Author Archive
As Sohn Opens, Here’s How Hedge Fund Titans Fared With Picks
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Big names made calls on Trump, gold, GM at last year’s event
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Gundlach, Ackman, Einhorn to present at today’s conference
Stanley Druckenmiller contended that the stock market had hit a wall. David Einhorn recommended General Motors Co. And Jeffrey Gundlach reiterated his prediction of a Trump presidency.
Since 1995, heavyweight fund managers have stood before their peers at the Sohn Investment Conference to share their most compelling views. Today in New York, they’ll do it again.
So how did the picks from 2016 fare? Let’s take a look…
Second Dewey & LeBoeuf Jury May Be Bracing for a Long Deliberation
Posted by: | CommentsJury deliberations in the retrial of two former Dewey & LeBoeuf executives on criminal charges arising from the law firm’s collapse are starting to have a familiar ring.
The panel deciding the fate of Stephen DiCarmine, the firm’s former executive director, and Joel Sanders, its former chief financial officer, is composed of eight women and four men, like the jury in the first trial, which ended in a mistrial in October 2015.
Jurors wading through mountains of documentary evidence and three months of testimony have already begun to ask for office supplies — Post-it Notes tape and large sheets of paper — to make their job easier. The jury in the first trial, which deliberated 21 full days, did the same…
Liberty Property Trust Inks First Lease at New Miami Facility
Posted by: | CommentsBuilding C at Miami International Tradeport, completed this year, is now 50 percent leased. Opening is scheduled for later this month.
Liberty Property Trust has secured a 79,590-square-foot lease at one of its recently completed properties in Medley, Fla., the Miami International Tradeport Building C. AMG Global Distribution Inc. is a long-term Liberty tenant and this move helps the company expand and consolidate its operations.
Peter Sheridan, director of leasing at Liberty Property Trust, represented the developer in the transaction, while Patrick O’Hare, president of Florida Corporate Realty Inc., worked on behalf of the tenant. AMG Global Distribution Inc. is consolidating operations from multiple locations and will approximately triple its space at Miami International Tradeport…
Comfort Targets Ambitious Growth in 2017
Posted by: | CommentsThe Comfort hotel brand said it expects to open 56 new properties in the course of 2017, with new developments either opened or planned all around the country…
Hedge Funds Bail Just Before OPEC-Driven Oil Rally Evaporates
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Money managers least bullish on WTI crude in five months
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Longs fell, shorts surged just before oil took near 5% tumble
Hedge funds jumped out of the oil market just in time.
Before West Texas Intermediate crude nosedived on Thursday, wiping out the rally driven by OPEC’s deal, money managers slashed bets on rising prices by 20 percent, according to U.S. Commodity Futures Trading Commission data. Now they may soon be well poised to start betting on the next rally.
Baum Realty Mediates Sale of Chase Bank Building
Posted by: | CommentsThe 4,195-square-foot property at 7180 W. Grand Ave. in Elmwood Park, Ill., brought the seller, a private West Coast investor, $4.5 million.
The Baum Realty Group of Chicago has closed the sale of a 4,195-square-foot property at 7180 W. Grand Ave. in Elmwood Park, Ill..
A Baum Investment Sales team led by Patrick Forkin and Brad Teitelbaum, vice presidents, represented the seller, a private West Coast investor, who obtained approximately $4.5 million as a result of the transaction. The buyer was an institutional investor. According to real estate data provider PropertyShark, the seller bought the place for $3.3 million in 2007…
Gazit-Globe Launches US Investment Subsidiary
Posted by: | CommentsJeffrey Mooallem, a 19-year veteran of the commercial real estate industry, has been chosen by global real estate company Gazit-Globe Ltd. to head up its new U.S. investment subsidiary, Gazit Horizons Inc., that will seek income-producing assets throughout the U.S.
Lies Traders Tell: A New Trial, a New Worry in Mortgage-Bond Circles
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Traders grew anxious as prosecutors ramped up investigation
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Evidence in latest case involving Nomura trio set for Monday
In the stock market, the tape never lies.
In the bond market, sometimes traders do.
That’s the message federal authorities have been sending for years as they’ve targeted dubious practices on Wall Street bond desks.
The hot topic lately: prices. What happens when traders quote different prices to different buyers — or fudge when asked what they themselves paid? One trader, Jesse Litvak, was sentenced to prison last month for lying to clients. Three others facing similar charges are on trial in a separate case ramping up on Monday…
Breather Signs New Lease in Manhattan
Posted by: | CommentsThe company has expanded its portfolio of 150 meeting spaces throughout New York City with the addition of 3,707 square feet at 875 Washington St.
Thor Equities has inked a new lease at 875 Washington St. in Manhattan’s Meatpacking District. The owner was represented in-house by Adam Rappaport, vice president of leasing. The tenant, workspace network Breather, will occupy 3,707 square feet of office space on the building’s second floor. The expansion will add two new spaces for meetings and team off-sites, besides the approximately 150 spaces the company already operates throughout the city.
Paramount Closes $460M DC Office Sale
Posted by: | CommentsThe 24-story Waterview tower in Arlington, Va., sold for $711 per square foot, a record-breaking price for suburban Washington.
One decade after acquiring the premier Waterview office tower in Arlington, Va., just outside Washington, D.C., Paramount Group has traded the 647,000-square-foot property in a head-turning transaction first announced in February. The company sold Waterview to Morgan Stanley Real Estate for $460 million, or roughly $711 per square foot—a deal that, according to a report by commercial real estate services firm NAI KLNB, “breaks the record for a suburban Washington office building sale [in] price per square foot.”
Euro Options Offer Cheap Last-Minute Hedge for Le Pen Win: Chart
Posted by: | CommentsFor investors having a last-minute wobble about whether they’re hedged for France’s presidential election, overnight volatility on the euro versus the dollar shows options are relatively cheap. Deutsche Bank AG estimates the pair would tumble by 3 to 6 percent at the open if far-right candidate Marine Le Pen were to win, given her open discussions about abandoning the euro and the fact that few people are positioned for this outcome, meaning the effect would be magnified…
Euro Options Offer Cheap Last-Minute Hedge for Le Pen Win: Chart
New York Condo Deals Sought for Online Investors by New REIT
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Investors kept out of NYC ‘unless you’re a multimillionaire’
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Company is seeking to raise $50 million for property purchases
A new real estate investment trust opened shop this week, seeking to raise $50 million from investors online. It plans to use the money on some of the most sought after properties in the world: New York apartments.
NY Residential REIT is a “blind pool,” meaning it owns no assets and is courting investors on the strength of its management team to purchase properties once it has funds. It’s springing to life partly from Manhattan’s growing supply of costly apartments, and partly from a Securities and Exchange Commission rule making it easier for small companies to access capital…
Buffett Says Money Spent on Plumbers Better Than on Hedge Funds
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Dentists, plumbers add more value in aggregate, CEO says
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Billionaire advocates index strategy for most investors
Warren Buffett isn’t done criticizing hedge-fund managers for wasting clients’ money.
At the annual meeting of his Berkshire Hathaway Inc. he again pressed the argument that, in aggregate, investment professionals aren’t worth their fees — and that people would be better off sticking their money in a low-cost index fund. He also challenged how hedge fund managers are paid.
Adecco Establishes Flagship Office in Manhattan
Posted by: | CommentsThe company has inked a long-term lease for an entire floor at 1040 Ave. of the Americas. NGKF represented the owner, Skyline Developers, while CBC Advisors acted on behalf of the tenant.
Fortune 500 company Adecco has inked a 10-year lease to occupy 40,000 square feet on the entire 19th floor at 1040 Ave. of the Americas in New York City. NGKF’s Executive Vice President William Cohen, Associate Director Andrew Weisz and JD Cohen arranged the transaction on behalf of the landlord, Garden Homes Development-owned Skyline Developers. CBC Advisors’ Peter Sabesan and Jonathan Bock represented the tenant.
After Beating Down Banks, Home Capital May Hurt Canada’s Economy
Posted by: | CommentsEveryone’s talking about this Canadian mortgage company.
The downward spiral of Home Capital Group Inc. is rippling across North America as investors and regulators try to piece together the impact it could have on the fastest growing economy in the developed world.
Some see Home Capital’s woes spilling into the broader financial and real estate sectors. Others point to Home Capital’s relatively small mortgage book and stronger-than-subprime clients to suggest that its demise would be sad but uneventful…
After Beating Down Banks, Home Capital May Hurt Canada’s Economy
Message of Puerto Rico Debt Crisis: Easy Bets Sometimes Lose
Posted by: | CommentsWhen some of Wall Street’s savviest hedge funds piled into Puerto Rico’s debt in 2014, it seemed like an easy bet: Buy up the island’s bonds at a discount, pocket the high interest and persuade politicians to make decisions that would raise the value of their investments.
Even if Puerto Rico’s economy collapsed and its government unraveled, the investors funds figured they had an ace in hand. Puerto Rico was a United States commonwealth, and thus — like the 50 states — legally barred from declaring bankruptcy as a way to shed its debts…
Puerto Rico Declares a Form of Bankruptcy
Posted by: | CommentsWith its creditors at its heels and its coffers depleted, Puerto Rico sought what is essentially bankruptcy relief in federal court on Wednesday, the first time in history that an American state or territory had taken the extraordinary measure.
The action sent Puerto Rico, whose approximately $123 billion in debt and pension obligations far exceeds the $18 billion bankruptcy filed by Detroit in 2013, to uncharted ground…
Puerto Rico Declares a Form of Bankruptcy
Gramercy Europe, AXA Trade $1.1B Portfolio
Posted by: | CommentsGramercy Property Europe plc, a Europe-focused real estate investment fund sponsored by Gramercy Property Trust (GPT) and managed by a GPT subsidiary, has entered into an agreement to sell 100 percent of its assets to a consortium of clients managed by AXA Investment Managers – Real Assets, GPT announced Tuesday. The deal’s total gross valuation reportedly is about €1.0 billion ($1.1 billion), with an exit cap rate of approximately 6.2 percent…
CBRE Global JV Buys Atlanta Retail Center for $109M
Posted by: | CommentsCBRE Global Investors has teamed with Universal-Investment to acquire North Point MarketCenter, a 427,053-square-foot Class A regional retail center in Alpharetta, Ga., from PGIM Real Estate for a reported $109 million…
Japan’s Priests Turn to Property Development
Posted by: | CommentsShrines are costly to maintain, and they occupy prime land.
Shinto elders at the centuries-old Unesco World Heritage Site of Shimogamo Shrine upset some neighbors when they bulldozed a swath of old Kyoto forest to build an apartment complex with units selling for more than $2 million apiece. “They should call it the Shimogamo Corporation,” says one angry parishioner, Akira Hitomi.
Pattern Energy Acquires 324MW Broadview Wind Facilities
Posted by: | CommentsThe California investor acquired interest in the two wind projects that comprise the 324-megawatt Broadview Wind power facilities and the associated independent 35-mile 345-kilovolt Western Interconnect transmission line for $215 million in cash and an assumed project loan of $54 million.
Pattern Energy Group Inc. acquired from Pattern Energy Group LP (Pattern Development 1.0) interests in the 324-megawatt Broadview Wind power facilities and associated independent 35-mile 345-kilovolt Western Interconnect transmission line. The independent power company paid $269 million; $215 million in cash, funded from available corporate liquidity, and an assumed project loan of $54 million secured by Western Interconnect. Broadview, located 30 miles north of Clovis, N.M., began commercial operations in late March…
Hudson Pacific Nabs $200M Hollywood Studio
Posted by: | CommentsHudson Pacific Properties Inc.’s position as the largest independent owner-operator of sound stages in the U.S. just got stronger. The company recently completed the $200 million acquisition of Hollywood Center Studios, a 369,000-square-foot media and entertainment campus, from Studio Management Services Inc…
Joe’s Crab Shack Owner Said to Prepare Bankruptcy Filing
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Ignite Restaurant Group also runs Brick House Tavern chain
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Declining sales could push company over brink this month
The operator of the Joe’s Crab Shack and Brick House Tavern restaurant chains is preparing to file for bankruptcy, according to people familiar with the matter.
Ignite Restaurant Group Inc. could file as soon as next week, said the people, who asked not to be identified because the process isn’t public. In early April, the company announced it was pursuing options including a possible sale with financial adviser Piper Jaffray Cos. Both strategic and private equity buyers are considering purchasing the company out of bankruptcy, according to one of the people.
Copaken Brooks Takes a Leap into KC Industrial Market
Posted by: | CommentsCopaken Brooks recently announced Midwest Gateway, an industrial project totaling nearly half a million square feet. The development is currently underway at the doorstep of the BNSF intermodal facility in Edgerton, Kan. GMA Architects, ARCO National Construction, Shafer, Kline & Warren, Krudwig & Associates and Metro Air are among the project team members…
Home Capital Slides as Investors Sound Contagion Warnings
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Lender accused of failing to properly disclose internal probe
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Home Capital and some former executives face fines, bans
Home Capital Group Inc.’s decline deepened as regulators began what is expected to be a lengthy series of hearings into allegations the company misled investors about its mortgage book, raising concerns about wider contagion to Canada’s red-hot housing market.
The hearing in Toronto Thursday was the first step in an inquiry into accusations made by the Ontario Securities Commission that Home Capital failed to properly disclose an internal probe into fraudulent mortgage applications. Home Capital has said the allegations are without merit and will be vigorously defended. The commission set a date of June 2 for the next hearing…
Home Capital Contagion Risk Is Indirect But Real, Edward Jones Says
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Lender’s woes can deflate Canada’s housing bubble, hurt banks
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Seen as unlikely to trigger a 2008-type financial crisis
The downward spiral of Home Capital Group Inc. could start to deflate Canada’s housing market, pushing down bank shares and the broader index, according to Edward Jones & Co.
The mortgage lender’s woes will insert caution into property funding, Craig Fehr, Canadian investment strategist at Edward Jones, said in an interview in Toronto on Wednesday. This would slow the economy because of its outsized reliance on real estate and damp prospects for the bank-heavy S&P/TSX Composite Index, he said…
Record Leasing Numbers at N.C. Self-Storage Facility
Posted by: | Comments10 Federal, a company that acquires, develops, constructs and manages multifamily and self-storage properties in North Carolina, recently announced that its recently opened, fully automated self-storage facility at 3802 Angier Ave. in Durham, N.C., leased a record 77 units in a single month. The firm’s 2542 South Alston Ave. facility held the previous record with 48 leases in May 2016. The property includes 205 climate-controlled and ambient units. 10 Federal’s construction company built the facility in eight months, just in time for the spring leasing season.
Comcast Rejected Funding Days Before Doomed Fyre Festival
Posted by: | CommentsThe media giant almost gave the company $25 million for its app. Now employees want answers, after the disaster in the Bahamas.
In the days before the Fyre Festival collapsed into chaos on the Bahamian island of Great Exuma, the venture capital arm of media giant Comcast Corp. opted not to invest as much as $25 million in the event’s organizer, Fyre Media Inc., according to a person familiar with the negotiations.
Apple Buys More Company Debt Than World’s Biggest Bond Funds
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Company invests $148 billion of cash pile in corporate bonds
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‘Difficult for us to speculate’ on repatriation, CFO says
If Apple Inc. were a bond fund, it would dwarf the competition.
The iPhone-maker has $148 billion of its record $257 billion cash pile invested in corporate debt alone, according to a company filing from Wednesday. That’s enough to buy all the assets in the world’s largest fixed-income mutual fund, the Vanguard Total Bond Market Index Fund, which has about $145 billion of assets including company, government and mortgage bonds…
Apple Buys More Company Debt Than World’s Biggest Bond Funds
NAI Hiffman Closes 2 Large Chicago Leases
Posted by: | CommentsDealer Tire renewed at 3708 River Road in Franklin Park, while Crane Nuclear Inc. signed at 860 Remington Blvd. in Bolingbrook.
Dan Leahy, executive vice president with NAI Hiffman, has closed two leasing contracts on behalf of AEW Capital Management. The two buildings, both in the Chicago metro area, add more than 170,000 square feet to NAI Hiffman’s brokerage portfolio.
The first transaction, a lease renewal, involved the facility at 3708 River Road in Franklin Park, Ill. The 118,235-square-foot property has been leased by tire manufacturer Dealer Tire since 2007 and operates as one of the company’s many distribution centers. Tom Walrich of Lee & Associates represented Dealer Tire in the transaction.
How to Handle the CMBS Refinancing Challenge
Posted by: | CommentsDaniel Martin, partner at McDermott Will & Emery, discusses the wall of CMBS maturities coming due this year and his outlook for the CRE lending market.
Over the next six months, roughly $55.8 billion in CMBS debt will come due, according to Trepp’s April CMBS report. Experts believe that tighter regulations in the financial markets have made it more difficult and more expensive for these loans to be refinanced. With retail and office loans comprising roughly 53 percent of the volume maturing through September, the commercial real estate financing industry has been taking greater caution and adopting more conservative underwriting standards. McDermott Will & Emery Partner Daniel Martin revealed to CPE why he remains optimistic about the CRE lending market and advises owners on what could be the biggest challenge they will face in today’s lending environment…
China Web Lender Aims for U.S. IPO With Crafty Borrower Reviews
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Company uses data such as how often a phone is charged
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Collection methods include contacting family and friends
SmartFinance, a Chinese internet loans business that judges borrowers on factors including how often they charge their phones, has consulted banks about a possible U.S. listing that could happen as soon as this year.
The rapidly expanding company, which anticipates it will reach a $1 billion valuation by the end of 2017, has hired former Cheetah Mobile Chief Financial Officer Andy Yeung to help better manage investor relations and smooth the path to an eventual listing…
HFF Secures $22M for Miami Mixed-Use Development
Posted by: | CommentsHFF has arranged a $22 million mortgage for the construction of Wynwood Garage, a mixed-use, urban development in Miami’s Wynwood neighborhood. The new building will comprise 30,000 square feet of Class A creative office space, 23,000 square feet of ground-floor retail and a 430-stall parking garage.
Sabadell United Bank provided the construction financing, according to public records. HFF worked on behalf of the developer, Goldman Properties, with Senior Managing Director Chris Drew and Associate Director Brian Gaswirth leading the HFF debt placement team…
Marriott Expands Modular Construction Initiative
Posted by: | CommentsMarriott International has unveiled a comprehensive expansion to its initiative to drive adoption of modular construction of hotels in North America, with plans to sign 50 hotel deals in the upcoming year.
The company hopes to utilize the prefabrication process on roughly 13 percent of all deals for the region this year, which would be an industry first in North America…
Rich Families Go Solo on Deals, Moving Away From Private Equity
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Most family offices deploying staff to evaluate transactions
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Appetite for hedge funds is down, family office survey shows
Family offices, which manage the financial and personal affairs of the wealthy, are increasingly taking stakes in companies and committing staff to such efforts rather than investing in private-equity funds.
About 81 percent of offices have at least one full-time employee sourcing and evaluating direct investments, according to an annual survey by the Family Office Exchange released Wednesday. Of the 118 offices polled, firms had an average of three employees involved in the investment process, two of whom had some responsibility for direct stakes…
Terreno Realty Sells 162 KSF Industrial Asset in LA
Posted by: | CommentsThe property, which is located in Whittier, Calif., sold for $25.3 million and generated an unleveraged internal rate of return of 14.5 percent.
Terreno Realty Corp. sold an industrial property in Whittier, Calif., for around $25.3 million. The company bought the asset from Sohnen Enterprises in 2012 for $16.1 million. The estimated unleveraged internal rate of return generated by the investment was 14.5 percent.
The 161,610-square-foot industrial development was built in 2004 on approximately 7.4 acres. Located at 12252 E. Whittier Blvd., the Class A property is close to Whittier Marketplace and PIH Health and has easy access to interstates 605 and 5. The one-story asset was managed and leased by CBRE and is fully leased to one tenant…
Equinix Wraps Up $3.6B Data Center Deal
Posted by: | CommentsThe company now owns more than 175 International Business Exchange assets totaling roughly 17 million square feet across 44 markets in the Americas, EMEA and Asia-Pacific.
Equinix Inc. has expanded its presence by 3 million square feet with the closing of the acquisition of 29 data centers and accompanying operations from Verizon Communications Inc. Five months after announcing the transaction, the global interconnection and data center company paid $3.6 billion in cash for the portfolio, which notably broadens its footprint in the United States and Latin America…
Equinix Wraps Up $3.6B Data Center Deal
BlackRock Warns It Would Be ‘Folly’ to Ignore Home Capital Woes
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The situation is isolated for now but it ‘can get messy’
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Disorderly fallout could hurt credit markets and economy
The longer Home Capital Group Inc.’s woes continue, the bigger the risk of a disorderly fallout that could hurt credit markets and Canada’s economy, said Aubrey Basdeo, head of local fixed income at BlackRock Inc.
Home Capital has disclosed a run on deposits since April 19, when the securities regulator accused it of misleading investors. While the alternative mortgage lender has rebutted the allegations and is broadly viewed as small and unrepresentative of the property or financial sectors, its troubles forced a rival to seek a funding backstop and have sparked concern of a slowdown in lending. The Canadian dollar fell to a 14-month low this week…
Wasatch Commercial to Develop Biomerics HQ
Posted by: | CommentsThe company is managing the location selection process, building design and construction of a 230,000-square-foot facility for Biomerics in Salt Lake City.
Wasatch Commercial Management is managing the location selection process, building design and construction of a 230,000-square-foot headquarters for Biomerics. The medical device manufacturer catering to the cardiovascular market plans to relocate its corporate headquarters to a new facility in the International Center west of the Salt Lake City International Airport. The asset will include corporate and engineering offices, research & development labs and clean-room manufacturing.
EMMES Nabs OC Towers in $220M Value-Add Deal
Posted by: | CommentsAn affiliate of The EMMES Group of Companies has acquired Main Plaza, two Class A, 12-story office towers in Irvine, Calif., marking the firm’s return to the Orange County commercial real estate scene. The development also includes two retail pads with restaurants El Torito Grill and McCormick & Schmick’s as tenants.
The privately owned real estate services advisory firm did not disclose the amount it paid for the 625,000-square-foot office development but Yardi Matrix data shows that the transaction closed in April for $220 million. The portfolio was sold by San Francisco-based Shorenstein, which had owned the property in the Airport Area submarket since 2008, when it bought the buildings from MPG Office Trust for $211 million, according to Yardi Matrix. The property was part of a $2.9 billion, 24-property portfolio MPG Office Trust acquired from Equity Office Properties Trust in April 2007…
Most U.S. Homes Are Worth Less Than Before the Crash
Posted by: | CommentsHousing bubble? There are still more losers than winners in this recovery, Trulia says.
You can’t blame a homeowner in Fresno, California, for viewing the thriving metropolis to its northwest with both envy and dismay. While San Francisco home values have surged since the recession, Fresno’s housing market is stuck in a rut. Less than 3 percent of homes in the city and its environs have returned to their pre-recession peak, according to a new study from Trulia. Median home values are a teeth-clenching $78,000 below their pre-recession peak.
CBC Advisors Appoints New Dallas Managing Principal
Posted by: | CommentsPrior to joining the company, Steve Gray served as senior vice president & director of leasing at Weitzman Group, overseeing a 4.8 million-square-foot retail portfolio.
Coldwell Banker Commercial Advisors DFW named Steve Gray as managing principal for its brand-new Dallas office. Gray will lead the company’s expansion into the sector and recruit the team for the new branch. He will initially be working in CBC Advisors DFW’s headquarters in Arlington, Texas, which is led by Managing Principal Gary Walker. Vice President Ryan Crabtree will join Gray and his team in the Dallas division…
CBC Advisors Appoints New Dallas Managing Principal
Toronto Home Price Growth Slows as New Listings Soar
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Average price rises 25% to C$920,791 after 33% jump in March
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New listings jump 34% as Ontario imposes foreign buyer tax
Toronto home price gains slowed in April and new listings soared the most in seven years, signaling the red-hot market may be cooling after the Ontario government imposed new measures to curb runaway gains in Canada’s biggest city.
Housing prices jumped 25 percent last month from a year earlier, down from the 33 percent annual increase in March. The average price of C$920,791 ($671,000) in April was just 0.5 percent higher than in March, according to figures from the Toronto Real Estate Board…
Pension Funds Need to Give to Get
Posted by: | CommentsDecent returns aren’t coming easily for U.S. pension funds, so maybe it’s time to shake things up.
I’ve written previously that they should be taking a lesson from their Canadian counterparts, who have been pioneers as private equity investors. Funds including the Ontario Teachers’ Pension Plan and Canada Pension Plan Investment Board (CPPIB) have saved on fees and bolstered returns by putting billions of dollars to work directly betting on companies and real assets such as toll roads, either alone or alongside various private equity firms in which they invest…
Pension Funds Need to Give to Get
CBRE Brings New Tenant to Coral Gables Campus
Posted by: | CommentsThe 462,888-square-foot office complex located at 800 S. Douglas Road received LEED Silver certification in 2009 and underwent a $7 million renovation in 2015.
CBRE has inked a 55,000-square-foot lease for the University of St. Augustine’s South Florida campus at Douglas Entrance, a five-building office park in Coral Gables, Fla. The leasing team represented owners Banyan Street Capital and Oaktree Capital Management in the transaction.
Senior vice presidents Diana Parker and Maggie Kurtz lead CBRE’s team, along with associates Jason Krieg and Kevin Gonzalez…
CBRE Brings New Tenant to Coral Gables Campus
HTA Shells Out $2.8B for Duke Realty Portfolio
Posted by: | CommentsThe flurry of big-ticket medical office building portfolio trades over the last year continues as Healthcare Trust of America Inc., already the largest dedicated owner and operator of medical office buildings in the United States, strikes a deal that will make it even larger. The 11-year-old REIT just inked an agreement to purchase Duke Realty Corp.’s MOB assets and medical development platform for approximately $2.8 billion…
Singapore Air May Land Unusual Net-Debt Spot as Soon as 2018
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Net-debt position would be first for airline in 13 years
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Carrier plans to proactively take on more debt in future
A record plane-buying spree is poised to land Singapore Airlines Ltd. in an unfamiliar territory.
Southeast Asia’s biggest carrier is expected to turn to a net-debt position as early as 2018 — for the first time in 13 years — as the company borrows money and sells bonds to meet capital expenditure needs, analysts say…
Singapore Air May Land Unusual Net-Debt Spot as Soon as 2018
Colliers Brokers San Diego Retail Condo Sale
Posted by: | CommentsThe company’s Urban Property Group also secured the first tenant for the 3,044-square-foot, two-unit retail condominium in Bankers Hill—Brooklyn Bicycles.
Colliers International arranged the sale of a 3,044-square-foot, two-unit retail condominium located in San Diego’s Bankers Hill neighborhood. The Cohen Family Trust acquired the property for $1.3 million from CR 5th & Nutmeg LLC. Bill Shrader, David Maxwell and Joe Brady of Colliers International’s Urban Property Group represented both the seller and the buyer. The team also inked the first lease for the property with Brooklyn Bicycles.
Parents Lending More to Get Their Kids Onto U.K. Housing Ladder
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Bank of Mum and Dad’s role signals broken housing market: L&G
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Buyers to receive 6.5 billion pounds of assistance this year
U.K. home buyers will receive 6.5 billion pounds ($8.4 billion) of assistance from family and friends this year, making the “Bank of Mum and Dad” equivalent in size to the country’s ninth-largest mortgage lender, according to Legal & General Group Plc.
Family financial help to get people onto the housing ladder will average 21,600 pounds this year, up from 17,500 pounds in 2016, and 42 percent of prospective homeowners will receive such assistance, L&G said in a report. Rather than reflecting parents’ generosity, the jump in family lending is a sign of Britain’s “broken” property market, the research shows…
Alitalia Starts Bankruptcy Process as Etihad Cuts Off Funds
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Gulf carrier says Alitalia requires ‘far-reaching’ fixes
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Italy said to provide bridge loan to maintain operations
Alitalia SpA started bankruptcy proceedings for the second time in a decade, throwing the survival of Italy’s flag carrier in doubt after the airline failed to fend off budget rivals.
Shareholders voted unanimously to file for insolvency administration, the airline said in a statement on Tuesday.
Ernst & Young Moves Into New SLC Home
Posted by: | CommentsEnhanced workspace flexibility is the top perk millennials seek and one of the key features of the new 14,500-square-foot office in the Gateway Tower West.
Ernst & Young LLP (EY) is relocating its Salt Lake City office at 178 S. Rio Grande St. to a more millennial-friendly environment only 1 mile away. The new home at Gateway Tower West offers a range of settings and technologies to enhance work space flexibility and allow for headcount growth.
Located at 15 West Temple, the new office features approximately 14,500 square feet of space, open layout, more collaboration rooms, tech-enhanced work spaces and a coffee hub. Half of all the new workstations and collaboration rooms offer a sit-to-stand option…
Vancouver Home-Price Surge Defies Canadian Housing Jitters
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Cost of typical home rises 11% in April from a year earlier
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Buyers in ‘fierce’ competition as condos get multiple offers
Ripples from the downward spiral of mortgage lender Home Capital Group Inc. haven’t yet reached Vancouver.
The cost of a benchmark home in the Pacific Coast city surged 11 percent to C$941,100 ($685,233) compared with a year earlier, the Real Estate Board of Greater Vancouver reported Tuesday. Condominiums were the big gainers, climbing 17 percent to C$554,100…
Vancouver Home-Price Surge Defies Canadian Housing Jitters
Ex-RBC Trader Damian Edwards Starts Asia Event-Driven Hedge Fund
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Metrica Partners to start this month with $25 million in funds
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Edwards sees best opportunities in Japan, Australia, Hong Kong
Damian Edwards, a former managing director at Royal Bank of Canada, is starting an Asian event-driven hedge fund to take advantage of a surge in mergers and acquisitions in the region.
Metrica Partners Pte plans to start this month with $25 million, Edwards said in an interview in Singapore. The equity-focused fund has five staff and will invest about half its money in Japan, with the remainder split between Hong Kong and the rest of Asia, he said…
TH Real Estate Nabs Miami-Area Retail Asset
Posted by: | CommentsThe purchase of the Promenade Shopping Center in Palm Beach Gardens, Fla., marks the first acquisition for the company’s newly opened Miami office.
The company has acquired the Promenade Shopping Plaza, a 202,696-square-foot retail center in Palm Beach Gardens, Fla. The buyer is an affiliate of Nuveen, the investment management arm of TIAA.
Public records show that an affiliate of Dallas-based Lone Star Funds sold the property for approximately $49.3 million. The 97 percent occupied retail center is anchored by Publix, CVS, Bealls Outlet and Planet Fitness. Completed in 1972, the Promenade Shopping Plaza underwent redevelopment in 2015…
Hedge Funds Pile In to Long Bets on Bonds Just as Dangers Build
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Fast money amasses record amount of 10-year Treasury futures
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Fed meeting, Treasury refunding may buffet bonds this week
The fast money in the $14 trillion Treasuries market may turn out to be too slow.
For the first time since July, hedge funds and other large speculators are bullish on Treasuries across the yield curve, U.S. Commodity Futures Trading Commission data show. The shift in 10-year futures was particularly striking, with the group adding an unprecedented 255,942 net-long contracts as of the latest figures, covering the week through April 25. Their bias is so skewed toward gains that the group is the most vulnerable to a bond-market selloff since 2008…
Top Hedge Fund Turns to Australia Cannabis Firm for Next Bet
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Tribeca Investment Partners buys into Cann Group IPO
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Cann Group has a license to grow cannabis for medical use
Tribeca Investment Partners Pty, owner of the world’s best-performing hedge fund last year, has found its next stock pick: a tiny grower of cannabis.
The Sydney-based money manager has bought shares in the initial public offering of Cann Group, the only Australian company that has a federal government license to cultivate marijuana for medicinal purposes, according to Ben Cleary, who co-manages the Tribeca Global Natural Resources Fund with Craig Evans. The fund, which soared 145 percent in 2016, is up 2.7 percent this year through the end of March…
Horizon Sells Oklahoma City Mall for $130M
Posted by: | CommentsThe Outlet Resource Group and Singerman Real Estate snapped up the 400,000-square-foot retail property at 7624 West Reno Ave., which functions as the state’s only outlet center.
After six years of ownership, Horizon Group Properties and co-developer CBL & Associates Properties Inc. announced that their first joint venture and one of the largest shopping centers in their portfolio sold for $130 million. Executive Vice President of CBRE Richard Frolik represented the seller.
Starting May 1st, 2017, The Outlet Shoppes at Oklahoma City will operate under The Outlet Resource Group (TORG) and Singerman Real Estate, with Avison Young as property manager…
Top-Performing Bond Fund Thrives on Risks That Most Others Dodge
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Pioneer buys Turkey, Nigeria, sees assets outperforming peers
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Bond fund has beaten 98 percent of rivals over five years
Bring it on. That’s Yerlan Syzdykov’s response to political and financial jolts that have whipsawed markets from Russia to Turkey in recent years, and it’s paid off for the portfolio manager at Pioneer Investment Management Ltd.
Syzdykov’s $3.9 billion Emerging Markets Bond fund has beaten 98 percent of peers over the past five years by making outsized bets in countries that are being roiled by everything from political coups to debt restructurings…
India Property Developers on Notice: Clean Up Act or Go to Jail
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New laws to tackle chronic building delays, restore confidence
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Property developers face three years jail for non-compliance
India’s notoriously unreliable property developers have been put on notice: clean up your act, or you could end up in jail.
Under laws that came into force Monday, developers have to use at least 70 percent of sale proceeds to complete residential projects, rather than funnel money to other jobs, and will no longer be allowed to start pre-selling apartments before all building approvals are obtained. Developers who don’t comply with the new laws face up to three years in jail…
Supreme Court Rules Miami Can Sue for Predatory Lending
Posted by: | CommentsWASHINGTON — The Supreme Court ruled on Monday that Miami can sue two banks for predatory lending under the Fair Housing Act of 1968.
The case arose from the 2008 financial crisis. Miami sued Bank of America and Wells Fargo, saying that their discriminatory mortgage lending practices had led to a disproportionate number of defaults by minority home buyers and, in turn, to financial harm to the city.
Even as the majority of justices ruled that Miami was entitled to sue under the housing law, the court declined to decide whether the city had asserted a direct enough connection between the banks’ actions and the harm it claimed. The court sent the case back to the federal appeals court in Atlanta for further exploration of that question…