Author Archive
Forget Starter Houses, U.S. Millennials Are Buying Luxury Homes
Posted by: | Comments-
Toll says 23% of its sales this year were to younger buyers
-
Builder aiming for the ‘more-affluent edge,’ CEO Yearley says
Millennials in the U.S. were so slow to become homeowners that it was beginning to look like they’d rent forever. Now they’re a force in the market for new high-end houses.
Toll Brothers Inc., the largest U.S. luxury-home builder, said Tuesday that 23 percent of its sales this year were to customers with at least one buyer age 35 or younger. That was a surprise, given that the company’s average contract price in the three months through July was $837,300…
Mongolia, Anyone? Junkiest Sovereign Debt Pays Less Than 6%
Posted by: | Comments-
Yields of CCC-rated countries drop amid hunt for returns
-
Investors pushed down risk scale to Mongolia, Ukraine, Belarus
As recently as 1999, investors seeking a 6 percent yield on a government bond could have bought 10-year U.S. Treasuries. These days they can’t even get that from Mongolia.
Central-bank bond buying has compressed yields in developed markets to unprecedented levels, pushing investors further down the risk spectrum in a hunt for higher returns. Yields on Mongolian dollar bonds maturing in 2021 fell below 6 percent for the first time on record late last month after dropping 3.5 percentage points this year…
Sacramento-Area Walmart Central Trades for $40M
Posted by: | CommentsNazareth Enterprises Inc. acquired the Walmart Central Shopping Center in Folsom, Calif. for $39.6 million. This brings the company’s acquisitions volume in the third quarter over the $100 million mark, according to Chain Store Age. Marcus & Millichap represented the seller of the 139,277-square-foot asset, a private investor, while Landmark Real Estate Services worked on behalf of the buyer.
India’s Home Sales Recover With Mumbai Vaulting to a 7-Year High
Posted by: | Comments-
Sales bounce back after cash ban last year triggered slump
-
Across 8 major cities, sales climbed 6% from previous quarter
India’s home sales are staging a recovery from a slump last year, when the government suddenly canceled most of the nation’s currency to crack down on the shadow economy.
Sales in Mumbai, the nation’s financial capital, jumped to the highest in seven years in the second quarter, according to property consultancy Liases Foras Real Estate Rating & Research Pvt. Across eight major cities, sales gained 6 percent from the previous quarter…
Wall Street Banks Warn Downturn Is Coming
Posted by: | Comments-
HSBC, Citigroup, Morgan Stanley say end of market boom is nigh
-
Breakdown in trading patterns is signal to get out soon
HSBC Holdings Plc, Citigroup Inc. and Morgan Stanley see mounting evidence that global markets are in the last stage of their rallies before a downturn in the business cycle.
Analysts at the Wall Street behemoths cite signals including the breakdown of long-standing relationships between stocks, bonds and commodities as well as investors ignoring valuation fundamentals and data. It all means stock and credit markets are at risk of a painful drop…
Wall Street Banks Warn Downturn Is Coming
Trinity, Oaktree Form $3B Hotel JV
Posted by: | CommentsTrinity Investments and funds managed by Oaktree Capital Management are taking their relationship to a higher level—a much higher level. In a newly formed joint venture, Trinity and Oaktree will invest as much as $3 billion in high-quality valued-add hotels in a handful of select markets around the world.
London Home Prices to Remain Stalled for Years, Economists Say
Posted by: | Comments-
Survey shows tax changes for landlords also weighing on prices
-
Market to remain subdued until clarity on Brexit is given
Economists have bad news and good news for London’s home sellers: prices will probably be stuck in neutral for some years, courtesy of Brexit and a shaky economy, but a serious crash still looks unlikely.
Ten out of 14 economists surveyed by Bloomberg News cited political and economic uncertainty as a reason prices are stalling while seven said tax changes for landlords were at fault. Only six attributed the slowdown to affordability issues in a market where prices have almost doubled since 2009…
CREG Grabs 259 Acres in MD for Large Industrial Spec
Posted by: | CommentsChesapeake Real Estate Group has acquired nearly 259 acres of land on Brandon Woods III, a site located in Anne Arundel County, from Exelon Corporation, and plans to develop up to 1 million square feet of industrial and warehouse space on the property.
“The demand in the industrial market continues to grow,” Matt Laraway, CREG company partner, told Commercial Property Executive. “This was a large block of available land and it is getting increasingly scarce around here. Just finding large tracks of industrial zoned land is becoming increasingly more difficult. That made it very appealing.”
U.S. New-Home Sales Dropped in July After Solid First-Half Run
Posted by: | CommentsA decline in U.S. purchases of new homes in July may be a sign the industry took a breather following an even stronger run of sales than previously reported, according to government data Wednesday.
HIGHLIGHTS OF NEW HOME SALES (JULY) |
|---|
|
Key Takeaways
The slowdown as the second half got under way may reflect lack of affordability and low inventory, which have been constraints, especially for younger, first-time buyers who find it harder to get housing-related credit…
Bentall Kennedy Enters Portland MOB Market
Posted by: | CommentsBentall Kennedy Limited Partnership purchased The Oregon Clinic Gateway Medical Office Building in Portland, Ore., on behalf of its U.S. core fund. The 101,299-square-foot asset marks the firm’s first medical office building investment in Portland, bringing its U.S. portfolio of managed MOBs to 23 properties and 1.8 million square feet. CBRE represented the seller, The Oregon Clinic Gateway Medical Office Building LLC, which executed a lease with Bentall Kennedy.
Plaza Hotel Owner Hires Broker to Find Buyer for NYC Icon
Posted by: | Comments-
Jones Lang LaSalle has listing for the hotel on Central Park
-
Ashkenazy purchased a minority stake in famed property
Sahara India Pariwar, the majority owner of New York’s Plaza Hotel, is renewing efforts to find a buyer for the chateau-like property on Central Park following the recent sale of a minority stake in the building.
Sahara, based in Lucknow, India, has hired brokerage Jones Lang LaSalle Inc. to handle the sales process. “We do have the listing for the Plaza,” said Jeff Davis, international director at JLL, who heads the New York office of the firm’s hotels and hospitality group…
Provident Tapped for 37-Acre DFW Mixed-Use Project
Posted by: | CommentsThere are jobs and then there are jobs, and Provident Realty Advisors just landed a big one in Plano, Texas. The real estate and investment firm has been tapped by the Baccus family of Plano to develop The Legacy at Spring Creek, a mixed-use project on a sprawling 37-acre site owned by the Baccuses since the mid-1800s.
Bitcoin Skeptic Mark Cuban to Invest in Cryptocurrency Fund
Posted by: | Comments-
Andreessen Horowitz partner, JavaScript founder are advisors
-
Venture capital firm Runa Capital among other investors
Mark Cuban wants in on the cryptocurrency boom even if it turns out he’s right that bitcoin is in a bubble.
Cuban is investing in 1confirmation, a fund that plans to raise $20 million to invest in blockchain-based companies, the tech billionaire said in an interview. Venture capital firm Runa Capital is among other investors, and its technical advisors include Andreessen Horowitz board partner Balaji S. Srinivasan and programming language JavaScript founder Brendan Eich…
Bitcoin Skeptic Mark Cuban to Invest in Cryptocurrency Fund
AY to Oversee Sale of Major NC Master-Planned Community
Posted by: | CommentsThe sale listing of Bright’s Creek, a gated luxury golf and resort community of more than 4,600 acres in Mill Spring, N.C., has been awarded to Avison Young.
Set in the Blue Ridge Mountains between Asheville and Hendersonville, Bright’s Creek features a 19-hole Tom Fazio–designed golf course and clubhouse, a member’s lodge with 11 rentable suites, a boutique equestrian center with 30 acres of paddocks, more than 120 finished custom homes and six condominiums, as well as more than 3,000 acres available for future development under the master plan.
JPMorgan: Range-Bound S&P 500 Could Spell Trouble For U.S. Equities
Posted by: | Comments-
Flight-to-quality rally in Treasuries seen if stocks crack
-
Nasdaq 100 can offer clues to next ‘material correction’
For once, stability in stocks might be a bad thing. Technical analysts at JPMorgan Chase & Co. say that if the S&P 500 can’t escape its 2,400 to 2,500 range, it could spell trouble for U.S. equities heading into September.
Amid the slew of headline risks — including Washington turmoil, North Korea tension, and monetary policy shifts — the last two weeks’ price declines and initial volatility spikes from extreme low levels highlight stocks’ vulnerability, raising the prospect of a flight to Treasuries, according to strategists including Jason Hunter and Alix Tepper…
Hanley Completes Target Shadow-Anchored Retail Sale
Posted by: | CommentsHanley Investment Group Real Estate Advisors arranged the sale of Oak Grove Crossing, a 22,577-square-foot shopping center in Lake Elsinore, Calif. The firm represented the buyer and seller in the $11.6 million sale of the Target shadow-anchored asset.
Germany’s Housing Market Is Red Hot, But Don’t Call It a Bubble
Posted by: | Comments-
Homes in many cities are now overvalued, the government says
-
More powers have been given to regulator on lending policies
Grit Hildebrandt finally found her dream house near the German city of Rostock two years ago, paying more than 10 percent over the asking price to beat the other bidders. She’s now glad she’s on the other side in the country’s red-hot housing market.
“When you really like a place and there are so few others available, you just have to bite the bullet,” the 38-year-old banker said by phone. “It’s an absolute seller’s market, and they know it.”
GOP Eyes Budget Maneuver to Allow $450 Billion More in Tax Cuts
Posted by: | CommentsA growing number of key congressional Republicans are considering a controversial maneuver that would allow for about $450 billion of tax cuts without offsets, according to four congressional aides familiar with the discussions.
Under the proposal, the GOP would not account for things like expiring tax breaks when gauging the budgetary impact of tax legislation — giving tax writers more room for cuts. Senate budget and tax panels are discussing the move to a “current policy” baseline — instead of the standard “current law” baseline — said the people who asked not to be identified because the discussions are private. The chief House tax writer, Kevin Brady, also signaled openness to the approach last month, saying it would lead to deeper tax cuts…
Home Prices in U.S. Rose 6.6% in the Second Quarter, FHFA Says
Posted by: | CommentsHome prices in the U.S. increased 6.6 percent in the second quarter from a year earlier as buyers competed for a shrinking supply of listings.
Prices rose 1.6 percent on a seasonally adjusted basis from the previous three months, the Federal Housing Finance Agency said in a statement Tuesday. In June, prices climbed 0.1 percent from May, less than the 0.5 percent average estimate of 12 economists…
Home Prices in U.S. Rose 6.6% in the Second Quarter, FHFA Says
Forget Starter Houses, U.S. Millennials Are Buying Luxury Homes
Posted by: | Comments-
Toll says 23% of its sales this year were to younger buyers
-
Builder aiming for the ‘more-affluent edge,’ CEO Yearley says
Millennials in the U.S. were so slow to become homeowners that it was beginning to look like they’d rent forever. Now they’re a force in the market for new high-end houses.
Toll Brothers Inc., the largest U.S. luxury-home builder, said Tuesday that 23 percent of its sales this year were to customers with at least one buyer age 35 or younger. That was a surprise, given that the company’s average contract price in the three months through July was $837,300…
TCC, Clarion to Develop Greater LA Business Park
Posted by: | CommentsTrammell Crow Co. and Clarion Partners acquired 54 acres of land for the development of The Center at Needham Ranch, a business park in Santa Clarita, Calif.
The project is the first phase of a larger development slated to rise on a 132-acre, fully entitled site approved for up to 4.2 million square feet of Class A industrial space. Phase one is scheduled to break ground in August 2017. Delivery is expected during the third quarter of 2018…
SAP Leases Space at New Atlanta Office Building
Posted by: | CommentsSAP will soon open its second location in metro Atlanta after signing a 43,800-square-foot lease at 800 Avalon, a new office building in Alpharetta, Ga. The agreement spans 10 years and will allow the software development company to consolidate its employees based in two other offices located in the same neighborhood. SAP will join other well-known tenants including Microsoft and co-working company Spaces.
Manhattan Gets $20,000-a-Month Homes for New Breed of Seniors
Posted by: | Comments-
Silver tsunami will double the population of 80-somethings
-
People needing memory care an under-served cohort in borough
Manhattan is about to become a testing ground for what could be the next luxury real estate boom. Well, maybe mini-boom, considering the rather narrow target group: frail urban seniors with fat bank accounts.
Developers are spending hundreds of millions on high-end assisted-living apartment projects, one on the Upper East Side and one in Midtown, and aiming for more in the area and across the U.S. The bet is that there are sufficient numbers of the affluent and aging in big cities who won’t want to leave their neighborhoods, even as they suffer cognitive decline…
Iberostar Opens 2nd U.S. Hotel in Miami
Posted by: | CommentsIberostar Hotels & Resorts has opened Iberostar Berkeley, a 96-key hotel located in Miami Beach. The opening of the four-star property followed the $43 million redevelopment of the Barkley Shore Hotel, an historic Art Deco building built in 1940.
Iberostar Berkeley marks the second U.S. property for the Spanish chain and 36th in the Americas, following the opening a 205-key four-star boutique hotel at 70 Park Ave., in Midtown Manhattan.
The firm is aiming to expand its urban collection of properties with 15 hotels over the next three years, including properties in such cities as Budapest, Barcelona, Lisbon, Lima and Havana…
Trinity Wall Street Scores $400M for NYC High-Rise
Posted by: | CommentsTrinity Wall Street has secured $400 million in acquisition financing for 375 Hudson St., a 19-story Class A office and retail building in Manhattan.
Cushman & Wakefield advised on the senior mortgage financing, which was provided by affiliates of Goldman Sachs Mortgage Co.
“375 Hudson presented lenders with an institutional Class A asset at an attractive basis, credit tenancy, and the highest quality sponsorship with a long history at the property,” John Alascio, Cushman & Wakefield’s executive director in its equity, debt & structured finance group, said in a prepared statement. “Goldman’s ability to offer both long-term financing along with a great deal of flexibility aligned them as the best partner for the transaction.”…
KKR Is Near $3 Billion New York City Pension Pledge
Posted by: | Comments-
Commitment is latest in string of $1B-plus accounts since 2011
-
Money would target private equity, credit, real estate deals
KKR & Co. is close to clinching a $3 billion commitment from New York City’s pension system to invest in deals across the alternative-asset manager’s platforms, people with knowledge of the matter said.
The pledge is the latest in a string of separately managed accounts over $1 billion that have been formed to invest pension money in multiple strategies. The accounts are run by a single manager and typically offer breaks on fees…
Reimagined DC Office Complex Revealed
Posted by: | CommentsMRP Realty completed the renovation and repositioning of two Class A office buildings in Washington, D.C. The company sold the assets in December 2015 to TA Associates Realty, shortly after purchasing them, but not before taking the property through the Historic Preservation Review Board and retaining property management through the sale.
The firm teamed up with architect Gensler Washington and contractor Davis Construction and partially reskinned the property’s southern façade. The complex currently features a spacious and reimagined lobby and a glass front…
Deadline Extended: 2017 Top Owners Survey
Posted by: | CommentsYou Haven’t Missed the Emerging-Market Party, Credit Suisse Says
Posted by: | Comments-
Strategists predict 8% appreciation in stock gauge by June
-
They like South Korea, Russia; cautious on Mexico, India
It’s not too late to ride the emerging-market equities bandwagon. From economic expansion to corporate earnings and capital expenditure, everything points to their overtaking developed peers through the middle of next year, according to Credit Suisse Group AG.
A benign trajectory for profit growth should spur the MSCI Emerging Markets Index about 8.3 percent higher from current levels, reaching 1150 by the end of June, according to strategists at the Swiss bank. The gauge has already notched an 18-percentage point increase over its developed counterpart over the past year and a half…
Los Angeles Office Complex Trades for $62M
Posted by: | CommentsPacific Reach Properties purchased Sherman Plaza, a two-building, 270,000-square-foot office complex in Los Angeles. Majestic Asset Management sold the four- and five-story properties for $62 million. This marks the buyer’s first U.S. office deal…
What Amenities Do Tenants Want?
Posted by: | CommentsDoes your property have everything your tenants need? CPE and Kingsley associates asked what would bring the most value to your asset.
“Some additional amenities I would like to see are better walking trails, modern vending machines that accept credit cards and more common-area seating in the hallways for breaks or casual meetings.” —Austin, Texas
“Maybe coordinate with the restaurants in the building to give discounts to tenants who eat at their restaurants.” —Chicago
JPMorgan Pledges $1 Million to Fight Hate After Charlottesville
Posted by: | CommentsJPMorgan Chase & Co. is giving $1 million to two anti-hate groups to help mend the nation’s rifts after the violence in Charlottesville, Virginia.
The money will be split between the Southern Poverty Law Center and the Anti-Defamation League, according to a Monday memo from Peter Scher, the New York-based bank’s head of corporate responsibility. The bank will also start a new program to match employee donations to human rights organizations for as much as an additional $1 million…
JPMorgan Pledges $1 Million to Fight Hate After Charlottesville
Bonded Leases 500 KSF Metrolina Park Building
Posted by: | CommentsBonded Logistics opened its 371,000-square-foot facility at Metrolina Park in north Charlotte, N.C. The company leased the remaining 124,000 square feet of available space in Building 2 of Beacon Partners’ new industrial park. Once fully operational, the new building will employ 75 full-time staff, including approximately 40 new employees.
London Property Headwinds Keep Asking Prices in Check
Posted by: | Comments-
Annual growth of 1.6 percent in August well below 2014 high
-
Prices in the city may stagnate this year, says Countrywide
London property sellers are reining in their expectations as demand for homes continues to ease and the slowdown across the market shows few signs of letting up.
Asking prices in the city rose 1.6 percent in August over the past year, Rightmove Plc said on Monday. While that’s up from the July pace, it’s well below a 2014 peak above 20 percent and only the second time this year the annual rate of increase has topped 1 percent. On the month, prices fell 1.9 percent amid a traditional summer lull…
World’s Best Billion-Dollar Macro Quant Fund Up 21% This Year
Posted by: | Comments-
Quantedge gained 6.8% in July on stocks, commodities, forex
-
Fund has gained 995% since inception in October 2006
The fund, which uses quantitative models to bet on global macro themes, added 6.8 percent in July, helped by bets on commodities, equities and currencies, according to a newsletter obtained by Bloomberg News, which didn’t elaborate on specific trades. The performance makes the Singapore-based fund the best-performing in the world this year among quant rivals with more than $1 billion in assets, according to data provider Eurekahedge Pte.
CBRE Global Buys 25 Medical Office Buildings
Posted by: | CommentsCBRE Global Investment Partners has acquired a 95 percent interest in a 10-state, 25-building medical office portfolio from Kayne Anderson Real Estate Advisors and MB Real Estate Healthcare.
“We’ve been investing in what I’ll call the alternative sectors—medical office, student housing, senior housing, storage—for the past few years, and as we’ve gotten to know them better, we’ve continued to like the supply and demand fundamentals,” Matt Tepper, CBRE Global Investors’ managing director, told Commercial Property Executive. “With medical office specifically, with more people requiring health care, it’s a sector we certainly wanted to increase our exposure to.”
In Battle Over Texas Utility, Elliott Is Grasping at Straws
Posted by: | CommentsElliott Management, the hedge fund run by Paul Singer, is grasping at straws in its battle for bankrupt Energy Future Holdings.
The hedge fund now owns enough of the company’s debt to block a takeover offer from Berkshire Hathaway, according to The Wall Street Journal and other reports. Yet such a move makes little sense without a viable alternative. The judge has wider interests to consider, and Berkshire’s boss, Warren E. Buffett, appears to see through Elliott’s posturing…
In Battle Over Texas Utility, Elliott Is Grasping at Straws
JV Scores Marriott Franchise Agreement for Hotel Development
Posted by: | CommentsA joint venture between T-Rex Capital Group affiliate Bellefield Development Partners and The Shaner Hotel Group, were awarded a Marriott International Franchise Agreement for a soft-branded Residence Inn in Hyde Park, N.Y.
Presidio Lands $62M Bridge Loan for Napa Valley Hotel
Posted by: | CommentsPresidio Cos. has received a $62 million loan for Las Alcobas Napa Valley, a new luxury hotel in St. Helena, Calif.
CBRE Hotels arranged the financing. Marc Sallette and Olga Lepow of CBRE Hotels’ debt & structured finance team in Houston secured a five-year, floating-rate, non-recourse bridge loan at 65 percent LTV with Goldman Sachs Bank USA and an affiliate of Ohana Real Estate Investors. The money replaces the construction loan and subordinate financing for the hotel with less than 90 days of operating history…
China’s Online Giants Back $12 Billion Deal to Shake Up State Firm
Posted by: | CommentsHONG KONG — Some of China’s biggest technology players are backing a plan to invest nearly $12 billion in one of the country’s telecommunications giants, the latest move in a broader government push to shake up the country’s bloated state-run companies.
But it is an effort that, so far, has left experts unimpressed.
The telecom giant, China Unicom, said on Wednesday that its parent company would raise $11.7 billion by selling shares to a number of Chinese firms as well as to employees. All together, the outside companies would have roughly a one-third share in the Unicom group. China Unicom said the funds would be used to help pay for development of a next-generation cellular and data network, among other uses. It also “expects to further optimize its corporate governance structure in accordance with the market-oriented principles,” it said in a filing…
NJ Shopping Center Welcomes First Tenants
Posted by: | CommentsThe Greenleaf at Union, a new 110,000-square-foot shopping center, is opening its doors this month in Union, N.J. Sun Equity Partners owns the property, and Bob’s Discount Furniture, which took up 31,400 square feet of space on the entire second floor and part of the first floor, is the anchor tenant. The other anchor tenant is LA Fitness, which signed a 37,000-square-foot lease and is expected to move in this fall.
OliverMcMillan Unveils 330 KSF Tower in Atlanta
Posted by: | CommentsCiting the popularity of Atlanta’s Buckhead submarket, developer OliverMcMillan is planning a 17-story, 330,000-square-foot Class A office tower that will feature a sustainable design and best-in-class amenities.
The Office Buckhead Atlanta will be built at 300 East Paces Ferry Road on the site of the HiFi Buys building at Peachtree Street and Bolling Way. Construction will begin with the demolition of the current building and is expected to be completed by 2020. The new tower will have 30,000 square feet of retail and restaurants on the ground floor. Other amenities will include state-of-the-art technology and a fitness center along with views of Buckhead, Midtown and downtown Atlanta from oversized windows…
Lender to Foreign Students Raises $40 Million in Financing
Posted by: | CommentsAs American universities’ interest in courting international students intensifies, an online lender that caters to them has drawn significant new financing.
Prodigy Finance, the lender that makes loans to international postgraduate students, said on Sunday that it had raised $40 million in new equity financing. It also said it had secured a $200 million credit line from an undisclosed bank.
The new financing comes at a time of keen interest in international students among American universities — and a decline in applications from those students that has begun to unnerve educators…
Lender to Foreign Students Raises $40 Million in Financing
Litigation Firm Extends Lease in Orange County
Posted by: | CommentsLitigation firm Callahan & Blaine extended the lease term for its 32,000-square-foot office space in Orange County. The company is a long-standing tenant of the 10-story building at 3 Hutton Centre in Santa Ana, Calif.
DIVERSE TENANTS
The property is located just off Costa Mesa Freeway. Tenants include Psomas, Yardi and the U.S. Social Security Administration. Completed in 1985, the 198,000-square-foot asset underwent renovations in 2002. According to Yardi Matrix data, the building is currently 90.5 percent occupied…
Falling House Prices in Shenzhen Don’t Bode Well for Steel
Posted by: | CommentsSigns curbs on China’s property market are starting to bite may be a red flag for the country’s resilient steel sector.
The number of Chinese cities that saw gains in new-home prices last month contracted, data Friday showed, joining with last week’s weaker construction and home sales figures to paint a picture of a market in retreat. Prices in the southern tech hub Shenzhen fell 0.2 percent with those in Tianjin, while third-tier cities saw the steepest declines as restrictions on house purchases spread across the country.
Steel demand is heavily reliant on a lively property sector, with Shanghai-listed futures on reinforced steel, or rebar, beginning their current bull run after China’s real estate market bottomed out in late-2015…
GGP Starts Renovation of New HQ
Posted by: | CommentsShortly after signing a lease agreement at River North Point, shopping mall owner GGP tapped Skender Construction to renovate its new headquarters. The developer will work together with design firms ARCHIDEAS and Environmental Systems Design as well as JLL to bring the project to completion by January 2018.
GGP, formerly known as General Growth Properties, decided to relocate its 700 employees from its current office at 110 N. Upper Wacker Drive to 350 N. Orleans because developers are planning to tear down the five-story building. At River North Point, the company will operate alongside Chicago Sun-Times…
Yelp Extends, Expands Manhattan Trophy Tower Lease
Posted by: | CommentsYelp has extended its Midtown Manhattan lease with SL Green Realty Corp., signing a 39,656-square-foot, 7-year expansion. The firm will occupy a total of 191,797 square feet of office space on the building’s entire 14th and 16th floors and on part of the 17th floor.
London Property Headwinds Keep Asking Prices for Homes in Check
Posted by: | Comments-
Annual growth of 1.6 percent in August well below 2014 high
-
Hackney homeowners do best as Hammersmith and Fulham slumps
London property sellers are reining in their expectations as demand for homes continues to ease and the slowdown across the market shows few signs of letting up.
Asking prices in the city rose 1.6 percent in August over the past year, Rightmove Plc said on Monday. While that’s up from the July pace, it’s well below a 2014 peak above 20 percent and only the second time this year the annual rate of increase has topped 1 percent. On the month, prices fell 1.9 percent amid a traditional summer lull…
Safavieh to Invest $60M in Georgia Fulfillment Center
Posted by: | CommentsCushman & Wakefield is developing a fulfillment center in Savannah, Ga. for New York City-based Safavieh, an international home furnishings brand. The 1.1 million-square-foot facility will be located at the Savannah River International Trade Park.
Safavieh will invest $60 million to build the property. Slated for completion in quarter four of 2018, the property is expected to create 200 jobs.
MedCraft to Expand MN Essentia Health Facility
Posted by: | CommentsMedCraft Healthcare Real Estate has partnered with Essentia Health and a group of physicians to expand access to affordable, high-quality health care services in Itasca County and surrounding areas. Essentia plans to invest $14 million to expand its Grand Rapids Clinic and become a partner of Lakewood Surgery Center. The expansion is slated for completion by May 2018.
Malaysia’s $62 Billion State Fund Wants to Hold Less Cash
Posted by: | Comments-
PNB may invest in fixed income, property, private equity
-
Weak ringgit, lack of attractive investments holding PNB back
Start your day with what’s moving markets in Asia. Sign up here to receive our newsletter.
Malaysia’s largest state-owned fund manager is looking to hold less cash even as it struggles to make acquisitions that would generate attractive returns.
A fifth of Permodalan Nasional Bhd.’s 266 billion ringgit ($62 billion) of assets under management is in cash and money markets, and Chairman Abdul Wahid Omar said in an interview that the fund could reduce such holdings by at least 5 percentage points. That would free up about 13.3 billion ringgit, according to Bloomberg calculations…
Co-Working Firm Spaces Coming to Chicago
Posted by: | CommentsCreative co-working company Spaces chose Chicago to open its 14th location in North America. The company signed a 27,110-square-foot lease agreement with Newcastle Limited, the owner of the office building at 1500 N. Halsted St. in Lincoln Park. Spaces plans to move into the new location in early 2018…
Co-Working Firm Spaces Coming to Chicago
HSF Secures $42M for 2 Bay Area Cambria Suites
Posted by: | CommentsStratus Development Partners LLC is developing two Cambria Suites in California which are slated for completion in 2019. Hall Structured Finance closed two new first lien loans totaling $42 million to finance the construction of the properties in Sonoma County and Napa Valley, which is scheduled to begin next month. Scott Silver, chairman of Hospitality Funding Inc. and Silver & Associates LLC, brokered the loans. The brand debuted in California in May of this year…
Midtown East Rezoning: Not for the Faint-Hearted
Posted by: | CommentsAfter Alibaba Bonanza, Manager Said to Plan New Asia Hedge Fund
Posted by: | Comments-
Ravisankar was involved in trade that made eight-fold return
-
His firm plans concentrated investments in future leaders
Hari Ravisankar, who helped Janchor Partners make an eight-fold return on an investment in Alibaba Group Holding Ltd., is starting his own Asia-focused stock hedge fund, said people with knowledge of the matter.
His Ishana Capital, based in Hong Kong, will start trading with external money on Sept. 1, said the people, who asked not to be identified because the information hasn’t been publicly disclosed. Initial capital for the fund has been pledged by institutions including HS Group, a Hong Kong-based strategic investor in hedge funds, the people said…
HFF Closes MOB Portfolio Sale
Posted by: | CommentsIRA Capital LLC disposed of a three-property medical office portfolio in Dallas–Fort Worth and Austin, Texas. HFF marketed Class A portfolio, which totals 137,686 square feet, on behalf of IRA. The company also procured the buyer, a publicly traded health care REIT…
Markets Roiled on Trump Stance Tensions: Markets Wrap
Posted by: | Comments-
S&P 500 has second worst day of year as Trump hits GOP leaders
-
Terrorist attack in Barcelona adds to unease in global markets
A sense of growing unease gripped financial markets as President Donald Trump exacerbated the controversy sparked by a racist rally in Virginia and terrorists struck a crowded street in Barcelona.
U.S. stocks retreated, with the S&P 500 Index posting its second biggest one-day decline of the year, and a measure of market volatility spiked higher. Treasuries rose with the yen as investors sought havens. Gold jumped…
Markets Roiled on Trump Stance Tensions: Markets Wrap
Ridge Breaks Ground on 186 KSF Industrial Asset
Posted by: | CommentsRidge, Transwestern’s industrial development arm, broke ground on its newest facility at Brewster Creek Business Park, a 468-acre, master-planned industrial development in Bartlett, Ill.
Dubbed Ridge Brewster Creek II, the 186,000-square-foot building is slotted for completion by December 2017. Located at 1331-1337 Schiferl Road, the project will include 32-foot clear ceiling heights, an ESFR sprinkler system, two drive-in doors, 50-by-50-foot column spacing, 35 dock doors and 224 parking spaces. The park is located at the intersection of Stearns and Munger Road, within close proximity of Route 59, Interstate 90 and O’Hare International Airport via the planned I-390 expressway…
Cleveland Now Leads U.S. Cities for Seriously Underwater Homes
Posted by: | Comments-
Ohio city overtakes Las Vegas for top spot in survey
-
Ranking is for homes with loans 25% or more higher than value
The Las Vegas metropolitan area, which led the nation with the biggest share of seriously underwater homes after the housing crash, has been overtaken by Cleveland.
The share of homeowners in the Nevada city whose loans are higher than the property’s market value by 25 percent or more fell to 20 percent in the second quarter from 55 percent four years earlier, according to figures released Thursday by ATTOM Data Solutions. Cleveland’s share was 22 percent, down from 39 percent in the second quarter of 2013, when the research company began tracking the data…
Blackstone’s New Pipeline Asset Is Wreaking Environmental Havoc
Posted by: | Comments-
Federal filings show more violations than other big pipelines
-
Project will transport natural gas from Marcellus shale
In the energy business, it’s one of the biggest projects going today: construction of a 710-mile pipeline to transport natural gas from America’s most prolific shale deposit in the eastern U.S. to consumers in the Midwest and Canada. Even Blackstone Group LP has agreed to take a sizable stake.
But it holds another, more dubious, distinction. The Energy Transfer Partners LP pipeline has racked up more environmental violations than other major interstate natural gas pipelines built in the last two years, according to a Bloomberg analysis of regulatory filings during that period. And that’s all since U.S. regulators approved the $4.2 billion project in February…