Author Archive
Facebook Seattle HQ Commands $286M
Posted by: | CommentsA joint venture between Tristar Capital and RFR Holding has acquired Dexter Station, a 10-story, Class A office building in Seattle’s South Lake Union neighborhood from Stockbridge Capital for $286 million…
Blackstone, SoftBank Deals Put Saudi’s Sovereign Fund on the Map
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Public Investment Fund may eventually control over $2 trillion
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Saudi fund invested $3.5 billion in Uber Technologies in 2016
Saudi Arabia plans to expand its sovereign wealth fund into the world’s largest. The kingdom took a huge step toward that goal on Saturday when it signed billions of dollars of deals with Blackstone Group LP and SoftBank Group Corp.
The Public Investment Fund, or PIF, is at the center of Saudi Arabia’s efforts to diversify revenue away from oil under an economic transformation plan known as Vision 2030. The fund could eventually control more than $2 trillion, according to Deputy Crown Prince Mohammed bin Salman. The sale of a less than 5 percent stake in oil giant Aramco to the public will provide funds for investment…
Jernigan Capital Invests in Tampa Self-Storage Project
Posted by: | CommentsThe facility will be located in an area of the metro with significant population growth and will be completed by the end of the second quarter of 2018.
Jernigan Capital Inc. has closed on a $9.2 million self-storage development investment in Tampa, Fla., selecting Phillips Development & Realty to build the proposed 70,888-square-foot facility.
The project will be located in an area of Tampa with significant population growth, namely on Falkenburg Road, near the Selmon Expressway. The development will be less than a mile from Top Golf and Bass Pro Shop as well as Westfield Brandon Shopping Centre, a high-end shopping mall with national retailers and restaurants…
Triple Five Closes $1.7B Loan for American Dream
Posted by: | CommentsTriple Five Group of Cos. now has everything it needs to realize American Dream, a 3 million-square-foot retail and entertainment complex in East Rutherford, N.J. The developer recently closed a $1.7 billion private construction financing deal for the transformational project in the heart of metropolitan New York…
Silver Lake Invests $400 Million in Gaming Toolmaker Unity
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Unity sees itself as key virtual-reality software developer
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Funding round values Unity Technologies at $2.6 billion
Private equity firm Silver Lake has agreed to a $400 million investment in Unity Technologies, said John Riccitiello, chief executive officer of the gaming software maker.
The investment values the San Francisco-based company, which makes development tools for video-game creators, at $2.6 billion, according to a person with knowledge of the transaction. Regulators still need to approve the deal, Riccitiello said…
Silver Lake Invests $400 Million in Gaming Toolmaker Unity
The Story Behind Boston’s Billion-Dollar Bulfinch Crossing
Posted by: | CommentsHYM Investment Group’s Thomas O’Brien opens up about the communities of tomorrow and the $1.5 billion project that brings daylight to Boston’s Congress Street for the first time in 50 years.
Boston’s growth has prompted investors to focus on complex mixed-use projects that will serve the city of tomorrow. This means transit-oriented, connected and inclusive communities. One of these projects is Bulfinch Crossing, the $1.5 billion, six-building development that is replacing the Government Center Garage, the product of a partnership between National Real Estate Advisors and The HYM Investment Group. Thomas O’Brien, founding partner & managing director of The HYM Investment Group, talked to Commercial Property Executive about the development and Boston’s transformation…
In Home Capital’s Mortgage Mess, Blame the ‘Unlucky’ Brokers
Posted by: | CommentsHome Capital’s troubles started with “unlucky” brokers. That’s what Canadian banks and insurers call the mortgage merchants who get caught submitting fraudulent loan documents.
Home Capital Group Inc. disclosed that 45 independent brokers submittedloan applications that misstated borrowers’ income and other details. A securities regulator accused the company of misleading investors about the fraud, and that sparked a run on deposits at the lender. Yet the brokers, whose names are now on databases maintained by lenders and mortgage insurers, can still win business since they haven’t been pros…
In Home Capital’s Mortgage Mess, Blame the ‘Unlucky’ Brokers
Top Execs at RECon Weigh In on Retail’s Prospects
Posted by: | CommentsLeaders from JLL, Inland Group and Avison Young offered insights into the challenges, opportunities and misconceptions that mark retail real estate
Las Vegas—Though making deals is the main mission for the 30,000-plus RECon attendees hustling through the Las Vegas Convention Center this week, the state of the industry is also very much on the mind of those professionals. In conversations Monday at the International Council of Shopping Centers’ annual spring convention, senior executives offered perspectives that went well beyond the alarming headlines that have often surrounded the retail sector of late…
Top Execs at RECon Weigh In on Retail’s Prospects
Canadian Real-Estate Sentiment Slips After Home Capital Meltdown
Posted by: | CommentsCanada’s exuberance with real estate is beginning to wane.
Weekly polling data show real estate price expectations have come down from record levels, in a sign that Canadians are anticipating housing markets in places like Toronto will finally cool. The share of people saying home prices will rise in the next six months fell for a second week to 46 percent, according to data compiled by Nanos Research Group for Bloomberg News. That’s down from 47.7 percent the previous week and below a record 50.1 percent two weeks ago…
Canadian Real-Estate Sentiment Slips After Home Capital Meltdown
Hedge Fund Plummets 62% After Betting Against the Chinese Economy
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Puerto Rico hedge fund targets general-obligation bonds
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Millennium Management fund gained 2.5% this year through April
A hedge fund at Emerging Sovereign Group that has bet against the Chinese economy sunk about 62 percent this year through April.
The Nexus fund dropped 8.2 percent last month, according to an email to investors seen by Bloomberg News. The April results mark at least the third consecutive month of negative returns for the fund…
Hedge Fund Plummets 62% After Betting Against the Chinese Economy
Arconic Settles With Elliott After Bruising and Public Dispute
Posted by: | CommentsIt was one of the most bitter battles between a company and a hedge fund in years, a fight rife with insults and innuendo — and it ultimately led to a chief executive’s ouster.
But on Monday, with days to go before Arconic shareholders met to vote on directors, the industrial parts maker settled its monthslong dispute with the activist investor Elliott Management.
The pact ends what had been an intensely watched proxy fight on Wall Street, at a time when much of corporate America has accepted shareholder activists — investors who prod companies for changes in strategy — as a way of life…
Citigroup Agrees to $97.4 Million Settlement in Money Laundering Inquiry
Posted by: | CommentsFor years, Citigroup employees feared that millions of dollars the bank was moving to Mexico might be suspicious. Yet in many cases, the bank did not alert regulators or step up its monitoring for money laundering, federal prosecutors said Monday.
Even as the Citigroup unit Banamex USA was growing to dominate remittances from the United States to Mexico, the bank did not properly safeguard its systems from being infiltrated by drug money and other illicit funds, prosecutors said…
Citigroup Agrees to $97.4 Million Settlement in Money Laundering Inquiry
Seattle Lands $670M Mixed-Use Project
Posted by: | CommentsA 214-acre master-planned community will soon take shape in Covington, Wash., now that Oakpointe Communities and Presidio Residential Capital have received a requisite thumbs-up for the development called LakePointe Urban Village. Covington’s City Council recently provided the joint venture partners with unanimous approval to move forward with the suburban Seattle waterfront project, which will cost $670 million to develop…
Foreclosures Dry Up and a Hot Wall Street Trade Gets New Look
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A boom in investor-backed construction by landlord REITs
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Single-family rental communities, no lawn mowing required
It was a rare lucrative business for Wall Street in the aftermath of the financial crisis: snapping up properties in foreclosure and renting them out. So good, in fact, that now, as the distressed pool dries up, some investors are refusing to let the rental-model fizzle. They’re building more and more of the houses themselves.
RECon Speakers Tackle Retail’s Tough Issues
Posted by: | CommentsIndustry veterans tackled oversupply, mixed-use development strategy and caveats during day one of ICSC’s annual retail real estate convention in Las Vegas.
At a time of rapid change and looming uncertainty for retail real estate, experts at RECon wasted no time before tackling the industry’s biggest issues during the first day of the International Council of Shopping Centers’ annual convention in Las Vegas.
The issue ahead is “how are we going to make the retail supply that we’re planning and projecting and built and received somehow match the retail spending that we have,” asserted Heather Arnold, director of research and analysis for Streetsense…
London Home Sellers Shrug Off Election, Raise Asking Prices
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Average asking prices in capital jump 2.1 percent in May
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National price growth accelerates to annual 3 percent
London house prices rebounded in May, rising to a record as buyers and sellers defied the usual trend of holding off on property transactions before an election.
The average asking price in the city rose 2.1 percent from April to 649,864 pounds ($846,000), property website Rightmove Plc said on Monday, even with the upcoming U.K. general election on June 8. The annual rate of growth remained subdued at 0.9 percent following a 1.5 percent drop last month. That was the biggest annual decline in almost eight years…
Australian Mortgage Bond Sales Are Climbing Despite Housing Warnings
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New RMBS issuance doubles this year to A$10.5 billion
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Housing ‘market is extremely stretched,’ QIC economist says
Investors are lapping up mortgage bonds in Australia even as regulators and credit assessors step up their warnings about risks from the nation’s housing market.
New residential mortgage-backed securities issuance has more than doubled so far this year to A$10.5 billion ($7.8 billion) from A$5.1 billion a year earlier, data compiled by Bloomberg show. More than half of the issuance has been fueled by non-bank lenders. Those firms have fewer funding options compared with major Australian banks, which have been favoring unsecuritized debt at a time when costs are close to historical lows…
Slate to Acquire $53M NC Retail Asset
Posted by: | CommentsThe owner and operator of U.S. grocery-anchored real estate inked a binding agreement to purchase Mooresville Consumer Square, a 579,391-square-foot retail property in Iredell County.
Slate Retail REIT announced that it has entered into a binding agreement to acquire Mooresville Consumer Square for $51.3 million or $109 per square foot. The Walmart-anchored property is 97 percent occupied. Closing is expected to be completed in the second quarter of 2017 and remains subject to customary closing conditions. Slate Asset Management LP is the REIT’s manager…
Slate to Acquire $53M NC Retail Asset
S&P Downgrades Most Australian Lenders on Housing Concerns
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Largest banks exempted due to expected government support
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S&P downgraded 23 institutions amid credit loss concerns
S&P Global Ratings downgraded the credit scores of almost all of Australia’s financial institutions as it warned about the risks of a property market downturn, though expectations of government support saw the largest banks spared.
Some 23 issuers had their ratings lowered, including Bank of Queensland Ltd., Bendigo & Adelaide Bank Ltd. and AMP Bank Ltd., as S&P warned that the country’s wider economic challenges added to the threat…
S&P Downgrades Most Australian Lenders on Housing Concerns
Bond Bulls Get the Most Hedge-Fund Support Since 2007
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U.S. 10-year yield may have already peaked for 2017, BMO says
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Fiscal policy on hold, weaker inflation support bond market
A buildup in risk across the globe is getting too big for U.S. bond investors to ignore.
After staking their biggest bet ever against the $14 trillion Treasuries market at the start of 2017, hedge funds and other large speculators have had a rapid change of heart. Their net-long position in 10-year Treasury futures is now the most since December 2007, reaching 240,010 contracts as of May 16, U.S. Commodity Futures Trading Commission data released Friday show…
JLL Closes Tampa Industrial Sale
Posted by: | CommentsThe sale comes just after a lease JLL secured at the property brought the state-of-the-art, cross-dock facility to full occupancy.
JLL has closed the sale of 3850 Old Tampa Highway, an 119,257-square-foot industrial facility located near Tampa, in Lakeland, Fla. Graham Commercial Properties purchased the state-of-the-art, cross-dock facility for $7.7 million.
The sale comes just after JLL leased space at the facility to CHEP USA for the company’s new regional distribution center. The lease brought the property to 100 percent occupancy.
JLL Associate Ryan Vaught represented the property’s previous owner, Brian Pearlman, in both the sale and lease negotiations…
With an Asset-Backed Debt ETF, the Bet Is If You Can Pay What You Owe
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BlackRock plans new fund that invests in consumer-loan ABS
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Company already runs ETFs that buy mortgage-backed debt
Worried about paying off your university education, new car or shopping habit? Exchange-traded fund investors soon could be betting on that too.
BlackRock Inc.’s planned iShares Consumer Asset-Backed Securities ETF will investin notes supported by consumer loans, such as student debt and credit cards, according to a regulatory filing on Friday. If approved, it will be the first ETF to target the ABS market.
BlackRock spokesman Paul Young declined to comment because the firm’s still seeking approval for the fund…
Lyndra Moves HQ, Signs 14 KSF Boston-Area Lease
Posted by: | CommentsThe health care company moved to the newly refurbished 65 Grove St. in Watertown, Mass., minutes away from its former headquarters at 134 Coolidge Ave. NGKF and Commonwealth Standard Realty brokered the lease.
Cresset Development signed a 14,450-square-foot lease at 65 Grove St. in Watertown, Mass., with biotechnology company Lyndra, which will occupy space on the third floor. The tenant relocated its headquarters from 134 Coolidge Ave., situated just ten minutes away. NGKF Executive Managing Directors Phil Giunta and George Nugent and Senior Managing Director Dan Krysiak acted on behalf of the owner, while Commonwealth Standard Realty represented the tenant…
Tudor’s Jones Said to Back AI Hedge Funds CargoMetrics, Numerai
Posted by: | CommentsPaul Tudor Jones, the founder of Tudor Investment Corp., has invested in two artificial-intelligence startups as the money manager expands into strategies that employ big data.
The hedge fund manager has invested in CargoMetrics Technologies, an investment firm that uses tools such as satellite signals and shipping data to trade commodities, currencies and equity futures, according to a person with knowledge of the matter. He’s also backed Numerai, a San Francisco-based hedge fund that makes wagers using anonymously submitted models, said the person, who asked not to be identified because the information is private…
Blackstone Jumps on Plans for $40 Billion Infrastructure Fund
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Firm ‘just leapfrogged’ most of infrastructure world: analyst
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Fund could benefit ‘significantly’ from Trump’s spending plan
Shares of Blackstone Group LP rose to the highest in 18 months after the private equity firm laid out plans for a $40 billion infrastructure fund.
The stock jumped as much as 7.1 percent Monday to $31.99, the highest since November 2015. It traded at $31.64 as of 11:06 a.m. in New York.
Morning Agenda: Jon Corzine Tries Another Comeback
Posted by: | CommentsWill the third time be the charm for Jon S. Corzine?
Mr. Corzine won a United States Senate seat after being maneuvered out of Goldman, eventually moving on to become governor of New Jersey. After losing the governorship to Chris Christie, he took over MF Global, which collapsed in 2011.
Now, Mr. Corzine, 70, is planning his next act: a hedge fund tailored to take advantage of the chaos of the Trump era.
In his first interview since the MF Global meltdown began, Mr. Corzine said that he would seek to anticipate how the Trump administration and other world leaders would enact policy…
Steven Cohen Makes a Comeback at Premier Hedge Fund Conference
Posted by: | CommentsLAS VEGAS — The billionaire investor Steven A. Cohen may be barred from managing outside money until next year, but he has already hinted that he plans to get back into the hedge game.
The most telling sign yet? Mr. Cohen’s unexpected appearance at a Las Vegas hedge fund conference this week.
Mr. Cohen was seen late Thursday night playing craps at a table in the casino of the Bellagio Las Vegas, one of the city’s most extravagant hotels. Mr. Cohen, 60, was rolling the dice with Ilana Weinstein, a sister of the hedge fund manager Boaz Weinstein, at a table with a maximum bet of $5,000…
Meritex Snags 300 KSF Industrial Property
Posted by: | Comments1080 Park Place in Shakopee, Minn., was built in 1993 by The Opus Group and boasts full occupancy. Steve Dorff, senior asset manager with Meritex, will manage the property.
Meritex, a private real estate investment and management company, has just added a Class A, industrial facility in Shakopee, Minn., to its portfolio, for an undisclosed amount. The company tapped Senior Asset Manager Steve Dorff to oversee operations at the new property.
Bal Harbour Shops to Undergo $400M Expansion
Posted by: | CommentsThe luxury retail destination, developed and owned by Whitman Family Development for more than five decades, will add roughly 340,000 square feet.
Bal Harbour Shops, the renowned 511,400-square-foot luxury retail destination in Bal Harbour, Fla., is on the verge of a $400 million makeover. This week, the Bal Harbour Village council gave the long-awaited final green light for Whitman Family Development, owner and developer of the 52-year-old The Shops, to increase the size of the open-air shopping center to approximately 860,000 square feet…
Bal Harbour Shops to Undergo $400M Expansion
Education Dept. Keeps Obama Plan to Streamline Loan System
Posted by: | CommentsThe Education Department on Friday took up an Obama-era plan to streamline federal student loan servicing by moving to a new, single platform for managing the loans of 43 million borrowers.
The department had indicated it might jettison the previous administration’s initiative, which was intended to simplify a system that consumer advocates have complained is overly complex and rife with poor customer service.
Choosing a single vendor to manage the loans also carries risk, as that entity would construct the most visible online government portal since the Affordable Care Act program website, HealthCare.gov…
Education Dept. Keeps Obama Plan to Streamline Loan System
US Bank Breaks Ground on $250M Minneapolis Data Center
Posted by: | CommentsStream Data Centers was tapped to develop the 56,000 square-foot-building by the end of this year. Upon completion, the center will incorporate two utility feeds from two separate substations designed to support 2.4MW of IT data load.
Stream Data Centers agreed to lead the construction work at the latest U.S. Bank data center located in Chaska, Minn. The single-story, 56,000-square-foot facility is expected to cost $250 million to build, and should be operational by the end of this year.
Upon completion, the center will incorporate two separate substations designed to support 2.4 MW of IT data load. The concept for the data center combines structurally enhanced buildings, independent infrastructure and high-quality operations…
Toronto Housing Market Slows After New Tax, Home Capital Woes
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Unit sales drop 16% in first two weeks of May, data show
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New house listings soar 47% as price growth slows to 17%
Home price growth in Toronto slowed in the first two weeks of May and sales fell 16 percent from last year, signaling that a new tax on foreign buyers and funding crisis at mortgage lender Home Capital Group Inc. may be cooling the market in Canada’s biggest city.
Saudi Arabia to Invest $20 Billion in Infrastructure, Mostly in U.S.
Posted by: | CommentsAs President Trump begins his first presidential trip abroad in Saudi Arabia, an investment company run by one of his top supporters, the billionaire Stephen A. Schwarzman, has secured an enormous investment from the Middle Eastern kingdom.
The company, Blackstone, which Mr. Schwarzman helped found, said on Saturday that Saudi Arabia’s sovereign wealth fund had committed $20 billion to a new investment fund aimed at infrastructure projects, primarily in the United States.
The commitment is about half of the capital Blackstone plans to raise for the fund. All told, including potential borrowed money, the new fund could invest more than $100 billion in infrastructure projects, the company said in its statement…
Rees Properties Acquires Redwood City Office Asset for $32M
Posted by: | CommentsHFF marketed the sale on behalf of Griffin Capital, who acquired the property in 2007 for $24 million from DPR Construction. The sale of 1450 Veterans Blvd. was subject to a $17.9 million loan held by Northern Trust.
Rees Properties Inc. acquired a three-story, 53,000-square-foot office building in downtown Redwood City, Calif. for $32.3 million from Griffin Capital.
The sale of 1450 Veterans Blvd. was subject to a $17.9 million loan held by Northern Trust. HFF’s Michael Leggett, Gerry Rohm, Ben Bullock and David Dokko represented the seller and were also responsible for procuring the buyer.
SoftBank’s Son Chases Boyhood Dreams With $100 Billion Fund
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Apple, Qualcomm and Saudis are backing new tech fund
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Son’s spending spree may inflate valuations, crimp returns
When Masayoshi Son was a boy growing up on Japan’s southern island of Kyushu, he kept a notebook to scribble down new inventions he hoped to create one day. Today, the SoftBank founder has almost $100 billion to invest on making the next big thing a reality.
Fort Worth Shopping Center Gets New Name, Tenants
Posted by: | CommentsWest Elm, Common Desk and C.H. Robinson are the new tenants announced for the recently rebranded Crockett Row at West 7th. They will open in phases and will occupy a combined 36,000 square feet of retail and office space.
A shopping center called West 7th in Fort Worth, Texas, has unveiled its new name and branding, Crockett Row at West 7th. Vestar, the manager of the shopping center, teamed up with The Woodmont Co. to lead the rebranding process and a strategic leasing campaign for the property’s street-level retail space. The leasing team, led by Peter Jacobsen, senior vice president of Woodmont, and Erik Coslik, has secured several new tenants.
Opus Finalizes MC Machinery’s HQ
Posted by: | CommentsConstruction at the new 175,000-square-foot corporate campus in Elk Grove Village, Ill. began last year in April. The facility offers a variety of spaces designed for office, showroom and warehouse use.
The Opus Group has completed its second corporate project this month—the ready-to-fit headquarters of MC Machinery Systems Inc., a subsidiary of Mitsubishi Corp. The 175,000-square-foot mixed-use facility in Elk Grove Village, Ill. took one year to complete…
Opus Finalizes MC Machinery’s HQ
SoftBank Closes Funding For Record $93 Billion Investment Fund
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Investors include Saudi Arabia, Abu Dhabi, Apple, Sharp
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Fund targets $100 billion with final close within six months
SoftBank Group Corp. and Saudi Arabia formally announced the first round of capital commitments for the largest-ever technology investment fund, as founder Masayoshi Son seeks to accelerate his financing of cutting-edge technologies and startups.
More than $93 billion has been secured from backers led by the Japanese company and Saudi Arabia’s Public Investment Fund, SoftBank said in a statement Saturday. Abu Dhabi’s Mubadala Investment Co., Apple Inc., Qualcomm Inc., Foxconn Technology Group and Sharp Corp. are also investing, and SoftBank aims to reach $100 billion with a final close within six months. Mubadala committed $15 billion, according to a separate statement…
Chinese Manufacturer to Invest $11M in First SC Plant
Posted by: | CommentsChina Hengshi Foundation Co. is locating new operations in Richland County. The facility is expected to create a little under 50 jobs.
Fiberglass fabric provider China Hengshi Foundation Co. plans to locate its new manufacturing operation in Columbia, S.C. The company will occupy a former Boozer Lumber Truss industrial space. After an $11.1 million investment, 48 jobs will be created at the 111,000-square-foot facility. The Coordinating Council for Economic Development has approved job development credits related to this project.
JLL Assists Brookfield With $855M Purchase, Financing
Posted by: | CommentsThe 37 logistics facilities and nine office assets are located in key markets including Dallas, Los Angeles, Denver, the Inland Empire and the San Francisco Bay Area.
The JLL Capital Markets team did double duty on the sale of an $854.5 million logistics and office portfolio, completing the transactions of 46 assets in 12 states and securing $475.5 million in acquisition financing.
Brookfield-sponsored private equity funds purchased both portfolios consisting of 37 assets across 7.6 million square feet in logistics facilities and nine assets totaling 1.1 million square feet of office space from TA Realty. The transaction, first announced in early April by TA Realty, includes assets in key metro areas such as Chicago, Dallas, Los Angeles, Atlanta, Boston, Denver, Houston, Las Vegas, Orlando, Washington, D.C., and the Inland Empire and Bay Area in California…
The Next Shortage Facing Young Homebuyers: Good Schools
Posted by: | CommentsSince the recession, funding for construction has cratered.
One effect of the U.S. housing market crash was to cripple homebuilders and their lenders, forcing construction workers to find jobs in other fields. Today, homebuyers have returned to the market in full force, but the lack of new construction over the last decade has contributed to an inventory shortage that’s pushed home prices out of reach for many.
Now, the same young homebuyers who must cope with bidding wars to buy a first home may face a shortage in another key resource: schools for their kids.
How Tales of ‘Flippers’ Led to a Housing Bubble
Posted by: | CommentsThere is still no consensus on why the last housing boom and bust happened. That is troubling, because that violent housing cycle helped to produce the Great Recession and financial crisis of 2007 to 2009. We need to understand it all if we are going to be able to avoid ordeals like that in the future.
But the explanations for what happened in housing are not, I think, to be found in the conventional data favored by economists but rather in sociologically important narratives — like tales of getting rich through “flipping” houses and shares of initial public offerings — that constitute the shifting mentality of the era.
Anthony Scaramucci, Hedge Fund Showman, Finds Himself in Limbo
Posted by: | CommentsLAS VEGAS — Hedge fund managers know him as one of their own — the wealthy, backslapping host of their industry’s splashiest conference each year in Las Vegas.
Regulars at the World Economic Forum know him as the politically connected insider who organizes an annual wine tasting party in the Swiss Alps.
President Trump knows him as a major Wall Street fund-raiser with hopes of joining the administration…
Anthony Scaramucci, Hedge Fund Showman, Finds Himself in Limbo
Leon Cooperman’s Hedge Fund Settles Insider Trading Case
Posted by: | CommentsWhen securities regulators sued the hedge fund manager Leon G. Cooperman last year, accusing him of violating insider trading laws, he vowed to fight to the bitter end. His decades-long reputation on Wall Street was on the line, he said at the time.
Now, nearly eight months later, he and his firm, Omega Advisors, have agreed to settle, paying just under $5 million in civil penalties and forfeited profits.
But unlike other hedge fund managers who have reached settlements with the Securities and Exchange Commission in insider trading cases, Mr. Cooperman is not admitting any wrongdoing. Significantly, he will not be barred from the securities industry…
HBW Group Completes Sale of Rockville Asset
Posted by: | CommentsProMark Real Estate Services purchased the 37-year-old, 101,000-square-foot office building and has renovations planned for the property.
ProMark Real Estate Services acquired 451 Hungerford Drive in Rockville, Md. from HBW Group for $14.5 million, according to public records. The acquisition was backed by $11.3 million financing funded by Revere Bank.
HBW Group developed the seven-story asset in 1980. The 101,000-square-foot building sits on 3.12 acres and includes 14,000 square feet of retail on the first floor, as well as 278 parking spaces, according to Yardi Matrix. ProMark plans to renovate the exterior and replace the mechanical system with a new one, unveiling possible development plans…
Caesars Plans New Las Vegas Developments After Bankruptcy Exit
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CEO Frissora has plans for 90 acres, including Strip frontage
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Largest U.S. casino owner also eyes international markets
Caesars Entertainment Corp. Chief Executive Officer Mark Frissora wants to develop more than 90 acres the company owns in Las Vegas, including land right in front of Caesars Palace, after its largest unit emerges from bankruptcy later this year.
“We have a lot of real estate that’s underutilized,” Frissora said in an interview with Bloomberg TV Thursday. “We have plans to basically develop all of that very valuable center-strip property as soon as we emerge. Those assets will have a very high-return, low-risk profile.”
Potawatomi Adds $80M Tower to Milwaukee Casino
Posted by: | CommentsPending city approvals, the 180,000-square-foot expansion will add 119 rooms and suites for a total of 500 keys, as well as a spa and additional meeting space.
Forest County Potawatomi Community unveiled plans for the construction of a second tower at the Potawatomi Hotel & Casino in Milwaukee. Pending city approvals, the 180,000-square-foot expansion will add 119 rooms and suites for a total of 500 keys. The owner and operator of the hotel expects to start construction later this year and estimates the total investment at $80 million…
Potawatomi Adds $80M Tower to Milwaukee Casino
Avera to Develop Rail-Served Industrial Facility in Houston
Posted by: | CommentsHouston-based Avera Cos. will be developing a 143-acre industrial complex in Pasadena, Texas, Avera announced Tuesday. Bayport Logistics Park will feature 7,000 feet of frontage on a Union Pacific rail line and apparently is envisioned to eventually comprise three or four buildings…
Risky and Complex U.S. Loan Wagers Are Red Hot in Low-Yield Asia
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Asian funds are snapping up collateralized loan obligations
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Lower-rated CLO slices have outperformed, but some see risks
Asia’s yield-hungry investors have a lot riding on the financial engineers of Wall Street.
Faced with near record-low interest rates at home, money managers in Korea, Japan and China have been piling into complex and increasingly risky structured loan products in America. Their investments in collateralized loan obligations — including the high-yield “equity’’ tranches most exposed to defaults — have helped drive a doubling of issuance in 2017…
Risky and Complex U.S. Loan Wagers Are Red Hot in Low-Yield Asia
Avison Young to Market Chicago Industrial Portfolio
Posted by: | CommentsThe four buildings are located on a contiguous 10.3-acre site in Mount Prospect, Ill., and offer a total of 190,000 square feet of warehouse space.
Clear Height Prospect, the owner of an industrial listing in Mount Prospect, Ill., tapped Avison Young as the exclusive marketing agency for the four-building portfolio. Erik Foster and Mike Wilson, both principals with Avison Young and members of the firm’s National Industrial Capital Markets Group, will lead the marketing efforts on behalf of the seller.
The assets sit on a contiguous 10.3-acre parcel located just north of the Chicago O’Hare International Airport and are 97 percent leased…
John Hancock, CRG Unveil 1 MSF Atlanta Logistics Project
Posted by: | CommentsCRG, on behalf of owner John Hancock Real Estate, is developing a 1-million-square-foot, state-of-the-art industrial building in the Atlanta suburb of Locust Grove.
We decided about a year and a half ago to really emphasize the industrial development portion of our company, so we’re now out doing speculative development as well as doing design-builds and making a real effort to get a solid position in all of the logistics major markets,” Larry Chapman, CRG Partner, told Commercial Property Executive. “We’re doing it in a very robust way, and you’re seeing it in Atlanta with the Locust Grove project.”
U.S. Hedge Funds Took Profits Out of Brazil in the First Quarter
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Reduced positions in the country’s stocks by $800 million
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Itau Unibanco remains the most popular holding among funds
It looks like a smart move in retrospect.
U.S. hedge funds reduced equity holdings tied to Brazil by about a net total of $800 million from the start of the year to end of March, according to data compiled by Bloomberg. The profit taking came after a 69 percent surge in Brazil’s benchmark stock index last year.
Industrial Property Trust Acquires $13M DC-Area Asset
Posted by: | CommentsAn affiliate of Industrial Property Trust Inc. acquired a 98,653-square-foot warehouse property in Lanham, Md. for $13.1 million from Perseus Realty. The property most recently served as the headquarters of Kane Co.’s Office Movers Inc., a commercial moving company that filed for bankruptcy nearly five months ago. Transwestern brokered the disposition on behalf of Perseus.
Located at 10100 Willowdale Road, the asset is seven miles east of Washington, D.C., at the nexus of Interstates 495 and 90 and Route 50. The property contains state-of-the-art features including an above-average loading dock ratio of one dock per 2,600 square feet of storage area, 38-foot clear ceiling heights, ESFR sprinklers and a 3,800-square-foot climate-controlled storage area designed to hold specialized valuables. The property can accommodate both single-tenant and multi-tenant configurations…
It’s Not a Mystery! International Spy Museum Tops Out
Posted by: | CommentsThe 140,000-square-foot International Spy Museum being built in Washington, D.C., passed a milestone this week as Clark Construction Group completed the structural steel work and topped out the facility that will be located in a new home at L’Enfant Plaza, between the National Mall and the Southwest Waterfront’s Wharf…
Brazil’s Assets Dive as Political Crisis Engulfs President Temer
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Real posts biggest decline since January 1999; stocks tumble
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The so-called country risk surges most since June 2013
Brazil’s real, stocks and bonds tumbled as a fresh political crisis ensnared President Michel Temer and threatened to derail an agenda designed to pull Latin America’s largest economy out of its deepest recession on record.
Trading on the Ibovespa briefly came to a halt Thursday, sinking the most since 2008, with state-owned companies from Petroleo Brasileiro SA to Banco do Brasil SA among the worst losses. The real posted its biggest slide since 1999 even after the central bank intervened to support the currency. The premium investors demand to own the nation’s sovereign bonds rather than U.S. Treasuries jumped the most since June 2013…
Staples Sells Corporate Office Building in Denver
Posted by: | CommentsElevations Credit Union paid $16.5 million to acquire the property, which is part of the Interlocken Business Park in Broomfield, Colo.
Staples, an office-supply chain, has sold its corporate office building and 17.6 acres in Broomfield, Colo. Elevations Credit Union acquired the property for $16.5 million and plans to open a new branch in Broomfield this year.
Located at 1 Environmental Way in Interlocken Business Park, the 149,038-square-foot Class A office building offers easy access to Denver-Boulder Turnpike. The four-story property is also in close proximity to the TownePlace Suites by Marriott and multiple dining options, including McDonald’s and Subway. The facility offers more than 650 parking spaces…
Home Capital Garners Some Bay Street Support in Its Survival Fight
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Brokers resume business ties with new company directors
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Mortgage lender still seeks financing to swap pension credit
The black sheep of Canada’s mortgage industry is starting to see support from the flock.
Even as Home Capital Group Inc. issues warnings about the company’s ability to stay in business, a growing number of financial firms, brokers and money managers are backing the company. It now remains to be seen if the support will be enough for the mortgage lender to survive without a backstop from the country’s biggest banks.
Real Estate Deals Vanish in New York
Posted by: | CommentsLandlords are cutting rents and prices, spooked lenders are holding back, and the industry loses hope for Trump tax cuts.
Real estate developer Louis Ceruzzi has grand plans for a sleek $1 billion Manhattan skyscraper, featuring luxury shops and condos that soar high above Fifth Avenue.
Two years after Ceruzzi and a partner bought the site, they have yet to break ground. For now, all he has to show for his trouble is an empty lot, an idle backhoe and scattered piles of rubble.
After Leaving Google, Bill Maris Is Set to Open New Fund
Posted by: | CommentsSAN FRANCISCO — Bill Maris surprised many people in August when he decided to step down from GV, the huge venture capital fund associated with Google — and left many wondering what he would do next.
Now, he is unveiling his new effort.
Mr. Maris announced on Tuesday that he has opened a new fund, Section 32, with about $150 million under management. It will invest in a variety of industries, from health care to agriculture technology…
After Leaving Google, Bill Maris Is Set to Open New Fund
Southern Power Opens 102 MW Lamesa Solar Facility
Posted by: | CommentsThe solar facility, spread across 887 acres, will generate enough energy to power about 15,000 Texas homes. The city of Garland, Texas signed a 15-year power purchase agreement to acquire the facility’s power and associated renewable energy credits.
Southern Co. subsidiary Southern Power announced the beginning of operations at the 102-megawatt Lamesa Solar Facility in Dawson County, Texas. The project is the company’s third large-scale solar farm operating in the state.
Lamesa Solar consists of approximately 410,000 tracking polycrystalline solar panels on 887 acres and generates sufficient energy to meet the needs of roughly 15,000 Texas homes. The city of Garland, Texas signed a 15-year power purchase agreement to acquire its power and associated renewable energy credits, which it may keep or sell…