Archive for Commercial Real Estate

Purchase shows demand for health care properties, but changing regulation makes picking winners a challenge

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  • Trudeau out in the cold as Trump courts Mexico on Nafta deal
  •  U.K. seen raising rates for second time since financial crisis

U.S. Targets Property, China’s New Empire, Fed Outlook: Eco Day

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The wife of an unidentified banker is fighting the U.K. prosecutor’s attempt to seize millions of pounds of allegedly improperly acquired property, asking a London judge to block one of the first-ever “unexplained wealth orders.”

Unexplained wealth orders, which came into effect in January, could overhaul how prosecutors chase assets that are thought to have been gained through crime. The onus is on the owner to show that any asset worth more than 50,000 pounds ($66,000) was funded by legitimate means, instead of a requirement for police to prove it was obtained illegally…

Mystery Banker’s Wife Fights U.K. Order on Unexplained Property

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  • Kamet has about 40 percent cash, versus more usual 5 percent
  •  Invests money for two ultra high net worth Chinese individuals

Kamet Capital Partners Pte, a Singapore-based family office that invests on behalf of wealthy Chinese, said it’s hoarding cash as it waits for global asset prices to deflate amid geopolitical tensions and tighter U.S. monetary policy.

The firm plans to maintain its cash holdings at about 40 percent of assets under management, Kamet Chief Executive Officer Kerry Goh said in an interview. That’s an ultra-conservative position by the standards of the fund management industry, where cash holdings of 5 percent or less are common, according to the latest monthly survey by Bank of America Merrill Lynch…

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  • Citigroup forecasts prices will slide in second half of year
  •  Bocom sees declines in property stocks pointing to correction

Hong Kong’s property market has a habit of humbling the bears, shattering predictions that the laws of gravity must eventually prevail.

But now, a crosscurrent of headwinds — from a slowing Chinese economy to upcoming interest-rate hikes and a reinvigorated regulatory push to tame home prices — have emboldened some longstanding skeptics to renew calls that a correction could be imminent. Citigroup Inc. last week called time on the party, predicting a 7 percent second-half slide, and Bocom International Holdings Co.’s Hao Hong sees the possibility of a decline of more than twice that…

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New York’s commercial real estate market is crawling out of a slump.

In the first half of 2018, $22.5 billion of properties such as office towers and apartment complexes changed hands, up 34 percent from a year earlier, data from brokerage Cushman & Wakefield show. The pace is running far behind the $38 billion of deals completed during the first six months of 2015…

Manhattan’s Commercial-Property Sales Are Stirring From a 2-Year Slump

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  • Casco will wager on multi-family and commercial property
  •  Judy Glickman Lauder, a photographer, is part owner of Casco

Judy Glickman Lauder, wife of cosmetics billionaire Leonard Lauder, is investing in a new real estate firm that will wager on multi-family and commercial properties.

Casco Capital Management will provide or invest in loans to real estate developers and also make equity investments in properties, according to an investment adviser registration filed with regulators. Glickman Lauder, a photographer whose work hangs in museums around the world, owns part of New York-based Casco Capital…

Judy Glickman Lauder of Billionaire Family Invests in New Money Manager

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  • U.K. home sales activity declines for 16th month, RICS says
  •  Activity indicators suggest London will remain in a rut

London house prices extended their decline last month amid slumping demand in the capital, according to the Royal Institution of Chartered Surveyors.

For a sixth month, significantly more real estate agents reported falling prices than rising ones, albeit at a slightly slower pace than previously, RICS said is a report Thursday. On a national level prices remained broadly flat, the firm said…

London House Prices Extend Decline as Demand for Property Wanes

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There are 255 acres, perfect for practicing a touchdown trot.

At the time Sharon Magness Blake’s first husband, Tele-Communications Inc. founder Bob Magness, died in 1996, she estimates they had a ranch with about 900 Arabian horses. She continued racing for about five years after her husband’s death, she says, “but then it became overwhelming.”

Magness Blake began to sell the horses off, and by the time she began looking for a new ranch in 2002 with her future husband Ernie Blake, “I only had about 30 horses,” she says. Of the steeds she kept, one was of particular importance: Thunder, the official mascot of the Denver Broncos.

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  • Silverstein buys Upper West Side properties for $1.15 billion
  •  ‘The View’ is among the ABC shows moving to new location

Walt Disney Co. agreed to sell its offices on the Upper West Side of Manhattan and purchase rights to another site, which will become the entertainment giant’s new New York campus.

The company is selling its West 66th Street location and related buildings for $1.15 billion to Silverstein Properties Inc. and is acquiring 99-year rights for land at 4 Hudson Square from Trinity Church Wall Street in a separate transaction valued at $650 million…

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  • Sunsuper investment chief puts more money into unlisted assets
  •  Equity valuations getting increasingly stretched, Patrick says

A regional airport in the U.K. and an express railway in Sweden are two places a $41 billion Australian pension fund thinks might be safe from the inevitable end to the economic cycle.

Uncertainty on global trade and a sharper than expected slowdown in China has prompted Sunsuper Pty Ltd. to shift more of its money into infrastructure assets, according to chief investment officer Ian Patrick. Meanwhile, the A$55 billion pension manager that counts staff at Australia’s central bank and Unilever among clients is paring exposure to listed securities including equities as valuations soar, he said…

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Singapore imposed cooling measures on its property market last week, in a bid to contain what the central bank described as ‘euphoria’ in the sector. Here are three charts showing some of the factors behind the government’s concerns:

1. Prices

Residential property prices have rebounded since the middle of last year, after Singapore reduced a stamp duty on sellers and eased mortgage restrictions in March 2017. In the absence of the cooling measures imposed last week, prices would likely have continued higher to revisit their 2013 peaks, according to Christine Li, a senior director of research at Cushman & Wakefield. That’s now unlikely to happen, Li said…

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When the owner of Richard Nixon’s former beachfront estate in San Clemente, California, listed the 15,000-square-foot home three years ago for $75 million, you may have been tempted. Now, with the historic property back on the market for $63.5 million, you can hardly say no.

Yet that’s just what buyers are saying to extravagant real estate listings from the sunny sands out west, where a residence owned by Warren Buffett has been on sale for more than a year, to the austere brownstones of Manhattan and the opulent hedges of Greenwich, Connecticut

Nixon Estate, Buffett Beach House Go Begging in Languishing Luxury Market

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  • Discussions for Manhattan property are said to be exclusive
  •  Owner is Richard Ravitch, former New York lieutenant governor

Brookfield Property Partners LP is in talks to buy Waterside Plaza on the East Side of Manhattan for about $600 million, according to people with knowledge of the matter.

The property, which includes apartments, stores and space rented to the British International School of New York, is owned by Richard Ravitch, a former New York lieutenant governor and onetime chairman of the Metropolitan Transportation Authority. A deal has yet to be finalized and it’s possible it could fall apart, said one of the people, who asked not to be identified because the transaction is private…

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  • ‘I could buy five cars for that much,’ limousine owner says
  •  Number of autos rising much faster than parking-spot growth

Spare a thought for Hong Kong’s beleaguered car owners.

The market for parking spaces is hotter than ever as a single spot in a luxury development in Kowloon’s Ho Man Tin district changed hands for a record HK$6 million ($765,000)…

A Single Parking Space in Hong Kong Has Sold for $765,000

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The waterfront home is the most expensive transaction in Montauk, N.Y., this year. Designed by Surf Lodge decorator Robert McKinley, it went for more than double its 2012 sale price

A Montauk, N.Y., waterfront home with a vintage beach look has sold for $22.8 million.

The home is the most expensive to have sold in Montauk this year, according to a spokesman for Sotheby’s International Realty, which represented the seller. He said the deal is further evidence that Montauk is catching up with its posh neighbors Southampton and East Hampton as a destination that can command ultrahigh price tags. Seller’s agent Rylan Jacka said a new generation of buyers is flocking to Montauk for its lower-key vibe and surfing.

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Australian housing prices fell for a ninth straight month in June as tighter credit rules weigh on buyers.

Property values fell 0.2 percent nationally last month, to be 1.3 percent lower than their September peak, according to CoreLogic Inc. data released Monday. The decline was led by the biggest cities, with prices falling 0.3 percent in Sydney and 0.4 percent in Melbourne…

Australia Property Prices Fall for Ninth Month on Tighter Credit

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  • Private residential prices climb 3.4%, preliminary data show
  •  Data show second consecutive quarter of strong price growth

Singapore private home prices surged the most since 2010 as the property market extends its recovery from a four-year slump.

An index tracking private residential prices jumped 3.4 percent in the three months ended June 30, according to a flash estimate from the Urban Redevelopment Authority. That’s the biggest quarter-on-quarter gain since the three months ended June 2010, and builds on a 3.1 percent gain the previous quarter…

 

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Police confirm a suspect is in custody after shooting at Capital Gazette in Annapolis; man by same name was previously involved in a defamation lawsuit against the newspaper

ANNAPOLIS, Md.—A man wielding a shotgun killed five people and wounded two others at a newspaper office here in what authorities called a targeted attack Thursday afternoon.

The suspect was in custody and being interviewed by authorities Thursday night. Authorities have identified him as Jarrod Ramos, a 38-year-old Maryland man, according to law-enforcement officials…

Five Dead in Shooting at Maryland Newspaper Office

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The real estate company that helps pay for Britain’s Queen Elizabeth says the country’s commercial property market is going through a “challenging” time.

The Crown Estate oversees property that the monarchy surrendered in 1760 in exchange for annual payments. The company beat its benchmark in the last financial year, “against a backdrop of a challenging and uncertain market,” Chief Executive Officer Alison Nimmo said in a briefing with reporters…

Britain’s Crown Estate Points to Challenging Property Market

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It’s one of the hottest areas in finance: persuading wealthy families that they’ll benefit from advice not just managing their money, but also on areas such as how to give to charity and preparing the next generation to take over the reins.

The reasons are obvious. North America has the biggest pool of rich peopleglobally with more than 200,000 people worth at least $20 million, according to Boston Consulting Group. The firm predicts at least $20 trillion of new financial wealth will be created over the next five years. What’s more, the ultra-high-net worth crowd are looking for more than robo-advisers or the latest ETFs, offering the opportunity for banks and advisers to earn fees…

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Residents embrace chance to avoid typical housing tasks, like dealing with the cable guy

Devon Patterson’s furnished apartment in a luxury Manhattan building came with mid-20th-century furniture, champagne flutes and a cocktail mixer along with dishes, sheets, towels and cable television.

“I can just enjoy New York and not feel locked in by my furniture, my cable and my internet,” said Mr. Patterson, a visual-effects production manager, on a long-term temporary stay in New York for work on a Disney movie…

Demand Rises for Furnished Rental Apartments

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  • Sector saw biggest deterioration in cash flows: rating company
  •  Without monetary easing, defaults to rise, asset manager says

A mad scramble by Chinese property developers to build up their land banks is taking its toll on the industry’s creditworthiness, with builders singled out as having the highest risk of default as channels of credit tighten.

The Bloomberg Default risk model, which tracks metrics including share performance, liabilities and cash flow, shows a 0.87 percent average probability that builders will renege on its obligations in the next 12 months. While the proportion may look small, it’s triple the likelihood of delinquency in the technology industry. About three-quarters of developers have seen their default risk climb over the past year, Bloomberg data show…

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  • Hong Kong Central takes top spot for third consecutive year
  •  Firms leasing prime space in Midtown South pay more than ever

The rent is due, the rankings are out and it’s another year at the top for Hong Kong, the most expensive office market in the world.

Occupancy costs — which include rent, local taxes and service charges — for the city’s notoriously pricey Central district are 30 percent higher than in London’s West End, which took the No. 2 spot in a survey by CBRE Group Inc. of prime office real estate in the first quarter…

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  • Anthony Di Iorio bought condo in Toronto for C$28 million
  •  Residence has three floors, located in downtown Toronto

A cryptocurrency baron has bought the largest and one of the most expensive condos in Canada.

Anthony Di Iorio said in an email he purchased the three-story penthouse for C$28 million ($21 million) at the St. Regis Residences Toronto, the former Trump International Hotel & Tower in the downtown business district. The unit totals 16,178 square feet (1,502 square meters) and includes a wrap-around patio overlooking the city’s skyline at the corner of Bay and Adelaide Streets…

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Billionaire banker Uday Kotak’s stressed asset investment unit is asking India’s bankruptcy regulator to ensure that potential buyers of insolvent companies aren’t made to provide non-refundable deposits in exchange for financial information during the sale process.

A court-appointed insolvency professional asked bidders for Golden Jubilee Hotels Ltd., which operates a property that in November hosted Ivanka Trump, to pay an upfront deposit of 1 million rupees ($15,000) while submitting an expression of interest, according to S. Sriniwasan, managing director of Kotak Investment Advisors. This practice wasn’t followed in other bankruptcy processes he has participated in…

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Asking rents have steadily climbed during the last two years, reaching $26.86 a square foot in the third quarter

Asking rents for New Jersey office space are nearing records as landlords undertake extensive renovations and fill older properties with amenities from beach volleyball courts and yoga studios to outdoor lounges with firepits.

The steady climb in asking rents during the past two years reached $26.86 a square foot in the third quarter, just shy of the record $26.90 from the second quarter of 2001, according to real-estate services firm Transwestern…

New Jersey Office Rents Near Records

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Chinese authorities are listening to offers for the Anbang properties it seized late last week

When Chinese regulators seized control of Anbang Insurance Group Co., they took ownership of more than a dozen luxury U.S. hotels, including New York’s famed Waldorf Astoria.

Now, as the Chinese government weighs selling many of these properties, the buildings likely are worth less than what Anbang paid only a couple of years ago, the latest instance of foreign investors rushing into U.S. property only to find the market softening beneath them.

Want to Buy a Luxury Hotel in the U.S.? Try China’s Insurance Regulator

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  • Brookfield could put up to $700 million of equity in 666 Fifth
  •  Owner needs funds to pay down debt, renovate aging property

When Kushner Cos. bought 666 Fifth Ave. for a record-setting $1.8 billion, it made a down payment of $50 million. When it added a partner years later, that company put down $80 million.

Now Brookfield Asset Management Inc. is offering to buy a stake in the troubled New York City office tower and put up as much as $700 million — in cash…

Kushner’s May Have to Give Up Ownership of Indebted NYC Office Tower

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  • Statement clarifies the impact of legal changes from 2017
  •  Bureau’s stakes in Siam Commercial, Siam Cement top $7 billion

Thailand’s Crown Property Bureau said its assets are now held in the name of King Maha Vajiralongkorn, clarifying how a legal change last year affects billions of dollars of holdings.

The law enacted in 2017 means that “‘Crown Property Assets’ are to be transferred and revert to the ownership” of the king and that the bureau’s investments “will now be held in the name of His Majesty,” the bureau said in an undated statement on its website…

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  • Firms representing foreign funds also want ID rules relaxed
  •  Indian authorities want more trading to come onshore

Brokerages representing offshore investors are asking for more concessions to trade in India’s nascent international financial hub in Gujarat, according to people with knowledge of the matter.

The brokers, who transact on behalf of overseas funds, are seeking the same exemption from local taxes enjoyed by foreign funds in the Gujarat bourse, said the people, who asked not to be identified as the discussions are private. They also want Indian authorities to have easier customer identification rules, the people said. The Futures Industry Association is expected to write to India’s securities regulator to voice the concerns of the brokerages and their clients, they said…

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  • Average property value fell 0.9% in June, Rightmove says
  •  BCC business lobby revises down U.K. economic growth forecasts

London house prices fell the most since the beginning of the year in June as the capital’s property market continued to lag behind the rest of the country.

The price of property coming to market in London dropped by 0.9 percent, bringing the average price to 631,737 pounds ($838,000), property-website operator Rightmove said in a report Monday. Values fell 1 percent from a year earlier, marking the 10th negative month in a row. Nationally, prices grew 0.4 percent on the month and 1.7 percent on an annual basis…

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Steinhoff International Holding NV agreed to sell its Austrian furniture retailer Rudolf Leiner GmbH and real estate assets in the country to Rene Benko’s Signa Holding GmbH to prevent a looming insolvency of the unit.

Signa’s offer for the business and the properties was accepted by Steinhoff, Rudolf Leiner Chief Executive Office Gunnar George said in an emailed statement on Thursday. “In the coming days, all contracts will be agreed and fixed,” George said in the statement…

Steinhoff Sells Austrian Unit to Signa, Averting Insolvency

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With the potential collapse of Arif Naqvi’s Abraaj Group comes trouble for the United Arab Emirates’ nascent financial industry.

Pakistani financier Arif Naqvi shared a stage with Bill Gates at the World Economic Forum in Davos, Switzerland, in January for a panel on global health. Even alongside the billionaire philanthropist and two medical professionals, Naqvi stood out for his enthusiasm: “Like Bill, I’m an optimist,” he said. “So I believe the glass is half full, very firmly. I don’t believe it’s half empty.”

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NKF Capital Markets, which handled the transaction, expects the disposition of the Southgate Mall in Missoula to be one of the largest 2018 mall sales in the Pacific Northwest.

The 447,952-square-foot Southgate Mall in Missoula, Mont., which was recently transformed from an enclosed regional mall to a hybrid open-air town center, has been sold by its longtime private owners to retail REIT Washington Prime Group Inc. for $58 million.

NKF Capital Markets Thomas Dobrowski, Katherine French and Ed Leinss handled the transaction. It is expected to be one of the largest 2018 mall sales in the Pacific Northwest, according to NKF…

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JPMorgan Chase & Co., which is constructing a new corporate headquarters in New York, purchased a building in central Washington, D.C., to serve as its base for that region…

JPMorgan Buys Building in Washington for Regional Headquarters

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Normandy Real Estate Partners found what it viewed as the perfect spot for a high-end Manhattan office development: the upper floors of the ABC Carpet & Home building, a retail industry landmark.

Last year, Normandy closed on a $133 million deal for the upper portion of ABC Carpet’s flagship store in the Union Square and Flatiron District neighborhoods, with plans for a $40 million conversion of several floors of retail space into office space…

New Office Space Created in Retail’s Tumult

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After a two-year sales plunge in New York City commercial real estate, signs are emerging that a bottom could be near.

Brokers are optimistic that more deals will take place in 2018, pointing to an expected economic boost from the new law cutting corporate taxes, as well as an uptick in signed contracts in the fourth quarter, which could lead to an increased number of deals completed this year…

New York’s Commercial Property Slump Shows Signs of Slowing

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Brookfield Property Partners LP has made a $14.8 billion offer to acquire the shares of mall owner GGP Inc. that it doesn’t already own, according to people familiar with the matter.

Brookfield has offered to pay $23 a share for the remaining 66% of GGP, half in cash and half in equity, some of the people said. GGP investors could choose either cash or 0.9656 of a limited-partnership unit of Brookfield Property for each share, subject to proration that keeps the consideration of cash and units from each exceeding $7.4 billion…

Brookfield Property Makes $14.8 Billion Offer to Acquire Remainder of GGP

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Recently I have indicated I see a lot of problems in asset markets despite the economic acceleration in Europe, Japan, and the US. Commercial real estate is a problem that I want to highlight briefly since I believe it will be a locus of distress in the next global downturn.

Recently I have indicated I see a lot of problems in asset markets despite the economic acceleration in Europe, Japan, and the US. For example, there is a liquidity mismatch in high yield bond and leveraged loan markets and technology shares are priced for perfection. Commercial real estate is also a problem that I want to highlight briefly since I believe it will be a locus of distress in the next global downturn…

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Various Marriott and Hilton properties are set to undergo around $200 million in renovations, including $70 million in new furniture, fixtures and equipment.
Benjamin West is set to provide furniture, fixtures and equipment (FF&E) procurement services for a 69-hotel portfolio undergoing an extensive renovation process. The assets are set to undergo around $200 million in upgrades, from which $70 million in new FF&E. The portfolio includes several Marriott and Hilton properties across the U.S. and encompasses:
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The build-to-suit facility, which is fully preleased to Dorman Products, is scheduled for completion by the end of the year.

Panattoni Development Co. has begun construction on a fully preleased, 815,670-square-foot industrial property in northern Tennessee. The building will be occupied by Dorman Products, which will use the new facility as its largest U.S. distribution center.

Panattoni expects to complete development of the structure by the end of 2018. Stonemont Financial Group is partnering to fund the project, with additional construction financing provided by Pinnacle Bank…

Panattoni Breaks Ground on 815 KSF Warehouse in TN

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The 80-acre shopping center in the Jacksonville area is already underway, with the first phase wrapping up later this year.

The Pavilion at Durbin Park, a retail development on track to become the largest shopping center in Northeast Florida, has landed $80.5 million in construction financing. City National Bank of Florida provided the three-year construction loan, which has a variable interest rate. The owner, a joint venture between Gatlin Development Co. and Gate Petroleum, is building the 80-acre property near Jacksonville, Fla., and the first retailer—WalMart—plans to opens its doors in November 2018.

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The 304,732-square-foot portfolio was 94 percent occupied at the time of sale. The office buildings are all located within minutes of major thoroughfares.

Somerset Properties has sold a four-building office portfolio located in Mount Laurel and Marlton, N.J. Mobius acquired the properties for a combined $31.4 million and received a 10-year fixed-rate acquisition loan from Wells Fargo Bank, in the amount of $24.3 million. The portfolio totals 304,732 square feet and is 94 percent occupied.

An HFF team represented Somerset in the transaction and arranged the funding on behalf of Mobius…

Somerset Properties Sells Office Portfolio in NJ

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A gauge of signed contracts to purchase previously-owned U.S. homes increased in February for the first time in three months, highlighting uneven progress in the industry, according to data released Wednesday from the National Association of Realtors in Washington…

U.S. Pending Home Sales Increase for First Time in Three Months

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The combined company is set to have an ownership interest in approximately $90 billion in total assets and an annual net operating income of more than $4 billion.

Four months after Brookfield Property Partners came courting GGP Inc. and was initially spurned, Chicago-based mall owner GGP has accepted Brookfield’s offer to acquire the remaining portion it didn’t already own in a deal valued at about $15 billion.

“It was just a matter of time, they already own so much of it,” Jeff Green, a retail consultant and president & CEO of Jeff Green Partners in Phoenix, told Commercial Property Executive.

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British lawmakers opened an investigation into economic crime, citing estimates that more than 4 billion pounds ($5.6 billion) of property in the U.K. has been purchased with “suspicious wealth.”…

Dirty Money in U.K. Property to Be Investigated by Lawmakers

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The firm plans to build a front-load warehouse containing nearly 250,000 square feet in the city’s I-85 South industrial corridor.

Lincoln Property Co. has commenced construction of Union 85, a 243,540-square-foot speculative distribution center in southern Atlanta. The project is anticipated to be completed later this year.

Located at 3725 Royal S. Parkway, the 24.4-acre project site is situated in Atlanta’s I-85 South corridor, which has seen a wealth of new industrial properties come online in recent years, occupied by major tenants including Procter & Gamble, Mondelez and XPO Logistics. The new building will sit just off Interstate 85, which connects the area to Atlanta’s urban core, 15 miles to the northeast…

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Gemini Rosemont’s new COO, John Meehan, discusses the transforming office sector, why investors can now find long-term values in suburban markets and how to be prepared for the changes that will impact the industry.
Gemini Rosemont Commercial Real Estate added John Meehan as its new chief operating officer in January. A former capital markets director at Douglas Emmet, Meehan is responsible for corporate transactions, and providing financing and multidisciplinary leadership for the office investment platform. Gemini Rosemont’s COO revealed his take on the latest trends and challenges in the office sector, and what it takes to provide tenant satisfaction in 2018…
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The 368,081-square-foot asset marks the company’s second acquisition within the Tampa market. Big Box Property sold the building for $20.3 million.

TriGate Capital has acquired a 368,081-square-foot industrial facility in Tampa. The asset marks the company’s second acquisition within the Tampa MSA. Big Box Property Owner traded the facility for $20.3 million, according to public records.

The warehouse is situated at 8800 Adamo Drive, at the intersection of 60 and 301 freeways and is within four miles of interstates 4 and 75. Additionally, downtown Tampa is merely 15 minutes from the property. The asset was built in 1972 and features built-to-suit office, 21-foot high ceilings, dock high loading and is fully sprinklered…

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  • Chairman under scrutiny, firm said to be taken over by state
  • Pressure mounting on CEFC as banks form creditors committee

CEFC China Energy Co., the sprawling conglomerate that’s come under increasing government scrutiny, plans to sell its entire global property portfolio with a book value of more than 20 billion yuan ($3.2 billion), according to people with knowledge of the matter…

Troubled China Conglomerate Puts All Properties on Block

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The company plans on filling the vacant first-floor with retailers. Two, 4,000-square-foot pad sites will be added on adjacent land, intended for medical offices, office or retail development.

Moonwater Capital has acquired its third property, Montecito Tower, a Class A office building in Las Vegas’ Bruce Woodbury Beltway, for $41 million. The capital package was arranged by Dekel Capital. Part of the funds were secured through a $28.5 million first mortgage loan with Prime Capital, while the balance of the capitalization was funded through a joint venture equity investment between Moonwater and a private equity fund.

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The three-building campus is SunCap’s third development in Las Vegas, and will be located at the intersection of North Las Vegas Boulevard and North Lamb Boulevard.

A joint venture of SunCap Property Group and Colony NorthStar has acquired a 40-acre site in northeastern Las Vegas. The partnership will develop a Class A light industrial campus, to be named SunPoint Crossing.

The campus will be located at the southeast corner of the intersection of North Las Vegas Boulevard and North Lamb Boulevard. SunPoint Crossing will comprise three buildings, totaling 752,838 square feet. Each building will be divisible up to 35,000 square feet and will feature a concrete construction, 32-foot clear ceiling height, ESFR sprinklers and a plethora of dock-height and grade level doors…

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Mar
27

JLL Spark Buys CRE Software Company

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The San Francisco-based firm purchased a software-as-a-service real estate technology platform that, among other things, lets investors manage their portfolios’ performance.

JLL Spark, a division of JLL, has acquired a software-as-a-service (SaaS)-based real estate technology platform. Stessa—“assets” spelled backwards—reportedly lets investors in income properties easily and cost-effectively track, manage and communicate the performance of their portfolios.

This is JLL Spark’s first strategic acquisition since its inception last year and is touted as delivering on the company’s mission “to transform the real estate industry through technology-based innovation.” Both JLL Spark and Stessa are headquartered in San Francisco…

JLL Spark Buys CRE Software Company

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Reserve Capital Partners purchased the 182,000-square-foot property, which was 100 percent occupied by GE Transportation at the time of the sale.

A partnership between Stan Johnson Co. and SVN/First Guardian Group has sold two office buildings near Orlando, Fla., known as the GE Transportation Building, for $25 million. Stan Johnson Co. Associate Director David Bailey and SVN/First Guardian Group Erik Carlson represented the seller, TIC Properties Management, in the transaction. Reserve Capital Partners was the buyer.

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The State of California Department of General Services chose the longtime partners to take on the design-build responsibilities for the new headquarters of the Department of Natural Resources in Sacramento.

Turner Construction Co., in partnership with architectural firm AC Martin, just landed a big fish in the Golden State. The team secured a design-build contract with the State of California Department of General Services for the new 838,000-square-foot Department of Natural Resources headquarters. The downtown Sacramento office development carries a project cost of approximately $597 million, with $520.5 million dedicated to construction, which is expected to commence in early summer.

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Located in Trumbull, the property encompasses two interconnected buildings totaling 83,193 square feet and extensive landscaping features, including two aerated ponds.

Washington Trust’s Commercial Real Estate Group has provided a $6.6 million loan to owners CH Commerce Drive Associates LLC and City Park Commerce Drive LLC, for the refinancing and tenant improvement of a mixed-use property in Connecticut. The office and industrial property in Trumbull, Conn., managed by Cambridge Hanover Inc., served as the North American headquarters of the Pilot Pen Corp.

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The University of Kansas Health System is now the single tenant at 11300 Corporate Avenue, a 172,000-square-foot office space building in Lenexa, Kan.

Hines, in a joint venture with a fund managed by Oaktree Capital Management LP, has announced that The University of Kansas Health System has signed a lease for a 105,000-square-foot office space at 11300 Corporate Ave. in Lenexa, Kan. The space is used for support operations for the health system.

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The luxury beauty and spa chain signed a lease for 1,800 square feet at the 900 West mixed-use development. The store is expected to open in the summer of 2018.

Luxury beauty and spa chain Bluemercury is getting ready to open its 11th store in Chicago as the company has leased 1,800 square feet within the 900 West mixed-use development. The new store, located at the corner of Sangamon and Randolph streets, is expected to open in the summer of 2018.

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Situated in the North Natomas community, the one-story property was sold in an off-market transaction. The asset was recently evaluated at approximately $5 million.

Donahue Schriber Realty Group has sold Westlake Village, a 31,980-square-foot retail center in Sacramento, Calif., located at 3501-3511 Del Paso Road. The sale also included an additional 4-acre site prone to future development.

Hanley Investment Group Real Estate Advisors Executive Vice President Bill Asher, President Ed Hanley and Ten-X represented the seller, while Associate Eric Vu represented the buyer, a family trust from San Francisco’s East Bay which traded out of a northern California-based retail property to fulfill a 1031 exchange…

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