Iconic Hollywood Address Commands $210M
By · Comments
The SunsetOnce home to Playboy Entertainment, the 10-story building was acquired by Broadreach in 2007 for $105 million.
Situated along the world famous Sunset Strip, the complex encompasses 2.2 acres along Sunset Boulevard and boasts a 10-story, approximately 72,000-square-foot office tower and a three-building retail plaza encompassing approximately 107,000 square feet built on top of a subterranean parking structure that provides 930 parking spaces…
-
Republican lawmakers approve legislation to rein in CFTC
-
Bill stalled last year, but might have new life under Trump
Republican lawmakers who want to rein in Wall Street’s watchdogs aren’t waiting around for Donald Trump.
In a likely preview of things to come, the GOP-controlled House passed legislation 239-to-182 Thursday that would make it much harder for the top U.S. regulator of the $544 trillion derivatives market to justify new rules. The bill also could reduce the Commodity Futures Trading Commission’s authority over some swaps trades made overseas, even if the transactions involve U.S. banks. Wall Street and Republicans have sought such a change for years…
ARA, Unico Snap Up Congress Center
By · Comments
Congress Center, Portland, Ore.-
CPI fails to capture the 27% home price surge in mega-cities
-
Central bank checks more gauges when making policy decisions
Project manager Yuan Fang says she’s cutting spending and working overtime after a 20 percent surge in the cost of both her Beijing room rent and her favorite Japanese lunch boxes. Civil servant Neo Zhu, who bought an apartment in the eastern city of Hangzhou 10 years ago, feels costs of everything from gas to food are stable.
Yuan is putting her savings into gold to protect them from inflation. Zhu is confident his extra cash will be protected in a fixed-income fund…
-
Province raises homeowner grant threshold to C$1.6 million
-
Loans to pad first-time buyers’ down payments start next week
In Canada’s priciest real estate market, the provincial government is pitching in to pay the property taxes of million-dollar Vancouver homeowners and offering loans to first-time buyers for down payments.
Too bad for renters, who are among the taxpayers footing a C$1.5 billion ($1.2 billion) bill at least in the next few years…
Vancouver Renters Help Million-Dollar Homeowners With Their Taxes
Lincoln Lands Atlanta Management Assignment
By · Comments
Park Central
Atlanta—Dallas-based Lincoln Property Co. Southeast has received exclusive leasing and property management assignment for Park Central, a Class A office building in Atlanta, owned by HighBrook Investors.
Located at 2970 Clairmont Road NE, the 10-story 213,165-square-foot building offers 24-hour security, a fitness center, a modern conference center, on-site management and 848 parking stalls. The property is close to the Clairmont and North Druid Hills area, which is adjacent to I-85…
-
Land prices may decline 25 percent, homes 20 percent: analysts
-
Cash component of home purchase often as much as 50 percent
After trying for four months to sell his apartment in a western suburb of Mumbai, Meher Verma decided to cut the price by 10 percent. With property demand plummeting in the wake of November’s sudden ban on high-denomination notes, he’s not sure the reduction will do the trick.
“I was hoping to sell my house soon,” said Verma, who put his two-bedroom property in Andheri on the market for $400,000 in September. “Now it looks like I might have to cut my price or wait much longer for the market to improve.”…
The share of sales that failed to close doubled in 2016, and nobody knows why.
Spending months to find the perfect home in your price range, only to have your mortgage application rejected, or a home inspection turn up expensive repairs, is a nightmare—one that is coming true with increasing frequency, according to a new report from real estate listings website Trulia.
A Trulia analysis of U.S. listings shows that 3.9 percent of homes that moved from for-sale to pending moved back to for-sale again, nearly double the rate in 2015. Such “failed sales” increased in 96 of the 100 biggest U.S. metros, with big swings in areas large and small, rich and poor. That includes Los Angeles and Charleston, S.C., as well as San Jose and Akron, Ohio…
InvenTrust Snaps Up $73M Retail Asset in San Diego Metro
By · Comments
Campus Marketplace
San Marcos, Calif.—InvenTrust Properties Corp. has announced the purchase of Campus Marketplace in San Marcos, Calif., for the price tag of $73 million.
“This transaction will allow us to continue to build our asset base and concentration in Southern California. This property provides us with additional operational economies of scale while giving us an opportunity to acquire a top grocer in one of InvenTrust’s target markets,” Michael Podboy, executive vice president, chief financial officer & chief investment officer of InvenTrust, said in a prepared statement…
-
Stronger euro vs pound seen as incentive for British to sell
-
French overtake British as biggest property buyers in Portugal
Just weeks after the U.K. voted to leave the European Union, Peter Thompson, a British healthcare consultant, sold one of his two homes in the fishing town of Tavira in Portugal’s Algarve region, capitalizing on the plunge in the pound against the euro.
In a bid to expand its influence in the era of Donald Trump, Breitbart News, the crusading populist-right website that was an early champion of the incoming president, has hired veteran financial journalist John Carney of The Wall Street Journal to lead a new finance and economics section set to launch soon after the Jan. 20th presidential inauguration.
“Breitbart was way ahead of the curve on politics and the rise of Trump,” Carney said in a telephone interview. “I think there’s an opportunity to do that for business, finance and economic news.”
Netflix Leases Hollywood Office Building
By · Comments
Rendering of CUE
Los Angeles—Netflix has signed a 91,953-square-foot lease with Hudson Pacific Properties Inc., to fully occupy CUE, its new, five-story office building situated in Hollywood, Calif.
Designed by Gensler, CUE is a Class A, creative office environment, and part of the entertainment production complex Hudson Pacific is building at Sunset Bronson Studios, which is also the home of the company’s recently completed, 14-story, Class A office tower called ICON, and Netflix has previously leased all 323,000 square feet of space in that building, as well…
-
Risk parity, trend-following strategies used as scapegoat: AQR
-
Size of industry overestimated in bank research, firm says
Don’t listen to Marko Kolanovic.
Or anybody else who tells you quant managers regularly whip up bouts of pain and suffering for stock investors. Funds with programs that follow trends and sell like robots are getting smaller and simply aren’t big enough to overwhelm the $24 trillion U.S. equity market.
Shadow Bank Stretches Into Loans
By · CommentsRegulators are notorious for falling behind the financial industry, cracking down on risk in one area only to watch it move swiftly beyond their reach.
This phenomenon has rearranged the competitive landscape in the nearly $1 trillion market for U.S. leveraged loans. This week, Bloomberg News highlighted how private-equity firms have been winning a growing number of assignments to help companies secure risky loans from investors…
Shadow Bank Stretches Into Loans
Tishman Speyer Reels in Law Firm for DC Office Project
By · Comments
2050 M St., Washington, D.C.
Washington, D.C.—Tishman Speyer’s new office project, 2050 M. St. in Washington, D.C., is attracting all the right attention. The developer just signed law firm Paul Hastings LLP to a 97,000-square-foot lease, three years in advance of the 364,000-square-foot trophy office property’s scheduled completion.
-
He discussed Dubai deal with Damac chairman Hussain Sajwani
-
Damac confirmed discussions took place without saying when
President-elect Donald Trump said on Wednesday that he was offered $2 billion a few days ago to make a deal in Dubai with a major property developer but turned it down because he didn’t want to have a conflict of interest after his election.
“Over the weekend, I was offered $2 billion to do a deal in Dubai with a very, very amazing man, a great developer from the Middle East,” Trump said at his first press conference since the election. “I turned it down. I didn’t have to turn it down.”…
-
Equity hedge fund managers are least bearish they’ve ever been
-
In 2016 the funds posted their worst annual returns since 2011
What happens when you take the “short” out of a long-short trading strategy? Some hedge funds are about to find out.
Equity long-short fund managers, the biggest category in hedge funds, hold the fewest bearish stock bets on record, data compiled by Credit Suisse Group AG show. The shift reflects their abysmal performance in 2016, when the S&P 500 advanced 9.5 percent as the long-short managers tracked by Credit Suisse fell 4.3 percent, their worst year since 2011…
President-elect Donald J. Trump with the Japanese billionaire Masayoshi Son at Trump Tower last month. Mr. Son has pledged to invest $50 billion in the United States, a move that he said would create some 50,000 jobs. CreditHilary Swift for The New York Times
Many business titans have made the trek to Trump Tower for a private audience with Donald J. Trump since he was elected president, but none have made a bigger splash than Masayoshi Son, the billionaire telecommunications entrepreneur.
Artisan Alley Development in California Greenlighted
By · Comments
Artisan Alley rendering
Irvine, Calif.—KTGY Architecture + Planning has announced that Civic Partners, the developer of Artisan Alley at The Diamond, a retail development located in the City of Lake Elsinore, Calif., has received approval from the city council and planning commission.
-
The e-commerce giant intends to pioneer a new retail model
-
Intime acquisition will be its biggest step yet offline
Alibaba Group Holding Ltd. pioneered shopping on the internet in China. Now it thinks it can teach old-school retailers a thing or two about real-world commerce.
The online juggernaut that vanquished EBay and Amazon in China has set its sights on transforming the byzantine world of brick-and-mortar retail. In its biggest old-economy deal so far, Alibaba is leading a bid to buy out department store chain Intime Retail Group Co. for as much as $2.6 billion. That’s a premium for the privilege of owning a company with shrinking revenues and a minuscule footprint beyond its eastern home region…
Big Banks Lose Bid to Halt Crisis-Era Lawsuits
By · Comments
The Supreme Court rejected a petition from Wells Fargo, Credit Suisse and Deutsche Bank on Monday.CreditAl Drago/The New York Times
WASHINGTON — The Supreme Court has rebuffed an effort by some of the country’s largest banks to halt several financial crisis-era lawsuits that could result in tens of billions of dollars in legal costs.
The banks, including Wells Fargo, Credit Suisse and Deutsche Bank, had asked the justices to review an appeals court ruling that regulators filed their claims against the banks in a timely manner, despite a 1930s securities law that gave them only three years to do so. The claims were related to billions of dollars in mortgage-backed securities that banks packaged and sold to other institutions before the financial crisis in 2008…
Mori Trust Enters US with Big Boston Buy
By · CommentsBoston—Mori Trust Co. Ltd. knows how to make an entrance. The Tokyo-based real estate company has joined the brimming crowd of foreign investors in U.S. real estate with the formation of a U.S. subsidiary, Mori America LLC, and the acquisition of a premier office complex in Boston. Mori Trust snapped up 10 St. James Ave. and 75 Arlington St. from tenant Liberty Mutual in a partial sale-leaseback transaction. The price tag on the Class A assets: approximately $673 million, according to Suffolk County property records…
-
Gildan wins auction with $88 million bid for brand, equipment
-
Clothing maker’s stores, factory leases aren’t part of sale
American Apparel, once a high-flying retailer that peaked at more than $600 million in sales, is probably headed toward liquidation after a bankruptcy auction ended with Canadian T-shirt and underwear maker Gildan Activewear Inc. buying intellectual property and other assets for $88 million.
This transaction doesn’t include American Apparel’s stores, and the fate of its garment workers in Los Angeles remains in doubt. The company had 4,700 employees and 110 stores as of November, when it filed for bankruptcy for the second time in 13 months…
Delta Terminals at LaGuardia Airport Land $4B Makeover
By · Comments
Artist rendering of New York-LGAThe Port Authority will provide $600 million in funds for the project, with an additional $3.6 billion funded privately by Delta and its partners.
-
New company will make asset-based loans to consumer brands
-
Salus founder, former CEO of Frederick’s of Hollywood team up
A former lender to RadioShack Corp. and a one-time chief executive officer of Frederick’s of Hollywood are teaming up to provide a new source of funding to retailers, aiming to capitalize on upheaval at shopping malls.
Andy Moser and Thomas J. Lynch, two industry veterans, are starting a Boston-based firm called Scargo Hill Capital that will make asset-based loans to consumer companies. The founders expect to work with emerging businesses that may not be able to get a loan from a traditional bank, in addition to providing a lifeline to struggling chains…
Valeant Sells $2.1 Billion in Assets to Ease Debt Burden
By · Comments-
L’Oreal will pay $1.3 billion to gain three skin-care brands
-
China’s Sanpower to buy Dendreon cancer unit for $820 million
Valeant Pharmaceuticals International Inc. agreed to sell about $2.1 billion in assets in two deals, an important first step in the struggling drugmaker’s endeavor to get cash and begin easing its debt burden.
L’Oreal SA, the Paris-based cosmetic giant, will pay Valeant $1.3 billion for three skin-care brands, according to a statement Tuesday. Valeant will also sell its Dendreon Pharmaceuticals unit to closely held Chinese conglomerate Sanpower Group Co. for about $820 million. Valeant’s shares and bonds jumped after the news…
Hines Lands First Retail Property
By · Comments
The Rookwood in Cincinnati
Cincinnati—Hines Global REIT II Inc. has purchased two retail centers in Cincinnati, Rookwood Pavilion and Rookwood Commons. The two buildings operate as a single property, referred to as Rookwood, and have a combined 600,071 square feet of gross leasable space. The acquisition represents Hines Global REIT II’s sixth purchase and is the first retail property in its portfolio. Eastdil Secured represented the seller in the transaction.
-
Land prices may decline 25 percent, homes 20 percent: analysts
-
Cash component of home purchase often as much as 50 percent
After trying for four months to sell his apartment in a western suburb of Mumbai, Meher Verma decided to cut the price by 10 percent. With property demand plummeting in the wake of November’s sudden ban on high-denomination notes, he’s not sure the reduction will do the trick.
“I was hoping to sell my house soon,” said Verma, who put his two-bedroom property in Andheri on the market for $400,000 in September. “Now it looks like I might have to cut my price or wait much longer for the market to improve.”…
-
Nine out of 10 top markets since 1996 are developing nations
-
No rich country in top 10 list of 2016, figures reveal
If you want world-beating returns from your equity investments year after year, avoiding emerging markets isn’t an option.
The top 10 stock indexes that gave global investors the greatest returns in 2016 were all emerging or frontier markets, according to data compiled by Bloomberg. That’s not a fluke: over the past 20 years, nine out of 10 best-performing equity gauges have been in developing nations, the figures show…
Shopoff Realty Acquires $15M CA Office Asset
By · Comments
4440 Von Karman Ave., Newport Beach, Calif
Newport Beach, Calif.—Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, recently announced the $15.4 million acquisition of a three-story, 44,434-square-foot office building located at 4440 Von Karman Ave. in Newport Beach, Calif.
“We are employing our strategic plan to actively lease up the property and to increase rents that are currently below market rates,” David Placek, executive vice president, said in prepared remarks. “With high market occupancy, upward momentum on rental rates and an attractive location, this asset is well positioned to be stabilized in the near future.”…
-
Company wants 10% of refining capacity fed by own oil assets
-
Indian Oil eyeing oil assets in Africa, Middle-East, head says
India’s biggest fuel retailer is seeking to buy oil assets as demand surges in the world’s fastest growing energy market.
State-run Indian Oil Corp. wants to buy assets globally to ensure a tenth of its refining capacity is fed by crude that is either from its own oil field or from assets where it has a stake, Chairman B. Ashok said in an interview on Monday. That goal will require the company to boost oil production 10-fold to about 210,000 barrels a day in the next eight years…
-
Investors cautious before Trump addresses media on Wednesday
-
Asian index futures tip gains after China data boosts metals
U.S. stocks fluctuated with the dollar, while Treasuries retreated as post-U.S. election asset moves stalled a day before Donald Trump is slated to hold a press conference that could provide detail on his policy preferences.
The S&P 500 Index closed little changed, while the Dow Jones Industrial Average fell from session highs as investors prepared for the fourth-quarter earnings reporting season. The Russell 2000 Index of small caps advanced, halting a three-day slide. Treasuries edged lower, while the Bloomberg Dollar Spot Index nudged higher after swinging around throughout the day. Gold jumped to a six-week high as copper surged with iron ore after Chinese producer prices climbed. Oil slipped below $51 a barrel in New York…
Wall Street Clearinghouse to Adopt Bitcoin Technology
By · Comments
The New York Stock Exchange. The company that serves as the back end for much Wall Street trading is replacing one of its central databases with new software inspired by Bitcoin. CreditJoshua Bright for The New York Times
After months of talk and hype, the world’s biggest banks have taken the first steps toward moving a significant piece of financial infrastructure onto a so-called blockchain — the technology introduced to the world by the virtual currency Bitcoin.
Insurers are aggressively experimenting with new ways to pay doctors and hospitals to reward them for delivering better care at lower prices. CreditJabin Botsford for The New York Times
UnitedHealth Group, one of the largest and most diversified health insurance companies in the United States, said on Monday that it planned to buy Surgical Care Affiliates, a chain of outpatient surgery centers, for about $2.3 billion. The deal is expected to close in the first half of 2017.
While the acquisition is a relatively small one for UnitedHealth, whose annual revenues last year were around $180 billion, it marks the latest step in the company’s evolution from a traditional insurer to a diversified health services company.
Manhattan Office Asset Lands $105M Refi
By · Comments
521-533 W 57th St.C&W Negotiates Sale and Financing of Tampa Office Campus
By · CommentsMeridian Premier Center is a three-building office campus located in suburban Tampa, with convenient access to major thoroughfares and a wide array of amenities.
Meridian Premier Center
Tampa, Fla.—Cushman & Wakefield has negotiated the sale and financing of Meridian Premier Center, a 103,521-square-foot office campus located in the Northwest Tampa submarket. The asset traded for $14.8 million, or $143 per square foot.
CBRE Global Purchases Prime Pittsburgh High-Rise
By · Comments
Liberty Center
Pittsburgh—After a highly acquisitive 2016, CBRE Global Investors kicks off the New Year by announcing the purchase of Liberty Center, a 529,300-square-foot office asset in Pittsburgh. A fund advised by the global real estate investment management firm snagged the 27-story tower, taking it off the hands of Starwood Capital Group.
-
Bonds and yen shorts and long-oil trades look ‘stretched’
-
Fundamentals still strong but positioning is at extremes
The new year has barely started and it’s time for a breather, according to Deutsche Bank AG.
The lender says three popular “reflation trades” — selling government bonds, buying oil and shorting the yen — may have gone too far.
While fundamentals suggest these trends may have further to go, Deutsche Bank strategists including New York-based Parag Thatte wrote in a recent note that the trio of consensus calls are now looking “stretched.”…
Reading Closes $57M Financing for 44 Union Square
By · Comments
44 Union Square rendering
New York City—Reading International Inc. has secured $57.5 million in construction financing to fund the non-equity portion of the redevelopment of 44 Union Square in New York City. The facilities consist of $50 million in loans from Bank of the Ozarks to the wholly-owned subsidiary of Reading that is doing the redevelopment and a $7.5 million mezzanine loan from an affiliate of Fisher Brothers to the parent of that subsidiary.
-
Rise in protectionism threatening to reprice all markets
-
Big question in 2017 is what role U.S. will take in world
The biggest Norwegian pension fund always fears the worst outcome. And it’s a strategy that’s paying off.
With interest rates still close to historic lows and a series of global political shocks upending many investment strategies, Norway’s biggest life insurer, Kommunal Landspensjonskasse, says its approach is to be “scared of everything.”
Charlotte’s Mallard Creed Center Changes Hands
By · Comments
One of the buildings of Mallard Creek Center in Charlotte, N.C.
Charlotte, N.C.—CBRE Group Inc. has recently arranged the sale of Mallard Creek Center in Charlotte. Patrick Gildea, Will Yowell and Ralph Oldham exclusively represented the sellers, CBRE Global Investors and the State of Utah, in the transaction. Charlotte-based Stream Realty Partners purchased the property at the end of December 2016.
-
Annual house-price growth rises 6.5% in Dec., Halifax says
-
Slower growth, rising inflation set to reduce demand this year
U.K. home prices had a strong end to last year, according to Halifax, though will likely slow over the course of 2017.
The mortgage lender said values rose 1.7 percent compared with a month earlier as a shortage of homes continued. From a year earlier, values in the three months to December were 6.5 percent higher. That’s likely to slow by between 1 and 4 percent by the end of this year as the economy weakens…
-
Cuomo cites ‘systemic abuse’ of customers at Wells Fargo
-
Law would let regulator ban people for ‘egregious conduct’
New York would ban “bad actors” from the banking and insurance industries in the state under legislation proposed by Governor Andrew Cuomo.
The law, which would need to be approved by state legislators in Albany, would allow the superintendent of the state’s Department of Financial Services to ban individuals for “egregious conduct,” the governor’s office said on Monday.
-
Move to cut fees could be reversed by Trump administration
-
Republicans have said fee cuts could put taxpayers at risk
The Obama administration cut mortgage-insurance premiums charged under a government program that’s popular with first-time home buyers with little money for a down payment, a move that may ease the burden of rising interest rates.
The annual fees the Federal Housing Administration charges to guarantee mortgages it backs are being cut by a quarter of a percentage point, the Department of Housing and Urban Development said in a statement on Monday. With the reduction, the annual cost for most borrowers will be 0.60 percent of the loan balance…
Goldman Sachs Group Inc. has identified three big items that will shape the equity landscape this year — and they all hinge on the impact of President-elect Donald Trump’s policies.
Tax reform, the strength of the dollar and the pace of wage gains stand to set the tone on the American market this year, Chief U.S. Equity Strategist David Kostin and his team at the investment bank wrote in a note to clients. Here’s why:
Here’s Where Goldman Sachs Is Telling Clients to Invest in Equities
Janet L. Yellen, the Fed’s chairwoman, at a news conference in December. Fed minutes released on Wednesday show just how much Donald J. Trump’s unexpected victory has clouded the economic outlook for 2017. CreditAlex Brandon/Associated Press
WASHINGTON — Federal Reserve officials expect Donald J. Trump’s election to result in somewhat faster economic growth over the next several years, but they see little chance of the boom Mr. Trump has promised, according to an account of the Fed’s most recent meeting in mid-December.
That is in part because the Fed plans to raise interest rates more quickly if growth accelerates.
Dubai’s Latest Mega Project Looks Spectacular
By · Comments
Dubai Harbour LighthouseSheikh Mohammed bin Rashid Al Maktoum unveiled the master plan for the development, noting that it “represents a unique and innovative new addition to the region’s tourism landscape.” He did not release construction estimates.
Warren E. Buffett recently revealed a willingness to invest in airlines after years of shunning them, and ever since, those stocks have soared. Now, one more company is aiming to be added to the list of publicly traded airlines.
Frontier Airlines — known for offering scant legroom and low prices for rides on planes that have wild animals painted on the tails — is preparing an initial public offering, people with knowledge of the deal said. The Denver-based company has tapped Deutsche Bank, JPMorgan Chase and Evercore to manage the debut, said the people, who asked not to be named discussing private information.
Wyndham Expands Caribbean Portfolio
By · Comments
The island of Nevis
Nevis—Wyndham Hotel Group is expanding its Caribbean footprint by bringing the first Wyndham Grand Resort to the island of Nevis. Situated within the Northern Pointe Resort, the new 30-acre development is being built along Long Haul Bay in the Parish of St. James. Located 1,200 miles from Miami, the 36-square-mile Nevis is the smaller of two islands which make up the Federation of Saint Kitts and Nevis.
-
Norway’s biggest bank spent oil crisis building capital
-
DNB is now better prepared than most to handle Basel IV
A DNB ASA minibank in Oslo, Norway.
Photographer: Krister Soerboe/Bloomberg
Norway’s biggest bank, DNB ASA, has more capital than it needs and will probably start using the excess funds to buy back its own shares.
After topping the European Banking Authority’s resilience score (DNB’s capital reserves were hardly affected in the stress tests’ “adverse” scenario), the Oslo-based lender is now attracting investor interest as analysts predict shareholder rewards ahead…
Will Jay Clayton Protect Investors?
By · CommentsPresident-elect Donald Trump’s nominee to run the Securities and Exchange Commission, Walter J. Clayton, differs in an encouraging way from several of Mr. Trump’s other choices for top jobs in the executive branch. As a partner at Sullivan & Cromwell — the go-to law firm for Goldman Sachs and other Wall Street banks — Mr. Clayton, known as Jay, has undoubtedly mastered the nation’s securities laws and related regulations, and applied them in real-world circumstances. Presumably, he is also equipped with a mastery of the history and workings of the agency he has been named to lead. The same cannot be said of Mr. Trump’s nominees to head, say, the departments of labor and housing.
Miami Comcast Call Center Trades for Nearly $23M
By · Comments
Comcast Call Center, Miramar, Fla.
Miami—Cushman & Wakefield recently negotiated the sale of a 91,872-square-foot operations and call center property located near Miami in Miramar, Fla. The property traded for $22.8 million, or $248 per square foot.
The seller, Chicago-based Green Meadows Miramar LLC, was represented by Cushman and Wakefield’s Managing Director Dominic Montazemi, Executive Director Scott O’Donnell and Senior Associate Greg Miller. Key Biscayne, Fla.-based ATCG LLC was the buyer. Cushman & Wakefield’s Capital Markets Team co-marketed the property along with CBRE Senior Vice President Tom O’Loughlin. City National Bank of Florida provided a $13.8 million acquisition loan for the buyer…
Everything changed in November.
After President-elect Donald Trump won the election, markets began a decisive shift in essentially all asset classes. Suddenly, everything from bank stocks to emerging-market bonds staged decisive price swings, driven by a stronger dollar, an increase in U.S. growth expectations, worries over the prospect of a more protectionist Trump-led administration and a steeper U.S. yield curve…
Wall Street Is Starting to Get Nervous About All the Money Pouring Into U.S. Stocks
Sandy Huffaker for The New York Times
It seems only right that victims of predatory for-profit education companies should have their student loans forgiven. After all, in addition to being left with mountains of debt, former students have worthless degrees from schools that no longer exist, such as those once operated by the defunct Corinthian Colleges or ITT Educational Services.
Because taxpayers backed most of these loans, however, the Department of Education has been loath to forgive them. So it was gratifying to see five former ITT students take matters into their own hands this week by petitioning a federal bankruptcy court to consider loan forgiveness as part of the company’s liquidation…
HFF Closes Sale of KC Retail Center
By · Comments
The Prospect Plaza, Kansas City, Mo.
Kansas City, Mo.—HFF recently announced that it closed the sale of Prospect Plaza, a shopping center in the Kansas City area suburb of Gladstone, Mo. The HFF investment sales team representing the seller was led by Directors Amy Sands and Clinton Mitchell. The buyer is an affiliate of Northeast Capital Group, a private investment firm based in Ramapo, NY.
-
Thomas Lee of Fundstrat sees S&P 500 finishing 2017 at 2,275
-
Cites policy risk, flatter yield curve as first-half headwinds
Thomas Lee
Photographer: Chris Goodney/Bloomberg
Wall Street’s most vocal champion on U.S. stocks over the past two years is now its biggest bear.
Thomas Lee, managing partner and co-founder of Fundstrat Global Advisors in New York, published a note today saying the S&P 500 Index will finish the year at 2,275, about 3 percent lower than the median of 18 strategists surveyed by Bloomberg. His caution stems from policy risk and a yield curve adjustment he sees translating into an S&P 500 decline to 2,150 by mid-year before the index rebounds…
CliqStudios Invests $2M in New Design Center
By · Comments
CliqStudios’s Headquarter at 5801 Clearwater Drive Minnetonka, Minn.
St.Louis—CliqStudios, an online retailer of semi-custom kitchen cabinets, recently announced that it will invest over $1.9 million for a new cabinet design center in St. Louis. The company is currently working through the lease for the new location.
The Minnesota-based company will open its new St. Louis design center to accommodate its quickly growing customer base in the area. CliqStudios cited that Missouri’s workforce, labor cost, available real estate, overall cost and incentives are key reasons why Missouri was selected. The firm plans to hire 98 associates at the new facility, and The Missouri Department of Economic Development offered CliqStudios a strategic economic incentive package if the company meets its job creation criteria…
Mesa West Capital Closes $900M Fund
By · Comments
Ryan Krauch, Mesa West Capital
Los Angeles—Mesa West Capital has closed its largest closed-end real estate debt fund, reaching a hard cap of $900 million in equity commitments for its Mesa West Real Estate Income Fund IV LP.
This is its fourth fund overall and surpassed its original $750 million target.
-
Financial deregulation would be ‘hugely dangerous,’ he says
-
Ex-Obama adviser says stronger dollar would hurt exporters
Lawrence Summers.
Photographer: Kiyoshi Ota/Bloomberg
Former U.S. Treasury Secretary Lawrence Summers attacked the policy proposals of Donald Trump on several fronts, saying the president-elect’s plans for deregulation were setting the stage for the next financial crisis.
“The deregulation in some areas like finance is hugely dangerous,” Summers said Sunday in an interview on Fox News Channel. “Who wants to go back to the era of predatory lending? Who wants to go back to the era of vastly over-levered banks?”…
A former Barclays trader pleaded guilty on Wednesday to federal charges arising from a global investigation into the manipulation of foreign-exchange prices at major banks, the Justice Department said.
Jason Katz, a former Barclays trader who later worked at BNP Paribas, pleaded guilty in Federal District Court in Manhattan to participating in a price-fixing conspiracy, becoming the first person to admit criminal wrongdoing in the inquiry.
Mr. Katz’s plea came after Barclays and three other banks pleaded guilty last year to conspiring to manipulate currency prices. Barclays agreed to pay $2.4 billion to settle various related investigations by United States and Britain…