Buford Drive. The property sits across the street from the Mall of Georgia and is approximately 35 miles from downtown Atlanta, along a thoroughfare which has an estimated daily vehicle count of 31,000, according to the Georgia Department of Transportation. Access to the metro area is facilitated by nearby interstates 985 and 85…

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The Cushman & Wakefield Capital Markets team, along with two leasing partners, negotiated the sale of Transal Park, a six-property campus that was 88 percent leased at the time of sale.

Cushman & Wakefield has negotiated the sale of a six-building flex campus in Miami-Dade County, on behalf of the seller. SVF Acquisitions LLC bought the property for $22.8 million.

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