Author Archive
TREIS Closes Sale of Tampa Retail Assets
Posted by: | CommentsTiktin Real Estate Investment Services has arranged the joint sale of two retail properties encompassing nearly 4,000 square feet in Tampa, Fla. According to public records, Orion Venture VI LLC sold the assets to Shorewood Estates MHC LLC in a $2.9 million deal, while U.S. Bank provided $1.5 million in acquisition financing.
Most Sectors Near Peak, But Crash Unlikely: RCLCO
Posted by: | CommentsThough the report doesn’t use this term, the Q2 2017 State of the Real Estate Market Chartbook from RCLCO seems to indicate that the current CRE cycle might be heading for a soft landing.
In the report’s words, “Multiple metrics and indicators suggest that we are in or nearing a ‘late stable’ stage of the market cycle for most property types in most geographies.” Multiple property types in some metro areas (for example, Washington, D.C., and Houston), as well as multifamily nationwide, “appear to have surpassed ‘peak’ conditions at this point, though we have no reason to expect a sharp downturn.”
Homes Worst Hit by Harvey May Wait Months for Power to Come Back
Posted by: | CommentsThe homes and businesses that were flooded and lost power after Hurricane Harvey slammed into Texas’s coast last week may spend months waiting for their lights to come back on.
Even once the region’s utilities have repaired damaged power lines, electricians have to certify flooded homes before they can reconnect service, said Scott Aaronson, executive director for security at the utility trade group Edison Electric Institute. The group is working with government officials on expediting that certification, pointing to prolonged outages that followed hurricanes Sandy, Matthew and Katrina, he said…
Homes Worst Hit by Harvey May Wait Months for Power to Come Back
Goldman Sachs Fund Manager Says Dollar Pain Trade Is Flashing a Buy Sign
Posted by: | CommentsJust as the biggest rout for the dollar in at least six years is sending investors fleeing, at least one observer says it’s time for value-oriented money managers to start piling in.
That’s the view of Mike Swell, co-head of global fixed-income portfolio management at Goldman Sachs Asset Management…
Goldman Sachs Fund Manager Says Dollar Pain Trade Is Flashing a Buy Sign
Savills Studley Negotiates Office Expansions in Chicago
Posted by: | CommentsSavills Studley brokered two office expansions on behalf of Ryan Specialty Group and one of its subsidiaries, RT Specialty. Following the necessary improvements, RSG will occupy 32,495 square feet at Two Prudential Plaza, while RT Specialty conduct its operations in a 38,000-square-foot space at 500 W. Monroe.
Rare MD Industrial Asset Up for Sale
Posted by: | CommentsTranswestern has been retained by an undisclosed seller to market Parkway Industrial, a 499,639-square-foot portfolio of flex/industrial space in Hanover, Md.
“Parkway Industrial offers investors a rare opportunity to buy a high-quality industrial portfolio in a gateway market that’s heavily supply constrained,” Mark Glagola, Transwestern’s senior managing director of its Mid-Atlantic capital markets group told, Commercial Property Executive. “There are very few development opportunities in this area because of lack of available land.”
Wall Street, Not Waiting on Mnuchin, Readies Debt-Limit War Room
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Sifma revisiting, revising 2011, 2013 contingency plans
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TMPG minutes show Fed-sponsored group is doing the same
The key industry groups that seek to prevent seismic disruptions in the world’s biggest debt market aren’t waiting around to see if Treasury Secretary Steven Mnuchin can get Congress to lift the debt limit before America exhausts its borrowing capacity.
Lean Inventory Drives Home-Price Gain in 20 U.S. Cities
Posted by: | CommentsSteady growth in home prices in 20 U.S. cities in June reflects a limited number of available houses for sale, according to S&P CoreLogic Case-Shiller data released Tuesday. Nationwide, values posted their largest advance in three years.
HIGHLIGHTS OF HOME PRICES (JUNE) |
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Davis Cos. Buys 137 KSF MA Office Asset
Posted by: | CommentsKBS Realty Advisors sold 625 Mt. Auburn in Cambridge, Mass., to The Davis Cos.
Located at 625 Mount Auburn St., the 137,421-square-foot office property comprises three floors. Originally built in 1961, the building underwent cosmetic renovations in 2001. Asset features include a cafeteria, fitness center, conference center, common area Wi-Fi and 307 parking spaces…
Singapore’s Home Sales Recovery Is Down to the Locals
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As sales jump by 50%, Singaporeans dominate the buying
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Stringent stamp duties discourage more purchases by foreigners
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After years of declines, Singapore’s home sales are on a roll, even as purchases by foreign buyers have remained muted.
Stringent stamp duties levied by the government have had the intended effect of damping speculative foreign demand, with foreign buyers accounting for just 6 percent of purchases in the first half, data from Cushman & Wakefield show. That compares with 9 percent as recently as 2013, when mortgage rules were tightened.
ENGIE Enters Mongolia with 55MW Wind Farm
Posted by: | CommentsFrench utility ENGIE will build and operate the Sainshand wind farm in the Gobi Desert in Mongolia. The project marks the company’s first renewable wind development in the country.
The Sainshand wind farm will have a total installed capacity of 55 megawatts and will generate sufficient energy to serve the needs of 130,000 people in Mongolia. Construction is scheduled to begin this summer and will be overseen by Tractebel, ENGIE’s engineering arm. Commissioning of the facility is anticipated in the second half of 2018…
Lebanese Private-Equity Firm Hunts Africa Diaspora for Deals
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EuroMena plans to raise $300 million for SME, debt funds
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Firm expects to close two acquisitions, three exits this year
EuroMena Funds, a Beirut-based private-equity firm that has raised $350 million since 2006, plans to almost double assets as it seeks investments in Lebanese-owned companies operating abroad.
After a decade of deploying most of its capital in Lebanon, Jordan and Egypt, EuroMena’s latest fund has spent $55 million for stakes in a toilet-paper manufacturer in Nigeria, a Tunisia-based operator of clothing stores, and the Moroccan franchisee of French retailer Carrefour SA, said Giles de Clerck, the firm’s executive partner.
North SF Office Asset Changes Hands
Posted by: | CommentsStarboard Commercial Real Estate sold a three-story office building on Chestnut Street in San Francisco. According to Property Shark data, Sunhill Enterprises LP acquired the 16,900-square-foot asset for $9.4 million.
Located at 665 Chestnut St., the property offers easy access to bus stations, restaurants and hotels, including Curry Leaf, Entella Hotel and San Francisco Marriott Fisherman’s Wharf. The building features upgraded and newly remodeled second and third floors. Tenants include Retronyms Inc., The Janssen Group and Discover Health…
Historic Nashville Building to Debut as Hyatt Hotel
Posted by: | CommentsHRI Properties LLC will name its newest property in Nashville the Holston House hotel. The asset will be part of Hyatt’s Unbound Collection. Situated in the heart of downtown Nashville, Tenn., the building previously served as a subsidized community for elderly residents as well as residents with disabilities. The hotel will replace James Robertson Apartments and will include 191 keys as well as 3,000 square feet of flexible event space. Originally designed by Marr & Holman, design firm Stonehill & Taylor recently reimagined the asset. According to The Nashville Post, Bell and Associates is the general contractor of the project.
China’s Central Bank Is Working Hard to Stand Still
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PBOC using increasingly complex tools to manage money market
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Market volatility shows effort isn’t always flawless
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While some of the biggest central banks are agonizing over changing direction, the People’s Bank of China is working hard to stay right where it is.
First Staybridge Suites Debuts in Poland
Posted by: | CommentsInterContinental Hotels Group has signed the Staybridge Suites Warsaw Ursynow, the first Staybridge in Poland. This signing marks the company’s eight property in Europe.
Operating under a franchise agreement with WIK Capital, IHG will debut the 190-key hotel in late 2019.
SL Green, Vornado Snag $1.2B Refi for Manhattan Tower
Posted by: | CommentsSL Green Realty Corp. and Vornado Realty Trust have reeled in big-ticket refinancing for 280 Park Ave. in Manhattan for the second year in a row. The co-owners of the nearly 1.3 million-square-foot trophy office property just closed a $1.2 billion loan, replacing the previous $900 million loan obtained in May 2016.
The Hot New Hedge Fund Flavor Is ‘Quantamental’
Posted by: | CommentsFundamental and quantitative investing used to be the hedge-fund versions of oil and water: They didn’t mix. Those in the fundamental camp do analysis the old-fashioned way, evaluating investments based on research and instinct, with humans calling the shots. Quantitative money managers turn to sophisticated computer algorithms that search mountains of data for hidden signals and then make rapid-fire investment decisions. A middle ground has recently emerged: “quantamental” investing, a merger of computer and human-based decision making. It’s not yet clear whether the whole is more than the sum of its parts…
The Hot New Hedge Fund Flavor Is ‘Quantamental’
The Digital Banking Executive Securing Your Money With Blockchain
Posted by: | CommentsAmber Baldet is convincing JPMorgan Chase and other institutions that change is good.
In 2014, when it became clear that advances in machine learning and artificial intelligence were reshaping finance, executives at JPMorgan Chase & Co.pulled together their best engineers and told them, “Figure this out.” Among them was Amber Baldet, then a 31-year-old vice president for technology. “I started in machine learning, but I kept putting my hand up to say, ‘I know about blockchain,’?” she says…
The Digital Banking Executive Securing Your Money With Blockchain
Chicago Freezer Facility Lands New Tenants
Posted by: | CommentsBridge Development Partners brokered the lease of 130,000 square feet of space at Bridge Point Northlake, a 256,752-square-foot cold storage facility in Northlake, Ill., to Frozen Assets Cold Storage. Lease terms remained undisclosed.
Bridge Point Northlake is located at 555 Northwest Ave., minutes away from O’Hare International Airport and with immediate access to interstates 294 and 290. Interstates 90, 88 and 355, as well as the Union Pacific Intermodal and the Canadian Pacific Intermodal, are also nearby…
Northwestern Mutual’s New HQ Opens in Milwaukee
Posted by: | CommentsThe 1.1 million-square-foot Northwestern Mutual Tower and Commons project along the Lake Michigan lakefront in downtown Milwaukee has celebrated its grand opening.
Gilbane Building Co., of Providence, R.I., was the project’s construction manager, along with joint venture partner CG Schmidt, a Milwaukee-based construction management and general contracting firm.
The 32-story tower adjoins a three-story, two-block-long space known as the Commons. Amenities at the complex include a three-acre public green space with gardens and trees, a coffee shop, an interactive museum, a 75,000-square-foot food server on the second and third floors, a 25,000-square-foot fitness center, and outdoor balconies on the 31st and 32nd floors…
Wall Street Vets From Dalio to Gundlach Warn on Emerging Markets
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Emerging-market valuations ‘fairly full,’ Janus Capital says
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North Korea, Venezuela and U.S. debt ceiling all seen as risks
More investors are joining the cast of Wall Street veterans from Jeff Gundlach to Ray Dalio in warning that risky assets are overvalued.
They point to rising global turmoil underscored by the recent terrorist attacks in Barcelona and the racially charged violence in Charlottesville, Virginia, as well as valuations that no longer compensate for potential flareups in North Korea and Venezuela. That’s not to mention the unpredictability in the U.S., where President Donald Trump is feuding with members of Congress before a critical vote to increase the country’s debt ceiling…
Trump’s Immigration Crackdown Is Making New Homes More Expensive
Posted by: | CommentsPrices for construction labor and materials are soaring.
Last year, Jim Brown and other home builders around Atlanta could get a good framing crew at a rate of $3.25 per square foot. This year, the few framers they can find demand, and get, almost double that.
“They can ask anything,” Brown said. “There aren’t enough of them left.”
Knowing Where to Look 10 Years After Start of Financial Crisis
Posted by: | CommentsJust five minutes before Monday’s solar eclipse, hundreds of beachgoers along Cape Cod National Seashore were donning special glasses and positioning empty cereal boxes with pinholes in them, tittering with anticipation to see the moon begin to blot out much of the sun. As a result, they missed something far more exciting some 10 yards offshore.
A hungry great white shark was attacking a harbor seal. It snatched the poor creature in its jaws and hurled it toward the shore, among bodysurfing and boogie-boarding youngsters. Those, like my son, who had been watching the water, saw the seal breach out of a foaming commotion of water and blood and yelled “shark!”…
HFF Secures $10M Financing for NC Industrial Portfolio
Posted by: | CommentsHFF secured $10.2 million in acquisition financing for Arrowridge Business Park, a four-building, office-warehouse portfolio located in Charlotte, N.C. The company arranged the 10-year, fixed-rate loan through a life company, working on behalf of a joint venture between Childress Klein, WHI Real Estate Partners and affiliates of Ocean Road Advisors Inc.
Domain Cos. Expands Into SLC With $110M Project
Posted by: | CommentsNKF Adds Net-Lease Vets to Team
Posted by: | CommentsNewmark Knight Frank has added three net-lease specialists to its team—Ken Hedrick, executive managing director; Jerry Hopkins, senior managing director; and Andrew Ragsdale, senior managing director—all coming over from Tulsa, Okla.-based Stan Johnson Co.
Australia’s Biggest Bank Faces Second Probe
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Banking regulator to question culture, governance at lender
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Bank also faces disclosure inquiry, potential class-action
The fallout from the Commonwealth Bank of Australia’s money-laundering scandal widened, with the banking regulator launching an inquiry into the lender’s culture and governance.
The nation’s biggest lender is already facing a court case from the financial crime agency alleging it breached money-laundering and terrorism financing laws more than 50,000 times, an investigation into its disclosure practices by the securities regulator and a potential class-action suit…
Australia’s Biggest Bank Faces Second Probe
CBRE Expands East Bay Industrial Group
Posted by: | CommentsCBRE appointed Kevin Hatcher as senior vice president of industrial and logistics in Oakland, Calif. Hatcher will work closely with professionals in the firm’s East Bay Industrial group, including Bob Ferraro and Mike Barry. He will report to David Brennan, senior managing director of CBRE’s Sacramento, Central Valley and Northern Nevada offices, who also leads CBRE’s industrial and logistics practice in Northern California and the Pacific Northwest.
doTerra Expands Corporate Campus in Utah
Posted by: | CommentsdoTerra, a rapidly growing direct sales Utah-based company that produces essential oils and other wellness products, is breaking ground on new office, medical and fulfillment space and expanding its manufacturing facility.
Wall Street Banks Are Sending Warning Signals
Posted by: | Comments1) We Could Be Close to a Downturn
The rally looks like it’s about to peter out, say analysts at banks like HSBC Holdings Plc, Citigroup Inc., and Morgan Stanley. They’re looking at the relationships between stocks, bonds, and commodities—and they’re worried people may be ignoring fundamentals. “Just like they did in the run-up to the 2007 crisis, investors are pricing assets based on the risks specific to an individual security and industry, and shrugging off broader drivers,” Bloomberg’s Sid Verma and Cecile Gutscher report…
Trump Repeats Making Mexico Pay for Wall as He Seeks Funding
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President has threatened to shut down government without funds
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Mexico reinterates it won’t pay for the wall in any way
President Donald Trump on Sunday renewed his pledge to make Mexico pay for the construction of a border wall between the U.S and Mexico, days after threatening to trigger a government shutdown if congressional Republicans don’t include funding as they tackle a spending bill due Sept. 30…
Trump Repeats Making Mexico Pay for Wall as He Seeks Funding
Binswanger Arranges Sale of 158 KSF Industrial Property
Posted by: | CommentsSouthern Energy Homes sold its single-story, five-building industrial site in Double Springs, Ala., to the town, which plans to use the property in assisting with industrial recruitment and job creation in the area.
Senior Vice President David Barber of Binswanger’s Atlanta office, handled the transaction on behalf of the seller…
Higher Home Prices Risk Closing Door on U.S. Housing Momentum
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More Americans say home-buying conditions bad because of price
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Despite low rates, higher asking prices cut into affordability
Signs are mounting that rising home values are starting to close the door for more Americans, threatening to temper the momentum in residential real estate.
Purchases of previously owned houses unexpectedly fell in July to an 11-month low and sales of new homes were the weakest this year, reports showed this week. While the median time on the market for existing properties was 30 days in July compared with 36 days a year ago, indicating resilient demand, the number of listings remains lean and problematic…
The Great Gatsby’s Long Island Mansion Listed for $17 Million
Posted by: | CommentsF. Scott Fitzgerald placed his hero in this home in The Great Gatsby. Now it’s being sold by James Mai, a financial whiz made immortal in The Big Short for having foreseen the 2008 financial crisis.
No matter how much money you have, you can’t buy your way into the Great American Novel. For that, you need talent and persistence—and maybe some savings to keep afloat before you hit the bestseller lists.
But if you have $16.88 million lying around, you can buy the inspiration for one of the greatest of Great American Novels—because the Long Island house that helped shape The Great Gatsby is up for sale…
110 KSF Industrial Asset Trades in Phoenix
Posted by: | CommentsAn affiliate of Dunbar Real Estate Investment Management sold Cabot Business Center in Phoenix. Nicola Crosby Real Estate purchased the 109,805-square-foot industrial/flex property for $11.4 million. The company acquires and manages properties on behalf of SPIRE Real Estate Portfolios. This transaction marks SPIRE US LP’s first Phoenix acquisition.
Located at 3802-3922 E. University Drive, Cabot Business Center offers convenient access to Hohokam Expressway and interstates 10 and 17…
Lebanese Private-Equity Firm Chases Diaspora in Africa for Deals
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EuroMena plans to raise $300 million for SME, debt funds
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Firm expects to close two acquisitions, three exits this year
EuroMena Funds, a Beirut-based private-equity firm that has raised $350 million since 2006, plans to almost double assets as it seeks investments in Lebanese-owned companies operating abroad while also backing smaller businesses in its home regions.
After a decade of deploying most of its capital in Lebanon, Jordan and Egypt, EuroMena’s latest fund has spent $55 million for stakes in a toilet-paper manufacturer in Nigeria, a Tunisia-based operator of clothing stores, and the Moroccan franchisee of French retailer Carrefour SA, said Giles de Clerck, the firm’s executive partner. Two more acquisitions are expected to be completed this year, he said…
There’s One Mortgage Monopoly the U.S. Government Wants to Keep
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Rivals press hard to break FICO’s lock on scoring credit risk
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Fannie Mae and Freddie Mac are skeptical of benefits of change
The FICO credit score is as ubiquitous as it is crucial in getting a mortgage.
Now, an odd-bedfellows alliance is out to break FICO’s lock and allow scores from rival companies.
At stake, proponents say, is credit access for as many as 35 million consumers whom FICO doesn’t evaluate, especially blacks and Hispanics with scant borrowing histories…
There’s One Mortgage Monopoly the U.S. Government Wants to Keep
Mathew Martoma’s Insider Trading Conviction Is Upheld
Posted by: | CommentsA federal appeals panel upheld on Wednesday the insider trading conviction of Mathew Martoma, a former portfolio manager for Steven A. Cohen, in what prosecutors once called the most lucrative insider trading scheme of all time.
Lawyers for Mr. Martoma, who is serving a nine-year prison sentence, had argued, in light of a recent ruling by the Supreme Court, that the jury in the trial had not been properly instructed and that the evidence the government presented was not sufficient to support a conviction…
Mathew Martoma’s Insider Trading Conviction Is Upheld
Stonemont Buys $1.3B Net Lease Portfolio
Posted by: | CommentsIn a $1.3 billion deal, Stonemont Financial Group has acquired 100 triple net lease properties in 20 states. The portfolio comprises retail, industrial and office assets, with 96 percent of its total operating income coming from investment grade tenants.
CBRE Capital Markets’ Guy Ponticiello and James Scott arranged the transaction on behalf of the seller, Oak Street Real Estate Capital. Tom Traynor, James Millon and Peter Marino secured the loan on behalf of the borrower…
China’s Wealthiest Gain the Most This Year in Global Asset Rally
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Chinese billionaires increase net worth 46.8% so far in 2017
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Eight of the biggest fortunes more than double since yearend
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The equity rally propelling global asset values higher this year is once again turning China into the world’s fastest-growing wealth machine.
The fortunes of the 40 Chinese billionaires on the Bloomberg Billionaires Index have surged 46.8 percent since yearend, dominating the wealth gains of all nationalities and sending their combined net worth to $417 billion…
China’s Wealthiest Gain the Most This Year in Global Asset Rally
SoftBank and Fund to Invest $4.4 Billion in WeWork
Posted by: | CommentsSoftBank said on Thursday that it and its $93 billion Vision Fund would invest $4.4 billion into WeWork, the fast-growing start-up that provides shared work spaces.
The enormous investment is the latest one made by SoftBank, which has been making outsize bets on a dizzying array of start-ups.
Such has been the ambition of SoftBank’s founder, Masayoshi Son, that the Japanese conglomerate has been able to raise tens of billions of dollars from the likes of Saudi Arabia and Apple for its Vision Fund…
SoftBank and Fund to Invest $4.4 Billion in WeWork
TOD Gets High-Touch Treatment in San Francisco
Posted by: | CommentsGoldman and Pimco Are Loading Up on Mortgage Bonds
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Subprime mortgage-backed securities have gained 6.9% this year
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Taint of the crisis can translate to value in mortgage bonds
Some big investors are getting so antsy about corporate junk debt that once-unloved mortgage bonds look safe in comparison.
Pacific Investment Management Co., Goldman Sachs Asset Management, Columbia Threadneedle and others are snatching up bonds tied to subprime mortgages and other home loans made before the housing crisis, while selling speculative-grade company debt. They say junk yields are too low for the risk investors are taking, and securities backed by mortgages — which have already gained as much as 6.9 percent this year according to Bank of America Corp. data — offer higher potential returns given the risk…
Informa Consolidates NYC Offices in Midtown
Posted by: | CommentsAcademic publishing, exhibitions and events company Informa PLC signed a 10-year, 59,613-square-foot lease at 605 Third Ave., a premier Class A office building in Midtown Manhattan. The tenant will occupy the entire 20th, 21st and 22nd floors, relocating and consolidating its operations from five different New York City offices. The move is expected to take place in the first quarter of 2018.
Gramercy to Launch E-Commerce JV, Make Large Logistics Buy
Posted by: | CommentsGramercy Property Trust, a New York-based global investor and asset manager of commercial real estate, made two big moves this week as it continues to reposition its portfolio to one focused on industrial assets. The REIT launched a joint venture to acquire, own and manage newly constructed e-commerce distribution facilities and it entered into an agreement to acquire a 41-property, 7.8 million-square-foot warehouse portfolio for $479 million.
Investors Are Anticipating a Messy Debt-Ceiling Debate
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Rate on Oct. 12 bills up by 10bps in two days as value drops
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Move is due to a combination of debt ceiling, budget fears
For investors already anxious about the debt ceiling, recent comments from President Trump are doing little to allay their concerns.
The rate on Treasury bills maturing Oct. 12 jumped by as much as 5 basis points Thursday, the largest intraday move since March, after Trump blamed Congress’s inability to increase America’s borrowing authority on the Republican leaders in a series of tweets. The bills, which mature around the time when Treasury is estimated to run out of money unless lawmakers extend or suspend the statutory limit on the nation’s borrowing, are currently trading at 1.17 percent…
JLL Brokers Sale of 45-Acre Orlando Site
Posted by: | CommentsJLL closed on an $8.4 million sale of 45.2 acres of land at the Air Commerce Business Park, a prime industrial park in the heart of southern Orlando, Fla. Exeter Property Group purchased the parcel from Brian Mulvaney, managing member at Bogey Boggy Creek 08 LLC. The new ownership seeks to supply new industrial space to meet the recent demand in Orlando’s Airport submarket.
Large Houston Mixed-Use Portfolio Changes Hands
Posted by: | CommentsA joint venture between H.I.G. Realty Partners and Lincoln Property Co. has acquired Greenspoint Place, a six-property, mixed-use portfolio located in the North Houston District of Houston.
In total, the portfolio includes six office buildings totaling more than 2 million square feet and three adjoining retail centers…
Caution Rules Asian Markets as Central Banks Meet: Markets Wrap
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Yellen, Draghi to take center stage at Jackson Hole gathering
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Oil trades below $48 as Hurricane Harvey heads toward Texas
Asian stocks opened mixed and Australian bonds fell as investors await comments from central bankers meeting at Jackson Hole and as political wrangling continues in Washington.
Equity benchmarks were higher in Tokyo, while Australia’s main gauge declined. The yen was little changed and the dollar held onto gains against most peers. Crude traded below $48 a barrel as a storm strengthened into a hurricane aimed at Texas…
Caution Rules Asian Markets as Central Banks Meet: Markets Wrap
JLL Facilitates HQ Relocation for Houston Company
Posted by: | CommentsJLL brokered a 37,715-square-foot lease transaction for INOVA Geophysical, a land seismic acquisition equipment and systems provider. The new office is located in the Houston suburb of Sugar Land, fewer than three miles from the company’s former headquarters, at 12200 Parc Crest Drive in Stafford, Texas. The new office’s proximity will allow for a quick transition and minimal disruption for employers.
U.S. Sales of Previously Owned Homes Decline to 11-Month Low
Posted by: | CommentsAn unexpected decline in sales of previously owned U.S. homes last month to the lowest level since August 2016 indicates rising prices and lean inventories are impeding faster growth in the housing market, National Association of Realtors data showed on Thursday. The July figure was depressed by weakness in the Midwest and Northeast.
HIGHLIGHTS OF EXISTING-HOME SALES (JULY) |
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Where U.S. Homebuyers Are Headed Next
Posted by: | CommentsHomes are trading briskly in Colorado Springs and Chicago.
Which are the busiest U.S. housing markets?
According to a new report, the most active metropolitan areas include Chicago, where an inventory logjam appears to be loosening. Also, Colorado Springs, Washington, D.C., and Reno, Nevada, near Tesla’s massive battery factory, which is attracting workers and driving housing demand. The least active metros are San Francisco, where the median home value has topped $1 million, and Rochester, N.Y., where a typical home is worth $177,000…
Where U.S. Homebuyers Are Headed Next
Creative Office Space Coming to Southwest Portland
Posted by: | CommentsPoint B Inc. is bringing much-needed creative office space to the John’s Landing neighborhood of Portland, Ore. The HoodWORKS project is replacing an old house and a small warehouse with a new, 17,000-square foot, three-story mixed-use building, with retail on the first floor and offices on the second and third floors. The Point B Property Development team partnered with Koble Creative Architecture and Abbasi Design Works on the design of the building.
Austin Retail Center Sells for $112M
Posted by: | CommentsInvenTrust Properties Corp. acquired The Parke, a 404,000-square-foot, newly developed grocery-anchored power center located in Austin’s Cedar Park submarket. The company paid approximately $112.3 million to Austin-based developer Endeavor Real Estate Group.
The Parke is anchored by a new 365 by Whole Foods. The tenant roster includes national retailers such as Dick’s Sporting Goods, Field & Stream, Nordstrom Rack, Marshalls, DSW, Michaels, Old Navy, buybuy Baby, Cost Plus, F21, Petco, Ulta, and Tuesday Morning. The asset features ample parking, five points of ingress & egress and contemporary architecture…
PGIM Secures $33 Million Loan for Columbus Retail Center
Posted by: | CommentsPGIM Real Estate locked in $33 million in financing for Graceland Retail Center in Columbus, Ohio. The two-year loan is part of the company’s core-plus lending strategy, implemented to assist transitional commercial real estate properties with a value-add component. It includes three one-year extension options and a future funding facility for capital improvements.
Smithfield Foods Invests $100M in NC Facility
Posted by: | CommentsSmithfield Foods Inc. intends to invest $100 million in a new distribution center at the company’s processing facility in Tar Heel, N.C. Smithfield will build a 500,000-square-foot plant and add approximately 250 new jobs. The project also includes the expansion of the facility’s blast cell cold storage capabilities.
EXPANDING NC FOOTPRINT
Smithfield will begin construction of the new distribution center this month. The facility will feature 47,000 pallet positions. The $45 million blast cell cold storage expansion, announced earlier this year, is underway and will increase the facility’s capacity by 140 million pounds…
JW Marriott Chicago Lands $270M Natixis Refi
Posted by: | CommentsNearly seven years after opening in the former Continental & Commercial National Bank Building in Chicago’s downtown Loop, the JW Marriott Chicago Hotel has been refinanced with a $270 million loan provided by Natixis, a French corporate and investment bank.
Royal Bank of Canada CEO Says More Measures May Be Needed to Cool Housing
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McKay says Toronto may mimic Vancouver with rebound from slump
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New housing measures would ensure healthy market balance
More measures to cool the housing market may be needed if Toronto sees a bounce-back in prices as Vancouver did even after a foreign-buyers tax was imposed, according to Royal Bank of Canada Chief Executive Officer Dave McKay.
McKay said in a conference call discussing RBC’s third-quarter results that he’s already seeing a slowdown in home prices in Toronto after the Ontario government announced a 15 percent tax on foreign buyers in April. Ontario’s move followed similar measures enacted in British Columbia in August to cool an overheated Vancouver housing market…
KBS Nabs 2 Class A Offices in Oakland City Center
Posted by: | CommentsKBS Capital Advisors expanded its KBS Strategic Opportunity REIT II portfolio with the acquisition of 505 14th St. and 1300 Clay St., two Class A office buildings in Oakland’s City Center totaling 367,357 square feet. NKF represented the sellers, Rubicon Point Partners and Canyon Partners Real Estate LLC.