Author Archive
CBRE, NGKF Broker 18 KSF Industrial Building Deal
Posted by: | CommentsCBRE Senior Vice President David Prioletti closed the sale of an 18,000-square-foot industrial property on behalf of the owner, production company Video Impressions. Senior Managing Director Corey Chase of NGFK represented the buyer, food analysis laboratory Certified Laboratories Inc.
The industrial/flex facility at 2505 Diehl Road in Aurora, Ill., sold to food testing company Certified Laboratories Inc. Corey Chase, senior managing director of NGKF, was the buyer’s broker while David Prioletti, CBRE’s senior vice president, represented the seller. The 18,000-square-foot property was initially built and customized to accommodate video and audio company Video Impressions.
U.S. Money Manager Sees Buying Opportunity With Home Capital
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Philadelphia Financial bought 1 million shares in past week
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Firm sees Home Capital as buyout target for regional banks
At least one investor sees a buying opportunity in Home Capital Group Inc.’s latest woes.
Philadelphia Financial Management of San Francisco, which oversees about $700 million, spent $10 million in the past week buying more than 1 million shares of the Canadian alternative lender, according to managing partner Jordan Hymowitz. He’s betting that Home Capital will be acquired.
John Paulson’s Fall From Hedge Fund Stardom
Posted by: | CommentsJohn A. Paulson is one of the best-known names in the hedge fund industry. But these days, Mr. Paulson is having more success in the political realm than he is managing his business.
Mr. Paulson, 61, was one of the first people on Wall Street to back Donald J. Trump’s bid for the presidency. He counseled Mr. Trump on economic matters during the campaign. He gave $250,000 to Mr. Trump’s inaugural committee. And he recently visited President Trump at the White House for a “C.E.O. Town Hall.”
New JV Plans $870M Hotel Complex in Dubai
Posted by: | CommentsSchon Properties and Al Hamad Group are developing iSuites, a mixed-use development featuring a 2,550-key hotel, to support the Dubai government’s goal of attracting 20 million visitors to the city by 2020.
The Dubai Government’s Tourism Vision 2020, an initiative designed to attract 20 million annual visitors to the U.A.E. city by 2020, has inspired Schon Properties and Al Hamad Group to establish a new joint venture for the development of iSuites, an $870 million project featuring a 2,550-key hotel.
Top Hedge Fund Turns to Australian 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.
West Roxbury Retail Asset Changes Hands
Posted by: | CommentsThe four buildings, which are occupied by Party City and Lumber Liquidators, are located along VFW Parkway, between Dedham Mall and the Fisher House Boston medical center.
A 33,219-square-foot retail property in West Roxbury, Mass., recently traded for $2.6 million in a deal brokered by Boston-based NAI Hunneman. The firm’s Executive Vice President Carl Christie and Assistant Vice President Dan McGee represented the seller, Fisher VFW LLC, and procured the buyer.
Located at 1455-1457 Veterans of Foreign Wars (VFW) Parkway, the four-building Suffolk County asset was constructed in stages, between the 1940s and 1970s. The retail property is occupied by Party City and Lumber Liquidators, being the latter brand’s first location…
Home Capital Slide Deepens as Rival Seeks to Avoid Contagion
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Canadian mortgage lender could see investors yank GICs
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Regulator, Canada’s finance minister are monitoring situation
Home Capital Group Inc. extended declines after the Canadian mortgage lender reported additional deposit withdrawals, prompting one of its biggest rivals to seek a C$2 billion ($1.5 billion) credit line to stem any contagion across the country’s financial markets.
Home Capital fell 13 percent to C$6.96 in Toronto, bringing its two-week drop to about 69 percent, on concern that redemptions of guaranteed investment certificates by nervous investors would worsen a cash crunch. High-interest deposits have declined about C$1.6 billion, or 80 percent, over the past month to C$391 million, the companysaid Monday…
Home Capital Drop Has Former Investor Mulling Contagion Odds
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Chances of spreading through Canada small, Mawer’s Hall says
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Banking system well capitalized with lots of ‘firefighters’
The escalation of Home Capital Group Inc.’s distress last week has led one of its largest former investors to rethink — if only slightly — the prospects of troubles spreading through the rest of Canada.
After the alternative-mortgage lender set up a C$2 billion ($1.5 billion) credit line to offset a run on deposits, Mawer Investment Management Ltd.’s Jim Hall is recalculating the odds of a contagion widening across one of the world’s strongest financial systems…
Two DC Office Buildings Sell for $259M
Posted by: | CommentsWestbrook Partners and TIER REIT sold the two buildings to UNIZO Holdings after completing significant repositionings of the buildings. The transaction reflects TIER REIT’s continuing strategy of exiting non-target markets.
Westbrook Partners and TIER REIT recently sold 1325 and 1341 G St. (the Colorado Building), two Class A office buildings in Washington, D.C.’s East End submarket, to UNIZO Holdings Co. for $259 million.
HFF represented both parties in the 440,419-square-foot, off-market transaction…
Two DC Office Buildings Sell for $259M
Peso and Ringgit Finally Flourish and Spur Equity Gains
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Philippine shares reverse 2 quarters of outflows on tax reform
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Oil prices, possible early election boost Malaysian equities
Better late than never. The Philippine peso and Malaysian ringgit have clambered aboard the Asian currency rally, advancing against the dollar and spurring flows into equity markets.
Global funds have poured $485 million into Malaysian stocks and $198 million into the Philippines since the end of March as the countries’ currencies strengthened 2 percent and 0.5 percent, respectively. That’s a dramatic turnaround considering both declined more than four percent in 2016 and hit decade lows this year.
Wall Street Wellness Programs Are Being Used to Drive Sales
Posted by: | CommentsMost companies want healthier employees to cut insurance costs. ING wants them to increase profit.
When Lance Hulack calls his first client on Monday morning, they spend 15 minutes talking about their fitness trackers. “I’ll say, ‘Hey, I saw you crushed it on Saturday! 25k steps,’” Hulack, the director of corporate sales at ING Group, says. “Then we talk about what we need to do workwise: ‘What are you looking to hedge? What levels are you looking at?’ It’s a really good ice-breaker rather than talking business all the time.”
Cleveland Mixed-Use Project Lands $142M Financing
Posted by: | CommentsHFF secured the financing on behalf of development partners Fairmount Properties and the DiGeronimo Cos. Scheduled for completion in spring 2018, Pinecrest will offer more than 400,000 square feet of retail, restaurants and entertainment…
Cleveland Mixed-Use Project Lands $142M Financing
UBS Pays $445 Million to Settle Mortgage Securities Probe
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Closes U.S. lawsuit accusing bank of selling faulty securities
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NCUA says sales spurred collapse of corporate credit unions
UBS Group AG has paid $445 million to settle National Credit Union Administration claims that the bank contributed to the collapse of corporate credit unions by selling them faulty mortgage-backed securities, the regulator said in a statement on Monday.
NCUA said the settlement — which Zurich-based UBS agreed to without admitting or denying wrongdoing — closes a lawsuit filed in 2012 and is the latest in a series of deals struck with banks accused of improper sales to five corporate credit unions that failed. The agency had already recovered $79.3 million from UBS last year in a related claim.
Theranos Settles Suits Accusing Startup of Duping Hedge Fund
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Accord resolves Partners Management Fund’s Delaware suits
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Theranos seeking to end other litigation over testing scandal
Theranos Inc. agreed to settle an early investor’s claims that the embattled blood-testing firm misrepresented its performance and technology in order to raise more than $96 million in funding.
Partner Management Fund LP will drop two lawsuits related to the startup’s fumbling of blood tests, Theranos officials said Monday in an emailed statement. Terms of the accord weren’t released.
Bringing Family Wealth to Bear Against a Relentless Illness
Posted by: | CommentsAlice Anane’s father died suddenly of a brutal brain-wasting disease when he was 49. She was 15 at the time and remembers her family thinking that he had contracted mad cow disease on a trip to Britain.
Twenty years later, when she was pregnant with her third child, a routine amniocentesis revealed something different: Her father had most likely died from Creutzfeldt-Jakob disease, a rare illness known as C.J.D. that erases the brain as it ends life, typically within three months…
Bringing Family Wealth to Bear Against a Relentless Illness
Douglas Emmett, QIA Expand With $353M Buy
Posted by: | CommentsThe two buildings in Santa Monica were acquired from the Blackstone Group, which continues to sell off parts of its Equity Office Properties Trust portfolio.
Douglas Emmett Inc., a Santa Monica, Calif.-based Class A office and multifamily REIT, is expanding its holdings in its hometown again. The REIT, along with joint venture partner Qatar Investment Authority, has acquired two office buildings, 1299 Ocean Ave. and 429 Santa Monica Blvd., for a total of $352.8 million.
The same joint venture acquired 12100 Wilshire Blvd. in Santa Monica for $139.5 million and 233 Wilshire Blvd. in the Brentwood submarket of Los Angeles for $225 million in 2016…
ICBC’s Quarterly Profit Rises as Bad-Loan Ratio Stabilizes
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NPL ratio falls to 1.59% as bad-loan coverage improves
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Rival Agricultural Bank reports 1.9% profit increase
Industrial & Commercial Bank of China Ltd., the world’s largest lender by assets, reported its strongest quarterly profit growth in two years as soured credit and lending margins stabilized amid an uptick in the economy.
Net income rose 1.4 percent to 75.79 billion yuan ($11 billion) in the three months ended March 31 from 74.76 billion yuan a year earlier, the Beijing-based lender said in an exchange filing on Friday. Rival lender Agricultural Bank of China Ltd. separately reported a 1.9 percent profit increase for the period…
A Whistle Was Blown, but Who Was Listening?
Posted by: | CommentsThe Securities and Exchange Commission calls itself the whistle-blower’s advocate. But one participant in the agency’s lauded whistle-blower program isn’t so sure.
He is Michael J. Lutz, an accounting specialist who raised his hand in early 2013 when he was at Radian Group, the giant mortgage insurer. At the time, Radian was still weathering the subprime crisis; it had insured loads of soured mortgages, and Mr. Lutz believed the company was lowballing the amount it might have to pay in claims on the loans…
A Whistle Was Blown, but Who Was Listening?
Flex-N-Gate Breaks Ground on $95M Detroit Plant
Posted by: | CommentsThe 350,000-square-foot facility, which is slated for completion by early next year, will become a new centerpiece to the city’s growing I-94 Industrial Park.
Flex-N-Gate has broken ground on the global auto supplier’s new $95 million manufacturing facility on the east side of Detroit.
The 350,000-square-foot facility will become a new centerpiece to the city’s growing I-94 Industrial Park and is a sign of the city and state’s success in attracting more manufacturing jobs back to Detroit…
Flex-N-Gate Breaks Ground on $95M Detroit Plant
U.K.’s May Plans Tougher Take-Over Rules to Protect Pensions
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Tories say deals could be blocked if pensions at risk
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May weighs new crime of recklessly endangering pensions
Prime Minister Theresa May is set to impose new restrictions on company take-overs in the U.K. as part of a plan to protect workers’ pensions from “unscrupulous” bosses.
If re-elected in June, May’s Conservatives will give authorities the power to block such deals and launch criminal prosecutions of company bosses who put pension schemes at risk, the party said.
Allentown to Harbor Tallest Building in Lehigh Valley
Posted by: | CommentsFive City Center will break ground in 2018 and will include a 24-story office tower, two residential buildings totaling 225 apartments and a 1.7-acre park.
Five City Center Campus bids defiance to Lehigh Valley’s Martin Tower and PPL Building. In a recent meeting with the board of the Allentown Neighborhood Improvement Zone Development Authority, real estate investor City Center Investment Corp. presented its plans for a three-building complex in downtown Allentown, which will include the tallest office tower in Pennsylvania outside of Philadelphia and Pittsburgh. Estimated costs are $250 million and the project is set to commence next year at 700 Hamilton St. Development plans are under review for approval and a response from the board is expected by the end of May. The owners tapped Studios Architecture and Land Collective to handle the master development services…
Home Capital Buys Time With Pension Loan as Deposits Erode
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Canada mortgage lender gets $1.5 billion loan from HOOPP
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Company considers sale as fallout spreads to other lenders
Home Capital Group Inc.’s C$2 billion ($1.5 billion) credit line from a Canadian pension fund buys it some time as the country’s biggest alternative mortgage lender faces a run on deposits that may spark a sale of the company.
Healthcare of Ontario Pension Plan agreed to provide the one-year loan to offset the withdrawals sparked by allegations from regulators that the company misled investors about mortgage applications. Customers withdrew another C$290 million from its high-interest savings accounts Thursday, adding to the C$472 million pulled out the previous day, the company said in a statement. Balances have plunged more than 70 percent in a month. The company also has C$13 billion in guaranteed investment certificates…
Pimco Liquidates Arnott-Run Smart Beta Market Neutral Fund
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Research Affiliates fund trailed 87% of peers in past 3 years
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Assets had fallen to $316 million from $4.2 billion at peak
Pacific Investment Management Co. liquidated a smart beta fund, the Pimco RAE Worldwide Fundamental Advantage Fund, effective Friday, according to the firm’s website.
The fund, which had almost $4.2 billion in assets at its peak in September 2014, had fallen to about $316 million as of March 31 as performance trailed peers.
“We constantly review our suite of strategies and may liquidate a fund from time to time if we feel it no longer serves our clients’ needs,” Pimco spokesman Michael Reid said in an emailed statement…
Baum Realty Group Brokers Sale of Chicago Retail Center
Posted by: | CommentsThe disposition of 4600 Plaza in Harwood Heights, Ill. brought $7 million to the seller, an affiliate of Next Realty LLC.
Baum Realty Group has found a buyer for the retail center at 4600 Plaza in Harwood Heights, Ill. The sales team made up of Danny Spitz and Greg Dietz, managing directors, closed the transaction in less than 50 days and brought the seller, an affiliate of Chicago-area company Next Realty LLC, $7 million. The buyer was an out-of-state investment group.
“The speed of the transaction can be attributed to 4600 Plaza fitting into a high demand investment category of retail properties in proven submarkets with high barriers to entry,” Dietz said in a prepared statement…
U.K. House Prices Fall for Second Month Amid Pinch on Consumers
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April’s 0.4% monthly decline is the biggest since 2012
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Nationwide says may be sign of deeper consumer weakness
U.K. house prices fell for a second month in April, adding to signs of consumer weakness, according to Nationwide Building Society.
The 0.4 percent decline, the biggest since 2012, followed a 0.3 percent fall in March. It reduced annual growth to 2.6 percent, the weakest since June 2013, the lender said in a report on Friday…
U.K. House Prices Fall for Second Month Amid Pinch on Consumers
What Trump Has Done for (and to) Your Finances
Posted by: | CommentsFrom financial regulation to student loans to taxes, here’s what just happened to you, good and bad, and what to watch in the days to come.
The long-term impact of a new presidential administration’s early acts is almost impossible to assess. That hasn’t stopped some from making weighty pronouncements on Donald Trump’s first 100 days, including Donald Trump. And it won’t stop us.
With that, Personal Finance offers these thoughts on the Trump team’s words and deeds so far and their implications for investors and consumers, with more definitive reports to come…
What Trump Has Done for (and to) Your Finances
Continental European Investors Covet London Market
Posted by: | CommentsThe investment community across the pond is keen on United Kingdom’s number one hub, putting its money where its mouth is, Savills research shows.
The investment community in Mainland Europe is keen on London, and it’s putting its money where its mouth is, according to newly released research from global real estate services provider Savills. Year to date, investors on the Continent have doled out £1.7 billion, or approximately $2.2 billion, on commercial real estate in Central London, representing 31 percent of market activity.
Minimal Paperwork? No Problem for Mortgages in This Deal
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Lone Star unit sold more than $375 million of mortgage bonds
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Around a quarter of mortgages were made with low documentation
A unit of private equity firm Lone Star Funds sold more than $375 million of bonds backed by mortgages requiring minimal documentation from borrowers, a practice that before the 2008 financial crisis contributed to the creation of “liar loans.”
Over 20 percent of the loans packaged into the Lone Star bonds were made to borrowers who proved their income with just a single month’s worth of bank statements, documents tied to the deal and seen by Bloomberg show…
Unraveling Home Capital Has Ex-Investor Mulling Contagion Odds
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Chances of spreading through Canada small, Mawer’s Hall says
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Banking system well capitalized with lots of ‘firefighters’
The escalating woes ensnaring Home Capital Group Inc. have led one of its largest former investors to rethink — if only slightly — the prospects of troubles spreading through the rest of Canada.
The unraveling of Home Capital, the alternative-mortgage lender that needed a C$2 billion ($1.5 billion) credit line to offset a run on deposits, has Mawer Investment Management Ltd.’s Jim Hall recalculating the odds of a contagion widening across one of the world’s strongest financial systems…
Wells Fargo Chairman Should Listen to Investors and Step Down
Posted by: | CommentsIt’s time to add Wells Fargo’s chairman, Stephen W. Sanger, to the list of firings over the creation of millions of fake accounts.
Just 56 percent of shareholders backed Mr. Sanger at the bank’s annual meeting on Tuesday. That’s a stinging rebuke for his failure as lead director. After 5,300 employees and the chief executive, John G. Stumpf, paid with their jobs, Mr. Sanger and other board members with lackluster support should go, too, to help the bank rehabilitate.
City Greenlights Transformative Atlanta Project
Posted by: | CommentsGrant Park Gateway stems from a 2015 study by the city looking at current and future traffic and parking demands for Grant Park and Zoo Atlanta. The development will be funded through bond revenue and supplemented by additional sources.
An existing eight-acre surface parking lot next to Zoo Atlanta will be transformed into an underground parking and mobility facility with a park on the roof in a $48 million project unveiled by the City of Atlanta.
Home Capital Director Keohane Resigns After Fund Backs Loan
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Mortgage lender said to borrow C$2 billion from HOOPP
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Ability to raise GIC deposits, maintain operations uncertain
The head of an Ontario pension plan has stepped down as a director of Home Capital Group Inc. after his fund agreed to provide a C$2 billion ($1.5 billion) loan to help offset a run on deposits at the struggling Canadian mortgage lender.
Healthcare of Ontario Pension Plan President and Chief Executive Officer Jim Keohane said he recused himself from the lending talks and stepped away from Home Capital’s board last Tuesday before formally resigning on Thursday. He also said that Kevin Smith, Home Capital’s chairman, has stepped down from HOOPP’s board…
Trump Tax Plan Silent on Carried Interest, a Boon for the Very Rich
Posted by: | CommentsWhen the Trump administration unveiled its outline of a tax plan on Wednesday, officials trumpeted a bold promise to shave the corporate tax rate to a flat 15 percent and sharply reduce taxes for ordinary Americans.
But one crucial issue they left unaddressed: how the administration plans to deal with the so-called carried interest loophole, a tax treatment enjoyed by some of the richest people on Wall Street.
During the presidential campaign, Mr. Trump pledged to close the loophole and make its beneficiaries, private equity and hedge fund executives among them, pay their fair share of taxes. He once proclaimed that “hedge fund guys are getting away with murder.”
Honeywell Taps M Moser To Develop New Atlanta Tech Building
Posted by: | CommentsThe new office will support Honeywell’s evolution towards becoming recognized as a software business and serve to better showcase its leadership.
Located at 715 Peachtree St. NE, the facility will serve as the global headquarters for the company’s Home and Building Technologies (HBT) business, adding to the city’s thriving technology scene.
“As Honeywell continues to drive transformative attitudes across their global solutions footprint, the Atlanta Software Development and Connected Experience Center embodies just that – transformative stewardship through design excellence,” Michael Bonomo, M Moser’s creative director USA, told Commercial Property Executive. “Our team has collaborated with Honeywell colleagues to create a facility that draws best-in-class software developers and product creators, while also supporting them in leading their IOT technologies through an immersive facility driving more intelligent spaces for the world.”
JLL Strengthens SoCal Retail Practice with VP Hire
Posted by: | CommentsDan Gill has more than 25 years of experience in the industry and will be based in the firm’s San Diego office. The move is part of the firm’s plan to expand its retail platform.
JLL has hired Dan Gill as vice president to expand its Southern California retail practice. Gill is based in the firm’s San Diego office, where he will join Retail Brokerage Lead Craig Killman in representing retailers and landlords across the region.
Gill brings more than 25 years of experience in the retail real estate industry. Prior to JLL, he owned The Gill Group and has more than 175 transactions under his belt. Gill holds a bachelor’s degree from the University of Massachusetts at Amherst…
Hermes Invests in France as Macron, Le Pen Joust Over Jobs
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Birkin bag maker invests in French output to meet Asian demand
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Quarterly sales beat estimates as China rebound accelerates
Hermes International SCA is hiring workers and investing in French production to meet surging demand for handbags in Asia, boosting the economy as presidential elections highlight the country’s struggle to create jobs.
The Paris-based luxury-goods company is expanding its network of domestic workshops that make bags like the Kelly and Birkin, it said Thursday in reporting quarterly sales that beat estimates. For Hermes, a “made in France” label is an intrinsic part of the appeal of its handbags, which are coveted in Asia and elsewhere as an emblem of French chic…
Hong Kong Dollar Drop Has Origin in Property-Lending Rumbles
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Currency is at its weakest against greenback since early 2016
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Interest-rate divergence between Hong Kong and U.S. widens
Where U.S. interest rates go, Hong Kong’s follow. At least that’s the theory with the territory’s pegged currency system.
It’s not always the case. There was a sharp divergence in rates in 2003, when Hong Kong’s economy was hit by the impact of the deadly SARS virus, causing a drop in lending that generated a surfeit of liquidity, driving down rates. Local dynamics are causing a gap again, though now it has nothing to do with face masks — it’s all about real-estate lending…
Robert Brierley Moves Up the Ladder at Colliers
Posted by: | CommentsThe new executive vice president’s track record includes positions with Brookfield Office Properties, Equity Office Properties, Beacon Properties and Gilbane Properties.
Colliers International New England recently promoted Robert Brierley to managing director of its real estate management services (REMS) division and executive vice president of Colliers Boston.
Brierley joined Colliers’ REMS team in 2013, as senior vice president, his professional track record also including positions with Brookfield Office Properties, Equity Office Properties, Beacon Properties and Gilbane Properties. As vice president of operations with Brookfield Office Properties, he was responsible for managing a Class A, 2.1 million-square-foot portfolio with a value of more than $1 billion and an annual operating budget in excess of $50 million…
Lloyds Shakes Off Brexit Concern as Lending Margins Increase
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Bank’s pretax profit beats estimates as revenue rises
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Lloyds boosts 2017 guidance for lending net interest margin
Follow @Brexit for all the latest news, and sign up to our daily Brexit Bulletin newsletter.
Lloyds Banking Group Plc isn’t getting bruised by Brexit so far.
Britain’s largest mortgage bank boosted its target for lending margins this year, even amid record-low U.K. interest rates introduced in the wake of the nation’s vote to leave the European Union. Net interest income rose 1 percent to 2.93 billion pounds ($3.8 billion) in the first quarter, topping most analysts’ estimates.
Bond Vigilantes Lie In Wait for Trump’s Debt-Swelling Tax Plan
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Concerned about growing deficits? Watch these 4 market signals
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Goldman Sachs says proposal released this week faces long road
The Trump administration’s tax plan — and its disregard for the effect it would have on the federal budget deficit — is certain to pique the interest of a long-dormant segment of bond investors.
So-called bond vigilantes, once feared for enforcing restraint on spendthrift governments, have struggled to flex their muscles in recent years as global central banks stepped in to buy a glut of sovereign debt. Now may be the time for a comeback, with the Federal Reserve talking about trimming its Treasury holdings while the administration’s tax plan could spur more borrowing to cover a shortfall (assuming the projected economic growth doesn’t materialize)…
Downtown Nashville Land Hits the Market
Posted by: | CommentsZoned for a range of uses, the site could accommodate residential, office, retail or all of the above. The increasingly high-profile nature of the market is resulting in continuous growth of capital investments.
With the assistance of Compass Auctions & Real Estate LLC, the State of Tennessee is auctioning two parcels totaling 2.1 acres in downtown Nashville, paving the way for a developer to capitalize on city’s ongoing upswing.
The offering consists of 450 James Robertson Parkway., an approximately 0.9-acre tract of land and the neighboring 1.2-acre parcel at 460 James Robertson Parkway. Zoned for a range of uses, the site could accommodate residential, office, retail or all the above…
Pending Sales of Previously Owned U.S. Homes Retreated in March
Posted by: | CommentsContracts to buy previously owned U.S. homes declined in March after rising a month earlier by the most since 2010, according to figures released Thursday from the National Association of Realtors in Washington.
Key Points
- Pending home sales index fell 0.8 percent (forecast was for a 1 percent decrease) after jumping 5.5 percent the prior month
- Index climbed 0.5 percent from March 2016 on an unadjusted basis
- Pending sales dropped in three of four U.S regions month-to-month…
Pending Sales of Previously Owned U.S. Homes Retreated in March
Homeownership Ready to Rise After Hitting an All-Time Low
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First-quarter gain in owners was biggest in more than a decade
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Wage growth, rising confidence pushing more people to buy
The U.S. homeownership rate is finally poised to rise significantly as household formations by owners grew faster in the first quarter than those by renters — the first time that’s happened in more than a decade.
While the share of Americans who owned their homes was up only slightly from a year earlier, at 63.6 percent, the number of new owners jumped by more than 850,000, compared with an increase in renter households of 365,000. The 1.1 percent year-over-year gain in owners was also the biggest since 2006, according to an analysis by Trulia of Census Bureau data released Thursday…
CBC Advisors Opens New Ontario Office
Posted by: | CommentsThe company also promoted Daniel Richards to managing principal of the Ontario region and Rene Ramos Jr. to senior vice president of industrial brokerage.
Coldwell Banker Commercial Advisors expands its Ontario, Calif., operations with the opening of a new full-service commercial real estate office located in the first building at 3959 Inland Empire Blvd. With this occasion, Daniel Richards was named managing principal of the Ontario region, while Rene Ramos Jr. will serve as senior vice president, industrial brokerage.
Richards owns more than 25 commercial real estate properties and has developed more than 35 projects. Ramos joined Coldwell Banker in 2005 and was named this year’s top producing Coldwell industrial broker globally…
Billion-Dollar Mixed-Use Project Kicks Off in DC
Posted by: | CommentsThe Parks at Walter Reed, a $1 billion mixed-use project in Washington, D.C., gets underway as TPWR Developer LLC—a joint venture of Hines, Urban Atlantic and Triden Development Group—breaks ground on the 3.1 million-square-foot transformative undertaking…
This Hedge Fund May Be Poised to Create the Most Billionaires
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Laufer joins Simons among world’s richest on Medallion returns
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Mercer and Brown, near-billionaires, at odds over Trump
Henry Laufer was teaching math at Stony Brook University on Long Island in the late 1980s when he got a call from Jim Simons. A former colleague, Simons had left academia to start Renaissance Technologies a mile down the road, and his hedge fund was struggling. Would Laufer help him find a better way to predict commodity prices?
HFF Closes $82M Recapitalization of MOB Portfolio
Posted by: | CommentsThe company acted on behalf of TRITEC Real Estate, which developed the Long Island business park, totaling more than one million square feet, over a period of twenty years.
HFF has closed the $81.5 million recapitalization of Stony Brook Technology Center, an eight-building medical office portfolio totaling 261,824 square feet in the Long Island community of East Setauket, N.Y. HFF’s Senior Managing Directors Andrew Scandalios, Jose Cruz and Michael Gigliotti represented developer TRITEC Real Estate and procured the partner, a fund advised by UBS Real Estate & Private Markets…
HFF Closes $82M Recapitalization of MOB Portfolio
RLJ, FelCor to Merge in $1.2B All-Stock Deal
Posted by: | CommentsThe all-stock, $1.2 billion planned merger of RLJ Lodging Trust and FelCor Lodging Trust Inc. has left a few people guessing. The deal, which would create the third-largest pure-play lodging REIT, with a total enterprise value of $7 billion, would see FelCor folded into RLJ, a move that was deemed a “head scratcher” by at least two analysts…
After a Bitter Divorce, a $27 Million Penthouse Hits the Market
Posted by: | CommentsBefore Sarah Pursglove and her husband, the Finnish entrepreneur Robert Oesterlund, became the subjects of one of the most high-profile divorces in recent history, they were considering a change of scenery. (Oesterlund’s efforts to make as much as $400 million “disappear” were chronicled in the New York Times Magazine.) With homes in Finland, the U.S., and the Bahamas already, “we were looking at places in Canada and interested in something that would be similar to New York, and walkable,” Pursglove said…
After a Bitter Divorce, a $27 Million Penthouse Hits the Market
Lee & Associates to Manage 224 KFS Office Center
Posted by: | CommentsThe company is ready to start leasing and management services for Maryland Corporate Center, a four-building office property in Lanham, Md.
Maryland Corporate Center, a four-building, 224,000-square-foot commercial office center located in Lanham, Md., is getting ready to welcome new tenants now that Lee & Associates won the leasing and asset management contract.
Lee & Associate, the largest broker-owned firm in North America, has won the contract from Melrose Holdings LLC. The team that will run the leasing and marketing strategy comprises Lee & Associates Senior Vice President Bill Harrison, Principal Kate Jordan and Associate Austin Ever, while Director of Property Management Michelle Kimos will supervise the asset management activities…
Investcorp Adds $160M to Chicago, Boston Portfolios
Posted by: | CommentsInvestcorp has invested $160 million in an industrial portfolio of six properties located in the Chicago and Boston metropolitan areas.
The portfolio consists of an aggregate of approximately 1.8 million square feet of warehouse and distribution space…
China’s Didi Said Near Deal to Become Most Valuable Asia Startup
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Ride-hailing service plans to raise at least $5 billion
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Didi said to raise funds for automated driving expansion
Ride-hailing giant Didi Chuxing is near an agreement to raise at least $5 billion in a deal that would make it the most valuable startup in China, according to people familiar with the matter.
Self-Storage Asset Changes Hands in Maricopa County
Posted by: | CommentsMarcus & Millichap closed on the sale of a 26,875-square-foot self-storage property comprising 250 units. Yardi Matrix data shows that the facility traded for $2.4 million.
The Mele Group of Marcus & Millichap has announced the sale of Tolleson Self Storage in Tolleson, Ariz. Devin Beasley, Luke Elliott and Michael Mele, self-storage investment specialists at The Mele Group, marketed the 26,875-square-foot property on behalf of both the seller and the buyer. According to data provider Yardi Matrix, The Laurel Co. sold the facility to Clear Sky Capital for $2.4 million.
This $30 Billion Pension Pot Is Keeping Faith With Hedge Funds
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PPF says the much-maligned funds are useful for higher returns
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Hedge funds are part of firm’s alternative-investment strategy
The firm that compensates members of U.K. retirement pots when they run into trouble is keeping faith with hedge funds despite widespread criticism of their high fees and underwhelming returns.
The Pension Protection Fund has about 23 billion pounds ($30 billion) under management and a 4.1 billion-pound surplus, thanks in part to investing in assets other than stocks and bonds, according to Ian Scott, its head of investment strategy….
This $30 Billion Pension Pot Is Keeping Faith With Hedge Funds
Anadarko Shuts Wells in Colorado After Deadly Home Explosion
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Explorer shuts 3,000 vertical wells across state’s northeast
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April 17 blast killed at least two people; cause not known
Anadarko Petroleum Corp. is shutting all its vertical wells across northeast Colorado following a home explosion in the town of Firestone earlier this month that killed two people.
The more than 3,000 vertical wells, which produce the equivalent of about 13,000 net barrels of oil a day, will remain shut until the company’s field personnel can conduct inspections and test equipment in facilities and underground lines associated with each wellhead, the oil explorer said in a statement Wednesday. The cause of the explosion is still being investigated…
Terreno Realty Lands Seattle Distribution Building
Posted by: | CommentsThe company paid $5.9 million to acquire the 35,000-square-foot property, which is located at 25-29 South Hanford St. in the SoDo district.
Terreno Realty Corp. has acquired an industrial property in Seattle for $5.9 million. The asset, a 35,000-square-foot industrial building, sits on roughly 1 acre. The property’s stabilized cap rate is estimated at 5 percent…
Terreno Realty Lands Seattle Distribution Building
In Dot-Com Bubble Time, It’s Still Only 1997 for U.S. Equities
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Tech giants such as Apple and Google dominating gains again
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Their valuations still far from extremes seen at 2000 peak
Terrified that rallies in Facebook Inc., Amazon.com Inc. and Google portend a millennial catastrophe along the lines of the dot-com bust? Relax. Going by one doomsday clock, it’s only 1997 in bubble years.
So says Leuthold Group LLC in a study that plots today’s valuations against the salad days of Internet mania. Based on its model, which measures the S&P 500 Index by six factors including earnings, dividends and cash flow, the Minneapolis-based firm found stocks currently trade at the multiple they first reached 20 years ago…
Ivanka Trump Said to Discuss Fund for Women With World Bank
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Discussions are in early stages and no structure is in place
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Ivanka Trump wouldn’t be involved in soliciting funds
Ivanka Trump is in discussions with the World Bank about setting up a fund that would pool resources from G-20 countries to support female entrepreneurs, two people with knowledge of the matter said.
The project hasn’t been set up, and donors would need to agree on its structure, said officials from the World Bank and the White House, who spoke on condition of anonymity. The German government has taken a leading role in the effort, according to the officials. In addition to countries and foundations, corporations might be tapped for donations, a second World Bank official said…
If Paul Tudor Jones Was Janet Yellen, He’d Be Sh!tting His Pants Right Now
Posted by: | CommentsYou know things are getting weird out there when PTJ makes a quasi-public appearance and says something newsworthy:
Billionaire investor Paul Tudor Jones has a message for Janet Yellen and investors: Be very afraid.
The legendary macro trader says that years of low interest rates have bloated stock valuations to a level not seen since 2000, right before the Nasdaq tumbled 75 percent over two-plus years. That measure — the value of the stock market relative to the size of the economy — should be “terrifying” to a central banker, Jones said earlier this month at a closed-door Goldman Sachs Asset Management conference, according to people who heard him…
A Showdown Over Wells Fargo’s Board of Directors Looms
Posted by: | CommentsPONTE VEDRA BEACH, Fla. — The scandal at Wells Fargo over the creation of millions of fake bank accounts cost more than 5,300 people their jobs, many of them tellers and other low-level employees.
The bank then clawed back tens of millions of dollars in pay from its retired chief executive and fired the former head of the retail operation.
The next group of employees who could lose their jobs are Wells Fargo’s board of directors, who face re-election on Tuesday at the bank’s annual shareholder meeting…
A Showdown Over Wells Fargo’s Board of Directors Looms