Private REIT Buys Silicon Valley Business Park
Bixby Land Co. has acquired its third Silicon Valley business project in the past 12 months with the $85 million purchase of Airport Technology Park in Santa Clara. In all, Irvine, Calif.-based Bixby has recenlty invested $230 million in the region....
Is Retail Inextricably Tied to Housing?
Retail sales are resisting a historic tendency to follow drops in home prices and sales, but whether consumers maintain spending levels hinges on which way the economy goes from here, according to one economist....
Starwood Announces Airport Hotel
Starwood Hotels & Resorts will develop an aloft hotel at the Philadelphia airport. aloft, Starwood’s new lifestyle brand, will develop a 136-room hotel at 4301 Island Avenue just 20 minutes from downtown Philadelphia. ...
Lower Hotel Revenues On The Horizon: Report
With new room supply ramping up against a backdrop of economic malaise, booming hotel revenues are likely to weaken through the end of 2008 based on a new report. ...
Former Grubb & Ellis CEO Is Back
Former Grubb & Ellis CEO Barry M. Barovick is back in the spotlight. This week, real estate consulting firm Schonbraun McCann Group announced that Barovick has joined the firm as co-leader of their newly formed strategy group. ...
German Office Building Sold
The German arm of GE Real Estate has acquired a 33,000 sq. ft. Hamburg office building for €25 million from HIH Hamburgische Immobilienhandlung GmbH. ...
Apartment Buyer Targets Distressed Florida Condos
The Laramar Group has acquired a 272-unit apartment property in Pinellas County, Fla. for an undisclosed price. The Snell Isle property was previously a condominium conversion project. But it will now be renovated into high-end waterfront apartment units. Laramar, a private apartment investment firm, acquired the property through a bank foreclosure. ...
Lodging Fundamentals, Liquidity Remain Strong
Increased turmoil in the debt and equity markets wasn’t enough to empty U.S. hotels during the Labor Day weekend. Nor were these trying credit conditions enough to force hotel lenders onto the sidelines....
Indian Development Project Announced
Hines has agreed to develop a 15-acre mixed-use project in India. The Texas-based developer will partner with DLF Ltd., India’s largest development firm, on the Gurgaon project. This is the first project in India for both Hines and Stern. The firms have previously collaborated on several projects in the United States, Mexico and Brazil....
Report: CRE Investors Lower Return Expectations
New research finds that investors’ return expectations softened during the first half of 2007 despite growing evidence that commercial property fundamentals were improving during that period. The disconnect suggests that improving operating fundamentals weren’t enough to quell investor concerns about shifting winds in the real estate capital markets. ...
Mortgage Volume Still Climbing: Report
Commercial and multifamily mortgage bankers' loan originations were once again strong in the second quarter, reports the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. Up from the first quarter, second quarter originations were 40% higher than the same period last year. The increase was seen across most property types and investor groups....
Outspoken Geriatrician Says Today’s Seniors Housing Product Lacks a Sense of Community
Geriatrician William H. Thomas, M.D., is one of the nation’s better-known proponents of change in the seniors housing industry. As president of the nonprofit Eden Alternative, whose goal is to improve seniors housing by re-connecting residences with a sense of community, and as a professor at the University of Maryland’s Erickson School, Thomas is outspoken in saying seniors housing all too often fails its residents. The current model, he says, doesn’t address the deeper needs of its residents, especially for community....
Brookdale Senior Living Launches $500 Million Building Expansion Program
After a two-year buying binge, industry giant Brookdale Senior Living is shifting gears with a $500 million program to expand existing facilities. The change comes at a crucial point for Chicago-based Brookdale (NYSE:BKD), which currently operates 550 seniors housing buildings with more than 51,000 residents in 35 states....
Investors Rethink Strategies Amid Credit Crunch
What's the best strategy: To own and operate, or to lease and operate? It's a question being revisited by seniors housing investors amid the current credit woes....
Dubai Antes Up in Vegas
Dubai World, the holding company for the Dubai government, is putting down $5 billion for a piece of the action in Las Vegas. In a long-term strategic partnership announced this week with MGM Mirage (NYSE: MGM), Dubai World will purchase up to $2.4 billion in MGM stock and invest $2.7 billion in CityCenter, a mixed-use complex MGM is developing on the Las Vegas strip....
Are CMBS Delinquencies Too High?
A 172% increase in delinquent loans issued in 2006, plus a weak retail property sector in the second quarter, contributed to the first delinquency increase in commercial mortgage-backed securities since 2003, according to a report by Standard & Poor’s. While the delinquency rate remains nearly unchanged at 0.28%, up one basis point from the previous quarter, future quarters may bring greater declines if analysts’ concerns over recent frothy underwriting prove justified. S&P classifies loans as delinquent at 30 days....
Bay Area Complexes Sold
Blackstone Real Estate Advisors has sold a 330,000 sq. ft. office and retail complex located in the northern California city of Concord. Blackstone inherited the building through its acquisition of Equity Office Properties Trust (EOP). The sale was arranged by Jones Lang LaSalle's San Francisco office. The sale price wasn’t disclosed. ...
Wanted: Floating-Rate CMBS Buyers
Market turbulence continued to widen spreads on floating-rate commercial mortgage-backed securities (CMBS) last week, driving the value of the underlying bonds down to record low levels. ...
North American Hotel Sales Poised For Record Annual Volume
A new survey by Jones Lang LaSalle Hotels projects that $48 billion in U.S. hotel sales could be completed by the end of 2007. If that volume were achieved, it would represent the fourth consecutive year of record sales volume and a 37% increase from the 2006 volume of $35 billion....
Dealmaking Pop Defies Rattled Market
Widespread volatility in the credit and stock markets wasn’t enough to quash two significant commercial real estate deals. ...
Interest in Post-9/11 Security Technology Diminishes
The 9/11 attacks in Manhattan and Washington, D.C. led many building owners and managers to upgrade their security protocols and systems. Surveillance cameras, lobby turnstiles and other high-tech security measures became commonplace features within many large properties....
The so-called NASDAQ for residential condos is teaming up with a digital directory of condo hotels.
In late July, Miami-based Condo.com created a partnership with CondoHotels.com. The deal will allow Condo.com, which lists more than $100 billion in residential condos, to use its proprietary technology platform to power the domain CondoHotels.com. “Partnering with the largest online directory of condo hotels gives us the opportunity to enter the travel arena,” says Condo.com CEO Richard Swerdlow. “Being a one stop shop in this growing market gives us another competitive edge.” CondoHotels.com enables visitors to buy, sell, rent and book condo hotel units around the world. Both dot-coms are privately held....
LoopNet bolsters distribution network through strategic acquisition.
Online commercial real estate marketplace LoopNet Inc. (NYSE: LOOP) has acquired Cityfeet.com for $15 million. Privately held Cityfeet.com distributes commercial property listings to more than 100 partners, among them the Web sites of large circulation daily newspapers such as the New York Times, Boston Globe and the Atlanta Journal-Constitution. Before the deal was announced, Cityfeet had 100,000 property listings on its site — or a fifth as many as the roughly 500,000 listings on the LOOP site. The deal will bring commercial real estate’s largest online marketplace and largest distribution network together, according to LOOP. LoopNet averaged 950,000 average monthly unique visitors during the second quarter, according to comScore. ...
Q&A with Pitney Bowes MapInfo global practice leader Devon Wolfe
Site selection has come a long way in a short time. Unlike the old days when “siting” meant paying some consultant to hazard an educated guess at where to find store locations and branch offices, technology has helped the process evolve into a highly sophisticated and exacting science. Troy, N.Y.-based company MapInfo is part of the reason for this shift. The 21-year-old firm, which sells “location intelligence” mapping software, consulting services and related data to companies and governments, officially became Pitney Bowes MapInfo this spring when Pitney Bowes bought it for $408 million....
Apartment REIT Privatization Delayed
Apartment owner and operator Archstone-Smith (NYSE: ASN) today announced it has pushed its expected acquisition by Tishman Speyer and Lehman Brothers back by a month....
San Diego Industrial Center Sold
First Industrial Realty Trust has acquired a 424,766 sq. ft. distribution center and 19 acres of land in the San Diego suburb of Kearny Mesa. The purchase price was $77 million....
Marquee Asian REIT Market In The Crosshairs
A rivalry is brewing over which city will dominate the growing activity of REITs in Asia. The stakes are high as both Singapore and Hong Kong attempt to become the preferred means of REIT investment in the region and in mainland China, which has no REIT structure of its own....
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