Retail REIT Buys Out Joint Venture Partner
Tanger Factory Outlet Centers (NYSE: SKT) has acquired nine outlet centers owned by a Blackstone Real Estate Advisors' affiliate for $282.5 million. Tanger already owned a third of the 3.3 million sq. ft. Charter Oak portfolio. The acquisition will increase the square footage of Tanger's real estate portfolio by 66%, from 4.9 million sq. ft. to 8.2 million sq. ft. The nine centers are scattered across the country, however, most are located in the southeast....
Sluggish Existing Home Sales In July
Sales of existing single-family homes declined in July while the stockpile of unsold homes grew. With concern mounting that a national housing bubble is on the verge of bursting, analysts and economists are closely eyeing home sales data for signs of a slowdown. ...
CBRE Takes Full Control of Irish Affiliate
Commercial real estate services firm CB Richard Ellis (NYSE: CBG) has bought the remaining shares of its Irish affiliate for $24.6 million in cash. The Dublin-based affiliate, CB Richard Ellis Gunne, employs 105 professionals in Dublin and Belfast. CBRE previously owned 10% of the firm....
A Southern Giant Changes Course
Wells Real Estate Funds is shifting gears. After building its reputation as one of the nation's most asset-hungry office buyers, the Atlanta-based sponsor of unlisted REITs has sold off $760 million in assets so far this year. ...
Huge Cross Border Portfolio Sale In U.K.
One of the United Kingdom's largest real estate portfolios has sold for $2.12 billion. ING Groep NV, a Dutch financial services company, has bought a portfolio of 128 properties from Abbey National PLC. ING Real Estate, a unit of parent company ING, engineered the deal....
Private Investor Raises Far Eastern Real Estate Fund
Private equity firm Carlyle Group has raised $410 million that it will use to invest in Asian real estate. Carlyle already has six global real estate funds with $4 billion. As for actual real estate, the firm currently owns just four Asian properties: A pair of office buildings in Seoul; an industrial property near Tokyo; and an office property in Saitama City, Japan....
Private Venture Buys Two Apartment Properties
Two private real estate investment firms have acquired a pair of apartment complexes in Georgia and Washington for a grand total of $56 million. A joint venture between McLean, Va.-based private equity firms JER Partners and Beverly Hills-based FSC Realty closed on the two properties earlier this month. ...
Nine-Digit Hotel Sale in Boston
The Westin Copley Place, a major Boston hotel, has sold for $318 million. The buyer is Chicago-based LaSalle Hotel Properties (NYSE: LHO), a real estate investment trust that buys luxury hotels. ...
U.S. Office Space Still a Bargain
Four U.S. cities cracked a list of the world’s top 50 priciest office markets, according to a new study by CB Richard Ellis. Topping the all-eastern seaboard lineup was Midtown Manhattan, which ranked 27th with average midyear office rents of $53.69 per sq. ft. followed by Washington, D.C. at 37th, Boston at 45th and Stamford, which squeaked by at 49th. ...
Goldman Will Build At Ground Zero
After months of suspense, investment bank Goldman Sachs has announced plans to move forward on the construction of a $2 billion headquarters in Lower Manhattan. The news was first reported in the New York Times....
Apartment Investors: Happy Days Are Here At Last
A slew of factors, including steady job growth, condo conversions and exorbitant single-family home prices, are bolstering the national apartment market. Over the past two years, low interest rates have lured many renters into becoming homeowners, which cut into occupancy and left owners with sluggish rents. That so-called “Perfect Storm” has apparently blown out to sea—and apartment investors welcome the lull. ...
REIT Buys Hungarian Industrial Park
Industrial owner and developer ProLogis (nyse: PLD) has bought a 1.1 million sq. ft. logistics park located near Budapest, Hungary. The acquisition of Harbor Park—which is located just south of Budapest on the Danube River—helps ProLogis double the size of its Hungarian portfolio to 2.1 million sq. ft. ...
Stellar Second Quarter For CB Richard Ellis
Stronger than expected leasing activity helped Los Angeles-based real estate services firm CB Richard Ellis (NYSE: CBG) post a dramatic rise in net income during the second-quarter. Net income rose to $50.4 million from a paltry $3 million in the second-quarter 2004, while revenue climbed 22% in the second quarter 2004, a $122.7 million increase. ...
Private Equity Firm Acquires Majority Stake in GMAC
Cash-strapped General Motors is selling Horsham, Penn.-based GMAC, the company’s commercial mortgage arm. Wednesday, a group of investors, led by private equity firm Kohlberg Kravis Roberts & Co. (KKR), began acquiring a 60% stake in company. The other investors are Goldman Sachs and Five Mile Capital. General Motors will retain a 40% stake....
Office Leasing Uptick Cause for Optimism
The U.S. office market is roaring back to life. The national vacancy rate for all classes of space registered 15.6% at the end of June, down from 16.4% in the previous quarter and the steepest quarterly decline in five years. “It’s pretty remarkable how well the office market is moving along,” says Bob Bach, director of national research at North Brook, Ill.-based Grubb & Ellis....
Downtown Manhattan Office Building Sold
The office property at 156 William Street in lower Manhattan has sold to a Swiss Pension Fund for $40.75 million. The 12-story, 217,650 sq. ft. building is located near City Hall. The seller was C & K Properties, the Manhattan-based real estate investment firm that already managed the property. Through a spokeswoman, C & K expects the property to post a 5.5% yield during the first full year of ownership. ...
Condo Conversion Craze in South Florida Draws Critics
Condo conversions are hot, but nowhere are they hotter than on south Florida’s east coast. Over the past 19 months alone, developers have converted 31,000 south Florida apartments into condos. And that pales next to the flood of new units that should hit the market in the near term. McCabe Research and Consulting projects that an additional 48,000 new condo units will be delivered to south Florida over the next two years. ...
Ground Zero Office Tower Signs Tenant
Bellwether lower Manhattan office tower 7 World Trade Center has reportedly signed its first tenant. Crain’s New York Business, a local business newspaper, reported earlier today that American Express Financial Advisors has signed a 15-year, 20,000 sq. ft. lease at Silverstein Properties’ new tower. ...
Far Eastern Mega-REIT Cleared For Take-Off
What could become the world’s largest REIT IPO was finally approved this week, clearing the way for the Hong Kong Housing Authority to float it’s $3 billion retail offering. Wednesday’s court judgment put an eight-month long legal challenge to rest after an elderly public housing tenant petitioned to block the REIT from going forward....
Prospects Grow Brighter For Renewed Terror Insurance Bill
Ripple effects from the July 7 bombings in London can only help bolster the case for renewing government-backed terrorism insurance in the United States, sources tell NREI. Momentum to renew TRIA (short for the Terrorism Risk Insurance Act) has been building in recent months since the legislation enacted by the federal government in 2002 expires at the end of this year. The decision to renew TRIA is now in the hands of the Treasury Department. ...
Mortgage Lender Places $100 Million Loan
Manhattan-based MetLife Real Estate Investments has placed a $100 million first mortgage on a Nashville, Tenn.-area mall. The borrower is Davis Street Land Company of Tennessee, LLC. ...
Apollo Sells Four Florida Office Properties
A four-building portfolio of West Palm Beach, Fla. office buildings has fetched $92.5 million. The seller is Apollo Real Estate Advisors, a New York City-based sponsor of real estate opportunity funds. ...
CMBS Delinquencies Moving In The Right Direction: Down
June saw a significant drop-off in commercial mortgage-backed securities (CMBS) delinquencies with multifamily loans having a measurable effect on the decline. U.S. CMBS delinquencies fell to 1.10% at the end of June, down from 1.13% at the end of May according to Manhattan-based Fitch Ratings....
Home Depot Buys Atlanta Properties
Dallas-based Granite Properties has sold a trio of Atlanta-area office buildings for $17 million. The three properties—located on the east side of Interstate 285 within the Cumberland Office Park—were bought by Home Depot, which has a headquarters office less than a mile away. CB Richard Ellis represented Home Depot in the deal. Home Depot leased space in two of the three buildings....
CNL Hires Chief Economist
CNL Financial Group, a private real estate investment and finance company, has hired Florida International University’s Randy I. Anderson as chief economist. Anderson most recently served as the Ryder Eminent Scholar Chair and professor of real estate finance at Florida International University (FIU). ...
Florida Office Property Sells For $25 Million
New York City-based private equity firm Praedium Group LLC has sold an Orlando, Fla. office building for $25 million. The 266,881 sq. ft. Maitland Forum office complex was sold to a partnership between Orlando-based Tower Realty Partners and Manhattan-based firm DRA Advisors. ...
TRIA Countdown Has Industry On Edge
The clock is ticking on government-backed terrorism insurance. With only six months left before its expiration date, real estate trade groups are pushing Congress to extend the Terrorism Risk Insurance Act of 2002 (TRIA). These groups fear that without the Federal backstop, insurers would either drop coverage or raise premiums to astronomical levels. And that déjà vu scenario, they claim, could have a destabilizing effect on the commercial real estate market. ...
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