Author Archive
Revitalized Manhattan Office Tower Lands New Tenant
Posted by: | CommentsHealthcare organization Hospital for Special Surgery signed a four-floor, 98,600-square-foot office sublease at 777 Third Ave., in Manhattan’s Midtown East neighborhood. HSS signed the sublease from beauty product manufacturer Avon until July 2026. HSS will relocate a part of its offices to the building’s second through fifth floors and remain in the space after the sublease expires.
Growing Inventory Caps Rent Growth in Austin
Posted by: | CommentsAustin’s economy is strong and population is booming, but a heavy new supply of apartments is limiting rent growth. Rents in the metro were flat year-over-year compared to a 1.5 percent national growth rate as of May. The metro attracts Millennials to its urban core, as well as Baby Boomers retiring to the Texas Hill Country. However, with more than 16,000 units under construction, Yardi Matrix forecasts a modest rent growth of 1.1 percent in 2017, as the heavy new supply is absorbed.
Wall Street Is Mapping Stock Trades for a Post-Bond Bubble World
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It may be time to pare down high-momentum stocks, ISI says
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BofA’s Subramanian says look for companies with yield growth
Alan Greenspan says don’t kid yourself, if the bond market blows up the collateral damage to equities could be extensive. But does that mean you need to bail from the market completely?
Blueprints are starting to surface from Wall Street’s brightest minds on how to manage a portfolio should the Federal Reserve withdraw more stimulus and interest rates rise. It’s an issue that was brought to the fore this week when the former Fed chairman warned that fixed-income markets are in a bubble whose deflation will have implications for all assets…
Queens Industrial Assets Sell for $78M
Posted by: | CommentsHow’s this for something remarkable? A pair of New York City industrial buildings have been acquired by new owners who plan to upgrade them—for continued industrial use.
Madison Realty Capital, in partnership with Artemis Real Estate Partners, has purchased two adjacent industrial buildings, which total 613,000 rentable square feet, in Jamaica, Queens, for $78 million.
The two properties, at 184-10 and 184-60 Jamaica Ave., are six stories and five stories tall, respectively, and were purchased from an unidentified “long-term family ownership.”…
CIM Group Closes LA Hotel Sale
Posted by: | CommentsCIM Group sold the recently completed hotel that was built as part of its mixed-use Sunset La Cienega project. The sale comes after the recent disposition of the adjacent 8500 Sunset residential complex.
“CIM’s Sunset La Cienega mixed-use development provided the missing connection that links prominent sections of Sunset Boulevard. The new uses, including quality street retail, enlivens the area with enhanced pedestrian activity,” Shaul Kuba, principal & co-founder of CIM Group, told Commercial Property Executive…
Starwood Capital Nabs West Hollywood Hotel
Posted by: | CommentsStarwood Capital Group has acquired The Jeremy West Hollywood Hotel, a newly constructed 286-key hotel in West Hollywood, Calif., from the CIM Group for a reported $280 million.
Although it will open this August as The Jeremy Hotel—over the course of the next year—it will be renamed as 1 West Hollywood and will become the fourth property in Starwood Capital’s award-winning eco-conscious luxury sustainable brand…
Marcus & Millichap Arranges Sale of Minneapolis Restaurant
Posted by: | CommentsAfter closing a 7,500-square-foot retail property deal in Norwood Park, Chicago, Marcus & Millichap arranged the $4.3 million sale of Applebee’s, a 5,156-square-foot property located in Rochester, Minn.
Investment specialists in Marcus & Millichap’s Minneapolis office— Adam Prins, Matthew Hazelton, Cory Vilaume and Sean Doyle—represented the buyer, a limited liability company and had the exclusive listing to market the asset on behalf of the seller…
Foxconn Announces $10B Wisconsin Campus
Posted by: | CommentsTaiwan-based Foxconn, the largest electronics manufacturing services provider in the world, has selected the Badger State for the location of a cutting-edge manufacturing plant and technology campus, in which Foxconn will invest $10 billion by 2020.
The campus, to be called Wisconn Valley, will be built in Southeastern Wisconsin and result in the creation of 12,000 new positions, 10,000 construction jobs and an additional 22,000 indirect jobs. Foxconn will use the location to manufacture 8K LCD screens that will be utilized in industries ranging from entertainment to self-driving cars to healthcare…
Chicago Pension Bills Soar as City Pays Up to Keep Funds Solvent
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City will pay $1.18 billion to pensions in 2018, report says
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Projected budget gap is the smallest since 2007, city says
Chicago will contribute $1.18 billion to pensions in 2018 as the junk-rated city steps up payments to put its retirement funds on a path to solvency, even as the unfunded liabilities keep growing…
Chicago Pension Bills Soar as City Pays Up to Keep Funds Solvent
Jernigan Capital Announces Self-Storage Project, Completes 3 Facilities
Posted by: | CommentsJernigan Capital Inc. closed an $8 million investment in a 749-unit multi-story, climate-controlled self-storage facility in Jacksonville, Fla. The proposed 68,700-square-foot ground-up project will be built by Structure Development LLC and will break ground in the fourth quarter of 2017. Construction work is expected to be complete by the end of 2018.
Dillard’s Needs More Than Real Estate Cash
Posted by: | CommentsIf you’ve been thinking of Dillard’s Inc. as a beleaguered department store, an activist investor suggests it’s time to change your perspective.
“Dillard’s is essentially an underleveraged real estate company that is masquerading as a low productivity retailer,” said Jeffrey Pierce, a managing partner at Snow Park Capital Partners, in an email to Bloomberg News’s Scott Deveau…
Dillard’s Needs More Than Real Estate Cash
Banks May Be Hit With $50 Billion Capital Needs After Brexit
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Oliver Wyman says lenders will need capital for European units
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Need to exist outside U.K. will only grow, consultant says
Banks may need to find $30 billion to $50 billion of additional capital to support new European units in the aftermath of a hard Brexit, according to Oliver Wyman Inc.
The extra money is equivalent to 15 percent to 30 percent of the capital that wholesale banks currently commit to the region, the management consultant said in a report published Tuesday. In addition, operating costs could rise by $1 billion as functions previously handled in London are duplicated on the continent, the company said…
Historic Baltimore Mixed-Use Asset Changes Hands
Posted by: | CommentsNewmark Knight Frank facilitated the sale of Clipper Mill, a mixed-use and historic adaptive re-use development located in the Hampden-Woodberry neighborhood of Baltimore, Md. An affiliate of ValStone Partners acquired the property for an undisclosed amount.
Clipper Mill comprises approximately 141,000 square feet of former mill buildings that were converted into Class A apartments, creative office and artisan space…
Lincoln to Lease The Gold Building in Atlanta
Posted by: | CommentsLincoln Property Co. Southeast won the exclusive leasing assignment for The Gold Building, a 65,880 -square-foot office property in Atlanta. Lincoln Leasing Associate Matt Fergus will oversee leasing efforts at the recently renovated asset, along with Senior Vice President Hunter Henritze.
Located at 1945 The Exchange in the city’s Cumberland/Galleria submarket, The Gold Building sits on a 3.1-acre site near the new Atlanta Braves stadium. Developed in 1975, the four-story property is in a business corridor full of amenities including the 60-acre mixed-use project dubbed The Battery at SunTrust Park…
Newark to Get Apartments at Site of Defunct Baseball Stadium
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Plans for ‘workforce neighborhood’ include offices and retail
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Project extends revival efforts for New Jersey city’s downtown
Developers of a mixed-use project at the site of a failed baseball stadium in Newark unveiled plans calling for as many as 2,000 rental apartments and 400,000 square feet of office space, part of an effort to revive the downtown of New Jersey’s largest city.
Lotus Equity Group named four architecture firms that will collaborate on the design for the 2.3 million-square-foot (214,000-square-meter) development, which also would have retail stores and open space, according to the preliminary plans. The site of the former Bears & Eagles Riverfront Stadium is within walking distance of trains to Manhattan and campuses of Rutgers University and the New Jersey Institute of Technology…
Treasury Committee’s Morgan Pushes BOE on Brexit Transition View
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PRA Chief Woods asked to share assessment of banks’ readiness
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Getting transition right is crucial for London, Morgan says
Nicky Morgan, chair of the U.K. Parliament’s Treasury Committee, asked Bank of England Deputy Governor Sam Woods to weigh in on the sort of transition plan that will be needed as the U.K. withdraws from the European Union.
Morgan asked Woods, head of the BOE’s Prudential Regulation Authority, about the desirability and design of a transition period, including a “bridging period” to cover the time between the end of exit negotiations and the start of the U.K.’s new economic relationship with the bloc…
Real Properties Sells SC Power Center for $22M
Posted by: | CommentsReal Properties of America Inc. sold Low Country Village, a power center in Bluffton, S.C. to a private California buyer for $22.1 million. Matthews Real Estate Investment Services‘ Senior Vice President & Regional Director of Shopping Centers Scott Henard, arranged the sale on behalf of RPAI.
FULL OCCUPANCY
Built in 2001, the 140,000-square-foot power center was 100 percent occupied at the time of sale by 14 tenants. Notable retailers include Pier 1 Imports, Cost Plus World Market, Ross Dress for Less, Big Lots and Michaels. The property is located between two Tanger Factory Outlet Centers just outside of Hilton Head…
Barry Slatt Appoints San Diego SVP
Posted by: | CommentsBarry Slatt Mortgage has appointed Thomas Cohen as senior vice president in the firm’s San Diego office. Cohen specializes in the placement of debt and the procurement of equity for commercial real estate projects nationwide. He also specializes in structuring debt for complex transactions involving project-based, Section 8 HAP contracts, tax-exempt bonds, historic tax credits, low-income housing tax credits and TIF projects.
Gain in U.S. Pending Home Sales Shows Market Is Stabilizing
Posted by: | CommentsA rebound in contract signings for the purchase of previously owned U.S. homes shows housing demand is stabilizing after a three-month downturn, National Association of Realtors figures released Monday showed.
HIGHLIGHTS OF PENDING HOME SALES (JUNE) |
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Key Takeaways
The increase puts the group’s gauge in line with its average since the start of 2016 and shows growth in the residential real estate market is being sustained while contributing little to the economy. Housing remains driven by trade-up purchasers who have taken advantage of low mortgage rates and are taking in stride higher asking prices. Limited choices of cheaper properties, however, are hindering entry-level buyers…
When So Much Is Owed to So Few in an Aging Equity Bull Market
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The risk of concentrated gains in a handful of high P/E stocks
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How an imbalance of power is status quo every year in S&P 500
The U.S. equity market in 2017 has often seemed like the world’s most expensive Jenga tower. Pull out the wrong piece, and the whole thing might crash to the ground.
But is it true? Giant technology companies like Amazon.com and Facebook are dominating indexes to a far greater degree than their size alone would dictate. That’s because along with being big, they’re rising three or four times as fast as everything else…
Barclays Reports ‘Pretty Good Progress,’ and a $1.8 Billion Loss
Posted by: | CommentsLONDON — Barclays said on Friday that it fell to a large loss in the second quarter, but said that it had reached a major milestone in its turnaround, finally completing a wide-ranging restructuring.
The bank has moved aggressively to get rid of businesses that it does not consider to be core future operations and to resolve misconduct issues that have dragged on its results, and costs from these efforts pushed it into a loss in the second quarter. Barclays said on Friday that it had taken charges associated with selling much of its African business and with a controversial insurance product that has weighed on the results of British banks…
Sheraton DFW Airport Hotel Fetches $46M
Posted by: | CommentsThe Buccini/Pollin Group acquired the 302-key Sheraton DFW Airport Hotel in Irving, Texas, for $46 million. PM Hotel Group will be in charge of operating the hotel, which is the buyer’s second in the Dallas/Fort Worth area.
Sunstone Buys Florida Oceanfront Hotel in $175M Deal
Posted by: | CommentsSunstone Hotel Investors Inc., has acquired the fee-simple interest in Oceans Edge Hotel & Marina, a 175-key hotel in Key West, Fla., for $175 million. Additionally, Sunstone acquired a combined 52 wet and dry boat slips and amenities in the attached marina which offers direct deep channel access to one of the most sought after fishing destinations in the country.
Private Equity Giant Lone Star Shakes Up North American Ranks
Posted by: | CommentsLone Star Funds, a big private equity firm that specializes in buying up distressed assets — soured mortgages in particular — is undergoing a shake-up in the management of its North American operations.
Sam Loughlin, who had worked for the Dallas-based firm for nearly nine years, stepped down on Thursday as president of its North American division, the company said. He is being replaced by Nick Beevers, who had been a Lone Star executive vice president and came to the firm in 2011 to run its investor relations operation…
Private Equity Giant Lone Star Shakes Up North American Ranks
GATX Moves to Chicago’s Willis Tower
Posted by: | CommentsRail car leasing firm GATX decided to trade Chicago’s Franklin for Willis Tower. The company signed a 90,000-square-foot lease at the iconic 110-story skyscraper, well in advance of its lease expiration at 222 W. Adams St. NKF’s Vice Chairman Melissa Copley negotiated the lease terms on behalf of GATX.
MAA Tapped to Design $1.3B Dallas Project
Posted by: | CommentsThe development of Grandscape, the 3.9 million-square-foot mixed-use project sprouting up in The Colony, Texas, takes a significant step forward. Developer Nebraska Furniture Mart, a subsidiary of Berkshire Hathaway, recently tapped Merriman Anderson/Architects to serve as designer and architect of record for the $1.3 billion, suburban Dallas/Fort Worth project.
InfiniPower Lands $54M for Upcoming Silicon Valley Marriott
Posted by: | CommentsInfiniPower Hospitality Group is developing two co-branded Marriott hotels in North San Jose. Johnson Hospitality will manage both the 147-key Marriott Residence Inn and the 114-key Fairfield Inn & Suites, for which CBRE has arranged $54 million in construction financing. Huff Construction will be the general contractor for the four-story project slated for completion by mid-2019.
Center Core Buys Chicago-Area Office Campus
Posted by: | CommentsCenter Core Properties is the new owner of Corporetum Office Campus VI, a two-building portfolio part of the larger Corporetum Office Campus in Lisle, Ill. Winthrop Liquidation Trust, the previous owner, tapped HFF to market the 168,698-square-foot asset, which is part of the company’s liquidation plan.
HFF succeeded not only in finding a buyer but also in procuring a three-year $9.5 million acquisition bridge loan originated by Thorofare Capital…
Topping London House Price Gains, Waltham Forest Beats Kensington
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Values in northeast borough climb 93% since 2012, Halifax says
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Capital leads increase in values across all areas of U.K.
Move over Kensington and Chelsea. The area of London that’s seen the biggest jump in property values over the past five years has been Waltham Forest.
According to mortgage lender Halifax, prices in the capital’s northeast borough have jumped 93 percent since 2012 when the city hosted the Olympic Games nearby. That outstrips the 57 percent gain across Greater London, where over the previous two decades, values have more than quintupled…
Atlanta-Area Industrial Asset Reaches Full Occupancy
Posted by: | CommentsLiberty Property Trust inked a new lease with LaserShip Inc. and a lease renewal with Home Depot at a 241,578-square-foot industrial building in Kennesaw, Ga. Following these deals, the property has reached 100 percent occupancy.
Located at 1325 Chastain Road, the distribution warehouse is part of the two-building Chastain Distribution Center developed in 1998. The facility features four front-loading suites, each offering 30-foot clear heights, as well as oversized drive-in ramps and 22 dock-high doors. The property offers 104 parking spaces and a 220-foot truck court…
Sunfinity Solar: Solar Customers Shouldn’t Pay More for Electricity
Posted by: | CommentsSunfinity Solar issued a statement in support of House Bill 199, which would prevent Texas electric utilities from charging a higher rate or special fee for residential customers with solar systems.
Kroger-Anchored Shopping Center Trades in Dallas
Posted by: | CommentsIn an off-market transaction, MDT Properties sold Northview Plaza, a 116,000-square-foot Kroger-anchored community shopping center in Dallas. Foundry Commercial teamed up with Stockbridge to acquire the property, which was 86 percent leased at the time of sale.
HEAVY TRAFFIC
Located at 10675-10677 East Northeast Highway, close to Interstate 635, the shopping center sits on nearly 15.5 acres. Combined, traffic from Northwest Highway and Plano Road totals 52,000 cars per day. More than 120,000 residents with an average annual household income of $78,000 live within three miles of Northview Plaza, . The shopping center features multiple national and local retailers and restaurants, including Petco, Allstate Insurance and McDonald’s…
Marriott Unveils New $600M HQ, Flagship Hotel
Posted by: | CommentsBy 2022, Marriott International will have a new $600 million urban campus headquarters and flagship hotel at 7750 Wisconsin Ave. in downtown Bethesda on a site developed by The Bernstein Cos. and Boston Properties.
China’s Newest Route for Bond Buying Is Pulling Funds Home
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Data shows an influx of funds into onshore corporate debt
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Foreigners might warm to market; ‘just a matter of time’
Turns out that China’s new Bond Connect with Hong Kong isn’t just good for foreigners. Offshore Chinese money is using the channel to bring money back home, taking advantage of opportunities in domestic credit products.
With the Chinese yuan’s exchange rate rising in recent months against the dollar — and likely to stay stable with a critical Communist Party leadership conference looming later this year — that’s made it more attractive to invest in higher-yielding domestic bonds…
Wells Fargo Forced Unwanted Auto Insurance on Borrowers
Posted by: | CommentsMore than 800,000 people who took out car loans from Wells Fargo were charged for auto insurance they did not need, and some of them are still paying for it, according to an internal report prepared for the bank’s executives.
The expense of the unneeded insurance, which covered collision damage, pushed roughly 274,000 Wells Fargo customers into delinquency and resulted in almost 25,000 wrongful vehicle repossessions, according to the 60-page report, which was obtained by The New York Times. Among the Wells Fargo customers hurt by the practice were military service members on active duty…
Wells Fargo Forced Unwanted Auto Insurance on Borrowers
First C-PACE Deal Closes in Washington, D.C.
Posted by: | CommentsPetros PACE Finance closed its first Commercial Property Assessed Clean Energy (C-PACE) deal in Washington, D.C. The Austin-based firm is a specialty finance firm that focuses its resources on the commercial PACE market nationwide.
CBRE Arranges Largest Philly Office Sale
Posted by: | CommentsThe 1.8 million-square-foot Centre Square, a prominent office complex in Philadelphia’s central business district, has come under new ownership in the largest office transaction in the city’s history based on square footage. Acting on behalf of Equity Commonwealth, capital solutions and investment sales provider CBRE Capital Markets orchestrated the sale of the seminal two-tower property to Nightingale Properties LLC for $328 million.
Stada Board Recommends Acceptance of Improved Takeover Bid
Posted by: | CommentsLONDON — The German generic drugmaker Stada Arzneimittel said on Tuesday that its board of directors had recommended that shareholders accept a sweetened takeover bid by the private equity firms Bain Capitaland Cinven, the latest in a series of takeovers in the industry in recent years.
The deal, which valued Stada at $4.8 billion, came after a bid in June by Bain and Cinven was unable to get support from 75 percent of shareholders. The new offer has a lower threshold for acceptance: 63 percent…
Stada Board Recommends Acceptance of Improved Takeover Bid
Panoche Valley Solar Project to be Downsized
Posted by: | CommentsPanoche Valley Solar LLC, a subsidiary of Consolidated Edison Development Inc., entered into a settlement agreement with three environmental groups: the Sierra Club, Defenders of Wildlife and Santa Clara Valley Audubon Society, as well as the California Department of Fish and Wildlife (CDFW) concerning the size and location of a solar project currently underway in California’s Panoche Valley. Specifically, the agreement concerns the relocation of a portion of a contentious large solar project planned for San Benito County at a site in Imperial County close to the border of Mexico.
Vanguard Builds a Fleet of Active Funds to Dominate Overseas
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New leaders chase global growth as CEO McNabb steps down
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Funds will undercut rivals on price without passive strategy
Walking through Vanguard Group’s headquarters in Malvern, Pennsylvania is a lesson in naval history.
Paintings of the 18th-century ship that inspired the company’s name jostle with seascapes and a framed letter from legendary British Admiral Horatio Nelson. Even the campus itself conjures tales of derring-do, with buildings swooping along a shallow curve, as if tracing a galleon from stern to bow…
Vanguard Builds a Fleet of Active Funds to Dominate Overseas
Radcliffe Jewelers to Move North Baltimore Store
Posted by: | CommentsRadcliffe Jewelers signed a 5,687-square-foot lease at The Shops at Kenilworth in Towson, Md. The retailer plans to move its Towson Town Center shop to the new location in fall 2018.
RECENT UPGRADES
Located at 800 Kenilworth Drive, the shopping mall sits next to the Baltimore Beltway, which connects Jones Falls and Baltimore-Harrisburg expressways. Opened in 1979, The Shops at Kenilworth is in the final phase of a $20 million renovation that includes interior/exterior upgrades, a new entrance and a new 20,000-square-foot, three-story marketplace. Additionally, Amaryllis, Quiet Storm and ZenLife have opened new stores here earlier this year…
Skyview Facilitates Sale of VA Self Storage Facility
Posted by: | CommentsSkyView Advisors announced that the company facilitated the disposition of an AAAA Self Storage facility. Wyoming Associates sold the asset located in Virginia Beach, Va., to Dahn Corp.
COVETED STORAGE ASSET
Located at 1332 Virginia Beach Blvd., the stabilized storage facility is situated on a roughly 5-acre land parcel and features a total of 57,275 net rentable square feet. Completed in 2004, the asset offers 232 non-climate controlled storage units and 147 climate controlled units, along with one rentable parking space. Storage units range in size from 25 to 800 square feet…
Deutsche Bank Former Executives Waive Half Their Bonuses
Posted by: | CommentsTen former and one incumbent executive board member of Deutsche Bank AG agreed to forfeit 38.4 million euros ($44.8 million) of outstanding bonus payments, drawing a line under almost two years of negotiations with the German lender related to misconduct fines.
Deutsche Bank said it won’t hold the management board members liable as part of the deal, which includes them receiving the remaining 31.4 million euros in unpaid bonuses, according to a statement Thursday from the lender. There’s insufficient evidence for actionable damage claims against the members, the bank said…
Deutsche Bank Former Executives Waive Half Their Bonuses
PGIM Buys Midtown Atlanta Office Tower
Posted by: | CommentsPGIM Real Estate completed the acquisition of Regions Plaza, a Class A, 502,846-square-foot office tower in Midtown Atlanta. The company purchased the 23-story asset on behalf of institutional investors. According to Yardi Matrix, the seller was Crocker Partners, an Atlanta-based real estate and management firm.
Located at 1180 W. Peachtree St. NW, Regions Plaza features full-service concierge, a conference facility, valet parking, an on-site Flywheel and FlyBarre Studio, dry-cleaning, dining and on-site banking services. Completed in 2001, the building is LEED Gold certified and ENERGY STAR-rated, attracting a range of tenants including law firms, banking, sales, technology and construction…
Allianz Secures Naming Rights for MLS Stadium
Posted by: | CommentsTouting its Minnesota roots, Allianz Life Insurance Co. of North America, has secured the naming rights to the new $200 million Major League Soccer stadium being built in St. Paul, Minn., for the Minnesota United FC soccer team.
Brazil’s 90MW Cristalândia Wind Farm Begins Operations
Posted by: | CommentsEnel Green Power Brasil Participações (EGPB), a subsidiary of Enel, began operation of its Cristalândia wind farm. The facility has a total installed capacity of 90 megawatts and is located in the municipalities of Brumado, Rio de Contas and Dom Basilio in Brazil’s northeastern state of Bahia.
Cristalândia’s construction cost roughly $190 million and was awarded to EGPB through the Leilão de Fontes Alternativas (LFA) public renewable energy auction in April 2015. The wind project has 20-year power purchase agreements with a pool of Brazilian electricity distribution companies…
LBG, Aviva Nab Mammoth CA Shopping Mall
Posted by: | CommentsA joint venture between LBG Real Estate Cos. and Aviva Investors has acquired Hilltop Mall, a 1,100,000-square-foot regional mall in the East Bay city of Richmond, Calif.
Venture Capital’s Secret Code Is Being Tested by Harassment Scandals
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Industry’s clubby culture leaves some misbehavior unpunished
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Investors seek ways to avoid backing the next serial harasser
Reference checks in Silicon Valley these days are likely to start with a new question: “Are you under NDA?”
Venture capitalists and their backers are trying to find new ways to talk to each other and gather information after accounts of mistreatment from several women have shaken the industry. Not wanting to fund the next serial sexual harasser, investors in VC funds are more closely scrutinizing the character of investing partners and asking pointed questions to try to unearth what exactly they’re not being told…
Starboard Value Hedge Fund Wants to Force ComScore to Hold an Annual Meeting
Posted by: | CommentsStarboard Value, an activist hedge fund known for taking on companies like Yahoo and Macy’s, has unveiled its next target: comScore, the big media measurement company.
Starboard sued comScore on Tuesday in a Delaware court, seeking to force the company to schedule an annual meeting for the first time in two years.
The hedge fund said it had amassed a 4.9 percent stake, making it one of comScore’s biggest shareholders, according to data from Standard & Poor’s Global Market Intelligence.
A representative for comScore said the company was assessing the lawsuit, but declined to comment further…
Anchor Health Buys San Diego Hospital Campus MOB
Posted by: | CommentsAnchor Health Properties acquired Fletcher Parkway Medical Center, a mission-critical, 82,024-square-foot medical office building in the San Diego suburb of La Mesa, Calif. The company purchased the fee-simple asset free and clear of existing debt from The Abbey Co. HFF represented the seller.
Located at 8881 Fletcher Parkway, just north of the Interstate 8/California 125 interchange in La Mesa, Fletcher Parkway Medical Center is adjacent to Sharp Grossmont Hospital. The class B asset was built in 1985 and is located in an area with a population of 72,293 and average household income of $75,075, according to Commercial Café…
Apollo Raises Record $24.6 Billion for New Global Buyout Fund
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Pool surpasses Blackstone’s $21.7B benchmark for LBOs
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Private equity fundraising tops $100B for three quarters
Apollo Global Management LLC amassed $24.6 billion for the largest fund ever raised by a leveraged-buyout firm, crowning a string of record-setting war chests as investors hunt for better returns.
Apollo’s ninth private equity fund hit its $23.5 billion hard cap and added additional money from the firm, employees and affiliated people, according to a regulatory filing Wednesday. It intends to have $24.7 billion in total, the filing shows…
Apollo Raises Record $24.6 Billion for New Global Buyout Fund
Pioneer Building in San Francisco Changes Hands
Posted by: | CommentsAfter landing a loan for the renovation and conversion of a century-old Manhattan hotel, Bridgeton Holdings sold the Pioneer Building in San Francisco, a 37,104-square-foot office asset, to American Realty Advisor. The property changed hands for $34 million, in an off-market transaction. At the time of sale, the asset was fully leased to Musk Industries, a venture backed by Elon Musk.
Blackstone Buys Clarion Events
Posted by: | CommentsBlackstone has acquired Clarion Events, an independent, international events organizer headquartered in London. Private equity funds managed by the global investment firm purchased the company from private funds managed by Providence Equity Partners.
Blackstone isn’t divulging the financial particulars of the transaction. Clarion last changed hands in 2015 for approximately £200 million, according to a report by investment bank JEGI, when Providence acquired 100 percent interest in the company…
Howard Marks Sounds the Alarm on Tech, Cryptocurrencies and Private Equity
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‘I’m going to issue a warning today,’ the billionaire says
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SoftBank fund structure is ‘questionable’; bitcoin ‘not real’
Billionaire Howard Marks, who’s warned of excessive risk in the markets for the past five years, is now sounding the alarm as hazards from red-hot tech stocks to investor confidence in SoftBank’s $100 billion fund converge.
In a 22-page memo Wednesday — longer than most of his missives to clients — the Oaktree Capital Group LLC co-chairman said he sees several phenomena that by themselves seem reasonable but together reveal markets to be heated and risky…
Hogan Lovells Resituates NoVa Office
Posted by: | CommentsIn the summer of 2019, Hogan Lovells will be moving its Northern Virginia office to Boro Tower, a 20-story trophy office tower currently under construction at The Boro in Tysons, Va., The Meridian Group announced. The company will lease a 44,500-square-foot space and will occupy the entire 17th floor and half of the 16thfloor of the building. Rick Rome and Alexandra deVilliers of Savills-Studley represented Hogan Lovells.
TA Realty Sells $202M Mid-Atlantic Industrial Portfolio
Posted by: | CommentsColony NorthStar has acquired a 2.8-million-square-foot, 20-property industrial portfolio located along the Interstate 95 corridor from TA Realty LLC, for $201 million.
The properties in the portfolio are situated within the states of Maryland and Delaware, with the largest percentage being in the Baltimore metro area…
GM and Ford Grow Ever-More Dependent on Declining Home Market
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North American units supply nearly all the carmakers’ profits
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Both companies have cut U.S. auto industry sales forecasts
For General Motors Co. and Ford Motor Co., home is where the profits are. That’s a source of heartburn as U.S. auto sales stall.
Ford Chief Financial Officer Bob Shanks put it plainly when explaining his company’s quarterly financial results Wednesday: “Effectively, every dollar we earned in the automotive segment was earned in North America.” It’s a similar story at GM, which reported all but about $200 million of adjusted profit came from the region…
orderTalk Expands Far North Dallas HQ
Posted by: | CommentsorderTalk Inc., a provider of online food ordering systems and service solutions for the restaurant industry, expanded its corporate headquarters in Flower Mound, Texas. The company now occupies roughly 8,000 square feet, nearly tripling its initial space. As part of its expansion, orderTalk hired three new employees and is set to fill four more positions soon.
Vornado Completes $500M NYC Refi
Posted by: | CommentsVornado Realty Trust has added 330 Madison Ave. to its list of recently refinanced Manhattan office buildings, announcing that its 25 percent owned joint venture secured a $500 million loan for the 40-story office building.
Parallel Capital Brings New Tenants to Phoenix Office Tower
Posted by: | CommentsMore than 160,000 square feet of office space have recently been leased at One North Central, a 20-story office tower located in downtown Phoenix. Parallel Capital Partners negotiated four new leases, bringing the building to 93 percent occupancy.
The upcoming tenants are Quicken Loans, Live Nation, Coleman & Finch and Urban Eye Care, who will be joining Ryley Carlock & Applewhite and Renaud Cook Drury Mesaros, among other firms…