Friday, August 30, 2013

CoStar's People of Note (Aug. 25 - 31)




National Commercial Real Estate News From CoStar Group





CoStar's People of Note (Aug. 25 - 31)



This week's People of Note includes the following markets: New York City, Chicago, Dallas, Raleigh-Durham, San Francisco, Los Angeles, Long Island, South Florida, Philadelphia, and St. Louis.

NEW YORK CITY
Sofiev-Leviev Tapped as CEO of AFI USA
By Justin Sumner

Real estate development company Africa Israel USA (AFI USA) has named Chagit Sofiev-Leviev as chief executive officer for the firm.

In






Ventas Builds Portfolio with Seven-Asset Buy




National





Ventas Builds Portfolio with Seven-Asset Buy



CHICAGO-In buying its most recent healthcare real estate portfolio, the local REIT boosts its ownership of Chicago-area properties to just over one million square feet.











MOBs Attracting Strong Buyer Interest



ATLANTA-A three-building, 185,000-square-foot healthcare real estate portfolio – once a value-add project – is being marketed by Avison Young in an improving market.











Housing Recovery Varies by Market



IRVINE, CA-The rate of recovery, while extending to all markets, differs dramatically depending on which markets you look at, Auction.com’s Rick Sharga tells Carrie Rossenfeld.











CMBS Breaths Sigh of Relief Over Mortgage Rule Re-Proposal



WASHINGTON, DC-The much-hated Premium Capture Cash Reserve Account proposal has been eliminated from the re-proposal.











Rittal Moves From Ohio to Chi. Subs.



URBANA, OH—The Germany-based Rittal Corp. has decided to move its US headquarters from Ohio to the Chicago suburbs.











IPA Brokers $26.5M Multifamily Deal



YONKERS, NY-Advising both the buyer and seller on the deal, the multifamily broker arranged a bulk sale at a condominium complex.








Thursday, August 29, 2013

Hotel CapEx Levels to Break Records in 2013




National





Hotel CapEx Levels to Break Records in 2013



NEW YORK CITY-Increased occupancy and tighter controls on brand standards by hotel firms are forcing owners to make upgrades.








JLL Buys Means Knaus, Adds 16 MSF to U.S. Property Management Portfolio




National Commercial Real Estate News From CoStar Group





JLL Buys Means Knaus, Adds 16 MSF to U.S. Property Management Portfolio



Jones Lang LaSalle’s acquisition of Houston-based third-party property management company Means Knaus Partners (MKP) adds 16 million square feet of office space under management to JLL’s portfolio.

MKP manages 80 office properties across the U.S., primarily in Chicago, Dallas, Houston, Denver, Los Angeles, Orlando and Tampa, FL.

The acquisition will give JLL the number-one commercial property manager position in Orlando and the number-two spot...









CRE Construction Recovery May Gain Steam After Slow Start



A new report by Fitch Ratings predicts that the pace of new U.S. nonresidential construction will likely pick up headed into 2014, bolstering forecasts by CoStar Group economists during midyear economic reviews who expect modest rises in new supply for some commercial property segments.

Another leading indicator for construction, the Architecture Billings Index (ABI), also shows that the building sector should see solid -- if still not exactly...






Wednesday, August 28, 2013

The Support Team




National





The Support Team



CHICAGO—In the business world as in life, a great support system can make all the difference.








Making Bank on Day Cares and Charter Schools




National Commercial Real Estate News From CoStar Group





Making Bank on Day Cares and Charter Schools



As the single-tenant net leased market continues at a red hot pace and with prices for traditional properties such as fast-food eateries and drug stores skyrocketing, investors are beginning to explore secondary property types in the quest for higher yields.

In the past few months, notable single-tenant deals have occurred involving bank branches, day care centers and even charter schools.

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Keystone Closes $233M Acquisition of Philadelphia Portfolio



A joint venture led by Keystone Property Group has closed on the previously-announced acquisition of 15 institutional-quality commercial office properties and three land parcels located in suburban Philadelphia for approximately $233 million. Mack-Cali Realty Corporation sold the assets, which total nearly 1.7 million square feet of office space.

The acquisition significantly expands Keystone's presence in the state where it was founded in 1991...






The Iron Ladies




National





The Iron Ladies



NEW YORK CITY—They’ve made a name for themselves in the often-cutthroat world of commercial brokerage











The Risk Takers



NEW YORK CITY—Success is achieved through taking chances; Denihan Hospitality is testament to that. Here’s a look at how fearlessness can sometimes yield surprising results.








Freddie Mac Taps New Head for Affordable Housing




National





Freddie Mac Taps New Head for Affordable Housing



McLEAN, VA-Shaun Smith is assuming the role previously held by Chris Hobbs, who retired last month.








Tuesday, August 27, 2013

Western States Hold Best Price Gains




National





Western States Hold Best Price Gains



IRVINE, CA-FHFA reports that Nevada, California and Oregon were among the top five states in terms of annual home price appreciation, according to Auction.com in an UPDATE to an earlier story.











Washington Most Expensive City for Rental Income



WASHINGTON, DC-So says the Building Owners and Managers Association International in the new 2013 Experience Exchange Report.








Monday, August 26, 2013

In The Pipeline: CoStar Development & Construction News for Aug. 25-31




National Commercial Real Estate News From CoStar Group





In The Pipeline: CoStar Development & Construction News for Aug. 25-31



Sacramento Kings Announce Architect for New NBA Arena
The NBA's Sacramento Kings announced that AECOM will serve as lead architect for a planned $448 million downtown entertainment and sports complex.

AECOM is responsible for design of the London 2012 Olympic Park and is also designing the Rio 2016 Olympic Park. the firm has served as lead architect of 11 NBA arenas, including the Barclays Center, home of the Brooklyn Nets.

"We have assembled...






Quick Service Restaurants In High Demand




National





Quick Service Restaurants In High Demand



SAN FRANCISCO-The restaurant space has continued to be one of the more aggressive asset classes in the net lease space in terms of deal flow and CAP rate compression says Stan Johnson Co.











Expert: Economics of Retail Look Strong



IRVINE, CA-Passco Cos.’ CEO Bill Passo EXCLUSIVELY tells GlobeSt.com’s Natalie Dolce that the primary opportunity he sees at the moment is a return to retail investment.








Sunday, August 25, 2013

Facillity Closures & Downsizings: Cisco, Orchard Supply and Sequenom Cutting Staff




National Commercial Real Estate News From CoStar Group





Facillity Closures & Downsizings: Cisco, Orchard Supply and Sequenom Cutting Staff



Cisco Systems Inc. is rebalancing its resources with a workforce reduction plan that will eliminate 4,000 employees or 5% of Cisco’s global workforce. Cisco expects to take action under this plan beginning in the first quarter of fiscal 2014. Cisco currently estimates that it will recognize pre-tax charges to its GAAP financial results in an amount not expected to exceed $550 million consisting of severance and other one-time termination benefits...









Capital Markets Report: Oaktree Capital Securitizes Non-Performing Loans



Oaktree Capital Management, has securitized a portfolio of non-performing loans, real-estate-owned properties, and performing loans LP it acquired from seven financial institutions for $340.8 million. The portfolio has an aggregate unpaid principal balance (UPB) of $739.8 million.

Kroll Bond Rating Agency assigned a ‘BBB- (sf)’ preliminary ratings to Class A of the ORES, Series 2013-LV2 transaction.

ORES Series 2013-LV2 contains 831 NPLs (61...






Friday, August 23, 2013

Construction Jobs Gain Y-O-Y, But Demand Stays Spotty




National





Construction Jobs Gain Y-O-Y, But Demand Stays Spotty



ARLINGTON, VA-With year-over-year gains for both states and metro areas offset by longer-term losses in many markets, the sector’s recovery remains “fragile and fragmentary,” says AGC economist Ken Simonson.











Retail, Build-to-Suit Office Sectors Hot



IRVINE, CA-Orange County’s economic recovery, led by the housing sector, will be driven by a variety of retail factors and build-to-suit office space, say panelists at RealShare Orange County.








CoStar's People of Note (Aug. 18 - 24)




National Commercial Real Estate News From CoStar Group





CoStar's People of Note (Aug. 18 - 24)



LOS ANGELES
Olofson Promoted to Executive Vice Chairman at Cushman & Wakefield
By Jooyoung Kim

Cushman & Wakefield, the international, privately-held commercial real estate services firm, announced the promotion of Eric Olofson to executive vice chairman.

Olofson has managed Cushman & Wakefield’s West Los Angeles office since 1999 and has been the company’s top-producing broker for the U.S. Wes






Aurora on its Active MOB Transactions




National





Aurora on its Active MOB Transactions



MILWAUKEE-Aurora Health Care's Larry Wiemer explains at a recent conference how monetization through sales of healthcare real estate has benefited the health care system.








Hotel Renovation Business Takes Off




National





Hotel Renovation Business Takes Off



CHICAGO—The recession threw many hotels into foreclosure and now the recovery has their new owners embarking on much-needed restorations.











The Children's Place Will Shrink by 100 Stores



SECAUCUS, NJ-The Children's Place clothing chain will close 100 stores in the next four months and maybe another 70 next year, despite having a good 2nd quarter.











Early End to QE Would Hit Office Hard



LOS ANGELES-Should central banks wind down their quantitative easing programs earlier than currently expected, office rents, and pricing, would suffer in major markets in both the US and Europe, says DTZ.











Hime Joins USAA Real Estate as CFO



SAN ANTONIO-The industry veteran most recently served as CFO of the real estate and infrastructure department at the Abu Dhabi Investment Authority.








Thursday, August 22, 2013

Schorsch: ARCP Aims to 'Streamline and Focus' Strategy




National





Schorsch: ARCP Aims to 'Streamline and Focus' Strategy



NEW YORK CITY-The net lease REIT’s CEO tells GlobeSt.com’s Paul Bubny that the company intends to create a structure that makes it “not as only as competitive, but more competitive than our peer set.”








JLL Says Midwest Takes Strides in High-Tech




National





JLL Says Midwest Takes Strides in High-Tech



CHICAGO—Chicago, Minneapolis and even Indianapolis have become emerging markets in the worlds of high-tech manufacturing and services.











Preferred Return Averages 8%



BEVERLY HILLS, CA-Private Realty Mogul reports that the preferred returns being offered to investors in private real estate transactions over the last 11 months ranged from 5% to 12% in this EXCLUSIVE story.








Wednesday, August 21, 2013

Renter Demand Holding Fast So Far As Apartment Supply Wave Begins to Break




National Commercial Real Estate News From CoStar Group





Renter Demand Holding Fast So Far As Apartment Supply Wave Begins to Break



The tightening competition among apartment investors will yield both winners and losers during this next supply-driven phase in the multifamily market. The winning developers will likely be those that offer products that are new and different that capture renters who have an expanding menu of housing options and amenities.

"We’re past the point at which simply picking a market that will lead to a successful strategy," said Luis Mejia, CoStar Group...









Is Single-Family Rental Market Poised for Consolidation?



It’s safe to assume that when renowned real estate dealmaker Barry Sternlicht says “hang on to your chairs” that some excitement is afoot. And that is just what Sternlicht said about the single-family rental market in his company’s earnings conference call this month.

Sternlicht was talking about the potential for consolidation within the nascent industry as institutional entrants in the arena vie for scale - and thus profits.

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Rapidly Growing Canadian REIT Gains Another Foothold in the U.S.



Looking for an expanded platform in the U.S. retail real estate market, H&R Real Estate Investment Trust, a rapidly growing Toronto-based REIT, has acquired a one-third interest in Echo Realty LP, a leading owner of grocery stores in the Great Lakes region.

Since its formation in March 2000, Echo has focused on two primary areas of business: developing and owning a core portfolio of real estate tenanted by Giant Eagle Inc., a leading grocer in...









$283M Deal Underscores Role of Cheap Money As Health Care Operators Move to Unlock CRE Value



In one of the largest sale-leaseback transactions involving medical office property in recent years, acute-care owner and operator IASIS Healthcare LLC will sell three hospitals in Louisiana, Arizona and Texas to Medical Properties Trust Inc. (NYSE: MPW) for $283.3 million.

Medical Properties will buy the real estate assets of Mountain Vista Medical Center, a 178-bed acute care facility in Mesa, AZ; the 268-bed Glenwood Regional Medical Center...






Google Alert - George Smith Partners

News1 new result for George Smith Partners
 
Realm Group Begins Construction of Calif. TOD
Multi-Housing News
George Smith Partners secured a $39.5 million senior construction loan from Bank of the West and US Bank for the project. Additionally, George Smith partners secured an $8.5 million mezzanine loan from Parse Capital. Monterey Station will include ...
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Macks Launch New Venture Following AREA Sale




National





Macks Launch New Venture Following AREA Sale



NEW YORK CITY-William Mack and Richard Mack now serve as chairman and CEO, respectively, of Mack Real Estate Group, which directly owns about six million square feet of properties and developments.











Three Merge to One Urban Player



LOS ANGELES-Urban Partners, Harbor Urban, and Mack Real Estate Group will focus on urban multifamily development on the West Coast, particularly the Pacific Northwest and Southern California regions.








About Those GSE Multifamily Losses (And Other Topics)




National





About Those GSE Multifamily Losses (And Other Topics)



WASHINGTON, DC-Multifamily losses at Freddie Mac are very low.











Rates Socked it to Mortgage REITs in Q2: SNL



CHARLOTTESVILLE, VA-With interest rates vaulting faster this summer than they did in the 1980s, companies such as Starwood Property Trust, largely inured to interest rates hikes, fared best, according to SNL.








Tuesday, August 20, 2013

Northwood Investors Acquires 100 Broadway in NYC




National Commercial Real Estate News From CoStar Group





Northwood Investors Acquires 100 Broadway in NYC



Northwood Investors, a privately-held global real estate investment firm, has acquired the office building at 100 Broadway in New York City from Madison Capital and Meadow Partners for a reported $150 million, which would equate to approximately $380 per square foot.

The 24-story, 393,335-square-foot historic tower was originally built in 1897 on one-third of an acre in the World Trade Center submarket of Lower Manhattan, at the southeast corner...









In The Pipeline: CoStar Development & Construction News for Aug. 18-25



Avalon Developers Closes $126.5M in Construction Financing
North American Properties - Atlanta, Ltd. (NAP), in a joint venture with Sarofim Realty Advisors, has closed on construction financing begun vertical construction on Avalon, a residential, office, hotel and retail project in Alpharetta, GA.

The venture landed $126.5 million in financing for the first phase of the project, including an $86.5 million syndicated senior loan by Wells Fargo...






Atlantic Terminal Center and Mall Get Wi Fi




National





Atlantic Terminal Center and Mall Get Wi Fi



NEW YORK CITY-The shopping complex and transportation hub will provide the free service beginning this fall.











Prudential Names Garcia to Key RE Post



MADISON, NJ-Prudential Real Estate Investors reports it has named Frank Garcia a managing director and portfolio manager for its core open-ended equity commingled real estate strategy.








ARCP Opts for Self-Management Post-Mergers




National





ARCP Opts for Self-Management Post-Mergers



NEW YORK CITY-Nicholas Schorsch, among the founders of ARCP and its external advisor, will serve as executive chairman following the mergers with CapLease and ARCT IV.








Nine Walgreens, One CVS, Seven States




National





Nine Walgreens, One CVS, Seven States



SAN DIEGO-GlobeSt.com EXLCUSIVELY learns that a California private equity firm buys $40-million worth of assets in Florida, Texas, Illinois, Pennsylvania and Indiana.











More Non-Distressed Homes For Sale



IRVINE, CA-A recent snap back in pricing over the past 12 months results in more owners bringing their homes to market, says Rich Cosner of Prudential California Realty in this UPDATE to an earlier story.








Obama Administration Releases Rebuilding Plan




National





Obama Administration Releases Rebuilding Plan



WASHINGTON, DC-As we near the one year anniversary of Superstorm Sandy, the administration releases a blueprint it hopes other communities affected by natural disasters will follow.








Monday, August 19, 2013

Cushman & Wakefield Creates Two New Corporate Real Estate Heads




National





Cushman & Wakefield Creates Two New Corporate Real Estate Heads



NEW YORK CITY-In its effort to grow its corporate services division, Cushman has promoted two people into new leadership positions and hired a former corporate real estate pro to oversee a single account.








Yes, the Housing Recovery Is Real




National





Yes, the Housing Recovery Is Real



IRVINE, CA-Demand is high, prices are rising and interest rates are still at historic lows, say brokers at a recent RealtyTrac roundtable webinar.








Capital One Eyes CRE Expansion with Beech Street




National





Capital One Eyes CRE Expansion with Beech Street



McLEAN, VA-The company expects to move into more markets and develop new products once the Beech Street acquisition is complete, Capital One's Rick Lyon tells GlobeSt.com's Erika Morphy.








Friday, August 16, 2013

Wells Fargo Buys $1.6B of ING CRE Loans




National





Wells Fargo Buys $1.6B of ING CRE Loans



SAN FRANCISCO-The deal for 29 performing loans follows Wells’ acquisition of a U.K. CRE loan portfolio in July, and continues INGREF’s wind-down of its US business.











Capital One Acquires Beech Street Capital



McLEAN, VA-The combined entity will be a top five national multifamily originator when it is all said and done.








CoStar's People of Note (Aug. 11 - 17)




National Commercial Real Estate News From CoStar Group





CoStar's People of Note (Aug. 11 - 17)



This week's People of Note includes the following markets: Minneapolis, Long Island, Atlanta, Houston, Dallas, Phoenix, Chicago, Orlando, Kansas City, New Jersey, South Florida, Los Angeles and New York City.

MINNEAPOLIS
Founders Finds New President, CEO
By Justin Sumner

Founders Properties LLC has promoted Wade Lau to president and chief executive officer. In his new role, Lau will direct the company's strategic o






W&D Closes $467M in Retail, Mixed-Use Deals YTD




National





W&D Closes $467M in Retail, Mixed-Use Deals YTD



BETHESDA, MD-The company has accessed life, bank, Freddie Mac and interim financing to close these deals.








Thursday, August 15, 2013

Midyear Surge: CoStar Repeat-Sale Index Shows Strong Growth in CRE Pricing




National Commercial Real Estate News From CoStar Group





Midyear Surge: CoStar Repeat-Sale Index Shows Strong Growth in CRE Pricing



Pricing for "average" commercial properties outperformed institutional-grade assets while price gains in secondary U.S. markets eclipsed the top markets as buyers of commercial real estate increasingly expanded investment activity outside the handful of prime markets and core properties during the second quarter, according to the midyear CoStar Commercial Repeat Sale Indices (CCRSI) release.

The gains in the CCRSI's repeat sale index are an inversion...









Net Lease Portfolio Shake-Up Triggers $2.3 Billion American Realty Capital Buy



American Realty Capital (ARC) sponsored REITs capped an especially busy week by announcing more than $2.5 billion in commercial real estate acquisitions and a pipeline of another $1.1 billion in deals expected to close this year.

The source for the bulk of properties involved in the deals is a major portfolio restructuring underway by Chicago-based REIT, Inland American Real Estate Trust, which is the seller of $2.3 billion of the properties ARC...









Certain U.S. Retail Markets Shine Brighter Than Others In Slow-but-Steady Recovery



The "happy rainbow" of year-over-over demand growth for U.S. retail space continued to spread across the country at midyear, with shopping center landlords just now beginning to capitalize on accelerating population, employment and housing trends, almost no new retail property construction, and consumers returning to shop in stores once more.

Overall demand for shopping space is gathering momentum as shown by the three-quarter trailing average...






Wednesday, August 14, 2013

CoStar Repeat-Sale Index Shows Midyear Surge in CRE Pricing




National Commercial Real Estate News From CoStar Group





CoStar Repeat-Sale Index Shows Midyear Surge in CRE Pricing



Pricing for "average" commercial properties outperformed institutional-grade assets while price gains in secondary U.S. markets eclipsed the top markets as buyers of commercial real estate increasingly expanded investment activity outside the handful of prime markets and core properties during the second quarter, according to the midyear CoStar Commercial Repeat Sale Indices (CCRSI) release.

The gains in the CCRSI's repeat sale index are an inversion...






Net Lease Portfolio Shake-Up Triggers $2.3 Billion American Realty Capital Buy




National Commercial Real Estate News From CoStar Group





Net Lease Portfolio Shake-Up Triggers $2.3 Billion American Realty Capital Buy



American Realty Capital (ARC) sponsored REITs capped an especially busy week by announcing more than $2.5 billion in commercial real estate acquisitions and a pipeline of another $1.1 billion in deals expected to close this year.

The source for the bulk of properties involved in the deals is a major portfolio restructuring underway by Chicago-based REIT, Inland American Real Estate Trust, which is the seller of $2.3 billion of the properties ARC...






Toys "R" Us to Open 100+ Stores This Year




National





Toys "R" Us to Open 100+ Stores This Year



WAYNE, NJ-Locally-based children’s retailer Toys "R" Us says it plans to open more than 100 new or remodeled stores this year in 21 countries.











From One Leadership Role to Another



ORANGE COUNTY- Cheryl Todd, Vice President of Real Estate Management Coreland Companies has moved from one strength to another in her commercial real estate career.








Blackstone, DDR JV on $332M Deal




National





Blackstone, DDR JV on $332M Deal



NEW YORK CITY-The private equity giant owns 95% of the common equity in the seven-center portfolio, which is being acquired from Regency Centers and will be managed by DDR.











Hands-On Approach Aids National Reach



NEWPORT BEACH, CA-Despite being based in Southern California, CBRE’s new tenant-rep team frequently visits markets to insure high-level service, team members tell GlobeSt.com in this UPDATE to an earlier story.











Winthrop Picks Up Luxury Condos for $246M



BOSTON-In FDIC receivership since original lender Corus closed its doors, the four apartment towers are coming to Winthrop at “well below replacement cost,” says CEO Ashner.








Tuesday, August 13, 2013

Brookfield Sells Long Beach Office Tower for $135.5M




National Commercial Real Estate News From CoStar Group





Brookfield Sells Long Beach Office Tower for $135.5M



Brookfield Office Properties, Inc. (NYSE: BPO) sold the Landmark Square office tower at 111 W. Ocean Blvd. in Long Beach, CA for $135.5 million, or about $295 per square foot, to a subsidiary of insurance giant Manulife Financial Corp.

The 24-story, 460,206-square-foot, class A office tower was constructed in 1990 on 1.8 acres in the Downtown Long Beach submarket of Los Angeles. It features ground-floor retail space, covered parking, and on-site...






Blackstone Said to Buy GE Apt. Portfolio




National





Blackstone Said to Buy GE Apt. Portfolio



NEW YORK CITY-The private equity giant will put out close to $1 billion to buy majority stakes in the 80 complexes across the Southeast and Southwest, according to the Wall Street Journal.








New Media Era Spurs Realignment at REM




National





New Media Era Spurs Realignment at REM



NEW YORK CITY—Strategy results in new hires, promotions and structure, with increase in editorial, event and digital content.








In The Pipeline: CoStar Development & Construction News for Aug. 11-17




National Commercial Real Estate News From CoStar Group





In The Pipeline: CoStar Development & Construction News for Aug. 11-17



Vulcan's Ada Healey On Secrets of Developer's Success
Since 2001, Ada M. Healey has directed all real estate activities for Seattle-based Vulcan Inc.; a company owned by investor, philanthropist and Microsoft co-founder Paul G. Allen.

As the top executive for Vulcan Real Estate, Healey has built one of the few predominantly women-led development operations in commercial real estate, overseeing over $2 billion in assets, including the redevelopment...






Monday, August 12, 2013

ARC NYRR Pays $220.3M for Midtown Office




National Commercial Real Estate News From CoStar Group





ARC NYRR Pays $220.3M for Midtown Office



American Realty Capital New York Recovery REIT, Inc. has acquired the office building at 333 W. 34th St. in New York City from SL Green Realty Corp. for $220.3 million, or about $632 per square foot, exclusive of closing costs.

The ten-story, 348,363-square-foot office tower was built in 1953 on three-quarters of an acre in Midtown Manhattan's Penn Plaza / Garment District submarket, between Eighth and Ninth Avenues. The asset is fully leased...






CMBS Late-Pays Take Steep Drop




National





CMBS Late-Pays Take Steep Drop



NEW YORK CITY-July’s delinquency rate—6.78% as measured by Fitch and 8.48% according to Trepp—comes a year after Trepp reported all-time highs for late payments on securitized loans.








Friday, August 9, 2013

Blackstone Readies Sale of Hilton




National





Blackstone Readies Sale of Hilton



NEW YORK CITY-Looking to pounce on the strength of the equity markets and of the hotel sector, Blackstone is said to be preparing an IPO, marking its second hotel brand sale plan revealed within a week.








Where is the Global Capital Flowing Now?




National





Where is the Global Capital Flowing Now?



MIAMI—Global capital is still gravitating toward the U.S. But where exactly are the opportunities? Jordan Ray tells GlobeSt.com's Jennifer LeClaire what he sees.








CoStar's People of Note (Aug. 4 - 10)




National Commercial Real Estate News From CoStar Group





CoStar's People of Note (Aug. 4 - 10)



This week's People of Note includes the following markets: Phoenix, Southern California, Indianapolis, Chicago, New York City, Houston, San Francisco, Southwest Florida, and Pittsburgh.

PHOENIX
Velocity Appoints Coxon to COO
By Justin Sumner

Velocity Retail Group has appointed Greg Coxon to chief operating officer of the firm and its affiliated development company, Accelerated Development Services. In his new role,






Inland, ARC Forge $2.3B Net lease Deal




National





Inland, ARC Forge $2.3B Net lease Deal



NEW YORK CITY-The purchase and sale agreement struck by AR Capital will divide Inland American’s core net lease portfolio across various ARC-sponsored entities, including American Realty Capital Trust V.








CBRE Gets Two Incentive Experts From JLL




National





CBRE Gets Two Incentive Experts From JLL



CHICAGO—CBRE brings two more executives over from Jones Lang LaSalle. They will help lead the company’s Economic Incentives Group.











Axiometrics, Trinitas Make a Deal on Student Housing Data



LAFAYETTE, IN—The student housing developer Trinitas has agreed to provide the market research firm Axiometrics their data on about 130 student housing markets.











W&D Launches $850M Large Loan Bridge Program



WASHINGTON, DC-The company also posted strong earnings although it is scaling back its guidance for the year based on changes within the government programs.











Major Healthcare Real Estate Portfolio Could Soon Close



LOS ANGELES-According to CBRE, a buyer could soon be selected for 13 healthcare buildings known as the "Dignity Medical Office Portfolio," as Dignity Health System occupies approximately 33% of the buildings.








Thursday, August 8, 2013

Lehman Bros. Sells Warehouse Portfolio to ProLogis, Blackstone




National Commercial Real Estate News From CoStar Group





Lehman Bros. Sells Warehouse Portfolio to ProLogis, Blackstone



A partnership controlled by Lehman Brothers Holdings Inc. has closed the sale of a 17.7 million-square-foot industrial portfolio of properties located primarily in Reno and Las Vegas, NV, Central Pennsylvania and southern New Jersey.

The portfolio was sold in separate transactions to two buyers, with affiliates of Blackstone Real Estate Partners VII acquiring the Reno assets, which will be managed by IndCor Properties, Blackstone's national industrial...






Google Alert - George Smith Partners

News1 new result for George Smith Partners
 
Zephyr Partners Affiliate Buys 21 Acres
GlobeSt.com
Malcolm Davies of George Smith Partners represented Trammell Crow in the assignment. While sources could not disclose further purchase price or financial information by deadline, GlobeSt.com leans that originally, a 3.5-acre portion of the site had ...
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Arbiters Issue Mixed Ruling in Dispute with CWH




National





Arbiters Issue Mixed Ruling in Dispute with CWH



NEW YORK CITY-Although it found the REIT’s new higher minimum requirements for requesting a vote on removal of its board were “unreasonably difficult,” the panel also denied partial summary judgment for Corvex and Related.











KTR Closes Third Industrial Fund at $1.2B



NEW YORK CITY-In common with its two previous value-add discretionary funds, the private equity firm’s KTR III will operate across the spectrum of acquisition, development and operation in key markets.








La Quinta Making Moves in the Midwest




National





La Quinta Making Moves in the Midwest



CHICAGO—The hotel chain’s developers outline for GlobeSt.com how they will expand in the Midwest, and why they think the hospitality industry has finally turned a corner.











Middle-Market Retail Revives



CHICAGO—Chuck Taylor of Illinois-based Englewood Construction tells GlobeSt.com how the economic revival has impacted builders in the retail sector.











US Stocks Continue to Outstrip REITs



WASHINGTON, DC-NAREIT reports that REITs have underperformed the larger stock market for the first seven months of the year.











Flight to Quality Defines R7 Merger



TORRANCE, CA-Similar philosophies and cultures make Avison Young a good fit for R7 Real Estate, Stan Yoshihara tells Carrie Rossenfeld in this UPDATE to an earlier story.








Wednesday, August 7, 2013

Brookfield Gains 27 MSF In $1.1B IDI Buy




National





Brookfield Gains 27 MSF In $1.1B IDI Buy



NEW YORK CITY—The resultant company will create one of the largest industrial property entities in North America, with over 62 million square feet of operating assets.








Strengthening Economic Activity Seen Offsetting Investor Concerns Over Interest Rates




National Commercial Real Estate News From CoStar Group





Strengthening Economic Activity Seen Offsetting Investor Concerns Over Interest Rates



Analysts believe it is becoming more and more likely that commercial real estate loans coming due in the next few years will face a higher rate environment. However, the strengthening economy is expected to offfset near-term investor risk.

Two notable commercial real estate developers and investors support the assessment that property fundamentals are catching up to the valuations created by strong capital flows into the property markets.

Owen...









Brookfield To Boost Industrial Property Holdings with $1.1 Billion IDI Buy



Brookfield Property Partners (NYSE:BPY) has reached an agreement to buy Atlanta-based Industrial Developments International Inc. (IDI) for $1.1 billion.

IDI owns 75 industrial distribution facilities totalling 27 million square feet located in 12 states. The deal also includes IDI's third party property management business and development sites it controls that can support 49 million square feet of future warehouse distribution projects.

Acquiring...









$5 Billion MetLife, SunTrust Mortgage Pact Reflects Growing Confidence in Property Markets



MetLife, Inc. (NYSE: MET) and SunTrust Banks, Inc. (NYSE: STI) announced this week that SunTrust has agreed to finance up to $5 billion in CRE mortgages originated and managed by an asset management unit launched by the giant insurer last fall.

SunTrust Banks, a holding company for its largest subsidiary and flagship asset, SunTrust Bank, operates more than 1,650 branches primarily in the southern U.S. and had $171.5 billion in total assets and...






Blackstone, Prologis Divide 18M-SF Portfolio




National





Blackstone, Prologis Divide 18M-SF Portfolio



NEW YORK CITY-Lehman Brothers Holdings sold off the 82-asset industrial portfolio in two separate transactions; it had owned the properties in a partnership with Prologis since 2007.








Rising Sales Drive Solid Mid-Year Results for Big CRE Firms




National Commercial Real Estate News From CoStar Group





Rising Sales Drive Solid Mid-Year Results for Big CRE Firms



Brokerage fees from strengthening investment sales and to a lesser extent, leasing, bolstered financial results for the largest publicly traded CRE services in the first half of 2013.

In their recent second-quarter and first-half 2013 earnings statements, CEOs of CBRE Group, Jones Lang LaSalle and FirstService, parent company of Colliers International, said their businesses benefitted from rising fees and market activity associated with a CRE market...






Job Gains Don't Meet Expectations




National





Job Gains Don't Meet Expectations



IRVINE, CA-The possibility of a second-half slowdown in employment gains is back on the table as July hiring falls short of expectations in this UPDATE to an earlier story.











Obama Throws His Weight Behind GSE Wind-Down



WASHINGTON, DC-The president endorsed a Senate measure that calls for the private sector to take over the GSEs' role in the housing finance market.








Tuesday, August 6, 2013

Starwood REIT Gains on LNR Deal




National





Starwood REIT Gains on LNR Deal



GREENWICH, CT-The REIT’s senior management believes it’s “very well positioned to continue to outperform” thanks to substantial progress in all business lines during the second quarter, says CEO Barry Sternlicht.











Cohen & Steers Exits Private Equity CRE



NEW YORK CITY—Global investment manager Cohen & Steers is leaving the private equity real estate business, resulting in the departure of the group’s head, Steve Coyle, and his team, at the end of this week.











Interest Rate Gains Nick Property Values



NEWPORT BEACH, CA-Since low rates helped the recovery in pricing as much as anything, “much depends on where interest rates go,” says Green Street’s Rothemund.








Monday, August 5, 2013

Freddie Mac Issues 50th K-Deal




National





Freddie Mac Issues 50th K-Deal



McLEAN, VA-The GSE is proud of how this program have evolved over the years, Mitch Resnick, vice president of Freddie Mac Multifamily, tells GlobeSt.com's Erika Morphy.











Inland Unit Gets New CEO



OAK BROOK, IL—The subsidiary of the Inland Group that sponsors REITs will bring in Mitchell A. Sabshon, a Phoenix-based executive, as their new CEO.








EY: Foundation Stabilizes for Dealmakers




National





EY: Foundation Stabilizes for Dealmakers



NEW YORK CITY-The optimism among respondents to EY’s global survey “is buoyed in part by a consensus that global economic fundamentals are improving,” says the firm’s Michael Fishbin.








MetLife, SunTrust Enter Into $5B JV




National





MetLife, SunTrust Enter Into $5B JV



NEW YORK CITY—Over a three-year period, SunTrust Banks will finance up to $5 billion in commercial real estate mortgages originated and managed by MetLife Real Estate Investors.








A Tale of Two CRE Surveys




National





A Tale of Two CRE Surveys



WASHINGTON, DC-Two surveys, two widely different views of the CRE industry. Why?








Sunday, August 4, 2013

INVESTOR CHECKUP: Medical Office Sector Continues Healthy Performance




National Commercial Real Estate News From CoStar Group





INVESTOR CHECKUP: Medical Office Sector Continues Healthy Performance



A groundswell of medical joint ventures and partnerships combining the strengths of for-profit and not-for-profit providers are leveraging their stronger balance sheets to invest in real estate, emerging as one of the key drivers behind the increased demand for medical office buildings (MOB), according to Cushman & Wakefield.

"We are witnessing core, Class A medical office assets trading at or above pre-credit crisis pricing levels,” said Jeffrey...






Friday, August 2, 2013

IMD Coming out of Dormancy




National





IMD Coming out of Dormancy



CHICAGO-Illinois Medical District's commission head Warren Ribley is overseeing a strategic plan involving new developments and expansion to generate more than $300 million in revenue over the next decade.








CoStar's People of Note (July 28 - Aug. 3)




National Commercial Real Estate News From CoStar Group





CoStar's People of Note (July 28 - Aug. 3)



This week's People of Note includes the following markets: New Jersey, Boston, New York City, Philadelphia, Dallas, Chicago, Washington DC, and Atlanta.

GLOBAL
Adler Named CEO of PREI
By Justin Sumner

Prudential Real Estate Investors (PREI) has named Eric Adler to CEO, succeeding current CEO Allen Smith. PREI, a subsidiary of Prudential Financial, Inc. (NYSE: PRU), is one of the largest real estate investment management and advisory busines






Thomas Properties Liquidates TPG/CalSTRS JV




National





Thomas Properties Liquidates TPG/CalSTRS JV



LOS ANGELES-In an UPDATE to an earlier story, in connection with the liquidation, TPG will make an equity contribution of approximately $163 million to TPG/CalSTRS.








A Primer on This Month's GDP




National





A Primer on This Month's GDP



WASHINGTON, DC-Lackluster growth, a new way of calculating GDP. Some thoughts on how to make sense of it all.











Just How Much is FIRPTA Costing Us?



WASHINGTON, DC-Arriving at an exact number is impossible but Colliers associate Chris DiBitetto makes a pretty good stab at it.








Thursday, August 1, 2013

PREI Names New CEO, Old CEO Goes to Hotels




National





PREI Names New CEO, Old CEO Goes to Hotels



MADISON, NJ-Eric Adler today was named as Prudential Real Estate Investors' new CEO as of September; The current CEO Allen Smith will stay on to ease transition before taking up a new post as CEO of Four Seasons Hotel & Resorts.











Congress Makes Another Run at FIRPTA



WASHINGTON, DC-Congress is making another attempt to reform FIRPTA. Will the proposal actually make it across the finish line this year? AFIRE's Jim Fetgatter is hopeful it will.











'Bell Labs' Town Center Project Gets Final OK



HOLMDEL, NJ-Somerset Development's Ralph Zucker says that he expects the medical-related office part of the Town Center plan approved Tuesday night for the former Bell Labs building will be open by mid-year 2014.











SH Experts: Watch out for Interest Rates



DALLAS-In an exclusive interview with GlobeSt.com's Amy Wolff Sorter, Dorothy Jackman of Colliers and CBRE's Jaclyn Fitts suggest interest rates will determine student housing activity for the rest of the year.











Home Ownership, New Stock Squeeze MF Rental Growth



NEW YORK CITY-Uniquely among the major sectors, apartments face competition from single-family homes to own or rent, says a Moody’s report.











Shanghai Greenland Makes Big L.A. Play



LOS ANGELES-Chinese developer Shanghai Greenland has purchased a stake in the much-coveted Metropolis site in downtown L.A. The firm plans to invest $1 billion on a mixed-use project.











Offices on Alameda Go Private



BURBANK, CA-A four-story, 34,153-square foot office building has been sold to a local private investor. The building's two major tenants have renewed leases.








PREI Names CEO Possessing Global Heft




National





PREI Names CEO Possessing Global Heft



MADISON, NJ-Eric Adler today was named as Prudential Real Estate Investors new CEO as of September; Adler has extensive investment management background in European countries and currently leads PREI's global activities.








Congress Makes Another Run at FIRPTA




National





Congress Makes Another Run at FIRPTA



WASHINGTON, DC-Congress is making another attempt to reform FIRPTA. Will the proposal actually make it across the finish line this year? AFIRE's Jim Fetgatter is hopeful it will.