Monday, September 30, 2013

What Does Flood Insurance Reform Mean for You?




National





What Does Flood Insurance Reform Mean for You?



TAMPA, FL—GlobeSt.com caught up with, Darron Kattan and Matthew Harrell from Franklin Street to get the skinny on how flood insurance reform that goes into effect on Tuesday will impact your costs.








Ten Big NYC Building Owners Sign Up for New Tech Rating System




National





Ten Big NYC Building Owners Sign Up for New Tech Rating System



NEW YORK CITY-As part of an announcement by the city of this new offering—being spearheaded by Jared Kushner—the mayor’s office also revealed the creation of new free WiFi spots in all five boroughs.








BPY Plans to Buy Brookfield Office




National





BPY Plans to Buy Brookfield Office



HAMILTON, BERMUDA-If the $5-billion transaction goes through, it will create one of the world’s largest CRE companies, with a global portfolio of more than 330 million square feet.








Crowdfunding Has Place at the Table




National





Crowdfunding Has Place at the Table



PALO ALTO, CA-Crowdfunding can be a viable method of fundraising for real estate investment, experts tell GlobeSt.com in this UPDATE to an earlier story.








REITs Will Ease Up on Investment Pace: EY




National





REITs Will Ease Up on Investment Pace: EY



NEW YORK CITY-Many REIT teams here and overseas see “challenges ahead in identifying suitable targets,” says Howard Roth, EY’s global real estate leader.











CapLease Execs Will Join ARCP Post-Merger



NEW YORK CITY-CapLease CEO Paul McDowell will head up the office and industrial group at ARC Advisory Group when the $2.2-billion merger is completed by year’s end.








Capital Markets Report: Canadian Investor Looks for 'Sweet Spot' In U.S. Market




National Commercial Real Estate News From CoStar Group





Capital Markets Report: Canadian Investor Looks for 'Sweet Spot' In U.S. Market



Slate Properties Inc., a Toronto-based commercial real estate investor and asset manager, last week filed to launch a new REIT to be called Slate U.S. Opportunity (No. 3) Realty Trust.

Slate’s principals, Blair and Brady Welch, are forming the trust to invest in properties in secondary markets in the U.S. focusing on anchored retail properties in such cities as Pittsburgh, Columbus and Charlotte.

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Renters May Be Stickier Than We Thought



By: Francis Yuen
While it may be a popular belief that rising rents and low interest rates have chased tenants away from institutional apartments and into more affordable rental alternatives or homeownership, the data shows this to be more myth than reality, at least for now.

Along with vacancy, turnover is another way to analyze current market conditions. If a tenant leaves on the first of the month and the apartment is filled 25 days later,...









Facility Closures & Downsizings: Blackberry Pruning Products, Staff



As part of smartphone maker Blackberry’s plan to focus on enhancing its financial results, and in response to the increasing competition, the Waterloo, Ontario-based firms plans to transition its future smartphone portfolio from six devices to four. The portfolio will focus on two high-end devices and two entry-level devices.

As part of the refocusing, the company said that it is targeting a 50% reduction in operating expenditures by the end of...






Friday, September 27, 2013

Tech's Momentum Will Continue: CBRE




National





Tech's Momentum Will Continue: CBRE



SAN FRANCISCO-The firm’s “Tech-Twenty” report identifies 11 submarkets nationwide where office rents grew 10% or better during a two-year period, not all of them in the Bay Area











Taconic Tackles NY Multifamily Adaptive Reuse



MIAMI—Kevin Davis, Chief Investment Officer for Taconic, talks to GlobeSt.com's Jennifer LeClaire about adaptive reuse projects and the opportunities they are creating for developers.








Case-Shiller Outpaces FHFA Predictions




National





Case-Shiller Outpaces FHFA Predictions



IRVINE, CA-The Case-Shiller 20-city composite index shows a greater seasonally adjusted home-price increase in July than the FHFA HPI for that month, reports Auction.com.











Winning Projects Have Innovative Amenities



IRVINE, CA-Four KTGY Group multifamily developments win Project of the Year awards at the Multifamily Executive Conference in Las Vegas. Attractive amenities abound among the winners.











Richard Rendina: Up Close and Personal



JUPITER, FL-In this final piece of a four-part interview series, Rendina Cos. chairman and CEO discusses personal issues, including the death of his father (the company's founder) and his own bout with cancer.











Q2 MOB Sales Fall 28% from Previous Quarter



MINNETONKA, MN-Though Griffin-American Healthcare REIT acquired an 11-building portfolio as part of a $123-million deal, lack of supply slowed sales overall.











Taconic Filling Up 2014 Multifamily Pipeline



MIAMI—Taconic's Kevin Davis tells GlobeSt.com's Jennifer LeClaire how he sees interest rates impacting multifamily and how his firm is leveraging opportunities for its 2014 development pipeline.








CoStar's People of Note (Sept. 22 - 28)




National Commercial Real Estate News From CoStar Group





CoStar's People of Note (Sept. 22 - 28)



It's time to update those contact managers with CoStar's People of Note, reporting news on significant new CRE hires and promotions. This week's issue includes the following markets: New York City, Atlanta, San Diego, Los Angeles, Hampton Roads, Richmond, Chicago, Houston, Tucson, New Jersey, and Portland.
NEW YORK CITY
Ludeman Named Global President Capital Markets at CBRE
By Caitlin Wilson








Thursday, September 26, 2013

Google Alert - George Smith Partners

News 1 new result for George Smith Partners
Structured Debt vs. JV Equity GlobeSt.com
As an intermediary between the capital markets and commercial real estate developers, one of the most common questions that we at George Smith Partners ...
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Upscale Dining Finds Home in Malls




National





Upscale Dining Finds Home in Malls



NEWPORT BEACH, CA-Like retail stores, higher-end restaurants that provide an extraordinary experience for consumers are finding their way into Southern California malls, Jackie Levy of Caruso Affiliated tells GlobeSt.com in this EXCLUSIVE interview.











A Deeper Look at Carlyle's Real Estate Footprint



WASHINGTON, DC-The asset manager turned heads with the announcement it had acquired a real estate equity firm on Wednesday.











RCAP Closes on Buy of First Allied



NEW YORK CITY-First Allied, formerly owned by private equity firm Lovell Minnick Partners, manages more than $32 billion in assets for 300,000 retail clients nationwide.








Wednesday, September 25, 2013

One Liberty Closes on Four Properties Nationwide




National





One Liberty Closes on Four Properties Nationwide



GREAT NECK, NY-The company purchased an industrial facility, a distribution center and two restaurants all around the country








Real Estate Firm Seizes On New Opportunity to Expand Access to Investors




National Commercial Real Estate News From CoStar Group





Real Estate Firm Seizes On New Opportunity to Expand Access to Investors



Broadstone Real Estate, a property and asset management firm that sponsors two private REITs and manages commercial and residential properties in 27 states, wasted no time jumping on new relaxed federal rules that went into effect this week for raising investment funds.

The Rochester, NY-based company became the first real estate firm to take advantage of the latest provision to go into effect from the Jumpstart Our Business Startups Act (or 'JOBS...









ProLogis Leverages Foreign Trade for Leasing, Development Success



ProLogis, one of the largest developers of industrial space worldwide, is a big believer in foreign trade zones (FTZ).

The big industrial property REIT noted that the average vacancy rate in its industrial parks that have the foreign trade zone designation hovered at less than 3% since the end of 2011 through the first quarter of this year.

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Given that level of performance, ProLogis pursued and...






Carlyle Expands Scope With Metropolitan Buy




National





Carlyle Expands Scope With Metropolitan Buy



WASHINGTON, DC—The Carlyle Group is expanding into the fund-of-funds business with its acquisition of Metropolitan Real Estate Equity Management LLC.











Auction.com Closes $65M Week



IRVINE, CA-The firm facilitates the closing of 20 commercial assets in 11 states during the week ending September 6. Properties include office, retail and industrial assets.








Commercial Real Estate Boils Down to Jobs




National





Commercial Real Estate Boils Down to Jobs



HOUSTON-At Transwestern's Sept. 24. Twitter conference, Chip Clarke, president, Americas, noted that geographic areas producing jobs will experience a great deal of CRE activity.











For Real Estate Investors, the Right Time is Now



NEW YORK CITY-Speakers at a private equity conference see opportunities in the market both for success and for failure.











Private Equity's Dry Powder Approaches $100B



NEW YORK CITY-Blackstone and a handful of other large players get the lion’s share of investor capital, but fundraising on the whole is up substantially over last year, Preqin says.








Tuesday, September 24, 2013

Case-Shiller Posts Best Y-O-Y Gain Since '06




National





Case-Shiller Posts Best Y-O-Y Gain Since '06



NEW YORK CITY-Yet a slowdown in mortgage applications coupled with rising interest rates portends a slowdown in the increases, says S&P Dow Jones’ David M. Blitzer.








Archer Daniels Midland Searching for New Global HQ Space




National Commercial Real Estate News From CoStar Group





Archer Daniels Midland Searching for New Global HQ Space



Agribusiness company Archer Daniels Midland (ADM) Co. announced this week that it is exploring establishing a new global headquarters and customer center.

Archer Daniels Midland Co., located for nearly 45 years in the small central Illinois city of Decatur, IL, is looking for a new location for its headquarters with better access to its global customers and said it is considering several potential locations.

The food-processing and commodities...






Auction.com: Multifamily Starts Slowing




National





Auction.com: Multifamily Starts Slowing



IRVINE, CA-Census Bureau data for August suggests that single-family housing starts are on the rise, while multifamily starts are slowing down, the firm reports.








In The Pipeline: CoStar Development & Construction News for Sept. 22 - 28




National Commercial Real Estate News From CoStar Group





In The Pipeline: CoStar Development & Construction News for Sept. 22 - 28



Archer Daniels Midland Searching for New Global HQ
Agribusiness company Archer Daniels Midland (ADM) Co. announced this week that it is exploring establishing a new global headquarters and customer center.

Archer Daniels Midland Co., located for nearly 45 years in the small central Illinois city of Decatur, IL, is looking for a new location for its headquarters with better access to its global customers and said it is considering several potential...






Fannie Mae Structure Takes Interest Rates Into Account




National





Fannie Mae Structure Takes Interest Rates Into Account



WASHINGTON, DC-The GSE must align borrowers' and lenders' needs with investor appetites, Fannie Mae's Josh Seiff tells GlobeSt.com. Today that means accommodating rising interest rates.











Midwest Law Firms Combine



KANSAS CITY/MINNEAPOLIS—The two firms, based in Kansas City and Minneapolis have significant real estate practices and will be one of the largest firms in the US.











ADM Planning a Move to Chicago?



DECATUR, IL—The agribusiness giant says they want to establish a new global headquarters, and Chicago may be their destination.








Monday, September 23, 2013

Marcus & Millichap to File IPO




National





Marcus & Millichap to File IPO



CALABASAS, CA—Investment advisory firm Marcus & Millichap Inc. has filed for an initial public offering with the US Securities and Exchange Commission, GlobeSt.com has EXCLUSIVELY found out.








CWH, Subsidiaries Revamp Manager Fees




National





CWH, Subsidiaries Revamp Manager Fees



NEWTON, MA-Changes to the management fee plan for RMR, which is controlled by the father-and-son team of Barry and Adam Portnoy, are coming as a result of recent conversations with shareholders in CWH and its four subsidiary REITs.








Inland Picks Up Andaz Hotels for $115M




National





Inland Picks Up Andaz Hotels for $115M



OAK BROOK, IL—Inland American Lodging now has three Andaz hotels, part of the Hyatt Corp., in a portfolio that has a total of 93.








Malkin Edges Closer to Empire State Building IPO




National Commercial Real Estate News From CoStar Group





Malkin Edges Closer to Empire State Building IPO



After turning down multiple offers from potential buyers for the iconic Empire State Building, including a high bid of $1.4 billion, Malkin Holdings has decided to press forward with plans for an initial public offering of 71.5 million shares of common stock to convert ownership of the Manhattan office tower and several other properties into a publicly traded REIT.

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Empire State Realty Trust Inc....









Google Drinks the Gatorade in OK



An entity affiliated with search engine giant Google has acquired a massive warehouse property in Pryor, OK. The entity, Gerfalcon LLC, purchased the 1,364,242-square-foot building from SVC Manufacturing Inc. for $24.5 million or about $17.95/square foot.

The newly purchased property at 3500 Main St. in the MidAmerica Industrial Park was originally built for $80 million in 2008 for PepsiCo, which manufactured Gatorade and other sports drinks at...









No Bubble In Multifamily Values, According to Freddie Mac



Renter household formation has outpaced owner household growth during the past few years, spurring a huge increase in multifamily property sales and new construction.

Despite the boom in multifamily sales and development, Freddie Mac's latest Economic and Housing Market Outlook found that residential property values "remain consistent with fundamental economic forces in the housing market," and that the rate of appreciation for multifamily property...









Don’t Overlook Sweet Pockets in Sour Rust Belt Metros



By: Paul Leonard
As the capital markets cycle matures, underwriting profitable investments in both Core Coastal(1) and Sun Belt(2) markets is becoming increasingly more difficult. If you miss the days when the first digit in your pro forma cap rate started with a 7 (or higher) and you are willing to pursue a yield-driven, buy-and-hold strategy, I’ve got two words for you: Rust Belt.(3)

Now, after the visions of municipal bankruptcies(4) and rivers...






Friday, September 20, 2013

CoStar's People of Note (Sept. 15 - 21)




National Commercial Real Estate News From CoStar Group





CoStar's People of Note (Sept. 15 - 21)



It's time to update those contact managers with CoStar's People of Note, reporting news on significant new CRE hires and promotions. This week's issue includes the following markets: Chicago, Philadelphia, Houston, New York City, Washington DC, South Florida, Columbus, Seattle, San Francisco, Atlanta, Hampton Roads, Salt Lake City, Dallas, and Indianapolis.

CHICAGO
JLL's Lickerman To Become New CEO at DTZ
By Tim Trainor








Rendina and the HCRE Sector




National





Rendina and the HCRE Sector



JUPITER, FL-In this continuing Q&A, Richard Rendina with Rendina Cos. discusses his company's strategy as well as overall thoughts about the healthcare real estate sector.








Thursday, September 19, 2013

Hoteliers Enjoying Good Times, Adapting for the Future




National





Hoteliers Enjoying Good Times, Adapting for the Future



PHOENIX-Views on the market’s inevitable turnaround were mixed Thursday at the Lodging Conference, but that didn’t stop both the optimists and the naysayers from sharing their points of view.











Decline of Enclosed Mall Is Permanent



SAN DIEGO-The days of department-store-anchored large malls are gone, but options like outlet centers will replace them, say panelists at ICSC Western Division.











Grimm: TRIA Lapse Would Put Projects 'On Hold'



NEW YORK CITY-The Staten Island Congressman, who will serve as keynote speaker at RealShare New York next month, has introduced legislation extending the federal Terrorism Insurance Program for five years.








The Art of Closing a Deal, Today




National





The Art of Closing a Deal, Today



NEW YORK CITY—Ackman-Ziff president Simon Ziff shares some of the finer points behind the art of mortgage brokerage today.








After Peaking, Uptick In Class A Office Sales May Portend Stronger Office Investment Activity




National Commercial Real Estate News From CoStar Group





After Peaking, Uptick In Class A Office Sales May Portend Stronger Office Investment Activity



After surging sale prices caused them to fall a bit out of favor with investors, Class A office buildings may again set the pace for an improved outlook for investment sales through the end of the year.

The monthly sales volume of Class A office buildings began to edge down in November 2011 when the average price per square foot achieved a post Great Recession high of $263 per square foot. Monthly sales volume hit a nadir in May 2012, according...






Wednesday, September 18, 2013

For Hotels, Is the Party Over?




National





For Hotels, Is the Party Over?



PHOENIX-Some speakers at an annual industry conference say the roll hotels are on will soon end while others question that mindset ; but all stress relationship building as the order of the day.








Peaking of Class A Sales May Portend Stronger Office Investment Activity




National Commercial Real Estate News From CoStar Group





Peaking of Class A Sales May Portend Stronger Office Investment Activity



After surging sale prices caused them to fall slightly out of favor for a while, Class A office buildings may again set the pace for an improved outlook for investment sales through the end of the year.

The monthly sales volume of Class A office buildings began to edge down in November 2011 when the average price per square foot achieved a post Great Recession high of $263 per square foot. Monthly sales volume hit a nadir in May 2012, according...









American Realty Charges into Hotel Property Arena



Intending to launch a new hotel REIT and become as big a player in the hospitality property sector as it has in net-leased propertry, AR Capital LLC this week bought a controlling interest (60%) in Crestline Hotels and Resort Inc. from Grupo Barcelo, a hotel company based in Majorca, Spain.

ARC paid $5.4 million for its share of Crestline, the 17th-largest hotel manager in the U.S., and said it expects the Fairfax, VA-based company will be instrumental...









U.S. Property Investors Widen Hunt for Yield



Prices for U.S. commercial property continued to rebound from their post-recession lows as investors hunt for higher returns and take advantage of more favorable liquidity conditions to expand their property holdings across more secondary markets and asset classes.

According to the latest CoStar Commercial Repeat Sale Indices (CCRSI) released this week, pricing trends maintained their positive trajectory based on commercial property sales through...






Housing Permits, Starts Post Tepid US Numbers




National





Housing Permits, Starts Post Tepid US Numbers



WASHINGTON, DC-Digesting the latest reports from the Commerce Department and from the NAHB, economists are taking a wait-and-see attitude toward the near term.











Secondary Market Rise: $26M Harrisburg Sale



HARRISBURG, PA-Investors based in New York and New Jersey contended for the opportunity to buy a new garden apartment complex in Harrisburg, where institutional buyers had previously been "skeptical," Marcus & Millichap tells GlobeSt.com











HREC Debt Group Gets Own Identity



DENVER-In an UPDATE to an earlier EXCLUSIVE article, GlobeSt.com chats with HREC’s Geoff Davis about increasing the profile of the firm’s debt group.








Investor Pays $98M for Pearson Industrial Bldg




National Commercial Real Estate News From CoStar Group





Investor Pays $98M for Pearson Industrial Bldg



Bentall Kennedy (US) LP advised an institutional investor in the acquisition of the Pearson 8A industrial building at 258 Prospect Plains Rd. in Cranbury, NJ. Exeter Industrial Value Fund II sold the property for $98 million, or about $111 per square foot.

The two-story, 886,826-square-foot distribution building was constructed in 2002 on 58 acres in the Exit 8A Industrial submarket of Middlesex County. It features 53,000 square feet of office...






Veterans Launch National Advisory Firm




National





Veterans Launch National Advisory Firm



CHICAGO—The leaders of the new firm hail most recently from Marcus & Millichap and believe investors and operators should view seniors housing and medical office buildings as siblings.











Construction Booms for Extended-Stay Hotels



WICHITA, KS—Value Place, the Kansas-based provider of affordable, extended-stay hotel suites says both bank financing and equity have become available again, and will spark a national construction boom.








Tuesday, September 17, 2013

Riverside Center in Utica Trades for $60.5M




National Commercial Real Estate News From CoStar Group





Riverside Center in Utica Trades for $60.5M



Affiliates of The Nightingale Group LLC including NG Riverside Center LLC and Riverside SPE Member LLC sold the Riverside Center at 710 Horatio St. in Deerfield Utica, NY to Riverside Enterprises LLC for $60.5 million, or approximately $84 per square foot.

The Riverside Center consists of five different retail buildings totaling 722,084 square feet. The regional power center is located off I-90 near Routes 5, 8/12 and 49. It is home to several...






Consumer, Interest Rate Questions Remain




National





Consumer, Interest Rate Questions Remain



SAN DIEGO-In part two in our ICSC’s Western Division conference preview stories, we asked 10 heavy hitters how the retail market will fair for the remainder of the year. Their comments may surprise you.











Young Influential Women Come from OC, L.A.



IRVINE, CA-Many of the women under 40 that Real Estate Forum recently lauded for making an impact on commercial real estate hail from Orange County and Los Angeles. Here are a few of them.











Crowdfunding Has Its Pros and Cons



LOS ANGELES-An investment concept that has become popular in many industries, crowdfunding for real estate investing raises more questions than answers, Jeffer Mangels attorney Seth Weissman tells GlobeSt.com.








In The Pipeline: CoStar Development & Construction News for Sept. 15 - 21




National Commercial Real Estate News From CoStar Group





In The Pipeline: CoStar Development & Construction News for Sept. 15 - 21



Developers Begin Work On $2.3B Spring District TOD Project

Seattle-based developer Wright Runstad & Co. has started demolition work on the first phase of The Spring District, a transit-oriented development in the Bel-Red corridor of Bellevue, WA.

Demolition of a former Safeway warehouse at the corner of NE 12th Street and 120th Avenue NE on the south side of the site began Monday. Construction of roads and utilities will begin immediately after...






Monday, September 16, 2013

Lickerman Takes Global CEO Post at DTZ




National





Lickerman Takes Global CEO Post at DTZ



SYDNEY, AUSTRALIA-GlobeSt.com learns EXCLUSIVELY that Tod Lickerman has been appointed DTZ Global’s CEO, effective October 14; the move is part of a key strategic change for the firm.








Trump Wants Kids to Run Company




National





Trump Wants Kids to Run Company



NEW YORK CITY-Although showing no signs that retirement is on the horizon, real estate developer Donald Trump says the business succession plan has all his three children running his various holdings once he retires.








ICSC To Bring Golden Opportunities?




National





ICSC To Bring Golden Opportunities?



SAN DIEGO-Going to ICSC Western States? What are your expectations and what are you hoping to accomplish? GlobeSt.com caught up on the subject with 12 heavy hitters in this EXCLUSIVE Q&A.








Blackstone Taking Hilton Worldwide Public




National Commercial Real Estate News From CoStar Group





Blackstone Taking Hilton Worldwide Public



The Blackstone Group is spinning off a minority ownership stake in Hilton Worldwide Holdings in a proposed initial public offering of common stock that could raise up to $1.5 billion.

As a part of the strategy, Blackstone would also restructure a portion of Hilton’s debt through a CMBS offering that could go as high as $3.5 billion - potentially the second largest CMBS offering in the U.S. (Goldman Sachs put together a $3.66 billion CMBS deal at...






Saturday, September 14, 2013

HREC Investment Advisors Expands Platform




National





HREC Investment Advisors Expands Platform



DENVER-GlobeSt.com EXCLUSIVELY learned that the Denver-based firm expands its mortgage brokerage platform, forming a capital markets group within its hotel brokerage platform.








Friday, September 13, 2013

Rendina's Remarkable Rebound




National





Rendina's Remarkable Rebound



JUPITER, FL-In this first of a four-part Q&A, Rendina Cos. chairman and CEO Richard M. Rendina talks with HREIT's Murray Wolff about the future of the company.








CoStar's People of Note (Sept. 8 - 14)




National Commercial Real Estate News From CoStar Group





CoStar's People of Note (Sept. 8 - 14)



It's time to update those contact managers with CoStar's People of Note, reporting news on significant new CRE hires and promotions. This week's issue includes the following markets: Washington DC, Chicago, Columbus, Las Vegas, New York City, Phoenix, South Florida, Houston, San Diego, Philadelphia, Orange County, and Long Island.

WASHINGTON DC
Carlyle Group Names Former GGP CEO as Head of Int'l Real Estate
By Tim Trainor








SunTrust EVP Talks ROI on Adaptive Reuse




National





SunTrust EVP Talks ROI on Adaptive Reuse



MIAMI—How does the ROI pan out on an adaptive reuse project compared to ground-up construction or renovation? SunTrust's Walt Mercer discusses this and other adaptive reuse issues with GlobeSt.com.








DTZ Sees Modest US Rental Growth




National





DTZ Sees Modest US Rental Growth



CHICAGO—The company says the push for more efficient US workplaces will be partially offset by economic growth, and the Asia Pacific region will see much stronger rental growth.











SunTrust EVP Talks Multifamily Adaptive Reuse



MIAMI—SunTrust Banks EVP Walt Mercer tells GlobeSt.com's Jennifer LeClaire how he sees the multifamily market shifting and where adaptive reuse fits into the equation.








Thursday, September 12, 2013

Hilton Files for $1.2B IPO




National





Hilton Files for $1.2B IPO



MCLEAN, VA-The offering on the iconic hotel company, which Blackstone took private in 2007, would be the largest to date in the hospitality sector.








EB-5: Worthwhile, But Complex




National





EB-5: Worthwhile, But Complex



NEW YORK CITY-The program gets championed, and explained, by experts during an industry luncheon.











Rents in San Fran Office, Residential To Increase



SAN FRANCISCO-Thanks to technology as an economic driver, RealShare Bay Area’s town hall power panel view San Francisco as ‘the new,’ New York.








Wednesday, September 11, 2013

Flush With Cash and Making Deals, Investors from South Korea, Norway Targeting U.S. Real Estate




National Commercial Real Estate News From CoStar Group





Flush With Cash and Making Deals, Investors from South Korea, Norway Targeting U.S. Real Estate



A pair of recent high-priced investment property sales illustrate the growing interest from cross-border capital in U.S. commercial real estate.

In the latest acquisition, Oslo-based Norges Bank, Norway’s central bank which administers the Nordic nation’s oil-based Government Pension Fund -- Global (GPFG), agreed to buy a stake in a New York City office trophy office tower for $684 million.

Boston Properties, Inc. (NYSE: BXP) said it will sell...






Forest City, Queensland Complete Mall JVs




National





Forest City, Queensland Complete Mall JVs



CLEVELAND-Locally based Forest City will remain as managing member of the eight individual JVs, handling leasing and operations at Victoria Gardens and seven other malls.











Blackstone Plans Huge CMBS Deal for Hilton Debt



NEW YORK CITY-The private equity giant is refinancing all of Hilton’s debt in preparation for an IPO, and plans to issue $3.5 billion of securities as part of that initiative, the Wall Street Journal reported.











Inland Takes A Dozen Walgreens for $60M



OAK BROOK, IL-Riding the trend of triple-net-leased properties fetching highly motivated buyers, a New Jersey firm has sold a dozen Walgreens-occupied buildings to Inland Real Estate for $60 million.








As Housing Rebound Helps More Retirees Sell Homes, Investors Prep for Increased Demand for Senior Housing




National Commercial Real Estate News From CoStar Group





As Housing Rebound Helps More Retirees Sell Homes, Investors Prep for Increased Demand for Senior Housing



Senior housing investment sales, which have been slowly creeping up this year, could see a big boost in activity in the near future. Investors in the sector see senior living assets continuing to benefit from the ongoing recovery in housing, which is making it easier for older owners to sell their homes in anticipation of moving to a senior housing facility.

Seeing this trend, several major public REITs are beginning to sell some of the their commercial...









Institutional Players Jockeying To Lead Single-Family Rentals Believe Bigger is Better



As growth among the publicly held entrants in the single-family field is beginning to show some tapering as housing prices rise and profits have yet to materialize, a handful of players made moves last week to raise investment funds and expand their single-family rental management capabilities.

For starters, Barry Sternlicht’s Starwood Property Trust Inc. edged ever closer to spinning-off its single-family rental homes and distressed and non-performing...






In The Pipeline: CoStar Development & Construction News for Sept. 8 - 14




National Commercial Real Estate News From CoStar Group





In The Pipeline: CoStar Development & Construction News for Sept. 8 - 14



‘City Within a City’ Begins to Rise On NYC’s Far West Side

With three towers totaling more than 8.6 million square feet under construction to reclaim the World Trade Center site skyline over the next three years, it’s easy to forget that what may be the largest private real estate project in U.S. history is rising a few miles to the west.

Construction is now moving forward at a rapid clip at Hudson Yards, considered breathtakingly speculative...






Nine-State Apt. Portfolio Hits the Sales Block




National





Nine-State Apt. Portfolio Hits the Sales Block



PHOENIX-Hendricks-Berkadia is marketing the 31 multifamily properties on behalf of a court-appointed receiver following an SEC action against the ownership, GlobeSt.com has learned exclusively.











Smart Tech to End Rearview Analytics



CHICAGO—In this UPDATE to this yesterday’s story, Leo O’Loughlin from JLL explains how cloud computing has transformed the ability of landlords and tenants to practice sustainability.








Tuesday, September 10, 2013

‘City Within a City’ Begins to Rise On NYC’s Far West Side




National Commercial Real Estate News From CoStar Group





‘City Within a City’ Begins to Rise On NYC’s Far West Side



With three towers totaling more than 8.6 million square feet under construction to reclaim the World Trade Center site skyline over the next three years, it’s easy to forget that what may be the largest real estate project in U.S. history is rising a few miles to the west.

The Hudson Yards redevelopment project on Manhattan’s far West Side, considered breathtakingly speculative five years ago during the downturn and a risky land play as recently...






Hackman Scoops Up Remaining Hostess Assets




National





Hackman Scoops Up Remaining Hostess Assets



LOS ANGELES-The 140 properties, mainly industrial, traded for a bargain-basement $20 per square foot at auction, according to the Wall Street Journal; Hackman Capital plans to liquidate all of them.











The PENTA Building Group Completes Downtown Zappos Headquarters



LAS VEGAS–Former city hall building converted into a progressive, flexible office space for online clothing retailer.








Transwestern Buying Richards Barry Joyce to Expand Into Boston




National Commercial Real Estate News From CoStar Group





Transwestern Buying Richards Barry Joyce to Expand Into Boston



Transwestern added a key market in its ongoing expansion in striking a deal to buy Richards Barry Joyce & Partners, considered to be one of the top commercial real estate firms in Boston and one of the few major local 'independents' remaining in the quickly consolidating U.S. market.

Richards Barry Joyce will begin operating as Transwestern RBJ on November 1, 2013. Steve Purpura, currently a partner at RBJ, has been named managing principal for...






WNC Funds Raise $348M in Equity




National





WNC Funds Raise $348M in Equity



IRVINE, CA-The national investor in real estate and community-development initiatives has closed its 2013 fiscal year with a total of six low-income housing tax-credit funds that raised an aggregate $348 million in equity.








Smart Tech Gets P&G Their Money Back




National





Smart Tech Gets P&G Their Money Back



CHICAGO—At a green building conference in Chicago, Proctor & Gamble outlines how smart technology from JLL paid for itself in months.








Monday, September 9, 2013

Will the Fed Pause Over Unemployment?




National





Will the Fed Pause Over Unemployment?



WASHINGTON, DC-The latest job numbers, although lackluster, do not give the Federal Reserve much reason to hold off dismantling its quantitative easing program. Or, for that matter, to continue.











Transwestern Acquires Richards Barry Joyce & Partners



HOUSTON-Local Transwestern solidifies its presence in the northeast by bringing the major Boston-based commercial real estate firm aboard. Larry Heard of Transwestern shares the details with GlobeSt.com's Amy Wolff Sorter.











Don't Ignore Medical NNN, If You Can Find It



NEW YORK CITY-Healthcare real estate lends itself to a triple-net structure, but, as Iridium’s Marilyn Kane tells GlobeSt.com’s Paul Bubny, it pays to read the fine print in offering plans.








Greystar Acquires $460 Million Portfolio of Multifamily Assets




National Commercial Real Estate News From CoStar Group





Greystar Acquires $460 Million Portfolio of Multifamily Assets



In a sweeping reshuffle of its portfolio property mix, Inland American Real Estate Trust has found a buyer for a huge chunk of its multifamily portfolio.

Charleston, SC-based Greystar Real Estate Partners is purchasing a $460 million portfolio of multifamily assets from the Chicago-based REIT.

The purchased portfolio consists of 14 institutional apartment communities, or 4,371 units throughout markets with exposure to the growing domestic energy...






Friday, September 6, 2013

Cell Tower REIT Dials Up $4.8B Deal for Rival




National





Cell Tower REIT Dials Up $4.8B Deal for Rival



BOSTON-American Tower’s acquisition of MIP Tower Holdings will add more than 15,000 communications sites under ownership or management to the company’s global portfolio.











MedSouth Healthcare Launched for Acquisitions



CHARLOTTE-Benjamin Bivens and Bill Transou form a joint venture with the sole purpose of buying income-producing healthcare real estate in the southeast.











Senior Housing Repurposed from Former Hospital



NEW ALBANY, IN-A former tuberculosis hospital and children's development center finds new life as Villages at Historic Silvercrest, a continuing care retirement community.








CoStar's People of Note (Sept. 1 - 7)




National Commercial Real Estate News From CoStar Group





CoStar's People of Note (Sept. 1 - 7)



This week's People of Note includes the following markets: South Florida, Dallas, Northern New Jersey, Indianapolis, San Francisco, New York City, Jacksonville, Portland, Tampa, Greenville, Los Angeles, Chicago, and Phoenix.

SOUTH FLORIDA
Ross Appointed to CFO at Trade Street
By Justin Sumner

Trade Street Residential, Inc., an owner and operator of apartment communities across the southeastern US, has appoi






Fading Negative Equity May Boost Inventory




National





Fading Negative Equity May Boost Inventory



IRVINE, CA-As equity grows in this recovering housing market, more homeowners will be able to sell their homes and rebuy, say experts in this UPDATE to an earlier story.








Housing Recovery Still Faces Choppy Waters




National





Housing Recovery Still Faces Choppy Waters



IRVINE, CA-“We remain cautious about the housing recovery” in the face of a sharp year-over-year drop in household formation, writes Peter Muoio of Auction.com Research.








Thursday, September 5, 2013

AvalonBay's Blair Joins Blackstone Unit Board




National





AvalonBay's Blair Joins Blackstone Unit Board



NEW YORK CITY-Private equity firm Blackstone Group, LP announced today that former AvalonBay Communities Inc, Chairman Bryce Blair has joined its real estate portfolio company Invitation Homes’ board of directors.








Parkway Agrees to Buy Thomas Properties In $1.2B Deal




National Commercial Real Estate News From CoStar Group





Parkway Agrees to Buy Thomas Properties In $1.2B Deal



In one of the largest REIT mergers of the year, office landlord Parkway Properties Inc. (NYSE: PKY) agreed to acquire Los Angeles-based Thomas Properties Group Inc. (NYSE: TPGI) in a stock-for-stock transaction valued at $1.2 billion.

The merger, expected to close in the fourth quarter, includes 14 Thomas Properties office assets totaling 9.8 million square feet, including eight in the fast-growing Austin and Houston markets. The portfolio was...









Parallel Acquires Urban Towers In Irving For $125M



A joint venture consisting of San Diego-based Parallel Capital Partners and Angelo, Gordon & Co. out of New York obtained the 850,000-square-foot Urban Towers at 222 Las Colinas Blvd. in Irving, TX from CB Richard Ellis Strategic Partners U.S. for $125 million, or about $148 per square foot.

The complex consists of two Class AA high-rise office towers situated on 11.2 acres in the Irving business district of Las Colinas. The 22-story North Tower...






Parkway Acquires Thomas Properties for $1B




National





Parkway Acquires Thomas Properties for $1B



ORLANDO—Parkway is keeping some assets and trading off others to Brandywine Realty Trust. Get all the details and sound off on the deal.











Investors Could be Overpaying for Homes



IRVINE, CA-Willing to operate on thinner margins, institutional investors are winning single-family properties but may overestimate their true value, RealtyTrac’s Daren Blomquist tells GlobeSt.com in this UPDATE to an earlier story.








Wednesday, September 4, 2013

Rolling Up REITs: Private Equity, Non-Listed Firms Merging to Gain Scale and Entry to Public Markets




National Commercial Real Estate News From CoStar Group





Rolling Up REITs: Private Equity, Non-Listed Firms Merging to Gain Scale and Entry to Public Markets



Call it the Great REIT Roll-up of 2013. This year’s crop of REIT mergers, initial public offerings and conversions includes a number of large deals in which companies have rolled up funds and non-traded REITs into publicly traded or non-traded entities -- in many cases to create liquidity events for long-time shareholders.

Earlier in the recovery, especially during 2010-2011, new REIT market entrant launches included many so-called "blind-pool...









Self-Storage REIT CEO Thinks Analysts Need an Art Lesson



Fed up with stock analysts lumping his self-storage property REIT with all other equity REITs, CubeSmart CEO Dean Jernigan threw out a challenge to the analysts attending his firm's earnings conference call last month: paint us as an individual portrait, not as a book of paint-by-number pictures.

"It's very discouraging for me to see in corporate America good earnings reports by other companies, and see the REIT sector trade down, with all of us...









Women’s Fashion Retailers Trimming the Fat from Store Portfolios



Many women apparel retailers are finding their store square footage a size or two too big these days, and are taking steps to shrink the waste in their real estate portfolios.

Some of the more popular chains, such as Abercrombie & Fitch and The Jones Group, are trimming more than others. Both have recently announced major real estate restructurings.

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The Jones Group said it will reset its domestic...






ExxonMobil Office Campus On Track for Early 2014 Move-In




National Commercial Real Estate News From CoStar Group





ExxonMobil Office Campus On Track for Early 2014 Move-In



Construction is moving forward on the company’s sprawling new Springwoods Village campus at Interstate 45 and the Hardy Toll Road in North Houston

In an employee newsletter, Exxon recently provided details about the development 25 miles north of downtown Houston, one of the largest commercial construction projects under way in North America.

The facility, first reported by CoStar in mid-2011, will accommodate up to 10,000 employees from ExxonMobil...









Burning Down the House? Or Flooding the Market?



Whether they’re buying or selling, federal government entities are keeping bond investors on pins and needles as the summer wanes. First bond investors fretted after talks heated up this summer about the Federal Reserve eventually tapering down its purchase of government bonds - a program referred to as QE3 and widely acknowledged as playing a substantial role in helping re-stimulate commercial mortgage-backed bond issuances this year.

Also causing...









Industrial Rent Rollover: Threats & Opportunities



By: Shaw Lupton
PPR54 industrial rents are enjoying a period of above-trend growth (3.3% year-over-year, compared to a long-term average of about 1.5% since 1994). While that goes a long way toward regaining lost ground, asking rents remain roughly 5% below their long-term trend, suggesting that more above-trend growth is in store before speculative construction ruins the party.

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Investors who are...









Capital Markets Report: WNC Set To Acquire 24 Low-Income Properties in 18 States



WNC, a national investor in real estate and community development initiatives, closed a $150.5 million institutional low-income housing tax credit (LIHTC) fund. The fund, named WNC Institutional Tax Credit Fund 38 LP, will acquire 24 properties nationally ina mix of family and senior properties, including 15 new construction projects and nine slated for rehabilitation.

The properties expected to comprise Fund 38 will deliver more than 2,100 units...









CBL Closes on $176M Sale of Three Southeast Malls



An offshore investor along with Atlanta-based partner Hendon Properties has closed on its acquisition of three malls and three associated shopping centers across three states in a portfolio sale totaling $176 million from CBL & Associates Properties, Inc. (NYSE: CBL)

The transaction included Georgia Square Mall and Georgia Square Plaza in Athens, GA; Panama City Mall and The Shoppes at Panama City in Panama City, FL; and the Rivergate Mall and...









In The Pipeline: CoStar Development & Construction News for Sept. 1 - 7



ExxonMobil Office Campus On Track for Early 2014 Move In

Construction is moving forward on the company’s sprawling new Springwoods Village campus at Interstate 45 and the Hardy Toll Road in North Houston

In an employee newsletter, Exxon recently provided details about the development 25 miles north of downtown Houston, one of the largest commercial construction projects under way in North America.

The facility, first reported by CoStar...









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









USAA Closes On One Riverwalk Place



USAA Real Estate Co., the real estate arm of USAA, acquired One Riverwalk Place at 700 N. Saint Mary's St. in downtown San Antonio, TX.

Constructed in 1981, the Class A, 261,431-square-foot office complex is situated on the banks of the San Antonio River, adjacent to the recently renovated Havanna Hotel and the Southwest School of Art in San Antonio's central business district.

The Energy Star certified property boasts a four-story atrium, full...









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...






Cushman & Wakefield Fetes John C. Cushman on 50th Anniversary




National





Cushman & Wakefield Fetes John C. Cushman on 50th Anniversary



NEW YORK CITY-Cushman & Wakefield is honoring its co-chairman John C. Cushman III on his numerous accomplishments during his 50 years with the company.








Tuesday, September 3, 2013

Key Hire To Lead New Valuation Group at C&W




National





Key Hire To Lead New Valuation Group at C&W



SAN FRANCISCO-Ron Turner joins to lead new due-diligence unit, coming from Outlier Financial.








Key Hire to Lead new Valuation and Advisory Group at Cushman and Wakefield




National





Key Hire to Lead new Valuation and Advisory Group at Cushman and Wakefield



SAN FRANCISCO-Ron Turner joins to lead new due-diligence unit, coming from Outlier Financial.








Yankee Candle Changes Hands for $1.7B




National





Yankee Candle Changes Hands for $1.7B



RYE, NY-The acquisition of the candle maker, which sells through both wholesale channels and its own base of retail stores, could boost branded consumables to 35% of new owner Jarden’s sales.