Author Archive
China Hedge Funds Bounce Back From Losses to Rank Near Top
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Hedge funds in the region are among world’s top performers
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Greenwoods, Springs, SPQ China Funds gained more than 20%
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China-focused hedge funds bounced back from their worst performance in five years and trounced global counterparts.
After an annual loss last year, Greater China hedge funds added more than 13 percent on average in the first half of 2017 to rank among the top-performing strategies in the world, according to preliminary data from Eurekahedge. Hedge funds from Greenwoods Asset Management, Springs Capital and SPQ Asia Capital were among standout performers with gains of 20 percent or more…
Faris Lee Closes Stockton Retail Deal
Posted by: | CommentsFaris Lee Investments has completed the $7.1 million sale of The Shops at Hammer & West, a 15,314-square-foot multi-tenant retail strip center in Stockton, Calif. The property traded at a cap rate of 6.5 percent and a price per square foot of $460.
Nation’s Greenest Office Markets: CBRE Report
Posted by: | CommentsEnergy benchmarking ordinances are increasing in the United States and appear to be having an impact on the office market. Nine of the cities that placed in the top 10 of the fourth annual Green Building Adoption Index have implemented the new rules and the number of green certifications have risen.
Hedge-Fund Manager Crispin Odey Says It’s Now More Likely the Market Will Crash
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Pound drop ‘dangerous’ for U.K. retailers: hedge fund manager
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Central banks ending QE will impact credit cycle, Odey writes
Crispin Odey, who made money for a second straight month by sticking to bearish equity bets, said the chance of a market crash is rising as growth slows and the Federal Reserve normalizes interest rates.
The credit cycle boosted by loose monetary policy has peaked and there’s a widespread slowdown in the auto, commodity, industrial and retail sectors, Odey wrote in a letter to investors. Unlike previous dips since the financial crisis, central banks aren’t responding by printing more money…
How a Home Bargain Became a ‘Pain in the Butt,’ and Worse
Posted by: | CommentsJames R. Williams thought he had found a great deal on a home. The monthly fee on the three-story fixer-upper in Cincinnati was cheaper than the rent on his last home. And the payments would go toward the $40,000 he needed to own the place.
But Mr. Williams will almost certainly never own the house. Instead, he was left with a grandson with lead poisoning from peeling paint in the 98-year-old home and he says around $10,000 in critical repairs to the plumbing system.
Berkshire Hathaway Makes a $9 Billion Bid for Energy Future Holdings
Posted by: | CommentsThe fate of a giant Texas power company that has spent nearly a decade in financial distress lies in a potential battle between two billionaires.
On one side is Warren E. Buffett, who has agreed to pay $9 billion in cash for the utility operator, Energy Future Holdings. On the other is Paul E. Singer, the hedge fund mogul whose firm is the biggest creditor of Energy Future. Mr. Singer is exploring making its own takeover bid for the company, which has spent more than three years in bankruptcy proceedings.
The Private Equity Firm That Quietly Profits on Top-Selling Drugs
Posted by: | CommentsCashing in on rising drug prices often unleashes an outcry from consumers and politicians.
But a little-known private equity investor, Royalty Pharma, has built an unusual investment portfolio valued at $15 billion — it buys up the rights to royalties on future drug sales — while largely avoiding public controversy. By its own count, Royalty Pharma owns partial rights to seven of the 30 top-selling drugs in the United States, including giants like Humira, the arthritis treatment that is the single biggest-selling medication in America. And its deals have been getting larger…
The Private Equity Firm That Quietly Profits on Top-Selling Drugs
Rockefeller Buys 228-Acre NJ Industrial Site
Posted by: | CommentsLincoln Equities Group and partner Real Capital Solutions just pocketed $57 million on the sale of a 228-acre industrial site in Piscataway, N.J. The partners sold the fully entitled property to The Rockefeller Group, which plans to invest as much as $250 million to develop the site.
Kearny Real Estate Expands San Diego Team
Posted by: | CommentsKearny Real Estate has appointed Sonia Miró as director of property management in the firm’s San Diego office. In her new role, Miró will oversee the firm’s growing local portfolio, leading the property management efforts for both of Kearny’s San Diego assets, as well as for its additional third-party assignments.
Natixis Facilitates First “Green Bond” CMBS Deal
Posted by: | CommentsNoting it received “very strong interest” from major green investors across the globe, French corporate and investment bank Natixis collaborated with Ivanhoé Cambridge and Callahan Capital Properties to issue the first green tranche in a CMBS to refinance part of the acquisition loan for 85 Broad St. in Downtown Manhattan.
U.K. House Prices Increase at Slowest Pace in Four Years
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Prices grow 2.6% from a year ago, slowest pace since May 2013
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Rising inflation, tax changes continue to weigh on demand
U.K. house prices grew at their slowest pace in four years in June, adding to signs that the property market is cooling.
Prices grew 2.6 percent compared with a year earlier, lender Halifax said in a report on Friday. On a quarterly basis, they slipped 0.1 percent, and they declined 1 percent from a month earlier…
U.K. House Prices Increase at Slowest Pace in Four Years
Northwell Health Inks Lease at Greenwich Lane in NYC
Posted by: | CommentsRudin Management Co. signed a 22,000-square-foot lease with Northwell Health, New York City’s largest healthcare network at The Greenwich Lane, a 199-unit residential condominium complex jointly owned by Rudin and Eyal Ofer’s Global Holdings. The tenant will occupy space on the second and third floors, and open in 2018 a new community facility that will offer primary specialty care services to local residents.
Jernigan Invests $50M in Self-Storage
Posted by: | CommentsJernigan Capital, Inc. has committed to investing $49.7 million in three new climate-controlled, multi-story self-storage developments.
KEY MARKETS
The company will invest $26.5 million in a proposed 40,593-square-foot, 1,424-unit project in New York City. Located at 465 W 150th St., the previous storage facility will be converted into a multi-story building by developer Mequity LLC. Construction is projected to begin in the third quarter of 2017 and be completed by the end of second quarter of 2018.
London’s Grosvenor House Hotel Has a New Owner
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Mayfair property had been held by Subrata Roy’s Sahara India
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Ashkenazy also recently bought stake in NYC’s Plaza hotel
Ashkenazy Acquisition Corp., the U.S. real estate investor that recently bought a stake in New York’s Plaza Hotel, said that it acquired the Grosvenor House hotel in London, helping resolve an imbroglio that kept ownership of the famed properties in limbo for three years.
Terms of the purchase, announced on Friday, weren’t disclosed. The Grosvenor House acquisition “reflects a continued aggressive focus” on buying an additional 2 billion euros ($2.3 billion) of “global iconic assets” over the next two years, New York-based Ashkenazy said in a statement…
CBRE Strengthens Miami Retail Team
Posted by: | CommentsCBRE hired four commercial real estate professionals to support the expansion of the company’s footprint in South Florida. Ana Barcelo returns to CBRE as first vice president of advisory and transaction services, Erin Efstathion joins the firm’s capital markets team as vice president of debt and structured finance, Love Levy joins as general manager of asset services, while Ali Brody joins as manager of the business development team. In their new roles, the executives will lead statewide efforts and focus on the high-street retail sector in CBRE’s Miami office.
Sovereign Wealth Fund GIC Warns Investors Aren’t Fearful Enough
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Singapore fund reports decline in its main performance gauge
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20-year return falls to 3.7% from 4%, fund says at briefing
Singaporean sovereign wealth fund GIC Pte warned that investors are being too complacent about looming market risks, while disclosing that its main performance gauge fell for the second straight year.
“We are cautious because valuations are stretched, policy uncertainty is high and there are still unresolved economic imbalances,” Lim Chow Kiat, GIC’s chief executive officer, said in an interview in the city. The “uncertainty level is very high,” in contrast to “very low” actual equity price volatility, he said. “We think this indicates investor complacency, another reason for us to be more cautious.”
QVC to Merge With Home Shopping Network in $2.1 Billion Deal
Posted by: | CommentsJohn C. Malone is solidifying his hold on home-shopping channels — in his own particular way.
His Liberty Interactive, which owns QVC, said on Thursday that it would combine with its longtime rival, the Home Shopping Network, in a $2.1 billion deal.
The deal will put together the two home-shopping television networks at a time of upheaval in the retail world. Amazon’s dominance in selling online has grown seemingly nonstop, while Walmart has made e-commerce a big priority with the purchases of start-ups like Jet and the clothing brand Bonobos…
QVC to Merge With Home Shopping Network in $2.1 Billion Deal
HFF Closes $25M Portland Office Sale
Posted by: | CommentsHFF secured the sale of Sunset Corporate Park, a 133,814-square-foot office building in Portland, Ore. The company closed the $24.5 million sale on behalf of the seller and procured the buyer, Swift Real Estate Partners.
Located at 22823 NW Bennett St., the two-story, Class A property consists of three buildings with a 22,867-square-foot floor plate. Sunset Corporate Park is situated adjacent to Intel’s $3 billion Ronler Acres Campus and two miles from Orenco Station…
Israel Faces End of Decade-Long Housing Boom
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Price of Israeli housing is still rising, but more slowly
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Social protests made housing costs a hot political issue
Housing prices in Israel have been rising for so long that many residents don’t remember what it’s like when they fall. They may be about to find out.
Signs are growing that Israel’s housing boom is sputtering, with fewer investors snapping up homes as mortgage rates rise. That hasn’t yet dented home values but it has slowed appreciation, suggesting that a 10-year trend that weighed heavily on homebuyers and policymakers may be reversing course…
Dallas Shopping Center Changes Hands
Posted by: | CommentsRainier Realty Investment acquired Wheatland Towne Crossing, a 207,669-square-foot shopping center in Dallas, from Kite Realty Group. Metropolitan Capital Advisors’ Sunny Sajnani secured a $23 million three-year bridge loan, on behalf of the buyer.
HIGH OCCUPANCY
Located at 2525 W. Wheatland Road, at the intersection of Interstate 20 and S.G. Alexander Freeway, Wheatland Towne Crossing is approximately nine miles from downtown Dallas. The shopping center is shadow-anchored by Target and ALDI. Tenants include Office Depot, Sprint and Conn’s. At the time of sale, the property was 92 percent occupied. The new owners plan to keep existing tenants and to reposition the remaining vacant space…
Marcus & Millichap to Market Net-Lease Portfolio
Posted by: | CommentsMarcus & Millichap has been selected by a West Virginia-based development company to secure a buyer for a group of 17 net-lease properties. Consisting of drugstores and discount stores, the approximately 200,000-square-foot portfolio carries a price tag of roughly $77.3 million.
Hedge Fund Manager Mamdani Yearns for Volatility After 33% Gain
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Absolute Return Fund ‘back to normal’ after 33% surge in 2016
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Sees potential in REITs, energy bonds while awaiting next move
A Canadian hedge fund that earned fat returns last year betting on chaos in the financial markets is finding the world is too stable to try to repeat the feat in 2017.
Hanif Mamdani, who oversees about C$7 billion ($5.37 billion) as head of alternative investments at Royal Bank of Canada’s RBC Global Asset Management, said he’s waiting for opportunities while sitting on a pile of cash as a position heavy in energy company bonds unwinds. The C$1.6 billion PH&N Absolute Return Fund has returned 4 percent this year compared with 33 percent for all of 2016…
Friedman Secures Buyer for Detroit Office Building
Posted by: | CommentsFriedman Integrated Real Estate Solutions closed on another office deal in Michigan—an 85,539-square-foot building located at 440 E. Congress St., in Detroit’s CBD. The owner, Broder & Sachse Real Estate Services, sold the property to 311 Associates. Peter Jankowski, vice president with Friedman, brokered the transaction.
TWO OWNERS IN FOUR YEARS
The mid-rise building sits on the corner of Congress and Beaubien Streets, right across from Saint Andrews Hall. Built in 1925, it went through two major renovations in 1990 and 2014, when the main lobby and tenant common areas were upgraded. Property features include 1,500 square feet of retail space on the first level, 125 on-site parking spaces and above-standard ceiling heights…
Crowne Plaza Ravinia in Atlanta Lands New Owner
Posted by: | CommentsDallas-based Ashford Hospitality Trust has sold the 495-key Crowne Plaza Ravinia in Atlanta for $88.7 million, or about $179,000 per key, to an unidentified buyer.
Ashford Trust paid off an existing allocated debt balance of approximately $65.6 million as well as an additional $13.1 million of debt that was used to release the asset from the loan pool, according to the REIT. After debt payoff and transaction costs, the net proceeds from the sale were approximately $9 million. The REIT also noted in a prepared statement that the sales price “represents a trailing 12-month cap rate of 5.6 percent on net operating income and a trailing 15.3x EBITDA multiple.”…
Buffett Extends His Bet on Housing
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Factory builder uses deals to expand into on-site construction
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Buffett also benefits from housing recovery with bricks, paint
Clayton Homes, the unit at Warren Buffett’s Berkshire Hathaway Inc. that assembles houses in factories for delivery to lots, bought Colorado’s Oakwood Homes to expand a push in site-built construction.
The deal includes about 18,000 lots controlled by the developer, Clayton said Thursday in a statement that didn’t disclose terms. That’s the largest figure in deals disclosed by the homebuilder, which added 1,200 in a Missouri transaction and fewer than 4,000 through a Tennessee agreement last year…
Buffett Extends His Bet on Housing
Deutsche Bank Is Said to Retreat From London for Frankfurt
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German bank would move assets booked in U.K. to home nation
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Plan is response to both Brexit and investment bank overhaul
Deutsche Bank AG is preparing to move large parts of the trading and investment-banking assets it currently books in London to its hometown of Frankfurt in response to Britain’s exit from the European Union, people familiar with the matter said.
Tenants Sign, Extend Leases at Refurbished MA Office Building
Posted by: | CommentsReal estate development and investment firm U.S.-1 Ventures signed two new leases and extended two others at one of its Danvers, Mass., office buildings. The new tenants are financial service firm Primax, which will relocate from 516 Edgewater Drive in Wakefield, Mass., and Norwin Technologies Corp., which will move its headquarters from 300 Rosewood Drive in Danvers. Norwin will leave its current location at the end of the summer and plans to have the space fitted by summer 2018.
Prologis to Buy Out Brazilian JV Partner for $362M
Posted by: | CommentsPrologis Inc. has entered into an agreement to acquire its partner’s interest in its Brazilian portfolio for R$1.2 billion (US$362 million), the company announced Tuesday. On the transaction’s closing, Prologis will own 100 percent of Prologis CCP and rename the business to Prologis Brazil.
Prologis CCP is a joint venture between Prologis and Cyrela Commercial Properties. It’s a leading provider of industrial real estate in Brazil’s primary markets and owns and operates about 8.8 million square feet.
Fed’s Fischer Says Fiscal-Policy Uncertainty Denting Investment
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Fed vice chair calls decline in govt-funded R&D ‘disturbing’
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Says more clarity on govt policy would be ‘highly desirable’
Uncertainty surrounding U.S. government policy may be holding back economic growth because of its negative impact on business investment, Federal Reserve Vice Chairman Stanley Fischer said.
A “cautious approach to investment” by U.S. companies “may in part reflect the uncertainty about the policy environment,” Fischer said Thursday in remarks prepared for a speech in Vineyard Haven, Massachusetts. “Mitigating the damping effect of uncertainty by providing more clarity on the future direction of government policy is highly desirable.”…
Gundlach Sees More Pain for Bond Bulls as Hedge Funds Make Exit
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hirty-year Treasury yield breaks through 50-, 200-DMA
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Speculators that went bullish the long end getting flushed out
Hedge funds that built up bullish long-end Treasury wagers to the highest outright level since 2008 are rushing for the exit as a government bond rout that started in Europe following a weak French debt auction is spreading to the U.S. market.
Quantum Closes on Illinois Retail Deal
Posted by: | CommentsQuantum Real Estate Advisors Inc. brokered a $1.8 million retail deal in Skokie, Ill. The 5,000-square-foot property is leased to ATI Physical Therapy and I Love Kickboxing, boasting full occupancy.
A BARRIER TO ENTRY LOCATION
The property sits on a small lot at 4730-4750 W. Dempster St., right across the street from a Bank of America office and Evanston Golf Club. Several other retail and dining businesses operate in the area as well…
Singapore Luxury Home Prices Show Recovery Signs, Developer Says
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Guocoland’s Cheng sees change in sentiment since last year
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Price gap narrows between high-end, mass-market homes: Cheng
Singapore’s luxury home prices, which have been the worst hit by the government’s property curbs in recent years, are finally showing signs of a recovery, according to developer Guocoland Ltd.
High-end home sales in the city-state had been on an upswing even before the government in March eased some of its cooling measures in place since 2009, according to Cheng Hsing Yao, group managing director at Guocoland. The changes in March may have added more fuel to the buying sentiment, he said…
Allianz, Columbia Form a $1.26 Billion U.S. Real Estate Venture
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German insurer will contribute Manhattan office tower to deal
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Columbia brings two California properties to joint venture
Allianz SE, Europe’s biggest insurer, is partnering with Columbia Property Trust Inc. to create a $1.26 billion joint venture for U.S. real estate.
The German insurer contributed an office tower at 114 Fifth Ave. in Manhattan that’s valued at $220 million to the partnership, Allianz’s real estate unit said in a statement Thursday. Columbia added University Circle, a $540 million office complex in Palo Alto, California, and 333 Market St., an office tower in San Francisco’s financial district valued at $500 million…
Manhattan Home Sales Surge as Cuts Bring Prices to Buyers’ Level
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Luxury sellers cut prices 10% on average, the most since 2010
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‘Sellers definitely got it’ in second quarter, broker says
Manhattan homebuyers found deals they couldn’t refuse in the second quarter, driving up sales of previously owned properties by the most in more than two years.
Purchases of resale homes jumped 16 percent from a year earlier to 2,597, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Buyer interest was fueled by average price cuts of 6.1 percent across all property types. The last time the average discount was larger was the third quarter of 2012, when it was 7.2 percent.
Nidec Shimpo Sells Itasca HQ
Posted by: | CommentsNidec Shimpo, the supplier of drive technology and gearing solutions, sold its 24,428-square-foot headquarters in Itasca, Ill., and moved to a new facility in Glendale Heights, Ill. NAI Hiffman, which recently closed on another office deal in Hoffman Estates, Ill., represented the seller in the transaction. Lee & Associates negotiated on behalf of the buyer, The Finer Line, a retailer of awards and promotional products.
Toronto Home Sales Drop Most in Eight Years
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Home sales in Canada’s biggest city drop 37% from year earlier
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Toronto real estate board lowers forecast for sales, prices
Toronto’s housing market is losing steam.
A series of government measures and the prospect of higher interest rates boosted listings and sparked the biggest sales decline in more than eight years last month, the Toronto Real Estate Board reported Thursday. Average home prices rose just 6.3 percent to C$793,915 ($612,000), the smallest annual increase since January 2015.
JPMorgan Says You’re Missing Chile’s Rally, But There’s Still Time
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Foreign investors have largely sat out this year’s boom
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Pinera’s expected election may reverse Bachelet reforms
Chilean stocks are expensive, but there’s still plenty of space for growth, according to JPMorgan.
Foreign investors, largely absent from the country’s rally so far this year, will have to look beyond current market valuations if they want to catch the next wave, Diego Celedon, head of equity research and strategy for the Southern Cone and Andes region at JPMorgan Chase & Co., said…
JPMorgan Says You’re Missing Chile’s Rally, But There’s Still Time
Illinois House Overrides Rauner’s Veto to End Budget Impasse
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Moody’s warns Illinois’s rating could still be cut to junk
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State bonds rallied as lawmakers moved to end record impasse
Illinois ended a record-long impasse as lawmakers overrode Republican Governor Bruce Rauner’s veto to increase taxes and enact a $36 billion budget, prodded by warnings from credit-rating companies that the state’s bonds could be cut to junk if it failed to act.
A Price for Worldpay That Will Be Hard to Process
Posted by: | CommentsWorldpay discovered on Wednesday that a couple of birds in the bush are sometimes worth a bit more than one in the hand.
A day after Worldpay, Britain’s biggest payment processor, said it had been approached by both Vantiv and JPMorgan Chase, the company agreed in principle to Vantiv’s offer of nearly $10 billion in a mix of cash and shares. That took the shine off the share price of both the buyer and its target, perhaps because the deal makes sense only with some very charitable assumptions…
A Price for Worldpay That Will Be Hard to Process
Colliers International Secures 102 KSF Indianapolis Asset
Posted by: | CommentsColliers International has secured the sale of Corporate Center North Buildings four and six, a 101,727-square-foot industrial building located in Indianapolis’ Northwest submarket. Head of Investment Sales Alex Cantu secured the sale of the property on behalf of Building 4 LLC and Building 6 LLC. California-based firm, Tower Investments acquired the asset.
Harrison Street Opportunistic Fund Raises $1.1B
Posted by: | CommentsNorway’s Housing Market Downturn Gathers Pace Amid Bubble Fears
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Prices plunge 3.1% in Oslo in June as sellers rush to unload
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Houses out for sale increased by 17% from a year earlier
One of the world’s hottest housing markets is now cooling fast, sparking concern that a bubble is bursting after the rapid price increases over the past years.
Average nationwide house prices fell seasonally adjusted 0.7 percent in June, declining for a second month, Real Estate Norway, Eiendomsverdi and Finn.no said Wednesday in Oslo. Annual nationwide gains slowed to 6.3 percent from 8.3 percent in May and to 11.5 percent from 16.5 percent in Oslo. In the month, prices in the capital plunged 3.1 percent…
BMG to Consolidate Operations on Music Row
Posted by: | CommentsBMG, a record label and music publisher, arranged a deal to consolidate its operations at a soon-to-be constructed 120,000-square-foot, Class A office building in Nashville, Tenn. The property, to be named The BMG Building, will rise on the site of the Country Music Association’s former headquarters and is slated for delivery in the fourth quarter of 2017.
Vancouver Extends Airbnb Rules as Home Prices Keep Rising
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Hosts to pay 3 percent transaction fee on short-term rentals
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City will only allow rentals of principal residences
Vancouver is set to introduce new restrictions on Airbnb Inc., Expedia Inc.’s HomeAway unit and other short-term rental operators as Canada’s priciest housing market seeks to ease its near-zero supply of homes to let.
“Housing is first and foremost for homes, not to be operated as a business,” Mayor Gregor Robertson told reporters on Wednesday.
Dominion Energy Adds to Its VA Solar Portfolio
Posted by: | CommentsDominion Generation Inc., a wholly-owned subsidiary of Dominion Energy Inc., announced the acquisition of a 10-megawatt solar facility in Clarke County, Va. The project’s developer is an affiliate of Hecate Energy LLC. Moreover, the company announced its intention to purchase another 20-megawatt solar farm, the Cherrydale facility, currently under construction in Northampton County, Va., from the same developer, in the third quarter of 2017.
Belgian Bank KBC Seizes Assets From Storied Antwerp Diamond Firm
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Exelco said to have credit lines with Standard Chartered
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Gem polisher was co-founded by scion of Tolkowsky family
Belgian bank KBC Group NV seized assets from one of the diamond industry’s most storied names as it seeks to recover unpaid loans, according to court documents.
KBC is seeking to recover 26 million euros ($29 million) from Exelco NV, and had bailiffs search the firm’s Antwerp offices as well as offices belonging to De Beers and ABN Amro Group NV, where Exelco might also hold assets, court documents seen by Bloomberg News show. Exelco also has credit lines with Standard Chartered Plc, said people familiar with the matter, who asked not to be identified because it’s private…
Pimco Income Fund Grows to $88.9 Billion as Inflows Continue
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Ivascyn’s mutual fund attracted a net $2.6 billion last month
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Pimco Total Return Fund hit by more withdrawals during June
The Pimco Income Fund climbed to $88.9 billion in assets last month, extending its lead as the world’s largest actively managed fixed-income fund, according to data posted on the firm’s website Wednesday.
Investors added a net $2.6 billion in June to the Income Fund, according to Bloomberg estimates. The fund had net inflows of $15.6 billion in the first half of this year after $16.9 billion of new investment in all of 2016…
Out-of-Favor Assets Offer Higher Yields
Posted by: | CommentsYgreneWorks Exceeds $600M in PACE Financing
Posted by: | CommentsYgrene Energy Fund announced that its YgreneWorks™ PACE (Property Assessed Clean Energy) program has financed roughly 29,000 completed contracts, which means that $639 million in financing were allocated for energy efficiency, renewable generation and water conservation improvements. So far, approximately 24.5 million California property owners in more than 250 communities have accessed Ygrene’s PACE financing program.
Foreigners Account for 4.7% of Home Sales in Toronto Region
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Ontario releases data on foreign buyers after imposing tax
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Estimates are in line with other real estate surveys
The Ontario government said overseas buyers accounted for just 4.7 percent of home purchases in the Toronto area over a recent one-month period. The new data is in line with other surveys, signaling that foreigners haven’t been major drivers of real estate prices in one of Canada’s most expensive markets.
Non-residents bought about 860 properties between April 24 to May 26 in the so-called greater golden horseshoe region of Ontario which includes Toronto, Hamilton and Peterborough, the province said in a statement Tuesday…
How to Protect Your Trades In a New Era of Central Bank Hawks
Posted by: | CommentsIt begins.
The hawkish shift of rhetoric in recent weeks is increasing the odds that the next move of four of the world’s five largest central banks will be to tighten monetary policy, setting the stage for an uptick in volatility in the second half of the year…
How to Protect Your Trades In a New Era of Central Bank Hawks
Phoenix Self Storage Lands New Owner
Posted by: | CommentsMarcus & Millichap brokered the sale of Phoenix Self Storage, a 128,240-square-foot property offering 1,031 rentable units. Devin Beasley, Luke Elliott and Michael Mele—self-storage investment specialists at Marcus & Millichap’s The Mele Group—marketed the property on behalf of the seller, a private investor.
The same team represented the seller, a limited-partnership investment firm based on the East Coast. Ryan Sarbinoff, regional manager of the firm’s Phoenix office, assisted in closing the deal. According to Luke Elliot, the property traded for nearly twice the value estimated by local brokers…
Ventas Exits SNF Business With $700M Sale
Posted by: | Comments“We are delighted to work with Kindred to position both companies for continued success,” Debra Cafaro, Ventas’ chairman & CEO, said in a company release. “With the sale of 36 skilled nursing assets, we are improving our portfolio and enhancing our ability to deliver reliable growth and income for our shareholders. Upon the expected sale, our skilled nursing rent will be only one percent of our total business.”
Why Millennials Won’t Be Buying Your House
Posted by: | CommentsDeutsche Bank Makes Plans to Bolster Frankfurt Hub in London Retreat
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German bank would move assets booked in U.K. to home nation
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Plan is response to both Brexit and investment bank overhaul
Deutsche Bank AG is preparing to move large parts of the trading and investment-banking assets it currently books in London to its hometown of Frankfurt in response to Britain’s exit from the European Union, people familiar with the matter said.
Germany’s largest lender would move most of the business reported in London to a so-called booking center in Frankfurt under the plan, said the people, who requested anonymity because discussions aren’t public. The strategy, which is still being finalized and would be reviewed if the Brexit scenario changes, will probably be implemented over the next 18 months, the people said…
China’s Big Short Looks More Like a Big Squeeze to Top Investors
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Ping An short interest climbs to a record in Hong Kong
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Bears see regulatory risk; bulls tout growth, low valuation
Traders who think they’ve found China’s next big short could be setting themselves up for a squeeze.
That’s the takeaway from top-ranked fund managers and analysts after short interest in Ping An Insurance Group Co., China’s largest non-state controlled financial firm, swelled to a record HK$54 billion ($6.9 billion) in June. It’s by far the biggest bearish wager on Hong Kong’s stock exchange, where most of China’s top companies have listings…
San Francisco real estate is deep into a tech driven mania. Home prices in the Bay Area are comically out of reach for most families and people are getting squeezed out like ketchup in a disposable packet. What seemed like a new peak was once again surpassed. The housing market is running on massive fumes and delusions run rampant. The justifications for current prices run abound. Yet the truth of it all is that we are deep into a manic phase of the market. The current median price for a home in San Francisco is now $1.5 million. This is for your standard crap shackflavored box. People are still buying even though volume has trended lower but just look at the current price range. A lot of this is being fueled by wildly high tech valuations and people believing that prices will never adjust. In other words, a bubble…
JLL Brokers $18M Sale of Phoenix Industrial Asset
Posted by: | CommentsThe Phoenix office of JLL arranged the $18.4 million sale of Phoenix Logistics Center. Colony Northstar purchased the property from a joint venture between Overton Moore Properties and PCCP LLC.
Located at 420 S. 53rd Ave. and 1002 S. 56th Ave., in Phoenix’s Southwest submarket, the center totals 245,890 square feet across two buildings. Both properties have been recently refurbished with $1.8 million in capital improvements, which included new roofing, HVAC, T-5 lighting, paint, landscaping and power and plumbing upgrades. Each facility can accommodate single- and multi-tenant configurations with dock-high and grade-level loading and 24- to 30-foot clear heights. The center sits on a 13.8-acre parcel that includes two acres of vacant land that can be developed, paved or used to expand the 53rd Avenue building…
Oxford Properties JV Nabs Pair of DC Trophy Buildings
Posted by: | CommentsOxford Properties Group and Norges Bank Real Estate Management, the real estate branch of the Norwegian Government Pension Fund Global, joined forces in order to acquire two prime office buildings in Washington, D.C. The LEED Gold-certified assets total more than 500,000 square feet and will be managed by Oxford, the operating partner in the joint venture.
Friedman Negotiates Michigan Retail Property Acquisition
Posted by: | CommentsFriedman Integrated Real Estate Solutions, on behalf of Noble Appliances LLC, purchased a 10,992-square-foot retail property in Clawson, Mich., from Kemerko Clawson LLC. Mike Koeningbauer, Friedman’s vice president, led the negotiations.
STRONG RETAIL CORRIDOR
Located at 1066-1072 W. 14 Mile Road, the property is right across Clawson Shopping Center, which includes a Staples and an Aldi store, among other tenants. The nearby area is served by several restaurants such as The HideOut and Red Olive and a CVS Pharmacy. Oakland Mall is also just a few miles away.