Author Archive
Calare Properties Buys Warehouse, Secures Medical Marijuana Lease
Posted by: | CommentsCalare Properties purchased 234 Taylor St. in Littleton, Mass. The new owner secured a 10-year absolute net lease with Premier Health Group LLC for the 36,000-square-foot warehouse. The tenant will also manage the industrial facility, which was previously occupied by VJ Electronix.
Fannie-Freddie Reform Hinges on Keeping Small Lenders Happy
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Trade groups want to keep big bank dominance from returning
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Groups believe current system is best, but still needs new law
A decade ago, Brian Koss was a senior vice president at Countrywide Financial who saw firsthand how big lenders muscled out small ones during the housing boom by cutting special deals with Fannie Mae and Freddie Mac.
Now, as a senior executive at a mid-size lender, he says a positive outcome from the bust is that government policies have mostly leveled the playing field.
Hedge Fund Uses Algae to Reap 21% Return
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Desmond Lun’s AI trading model draws on computational biology
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Biologists are ‘kicking butt’ in data science, professor says
Hedge fund manager Desmond Lun’s 21 percent average return over the last four years springs from an unlikely source — a petri dish of algae.
Lun, 37, is a new kind of quant, combining AI wizardry with old-school biology to trade futures. Although his Taaffeite Capital Management is small, Lun makes a big claim: His research into one of the natural world’s most byzantine systems — the biological cell — has given him an edge in untangling the secrets of financial markets…
Mission Capital Arranges Acquisition Financing for Houston Hotel
Posted by: | CommentsMission Capital Advisors’ debt and equity finance group has arranged a $15.3 million acquisition loan on behalf of Midas Hospitality for the newly built Staybridge Suites Houston–Medical Center. The 120-key, extended-stay hotel is located at 9000 South Main St. in Houston, Texas.
London’s Home Price Growth Has Flatlined. What Happens Next?
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Values in London fell in May for the second consecutive month
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London market most impacted by Brexit and higher sales taxes
The eight-year bull run for London home values appears to be finally coming to an end.
Values fell 0.5 percent in May from April, according to the LSL Acadata Home Price Index, and will show little or no growth this year, broker Savills Plc forecasts. PricewaterhouseCoopers LLP predicts that price growth will continue to slow in 2018 and 2019 as economic uncertainty and increased stamp duty taxes damp demand.
Goldman Sachs Says Take Profit on Emerging-Market Carry Trade
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Recommendation was long Brazil, Russia, India and South Africa
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Mexican peso and Turkish lira seen as having upside potential
Goldman Sachs told investors to close out of an emerging-market carry-trade recommendation it made eight months ago, saying there was little scope for appreciation.
Following the bank’s advice to buy Brazil’s real, Russia’s ruble, India’s rupee and South Africa’s rand while shorting the Korean won and Singapore dollar would have delivered a 9.7 percent return, strategists Marty Young and Michael Cahill said in a note to clients. While Goldman Sachs is overall positive on emerging-market currencies, the analysts said the real, ruble and rupee were unlikely to strengthen much further in coming months…
Discount Self Storage Lands New Owner
Posted by: | CommentsBellomy & Co. closed the sale of Discount Self Storage in Shreveport, La., to a Salt Lake City-based investor. The seller was a company from Marshall, Texas. The 70,057-square-foot asset offers 578 units, 93 percent of which were occupied at the time of the transaction.
Discount Self Storage is located at 900 E. 70th St. and includes climate and humidity-controlled units, as well as traditional and warehouse space. The property also features a security fence, 24-hour video surveillance, keypad access, outdoor parking and pest control. Supplies, dollies and carts for move-in are also available…
U.S. Stocks Climb as Earnings Season Picks Up; Health Care Gains
Posted by: | CommentsU.S. stocks climbed as corporate earnings reports pick up steam and investors assess the fallout of the Trump Administration’s embattled health-care bill.
The S&P 500 added 0.3 percent to 2,468 as of 10:10 a.m. in New York after the underlying gauge closed at a record high Tuesday. Small-cap shares rallied as the Dow Jones Industrial average was little changed…
U.S. Stocks Climb as Earnings Season Picks Up; Health Care Gains
Banks’ Asset Managers Embrace Calm Markets That Crippled Traders
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Wealth, asset-management units benefit from stock-market rally
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Divisions at three banks post record profits as fees climb
Wall Street’s bond traders may abhor the lack of volatility that’s overcome markets. But their colleagues who are managing other people’s money certainly seem to like it.
Calm and climbing markets gave a boost to wealth- and asset-management arms at the largest U.S. banks, driving revenue in those units to a record $18.4 billion in the second quarter, according to data compiled by Bloomberg. Divisions at JPMorgan Chase & Co. and Bank of America Corp. had their highest-ever profit, helping to cushion lower trading results across the firms…
Embassy Suites by Hilton St. Augustine Tops Off
Posted by: | CommentsKey International topped off phase I of construction of the Embassy Suites by Hilton St. Augustine Beach Oceanfront Resort in Florida. The project is slated for delivery in the first quarter of 2018.
Great Far East Acquires Los Angeles Office Asset
Posted by: | CommentsGreat Far East acquired Bridgegate Plaza, a 135,000-square-foot office building in Diamon Bar, Calif., from PM Realty Group.
HIGH OCCUPANCY
Located at 1440 Bridgegate Drive, the three-story asset offers quick access to and from Orange and Pomona freeways. Bridgegate Plaza is situated in the vicinity of multiple public transportation and dining options, including Deli at Vista Pointe and Mansun Japanese Restaurant. Constructed in 2002, the Class A office building features a stone lobby and sky-lit atrium. At the time of sale, the property was 89 percent occupied. Tenants include Insperity, Novatime and QTC Management…
U.S. Housing Starts at Four-Month High Give Boost at Quarter-End
Posted by: | CommentsResidential construction ended the second quarter on a stronger note as groundbreaking on new homes rebounded in June to the fastest annualized pace in four months, Commerce Department data showed Wednesday.
Key Takeaways
The pickup in construction last month reflected more starts of single-family homes as well as apartment and other multifamily dwellings. The gain in June starts ended a three-month slide that indicates residential building will do little for second-quarter economic growth.
Summer’s Most Common Hedge Fund Theme Is the Global Recovery
Posted by: | CommentsInvestors positioned for the global recovery are in good company: it’s the most common bullish investment theme for hedge funds this summer, according to Lyxor Asset Management.
As interest in hedge funds rises again — they saw the biggest jump in demand among asset classes examined in a Credit Suisse Group AG report last week — Lyxor strategists including Jean-Baptiste Berthon set out current investment trends in a recent note…
Summer’s Most Common Hedge Fund Theme Is the Global Recovery
Equinix Invests $42M in SY4 Data Center Expansion
Posted by: | CommentsEquinix Inc. plans to invest $42 million to expand its SY4 International Business Exchange data center near Sydney, Australia, to meet the rising demand for additional capacity and interconnection services.
Opened in August 2016, SY4 is strategically located in Alexandria, 2.5 miles from Sydney’s central business district. The development is Equinix’s latest in a series of expansions across Asia-Pacific, namely in Melbourne, Tokyo, Hong Kong and Singapore.
Axel Springer Sells Berlin Assets for $865M
Posted by: | CommentsIn separate deals, Axel Springer has sold the Axel-Springer-Neubau and Axel-Springer-Passage, both located in Berlin, for a combined price of $865 million.
Axel-Springer-Neubau, a 13-story office building complex which is currently being developed, was acquired by Norges Bank Real Estate Management, a Norwegian sovereign wealth fund. Designed by noted architect Rem Koolhaas, the project is set to be finished in December 2019.
KKR’s Rosenberg Says London Property Prices Could Fall 10%
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Says Brexit not fully priced into real estate in U.K. capital
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Firm’s property chief sees opportunities in NYC hotels, condos
The value of high-quality properties in London could fall by as much as 10 percent as the U.K.’s decision to leave the European Union affects the economy, said Ralph Rosenberg, head of real estate for KKR & Co.
“I wouldn’t be surprised to see London reprice” about 5 percent to 10 percent “for core-type assets” because Britain’s planned exit from the EU isn’t fully reflected in real estate values, Rosenberg said in a Bloomberg Television interview Wednesday. He was referring to both commercial and residential property. Prices for the best London real estate surged right after last year’s vote as outside investors took advantage of the decline in the pound to buy…
Industrial Property Trust Nabs 104 KSF Asset
Posted by: | CommentsIndustrial Property Trust Inc. acquired a 104,339-square-foot industrial building in the Rancho Dominguez submarket of Los Angeles County. The national REIT purchased the property for $12 million from Benetti’s Italia and has commenced a $2.5 million capital improvement plan. Daum Commercial Real Estate Services negotiated the transaction on behalf of IPT.
Tavistock Inks Major Build-To-Suit Lease in Orlando
Posted by: | CommentsTavistock Development Co. has signed Orange Lake Resorts to a build-to-suit lease in Orlando, Fla., and it’s a big one. Tavistock will develop a 240,000-square-foot corporate campus for the vacation ownership industry leader at Infinity Park, the 200-acre, mixed-use business park.
Tavistock’s lease agreement with Orange Lake marks one of the largest office transactions in Orange County year-to-date. “There is a dearth of large blocks of vacant office space in the Orlando metro area, and current office rents do not justify speculative new construction. These factors have combined to limit very large deals,” Skipper Peek, senior vice president, Tavistock Development Co., told Commercial Property Executive.
Women Are Better at Crowdfunding Than Men
Posted by: | CommentsWomen are more successful at meeting their funding targets, study shows
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When it comes to raising funds from large groups of anonymous donors over the internet, women come out tops. That could be a boon for job creation and economic growth.
A new report from PricewaterhouseCoopers LLP and The Crowdfunding Center shows that women across the world consistently outperformed men on funding campaigns: Globally, females were 32 percent more successful than males in reaching their funding targets; in Asia, women achieved twice as much success as men…
Wall Street Efforts to Improve Its Image Fail to Sway Americans
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Less than a third of those asked say they trust billionaires
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Republicans are more likely than Democrats to admire the rich
Bad news for financial titans like JPMorgan Chase & Co.’s Jamie Dimon and Goldman Sachs Group Inc.’s Lloyd Blankfein: Most Americans hold unfavorable views of Wall Street banks and corporate executives, and distrust billionaires more than they admire them.
Despite efforts by Wall Street firms to regain trust since the 2008 financial crisis, fewer than a third of Americans view the industry positively — unchanged from 2009, according to the latest Bloomberg National Poll…
Wall Street Profits by Putting Investors in the Slow Lane
Posted by: | CommentsWall Street has developed a new way, clouded in obscurity, to fleece the hundreds of millions of Americans who have money invested in company pension plans, mutual funds and insurance policies.
Institutional brokers are legally obliged to execute trades on the exchange that offers the most favorable terms for their clients, including the best price and likelihood of executing the trade. The 12 exchanges, most of which are owned by New York Stock Exchange, Nasdaq and Better Alternative Trade System (BATS), along with the Chicago Stock Exchange and the Investors Exchange (IEX), are supposed to compete to offer the best opportunities…
Goldman Sachs Struggles to Navigate the Markets
Posted by: | CommentsWho cares about a few bad weeks in fixed-income markets?
Jamie Dimon, JPMorgan Chase’s chief executive, raised that reasonable question last week. The answer is Lloyd C. Blankfein at the rival Wall Street firm Goldman Sachs, which on Tuesday reported a 40 percent year-on-year slump in revenue from trading bonds, currencies and commodities. Goldman’s market compass is a little off, and investors may soon expect Mr. Blankfein to fix it more quickly.
Homebuilder Sentiment in U.S. Declines to an Eight-Month Low
Posted by: | CommentsSentiment among American homebuilders deteriorated to an eight-month low in July on concerns about higher material costs, according to data Tuesday from the National Association of Home Builders/Wells Fargo.
HIGHLIGHTS OF HOMEBUILDER SENTIMENT (JULY) |
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U.S. and Chinese Executives to Meet on Nations’ Economic Relations
Posted by: | CommentsLeaders of major United States companies with deep ties to China will meet on Tuesday with their Chinese counterparts to try to ease the increasingly rocky economic relationship between the countries.
On Tuesday, Wilbur L. Ross, the secretary of commerce, will host a daylong meeting in Washington with more than 20 business leaders from the United States and China. The session will be brokered by Jack Ma, the executive chairman of the Chinese e-commerce giant Alibaba, and Stephen A. Schwarzman, a co-founder of the private-equity firm the Blackstone Group and an adviser to President Trump…
U.S. and Chinese Executives to Meet on Nations’ Economic Relations
Skanska Names New President
Posted by: | CommentsSkanska appointed Robert Ward as president & CEO for Skanska USA Commercial Development. Ward will oversee the company’s commercial and multifamily development operations. Succeeding Shawn Hurley, Ward will join the USA senior leadership team and report to Skanska AB Executive Vice President Claes Larsson.
DEVELOPMENT & CONSTRUCTION EXPERIENCE
Ward has more than two decades of experience, recently serving as chief operating officer for Skanska USA Commercial Development. In that position, he evaluated all project investments, refined the national leasing and customer strategy, explored new market opportunities and managed the group’s professional service functions…
Canadians Are Managing Their Mortgages Despite Soaring Debt Load
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Borrowers with mortgage less likely to default, go bankrupt
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New rules will help insulate them from rising interest rates
Canadians may be shouldering near-record household debt but homeowners have been managing it better than those than don’t own property, according to the country’s housing agency.
Mortgage delinquency rates and credit scores improved in the fourth quarter of 2016 from the third quarter and those with a home loan were less likely to default or file for bankruptcy, Canada Mortgage & Housing Corp. said in a report Tuesday.
Avison Young to Lease The Edison Pembroke Pines
Posted by: | CommentsTPA Group retained Avison Young as the exclusive leasing team for The Edison Pembroke Pines, a proposed creative office park totaling 330,000 square feet of Class A space in Pembroke Pines, Fla. Avison Young Principal Greg Martin and Vice President Justin Cope will lead marketing and leasing efforts on behalf of the Atlanta-based developer.
Choice Hotels Picks New CEO
Posted by: | CommentsThe soon-to-be-vacated top position at Choice Hotels International Inc. has been filled. The hotel company’s board has appointed Patrick Pacious, currently president & COO with Choice, to the position of CEO. He’ll take the reins from Stephen Joyce, who will step down at the end of 2017. Pacious will continue to hold the role of president, while the replacement for the COO position has yet to be determined.
Wealthy Investors Are Leaving Hedge Funds for Real Estate
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They had record 33% of portfolios in property, survey says
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Investor wagers on hedge funds fell to record low 4%
Wealthy investors boosted bets on real estate and left hedge funds and equities as concern over high valuations and geopolitical risk push them back to basics.
They had 33 percent of their portfolios on average in real estate at the end of the second quarter, according to a survey by Tiger 21 released Tuesday. That’s a record since the group of high net-worth investors started measuring aggregate allocations in 2007.
CBRE Arranges $62M Sale of Golden Bear Plaza
Posted by: | CommentsCBRE brokered the sale of Golden Bear Plaza, a Class A office campus totaling 245,673 square feet in Palm Beach Gardens, Fla. Equus Capital Partners Ltd. sold the three-building asset in a $62.3 million deal to an affiliate of Alliance Partners HSP, the East Coast operating platform of The Shidler Group.
Positive Momentum in Atlanta
Posted by: | CommentsAtlanta has become an economic powerhouse in recent years. It’s currently one of the fastest-growing metro areas in the nation—a result of its broad-based job growth, 18-hour lifestyle and healthy rental and housing market. A rapidly rising population is adding to the city’s congestion issues, but also fostering demand for apartments and pushing rents higher.
ICM Acquires Suburban Atlanta Office Asset
Posted by: | CommentsICM Realty Group completed the purchase of Jefferson Plaza, a 118,000-square-foot, multi-tenant office building in Norcross, Ga. The new owner committed to a capital improvement program, including material exterior and interior renovations.
Located at 3169 Holcomb Bridge in the Norcross/Peachtree Corners submarket, the property was completed in 1978. The seven-story building underwent significant upgrades and features floor plans ranging from 813 square feet up to 11,348 square feet, a conference facility and a parking ratio of four spaces per 1,000 square feet…
NoVa Office Tower Lands $250M Refi
Posted by: | CommentsMonday Properties has received $250 million in refinancing for 1812 North Moore St., a 580,000-square-foot office tower in the Arlington submarket of Rosslyn, Va.
The refinancing was finalized ahead of the scheduled maturity date, coming up this December, and includes up to $70 million in the form of a future funding facility that Monday can leverage for future leasing and capital investment activity…
Manhattan Landlords Are About to Get Graded
Posted by: | CommentsRental listings generally don’t include tenant complaints or fire code violations. Rentlogic is changing all that.
The for-rent advertisement on East 75th Street in Manhattan, just a half-block from Central Park, boasts natural light, a marble bathroom, and a granite kitchen. It sounds lovely, a gem of the Upper East Side—perhaps even “triple mint,” as some real estate ads breathlessly proclaim.
It better be, given that the price for the apartment is $4,095 a month.
What the listing doesn’t mention is that the building has a long history of tenant complaints and city-issued violations. Issues over the years have included mold, cockroaches, and fire safety. That information is accessible on public databases, but it can be difficult to dig up for the uninitiated…
K.K.R. Lays Out a Line of Succession, a Rare Move in Private Equity
Posted by: | CommentsFew can claim as crucial a role in creating the buyout industry as Henry R. Kravis and George R. Roberts. From a small partnership that began with just $120,000, the two created the colossus now known as Kohlberg Kravis Roberts, the firm that bought RJR Nabisco and defined an era.
Now, more than 40 years after setting up K.K.R., the two billionaire cousins have finally outlined the future of a firm where the K, the K and the R are all gone…
K.K.R. Lays Out a Line of Succession, a Rare Move in Private Equity
MedEquities Buys IN Skilled Nursing Facilities
Posted by: | CommentsMedEquities Realty Trust Inc. has executed a definitive agreement to purchase two skilled nursing facilities in Indiana from Magnolia Health Systems for $15 million in cash. The company will lease the facilities to Magnolia, pursuant to a 15-year, triple-net master lease at an initial lease rate of 9 percent, with annual escalators. The transaction is expected to close within 30 days, subject to customary closing conditions.
London New Home Starts Surge 42% as Builders Ignore Brexit Woes
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Second-quarter sales of homes being built rise by 30%
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Total number of unsold homes under construction reaches record
London home starts rose to the highest in 18 months even as the number of unsold properties under construction climbed amid uncertainty surrounding Brexit.
Construction began on 6,962 units during the second quarter, according to a report by Molior London seen by Bloomberg News. That’s 42 percent higher than a year earlier and the most since the fourth quarter of 2015. A spokesman for Molior declined to comment…
London New Home Starts Surge 42% as Builders Ignore Brexit Woes
Cohesity Relocating to San Jose
Posted by: | CommentsCohesity, a computer data storage company, signed a 40,000-square-foot lease on the seventh and eighth floors of the second building of River Park Tower in San Jose, Calif. The firm is relocating from Santa Clara, where it occupies 14,000 square feet, and is expected to move in the new space in the fourth quarter of this year.
California Investor Acquires Michigan Office Property
Posted by: | CommentsMason Capitani CORFAC International negotiated the sixth acquisition of California-based investor LSTC Michigan in the Detroit metro area. Wilson Real Estate II, the previous owner of the 30,760-square-foot office building in Troy, Mich., listed the property for $4 million. Following the transaction, the building will change its name from the Wilson Office Building to Butterfield Park Place, although Wilson Real Estate will continue to oversee the leasing efforts.
Abu Dhabi to Help Build 1,000 Apartments in London
Posted by: | CommentsState-owned Abu Dhabi National Exhibitions Co. has formed a venture with U.K. developer Mount Anvil Group Ltd. to build apartment towers next to the ExCel London conference venue, according to two people with knowledge of the plan.
The companies could develop about 1,000 homes on land next to the exhibition center, the people said, asking not to be identified because the agreement isn’t yet public. The venture hasn’t yet applied for approval to build on the land, which is currently used for parked vehicles, the people said…
Abu Dhabi to Help Build 1,000 Apartments in London
Metrogroup Secures Acquisition Financing for OC Asset
Posted by: | CommentsMetroGroup Realty Finance secured $3.9 million in permanent acquisition financing for Orangewood Business Plaza, a three-building industrial/office business park in Orange, Calif. The financing represented 46 percent of the 8.5 million purchase price. Lee & Associates represented both the buyer, Betty L. Davies Family Ltd. Partnership, and the seller, Orangewood Business Plaza LLC.
S. Korean Investment Firm Buys NASA HQ in DC
Posted by: | CommentsHana Asset Management Co. Ltd., a South Korean investment firm, has acquired Two Independence Square—NASA headquarters and Piedmont Office Realty Trust’s largest Washington, D.C., asset—for approximately $360 million, or $593 per square foot.
The 606,000-square-foot, nine-story office building is located at 300 E St., S.W., and has been fully leased to the National Aeronautics and Space Administration since it was constructed in 1991. Atlanta-based Piedmont acquired the property in November 2002 from Boston Properties in a $345 million portfolio transaction that included One Independence Square, according to Yardi Matrix data. Yardi Matrix stated the price Piedmont paid for Two Independence Square in 2002 was $216.2 million, or $386 per foot…
U.K. Housing Market Will Cool This Year, PwC Says
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House-price inflation set to slow to 3.7% from 7% last year
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Inflation, Brexit will weigh on consumer spending, investment
The U.K. housing market will cool this year as uncertainty around Brexit hits the economy, according to PricewaterhouseCoopers LLP.
Home-price inflation will slow to 3.7 percent from 7 percent in 2016, and London will be the most severely impacted, PwC said in a report published Tuesday. The changes reflect the wider economic picture as inflation and Brexit take their toll on consumer spending and investment…
U.K. Housing Market Will Cool This Year, PwC Says
TH Real Estate Taps New Head of Research
Posted by: | CommentsTH Real Estate, an affiliate of asset manager Nuveen, has appointed Melissa Reagen as head of research for the Americas. She will be based in New York City and will report to Chris McGibbon, head of TH Real Estate Americas. Reagen will also work closely with Alice Breheny, who is overseeing all research teams from London.
Highly Crowdfunded Vehicle Hits Final Close at $151M
Posted by: | CommentsCRE private equity firm Origin Investments, of Chicago, has completed the final closing for its fully subscribed $151 million Fund III, the company announced last week.
The nominal $150 million fund, which hit its $55.5 million first closing in March, is intended to acquire $600 million in value-added commercial properties.
The goal is that when fully invested, Fund III will have more than 15 multifamily and office properties in eight high-growth markets across the U.S.: Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Houston and Raleigh-Durham, N.C. Since July 2016, it has invested about $38 million in eight properties valued at more than $257 million…
Toronto Home Sales Plummet to a Seven-Year Low
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Three-month average down 14.2% after flood of new listings
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Bank of Canada rate hike expected to further cool market
Canada’s hottest housing market is definitely cooling down.
Total home sales in Greater Toronto dropped to 5,977 in June, the lowest level since 2010 and down 15.1 percent from the month prior, data from the Canadian Real Estate Association show. Average prices are down 14.2 percent since March — the fastest 3-month decline in the history of the data back to 1988 — while the ratio of sales to new listings sits at its lowest level since 2009…
Bank of New York Mellon Hires Former Visa Head as C.E.O.
Posted by: | CommentsBank of New York Mellon said on Monday that it had hired Charles W. Scharf, the former top executive of Visa and a veteran banker with experience at Citigroup, Bank One and JPMorgan Chase, as its new chief executive.
Mr. Scharf, who led Visa from October 2012 to December 2016, will join the bank as chief executive immediately and assume the added role of chairman on Jan. 1, Bank of New York Mellon said…
Bank of New York Mellon Hires Former Visa Head as C.E.O.
JLL Investment Co-Head Discusses Capital Markets
Posted by: | CommentsCushman & Wakefield Appoints Executive Director
Posted by: | Comments“I’m coming to this position with experience not only on the retailer side, but also from the landlord and investor perspective,” Gorelick told Commercial Property Executive. “In Cushman, I saw an opportunity not only to leverage that skill set but to also make an impact on a platform that I regard as best-in-class. It’ll be an honor and privilege to broaden the reach of the retail platform during this exciting time in the evolution of retail.”
Morgan Stanley Just Doubled Down on Its Bullish Bet on the S&P
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Chief equity strategist reiterates call for 2,700 by year end
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Price-to-earnings ratio to move higher, Michael Wilson says
There’s juice in the equity rally yet.
A second-quarter earnings season that’s set to beat the consensus and reinvigorated faith in the Trump Administration’s policy objectives will spur the S&P 500 Index about 10 percent higher to a record 2,700 by the end of the year, according to Morgan Stanley Chief Equity Strategist Michael Wilson.
“The U.S. equity market can continue to grind higher on the back of improving earnings as it has done for the past several months,” Wilson wrote in a note Monday. He reiterated his April call for the U.S. benchmark…
Ways of Winning in a Bull Market
Posted by: | CommentsIn a bull market (the current one reached its eighth birthday in March), mutual fund managers can find many ways to win. In the second quarter, three of the better-performing stock funds scored with picks as varied as well-known technology companies, micro-cap stocks and Asian innovators.
Fidelity OTC Portfolio
Gavin S. Baker, manager of the Fidelity OTC Portfolio, often makes big bets on big names. His fund, for example, had committed about 8.5 percent of its $15.3 billion in assets to Tesla, an electric-car maker, at the end of May. It likewise owned sizable slugs of Apple, Alphabet and Amazon…
Ways of Winning in a Bull Market
HSA Commercial Secures 55 KSF Lease at Gateway Business Park
Posted by: | CommentsHSA Commercial Real Estate has secured a long-term lease for Gateway Industrial IV, a 151,220-square-foot distribution center in Plainfield, Ind., a suburb southwest of Indianapolis. Kuehne + Nagel, a global logistics service provider, will lease 55,500 square feet, in addition to the 160,230 square feet it occupies in a separate building on the campus. KJG Architecture designed the project.
US Industrial Availability Drops to Notable Low
Posted by: | CommentsIt may have been only a slight decrease, but it was one nonetheless—and it was a decrease with meaning. According to a new report from commercial real estate services firm CBRE, the average U.S. industrial availability rate dropped 10 basis points to 7.8 percent in the second quarter, marking the lowest level since the first quarter of 2001.
Chinese Finance Meeting’s Meager Results Reflect Nation’s Problems
Posted by: | CommentsSHANGHAI — China’s top leaders have gathered every five years since 1997 for a National Financial Work Conference. At past gatherings, they have created entire regulatory agencies and rearranged the rules for huge markets, almost overnight.
So economists and regulators have been almost breathlessly speculating about this summer’s work conference. Would the regulatory commissions overseeing the banking, securities and insurance industries be merged into the central bank? Would the legal definition of securities be broadened to shed some regulatory daylight on widespread activities like shadow banking, peer-to-peer online investment networks and off-balance-sheet wealth management products?…
Downtown SLC SpringHill Suites Trades Hands
Posted by: | CommentsMarcus & Millichap has arranged the sale of a four-story, 86-key SpringHill Suites hotel in downtown Salt Lake City. This is the second Salt Lake City hotel that changed hands recently. The SpringHill Suites brand opened another property 17 miles south, an 111-key hotel in South Sudan, Utah, owned by District Hotel Partners LLC and managed by Sequoia Hospitality LLC.
JLL Brokers Sale of 213 KSF Orlando Warehouse
Posted by: | CommentsJLL closed on the $8.85 million sale of 2100 Directors Row, a 213,290-square-foot warehouse building within Orlando Central Park, one of Florida’s largest industrial parks with approximately 12.5 million square feet of product. JLL represented the buyer, Exeter Property Group, a real estate investment manager focused on industrial properties across North America and Europe. Cambridge Hanover is the former owner of the building.
Goodwin Leases 80K SF at DC Trophy Building
Posted by: | CommentsGoodwin Procter will move to a new location in late 2019. The firm signed an 80,329-square-foot lease at a JBG Cos. trophy development in D.C.’s Dupont Circle and Farragut area. JBG, which has recently celebrated the ground breaking on another office building on Bethesda Avenue, will work with Goodwin to ensure the latter’s relocation to the top three floors of its upcoming 11-story development.
Citigroup’s Bankers, Bond Traders Are Narrowing Gap on JPMorgan
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Fixed-income revenue at Citigroup now just shy of top firm’s
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Investment banking results are strongest in years amid hires
Citigroup Inc.’s bond traders and investment bankers are closing in on their rivals at JPMorgan Chase & Co.
A renewed focus on investment banking, including some big hires, is helping Citigroup lure clients, boost revenue and gain on its larger competitor. Its fixed-income traders, meanwhile, are proving adept at weathering an industrywide slump, almost catching JPMorgan, long the dominant bank in that business…
Citigroup’s Bankers, Bond Traders Are Narrowing Gap on JPMorgan
Stagwell Group Inks Lease at One World Trade Center
Posted by: | CommentsOne World Trade Center will welcome a new tenant to its 62nd and 63rd floors. The Stagwell Group, an investment advisory company, signed a 13-year lease for 83,955 square feet of office space, as it plans to integrate its portfolio of companies into one location.
Netflix Expands in Hollywood
Posted by: | CommentsAfter leasing 99,000 square feet of soundstages and other space at Sunset Bronson last September, Netflix has signed a deal to lease another 43,000 square feet at the famous Hollywood studio from Hudson Pacific Properties Inc.
The new space includes the historic mansion on Sunset Boulevard where the Warner Brothers had their office for decades.