Author Archive
Boulder Group Arranges Sale of Medical Facility
Posted by: | CommentsThe Boulder Group has arranged the sale of a single-tenant net-leased Fresenius Medical Care property in Enola, Pa., on behalf of the seller, a Northeastern private partnership. A West Coast-based real estate investor purchased the asset for $1.9 million.
The 15-year triple net lease features 1.8 percent annual rental escalations throughout the primary term and three five-year renewal options.
Aston Properties Inks Lease in Charleston
Posted by: | CommentsAston Properties arranged a 127,000-square-foot lease with T-Mobile at a former retail building in North Charleston, S.C. The tenant will use the space as a customer care center, once Aston Properties completes the property’s conversion into an office building. The adaptive reuse project is scheduled for delivery in early 2018.
TOTAL RECONFIGURATION PLANS
Located at 8571 Rivers Ave., the 168,000-square-foot property was previously occupied by a Kmart store that closed in March. Aston Properties acquired the building in May and plans to invest in an extensive improvement program featuring a new exterior façade, renovated parking and landscaping. Further planned tenant amenities include a basketball court, an outdoor grilling area and an on-site café…
Hedge Fund Man Group Said to Shut Quant Incubator After a Year
Posted by: | Comments-
Five money managers said to depart firm following closure
-
Quant trade unit was set up to develop new money-making ideas
Man Group Plc has shut a quantitative trading unit after deciding to focus on other strategies, according to a person with knowledge of the matter.
The “quantitative incubating” unit, part of Man Group’s $18.8 billion AHL division, was opened about a year ago to develop new ways to make money, the person said, asking not to be identified because the information is private. The Oxon unit, led by Francois Moreau and Jaco Vermaak, gave internal capital to individual fund managers to use mathematical models to trade across asset classes. Moreau and Vermaak will stay at the firm and the five money managers at the unit have left, the person said…
Downtown Phoenix Office Building Lands $51M Financing
Posted by: | CommentsHFF secured $50.7 million in financing for U.S. Bank Center, a 359,212-square-foot, 31-story office building in Phoenix. Senior Managing Directors Jeremy Womack and Tom Wilson arranged the three-year, floating-rate loan through an affiliate of Walton Street Real Estate Debt Fund I.
Starlight Acquires Two Office Buildings in Canada
Posted by: | CommentsStarlight Investments bought two office buildings in the Greater Toronto Area upon entering a joint venture with a European investor. The two low-rise properties add 200,000 square feet of office space to the company’s real estate portfolio in Canada.
CENTRAL LOCATION IN MISSISSAUGA, ONT.
Both buildings are situated in the downtown area and provide immediate access to the Mississauga MiWay Transit, the 400 series highways (401, 409 and 403) and the upcoming Hurontario Light Rail Transit system connecting Mississauga to Brampton, Ont…
Qatari Bond Slump Draws Investment-Grade Yield Seekers Amid Row
Posted by: | Comments-
Bonds down 3% since start of Gulf standoff, double peers’ loss
-
Investors bet $335 billion wealth fund will help weather storm
Some investors are finding value again in Qatar’s international debt following a four-week selloff as a deadline in the standoff between the world’s biggest natural-gas exporter and its Gulf neighbors looms.
The nation’s bonds maturing in two to 29 years have fallen 3 percent on average since June 5, when a Saudi Arabian-led coalition froze political ties and imposed a travel blockade amid allegations Doha bankrolls terrorists. That’s more than double the drop for the Bloomberg U.S. Dollar Emerging-Market Sovereign Bond Index, raising the appeal of the investment-grade securities…
Gehr Hospitality Nabs Four Points by Sheraton, Charlotte
Posted by: | CommentsGehr Hospitality, a division of The Gehr Group, purchased the 132-key Four Points by Sheraton hotel in Charlotte, N.C. BMO Harris Bank provided financing for the acquisition of the property. Real Hospitality Group will manage the hotel. Thuong Luong and Molly Caccamo of Gehr Hospitality led the transaction on behalf of the company.
Located at 315 E. Woodlawn Road, the Four Points by Sheraton, Charlotte is 15 minutes from the Charlotte-Douglas International Airport and across the street from the city’s LYNX Light Rail system, which provides direct access to downtown and the Charlotte Convention Center…
Blackstone to Buy Retail REIT for $650M
Posted by: | CommentsHow Goldman’s Commodities Profit Engine Started to Sputter
Posted by: | Comments-
Bank said to be reviewing the unit after weak first quarter
-
Blankfein had stayed committed as other firms cut back
The commodities supercycle was over, investors were losing interest and regulators were clamping down on risky trading. Most banks were retreating from commodities, but not Goldman Sachs Group Inc.
“That is a core, strategic business for us,” Chief Executive Officer Lloyd Blankfein said in a 2013 interview with CNBC.
Olive Hill to Redevelop Silicon Beach Office Campus
Posted by: | CommentsOlive Hill Group began a redevelopment process at its 205,135-square-foot Class A creative office campus in Culver City, Calif. The company is set to invest up to $1.5 million in upgrades. Additionally, Olive Hill Group will also be rebranding the property to the Courtyard at Culver Pointe.
Ex-Viking CIO Daniel Sundheim Plans to Start Equity Hedge Fund
Posted by: | Comments-
Potential investors said to reach out, expressing interest
-
Sundheim will initially manage his own money in family office
Daniel Sundheim, the former chief investment officer at Viking Global Investors, is planning to start an equity hedge fund in the second half of 2018, according to a person familiar with the matter.
Sundheim will manage his own money in a family office until the fund launches, said the person who asked not to be identified since the matter is not public. Potential investors have reached out to the manager, expressing interest in a fund, the person said. Sundheim, who left Viking last week, will soon begin building his team…
LBA Hospitality to Launch 2 New Orlando Hotels
Posted by: | CommentsLBA Hospitality will open two new properties close to the SeaWorld theme park in Orlando, Fla. TownePlace Suites by Marriott and Holiday Inn Express and Suites will add more than 125 jobs and 369 keys, combined. Mandala Holdings owns the two hotels.
Remodeled Holiday Inn Debuts in Arkansas
Posted by: | CommentsInterContinental Hotels Group unveiled Holiday Inn Presidential Downtown Little Rock’s recently renovated rooms and suites in Arkansas. The hotel’s 5,000 square feet of meeting space have also been upgraded to accommodate up to 200 people. The LTD Hospitality Group owns and manages the hotel.
NEAR HISTORIC DOWNTOWN
Located at 600 Interstate 30, the Holiday Inn Presidential Downtown Little Rock is an upscale hotel in close proximity to downtown Little Rock, Ark., at the crossroads of the River Market and the new East Village. The hotel provides easy access to the area’s major attractions such as Heifer Village and Clinton Presidential Library…
Clariant Said to Be Targeted by Activist Hedge Fund Corvex
Posted by: | Comments-
Corvex said to build stake above 3% disclosure threshold
-
Activist investor said to oppose Clariant deal with Huntsman
Activist hedge fund Corvex Management has built a stake in Clariant AG in a move designed to undo the Swiss chemicals maker’s $6.4 billion planned takeover of Huntsman Corp., according to people with knowledge of the situation.
Corvex, which has built a stake in Clariant that exceeds the disclosure threshold of 3 percent, plans to push the company to explore alternatives to the deal including a potential sale, said the people, who asked not to be named because the situation is private.
Ex-Executives of Barclays Are in Court, and U.S. Jobs Report Is Due
Posted by: | CommentsHere’s a look at what’s coming up this week.
BANKING
A financial crisis-era case is a first in Britain.
A group of former Barclays executives will make their first court appearance in London on Monday after they were charged, along with the bank, last month with misrepresenting arrangements with Qatar when the bank raised money as the financial crisis worsened in 2008. The bank raised a total of $15 billion with two capital infusions from Qatar and other investors in June and October 2008, allowing it to avoid a government bailout, unlike several of its British banking rivals…
Siemens Breaks Ground on $300M Manufacturing, R&D Facility
Posted by: | CommentsSiemens Healthineers broke ground on a major expansion of a manufacturing and R&D facility for laboratory diagnostics in Walpole, Mass. Siemens invests more than $1 billion annually in U.S. R&D and plans to inject $300 million in this facility over a period of four years. Siemens aims to expand its existing 500,000-square-foot complex and anticipates it will create up to 700 new high-tech jobs over the next 10 years.
How a Bankrupt Fishmonger Became a Dollar-Store Billionaire
Posted by: | Comments-
Market for ‘100-yen’ stores thrives as shoppers seek bargains
-
Country’s top discounter mints billionaire as rival closes in
Selling everyday items to bargain hunters has made the founder of Japan’s biggest discount store a billionaire.
Hirotake Yano, founder and president of closely held Daiso Sangyo Corp., the self-described “Japanese shopping wonderland,” was one of the country’s first vendors to adopt a single-price model and used that strategy to build a net worth that the Bloomberg Billionaires Index values at $1.9 billion…
How a Bankrupt Fishmonger Became a Dollar-Store Billionaire
Former Barclays Executives Appear in Court Over Qatar Deal
Posted by: | CommentsLONDON — A group of former Barclays executives appeared in a London court on Monday to answer charges that they conspired to misrepresent arrangements made with the Persian Gulf nation of Qatar in 2008, as the bank raised capital to help it weather the financial crisis.
British prosecutors charged the lender and four former executives — including a former chief executive, John S. Varley — last month, the first criminal charges to be brought in Britain against a bank over its actions during the financial crisis. The men charged are among the most senior bank managers anywhere in the world to face trial in a financial crisis-era case…
One Enterprise Center Commands $15M
Posted by: | CommentsTranswestern brokered the $15.2 million sale of One Enterprise Center, a 317,571-square-foot, Class A officetower in downtown Jacksonville, Fla. According to public records, the buyer was Rosecrans 2004 LLC, an entity affiliated with Los Angeles-based Michael Development Corp. The seller was 225 Water Street West Holdings LLC, an entity connected to CWCapital Asset Management LLC.
Brexit Winner Frankfurt Gets Another Shot at Finance Stardom
Posted by: | Comments-
Germany’s banking center emerges as main alternative to London
-
‘It’s a bit boring, a bit dull. But then, so are many bankers’
And the Brexit winner is … Frankfurt? Could it really be? The city on the banks of the river Main had ambitions for decades to establish itself on a global map. It wanted to become West Germany’s new capital after World War II, only to lose out to provincial Bonn. After the introduction of the euro, it tried to rival London as Europe’s financial center, but never made it into the same league.
Best Western Takes Over Las Vegas’ Stratosphere and Aquarius Hotels
Posted by: | CommentsThe Stratosphere Casino, Hotel and Tower and the Aquarius Casino Resort will now be part of Best Western’s soft brand, BW Premier Collection. The integration of the assets owned by American Casino and Entertainment Properties (ACEP) marks the largest deal ever closed by Best Western.
Singapore Home Prices Extend Longest Losing Streak on Curbs
Posted by: | Comments-
0.3% in 2nd quarter, preliminary data shows
-
Residential values have fallen 12% from September 2013 peak
Singapore home prices fell in the quarter ended June, extending the drop in property values to a record 15th quarter as most measures to cool the market remain in place despite a slight easing in March.
An index tracking private residential prices fell 0.3 percent in the three months ended June 30 from the previous quarter, according to preliminary data from the Urban Redevelopment Authority released Monday. The almost four-year decline in prices is the longest since the data was first published in 1975…
Clouds Build Over Junk Rally JPMorgan Says Has Topped Out
Posted by: | Comments-
Several companies forced to scrap or alter terms on bond sales
-
JPMorgan Asset Management cuts high-yield bond holdings
A rally that sent yields on the world’s riskiest corporate bonds to a three-year low is showing signs of faltering.
A string of companies including Virgin Media and Berry Global Group Inc. have had to scrap or alter terms on planned debt sales, the biggest exchange-traded fund tracking junk debt has suffered two consecutive months of outflows, and a gauge of high-yield energy bonds has plunged alongside last month’s drop in oil prices.
I love getting tips from Uber drivers especially when it comes to buying real estate. We are now back at that level where real estate can do no wrong, the house humpers are confusing luck with investment acumen, and of course the sheep dive in head first at the most frothy time. It is clear that we are in a mania and hot money is flowing everywhere. Credit card offers are soaring and lending is booming across all areas: credit cards, auto loans, student debt, and housing. With housing, we are now seeing one of our favorite past-time events in treating a home like an ATM. Home equity withdrawals are now moving up in a direction that is not exactly positive if you believe in actually keeping your equity locked in instead of cementing your belief in the bubble and adding more debt. You do need to pay those loans back by the way which many tend to forget. Home equity withdrawals are simply one of the final steps in the delusional mania.
All-Clear for Big Banks Raises Fears of a Return to Risk
Posted by: | CommentsIt took a decade — and $200 billion in fines — but the big banks are back.
The Federal Reserve’s passing grade for all 34 of the institutions it checks annually for financial soundness — the first all-clear since the Fed tests began in 2011 — is a watershed moment.
While some of the consequences will be felt sooner than others, they will be far-reaching. The immediate winners include investors as well as bank executives, who could see their already ample pay packages expand further.
Even as the broader market fell Thursday, bank stocks surged as investors cheered the big dividend increases announced by JPMorgan Chase, Wells Fargo, Citigroup and others following the Fed’s statement…
Government Properties to Acquire First Potomac in $1.4B Deal
Posted by: | CommentsGovernment Properties Income Trust said its planned acquisition of First Potomac Realty Trust for approximately $1.4 billion will increase its exposure to the metro Washington, D.C., market, almost doubling its ownership and operation of office properties leased to government and private sector tenants in the region.
Bonds Continue Decline as Central Banks Signal Waning Stimulus
Posted by: | CommentsA sell-off in global bonds continued on Friday, as the realization set in that the end is near for policies that have kept interest rates exceptionally low for a decade.
A speech this week by Mario Draghi, the president of the European Central Bank, signaled at best a very small change in the direction of monetary policy. But a confluence of upbeat utterances by Mr. Draghi and other top central bankers, along with growing optimism about the long-suffering eurozone, added up to an aha moment for financial markets.
San Antonio Lures Investors
Posted by: | CommentsSan Antonio has a diversified economy and employment is growing in most industries. That has fueled demand for apartments, which is expected to remain high as the metro continues to add jobs and households at a rate above the national trend, and as more residents move south to avoid the growing cost of housing in Austin.
Traders Who Left Banks for Hedge Funds Heading Back to Banks
Posted by: | Comments-
Trump administration could rewrite some Dodd-Frank regulation
-
Low liquidity and volatility means hard slog for macro funds
Traders who fled banks for hedge funds are on their way back to Wall Street.
This month, Barclays Plc hired Chris Leonard, a founder of two hedge funds in the decade since he left JPMorgan Chase & Co., to turn around U.S. rates trading. At the end of last year, ex-bankers Roberto Hoornweg and Chris Rivelli, both of Brevan Howard Asset Management, left that London hedge fund for banks.
Suffolk to Head Construction of Coney Island Development
Posted by: | CommentsCammeby’s selected Suffolk as the construction manager for a new retail, commercial and residential development that will be part of Neptune/Sixth, a mixed-use destination in the Coney Island neighborhood of Brooklyn, New York City.
Located at 532 Neptune Ave., the development will include a 42-story residential tower, parking, a 50,000-square-foot community facility and more than 100,000 square feet of retail space. Construction is currently underway and is set for occupancy in the second half of 2018…
Wells Fargo Unsettles Mortgage Bond Market by Holding Back Funds
Posted by: | Comments-
Trustee kept $90 million owed to investors in 20 securities
-
Money held to cover legal costs related to financial crisis
Wells Fargo & Co. surprised investors this week by withholding more than $90 million due to buyers of pre-crisis residential mortgage-backed securities.
The bank said it invoked its right as trustee to hold back funds to cover legal costs. The 20 transactions had a principal balance of $540 million and are among more than 2,000 deals involved in a lawsuit brought by bondholders including BlackRock Inc. and Pacific Investment Management Co. in 2014 to recover losses from the financial crisis.
Third Point, a Hedge Fund, Sets Its Activist Sights on Nestlé
Posted by: | CommentsLONDON — Over the past two decades, the hedge fund mogul Daniel S. Loeb has established himself as one of the biggest activist investors around. Now, he has set his sights on one of Europe’s largest corporate citizens: Nestlé, the global food giant.
In a letter to investors sent on Sunday, his Third Point hedge fund argued that Nestlé, a Swiss conglomerate whose wares range from candy to baby food to pet food, should sell its stake in L’Oréal and sell off nonessential operations as part of a broad shake-up.
Castellum Builds Sweden’s First WELL-Certified Building
Posted by: | CommentsCastellum began construction on the first WELL-Certified office building in the Hyllie district of Malmö, Sweden. The investment is estimated at $41 million, including the acquisition of land for the property.
The building dubbed Eminent, will offer around 103,000 square feet of leasable office space. Completion of the project is set for the first quarter of 2019.
Puerto Rico’s Oversight Board Seeks Bankruptcy for Power Company
Posted by: | Comments-
Bonds tumbled on speculation bondholders face deeper losses
-
Request to U.S. board comes after restructuring deal rejected
Puerto Rico’s federal oversight board voted unanimously to allow for the government’s electric utility to file for bankruptcy after rejecting a longstanding debt-restructuring agreement with creditors, threatening to impose steep losses on bondholders and insurance companies.
The decision promises to upend years of negotiations by the Puerto Rico Electric Power Authority, known as Prepa, with hedge funds, mutual funds and bond-insurance companies to find an out-of-court solution to reduce the utility’s obligations and modernize its system…
Easterly Government Closes $128M Medical Financing
Posted by: | CommentsEasterly Government Properties Inc. closed on a $127.5 million mortgage loan for the Department of Veterans Affairs Ambulatory Care Facility in Loma Linda, Calif. Easterly acquired the 327,614-square-foot asset in June 2017. The 10-year non-amortizing loan carries a fixed interest rate of 3.59 percent per year.
Jack Ma’s Bank Deepens Push for Business Big Lenders Won’t Touch
Posted by: | Comments-
MYBank to keep expanding its customer base, president says
-
Online bank started two years ago focuses on small businesses
MYbank, the two-year-old Chinese online lender that already has 3.5 million small-business customers, plans to push deeper into a segment that’s long been shunned by the country’s largest banks.
MYbank wants to capitalize on its links to billionaire Jack Ma’s Alibaba Group Holding Ltd. by offering loans to the more than 10 million smaller merchants that use the company’s e-commerce platforms, MYbank President Huang Hao said in a June 29 interview. The Hangzhou-based lender is controlled by Ant Financial, Alibaba’s financial affiliate…
Toronto Home Sales Cool Amid Signs Prices May Be Next to Fall
Posted by: | Comments-
Sales halved in first two weeks of June, listings rose 22%
-
Slowdown puts Toronto more in line with other big cities
Here’s more evidence that one of the world’s hottest housing markets is cooling down.
Home sales in Toronto fell by half to 2,999 in the first two weeks of June from the same period a year earlier, according to preliminary data from the Toronto Real Estate Board obtained by Bloomberg News. The average price for all property types rose 6.7 percent to C$808,847 ($608,888), easing from a 17 percent gain last June. And listings surged 22 percent.
China Bad Debt Prices Up 30% as New Gold Rush Gets Under Way
Posted by: | Comments-
Too many buyers are grabbing a limited supply of NPLs: Belos
-
Bain Capital, PAG bought bad loan portfolios in recent weeks
Bad loans are rapidly becoming the latest hot commodity in China as more domestic and foreign investors rush into the market and bid up prices.
Non-performing loan prices have risen more than 30 percent this year, according to distressed investor Belos Capital Asia Ltd. The average selling price of NPLs has climbed to around 50 cents on the dollar in the past two years, from 30 cents, said Victor Jong, a partner in the deals and business recovery services unit of PricewaterhouseCoopers LLP in Shanghai. Such a high level is “very rare” in international markets, Jong said…
U.S. Home-Sales Pickup Signals Market Withstanding Weak Supply
Posted by: | CommentsA pickup in sales of previously owned U.S. homes signals the housing market is making progress despite inventory constraints that are sending prices to all-time highs, a report from the National Association of Realtors showed Wednesday…
U.S. Home-Sales Pickup Signals Market Withstanding Weak Supply
Boris Becker Declared Bankrupt By British Court
Posted by: | CommentsLondon (AP) — Boris Becker was declared bankrupt by a British court on Wednesday after the former tennis player failed to pay a long-standing debt.
A lawyer for the six-time Grand Slam champion pleaded with a Bankruptcy Court registrar in London for a last chance to pay a debt that Becker has owed to private bankers Arbuthnot Latham & Co. since 2015.
The registrar, Christine Derrett, said there was a lack of credible evidence that his debt would be paid soon. She refused to adjourn the case for a further 28 days and announced a bankruptcy order…
Apollo’s Huge Buyout Fund Provides for a Large Margin of Error
Posted by: | CommentsPrivate equity’s cup runneth over.
Apollo Global Management just accumulated the largest single pool of capital earmarked for buyouts, $23.5 billion. The haul adds to a growing stockpile of dry powder that could make outsize returns harder to come by. With yields so low across most markets, however, it should be easier to make fund investors happy.
Cash is being raised at a rate not seen since 2008. CVC Capital, based in London, raised more than $18 billion for Europe’s largest buyout vehicle earlier this year, Silver Lake pulled together $15 billion for tech deals, and Kohlberg Kravis Roberts set a record in Asia with a $9.3 billion fund while also putting the finishing touches on a $13.9 billion United States fund…
Stream Sells Santa Ana Office Asset
Posted by: | CommentsStream Realty Partners sold 555 N. Park Center in Santa Ana, Calif., to Gold Acceptance. The company will occupy a portion of the 24,737-square-foot multi-tenant office building as an owner/tenant.
UPGRADES & LOCATION
In 2016, Stream renovated the two-story building, which was originally constructed in 1977. Upgrades included a new standing seam metal roof, new entry with stained wood slats, drought-tolerant landscaping, exterior paint, smooth coat stucco and corridor renovations. The property contains 1.31 acres of land and offers 79 parking spaces. 555 N. Park Center is in close proximity to Interstate 5 and the 55, 22 and 405 Freeways. The asset is located minutes from the Civic Center of downtown Santa Ana and John Wayne Airport…
Inside the Red-Hot Stock Fund That’s Turning Down New Money
Posted by: | Comments-
Asian small cap fund has beaten 97% of peers in past 5 years
-
Manager Elina Fung uses auditor’s eye to pick market winners
Whether she’s sipping tea with Indian dairy farmers or interrogating company executives in a Hong Kong skyscraper, Elina Fung brings the same techniques to finding stock market winners.
During multiple trips to central India — and many cups of masala chai — Fung says she questioned farmers about cow numbers, the variability of the monsoon season and how their milk is collected. It’s intelligence she then used to go bullish on Indian dairy company shares, and reflects an almost forensic approach to investing informed by Fung’s time as an auditor…
Griffin Taps Transwestern to Manage Large Mixed-Use Portfolio
Posted by: | CommentsHouston-based Transwestern is expanding its property management services with Griffin Capital Co.’s 22 Class A properties. The portfolio is spread across seven states.
“The Transwestern Experience is an innovative approach that reflects our unique culture while producing measurable results by emphasizing that everyone–from building owner to occupants to vendors and customers visiting a property–is our client. We look forward to using this approach to continue driving greater value for the Griffin team and their tenants in our expanded assignment,” said Rob Bridges, executive managing director of asset services with Transwestern.
JV Acquires Historic LA Office Building
Posted by: | CommentsArcWest Partners, a joint venture between Arc Capital Partners and Belay Investment Group, acquired a historic office building, with ground floor retail, in the Silver Lake neighborhood of Los Angeles. This purchase marks the partnership’s second acquisition in Los Angeles.
Located at 2807 Sunset Blvd., the 30,000-square-foot asset was originally built in 1928 and was last renovated between 2005 and 2007. The property features three retail units, a creative office space and a warehouse component…
Hedge Funds Pile Into Aussie Options Betting RBA Joins Hawks
Posted by: | Comments-
Implied volatility surges for 1-week Australian dollar options
-
Volatility picking up around RBA, Riksbank policy meetings
Speculators looking to profit from the hawkish shift among global central banks have a fresh target: the Australian dollar.
With the pound, euro and Canadian loonie all surging more than 2 percent this week after officials signaled a bias toward tightening monetary policy, hedge funds are piling into Aussie options on expectations the Reserve Bank of Australia will follow suit. Implied volatility contracts with a tenor of one week surged to 8.0975 Thursday, the highest since June 14. Speculators added almost $1.5 billion of options on the Australian currency at a strike price of 77 U.S. cents, DTCC data show…
HFF Secures Financing for Florida Beach Hotel
Posted by: | CommentsHFF secured a non-recourse financing in the total amount of $12.6 million, for the acquisition and repositioning of the Days Inn Hotel, a 123-key beachside hotel located in Pensacola Beach, Fla. The borrower is a joint venture between RREAF Holdings and Innisfree Hotels.
Director Jeff Bucaro and Associate Nicole Schmidt led the HFF debt placement team in placing the non-recourse floating-rate loan through Benefit Street Partners Realty Trust, the transaction representing the 10th financing completed by Bucaro on behalf of the borrowers…
WPT Industrial Goes on $96M Shopping Spree
Posted by: | CommentsWPT Industrial Real Estate Investment Trust has agreements in the works to acquire two separate distribution properties for a total of $96.4 million. One asset is located in the Portland, Oregon, metro area and one in the Houston, Texas, metro area.
“These contemplated acquisitions reflect our commitment to continued growth and diversification of the REIT,” Scott Frederiksen, WPT’s CEO, said in a prepared release. “Upon closing, these acquisitions represent a strategic expansion into two new target markets and demonstrate the REIT’s ability to source attractive opportunities in today’s market.”
What Makes This Mansion in Geneva Worth $73 Million?
Posted by: | CommentsAfter selling their shares in Barilla S.p.A., the pasta company, Riccardo Barilla’s parents moved in 1975 from Italy to Switzerland. They bought a house on about 10 acres of land in Vandœuvres, a wealthy suburb of Geneva, and stayed in it for the next 40 years.
In 2013, after his parents’ deaths, Barilla inherited a property that was virtually unchanged from when they’d bought it. ..
Bay Area Office Asset Changes Hands
Posted by: | CommentsRobert Wheatley Properties has purchased an 18,000-square-foot Menlo Park, Calif. office building from Oak Grove Associates. The property changed hands for $15.5 million. At the time of the transaction, the asset was 94 percent occupied. CBRE’s Scott Prosser, Seth McKinnon and Jack DePuy represented the seller.
ATTRACTIVE LOCATION
The two-story building is located at 855 Oak Grove Ave., in the heart of Menlo Park, near the intersection of Santa Cruz. The asset offers convenient access to transportation, dining and shopping options, including Santa Cruz Avenue & Evelyn Street Bus Station, The Refuge and LB Steak Menlo Park…
$3B Water Street Tampa Development Kicks Off This Fall
Posted by: | CommentsAfter several years of planning and accumulating properties in downtown Tampa for a transformative mixed-use waterfront district, Strategic Property Partners LLC said the first phase of the $3 billion, 9 million-square-foot Water Street Tampa project will begin this fall.
Big Data Tells Mortgage Traders an Amazing Amount About You
Posted by: | Comments-
Wall Street startup gives mortgage bond traders vivid data
-
Consumer rights watchdogs raise concerns about privacy
If you borrowed to buy your home, chances are TheNumber knows a good deal about you.
The New York-based startup sucks in data from marketing firms, public loan filings, courthouses and dozens of other sources, and sells it to mortgage bond and loan traders. The vivid detail the company turns up — the types of stores borrowers tend to shop at and whether they rent out their homes on Airbnb Inc., for example — may unsettle privacy advocates, but it’s a boon for investors trying to figure out how likely homeowners are to pay their obligations…
CBRE Arranges Sale of OC Industrial Asset
Posted by: | CommentsCBRE Group Inc. arranged the sale of an 81,836-square-foot industrial property in Anaheim, Calif., for $12.2 million. CBRE’s Gary Stache, Anthony DeLorenzo and Doug Mack represented the seller, Makena Properties.
Located at 5065 E. Hunter Ave., directly adjacent to Orangethorpe Avenue, the building is fully leased to retailer Discount Dance Supply. The asset has easy access to Route 91 and is close to several restaurants and fitness centers.
Silicon Valley Project Lands $79M Construction Loan
Posted by: | CommentsSan Francisco-based PCCP LLC has provided a $78.6 million construction loan to Lane Partners for Broadway Station, a 114,859-square-foot, Class A office building in downtown Redwood City, Calif.
Lane Partners, of Menlo Park, Calif., has already preleased all of the four-story building’s office space to the Chan Zuckerberg Initiative. CZI was founded in 2015 by Facebook founder Mark Zuckerberg and his wife Priscilla Chan, with the mission to “advance human potential and promote equality in areas such as health, education, scientific research and energy.”
Shkreli’s Hedge Fund Went From Success to Bust in 31 Minutes
Posted by: | CommentsIn 31 minutes a hedge fund managed by Martin Shkreli in 2012 went from a roaring success to an empty shell, one of his investors told a jury.
Sarah Hassan, 27, who gave Shkreli $300,000 to invest, said she got an email at 8:13 p.m. on Sept. 9, 2012, saying she was up $135,000, a return of 45 percent. At 8:44 p.m., Shkreli sent out a second email notifying Hassan and other investors he was shutting the fund down.
“We went through operational mishaps,” Shkreli said in the email. “There is no longer any cash in the funds.”
SGPS Snaps Up Atlanta-Area Medical Office Portfolio
Posted by: | CommentsShailendra Group Property Services acquired a two-building medical office portfolio in Douglasville, Ga. Totaling 41,772 square feet, Douglasville Medical Center and Prestley Mill Medical Center changed hands in a $7.5 million deal.
Located at 8820 Hospital Drive, the two-story, 16,167-square-foot Douglasville Medical Center is part of WellStar Douglas Hospital’s campus. Its tenants include a neck and back pain specialist and an oral surgery office, along with the 108-bed hospital…
Oil Producers Stop Hedging as Low Prices Lure Ships, Planes
Posted by: | Comments-
SocGen sees changing dynamics in producer and consumer hedging
-
Lower oil prices may deter future shale oil investments
The past month’s plunge in oil prices has turned the market for hedging upside down.
Oil producers have scaled back locking in future prices “considerably” since February, Societe Generale SA said in a report, citing a shift in options pricing driven by consumer companies like shippers and airlines. Late last year, sellers including U.S. shale drillers locked in prices in droves when benchmarks rose after OPEC announced plans to cut production.
Fort Lauderdale Office Asset Sells for $3M
Posted by: | CommentsColliers International brokered the sale of a 23,784-square-foot office building in downtown Fort Lauderdale, Fla. The $3 million off-market deal included an adjacent 22,000-square-foot lot originally used for parking, just northwest of the property.
Sapphire Investment Fund LLC sold the asset to 955 S Federal LLC, an entity controlled by Skyland Management. Located at 955 S. Federal Highway, the four-story, Class C property has been vacant for several years. Australia-based Sapphire Investment Fund LLC acquired the building in December 2013 with plans to renovate the building. However, due to geographical limitations, the company had to abandon the improvement project…
Fed’s Fischer Says House Prices ‘High and Rising’ Amid Low Rates
Posted by: | Comments-
Vice chairman notes prices rising in several countries
-
Financial system stronger and bad lending curtailed, he says
Federal Reserve Vice Chairman Stanley Fischer said a long period of low interest rates may have contributed to “high and rising” home prices in several countries, cautioning against forgetting the lessons of the 2007-09 housing crisis.
“There is more to be done, and much improvement to be preserved and built on,” Fischer said, speaking at an event in Amsterdam on Tuesday that was closed to the press. “The world as we know it cannot afford another pair of crises of the magnitude of the Great Recession and the Global Financial Crisis.”
Rise of Robots: Inside the World’s Fastest Growing Hedge Funds
Posted by: | Comments-
Quantitative investment funds have record $500 billion assets
-
Performance varies, but average quant fund is flat this year
Believe the hype. Quants have never been more popular.
After doubling over the past decade, assets run by so-called systematic funds have hit a record $500 billion this year, according to estimates from Barclays Plc.
In some ways, their meteoric rise is due to the same technological advances that are disrupting most industries. Faster computers and better data has enabled asset managers to automate skills that once were limited to market legends…
Rise of Robots: Inside the World’s Fastest Growing Hedge Funds