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Real-estate calendar
FIABCI/CREDAA/AREAA Mixer and Seller Financing Information
Special Thanks to our Sponsor: Wells Fargo Private Mortgage Banking
Where: Civica Building Wells Fargo Office 5th Floor
205 108th Ave NE
Suite 500
Bellevue, WA 98004
When: May 22, 2012 4 - 7 pm
Appetizers and Drinks provided with your paid entry
Click here to connect to the Northwest’s Real Estate Calendar
Local
Fidelity National Financial Company Fact Sheet First Quarter 2012
Brokers say Bellevue office market is at a turning point
Office rents in downtown Bellevue, up for the first time in five years, could jump sharply in the coming months if several big tenants that have been shopping for space sign leases.
Lender wants to seize Mastro creditor Hazelrigg's condo
A lender is asking a U.S. bankruptcy court in Seattle for permission to foreclose on a Seattle condominium owned by Tom Hazelrigg III, a longtime friend and business associate of Michael R. Mastro who owes the bankrupt Seattle real estate developer’s creditors $76.8 million in judgments.
$75M Spec Office Phase Complete, No Worry of Lease-Up
SEATTLE-American Life Inc. has completed phase one of its Home Place Center office and retail building here. Greg Steinhauer, COO of the firm, tells GlobeSt.com that total cost of the development of the first phase is $75 million.
Legacy Partners looking to reload its portfolio
With two big apartment sales under his belt, Legacy Partners’ Northwest regional partner Kerry Nicholson is looking for new projects to build.
Northwestern Triples Tenants, Sells for $480M Upside
SEATTLE-CommonWealth Partners, a company based in Los Angeles acting on behalf of CalPERS, has agreed to buy the 42-story Russell Investments Center here downtown for $480 million. Northwestern Mutual, the finance firm based in Milwaukee, was the seller.
Kimberly-Clark putting Everett mill site on the market
This week Kimberly-Clark Corp. Kimberly-Clark Corp. Latest from The Business Journals Kimberly-Clark reports profit increaseKimberly-Clark earnings rise on higher pricing, cost cutsFed .8M grant to aid 570 laid-off Everett mill workers Follow this company is offering for sale the 66-acre site of its Everett paper mill, after closing the 81-year-old mill earlier this month.
Keller WIlliams Greater Seattle adds business sales arm
Keller Williams Greater Seattle is pioneering a new business for the Austin-based real estate brokerage franchise: the buying and selling of businesses, in addition to residential and commercial property.
66-Acre Kimberly-Clark Waterfront Property On The Market
EVERETT, WA-Kimberly-Clark Corp. has put its exceptionally rare waterfront industrial property here up for sale. Located on the central waterfront at 2600 Federal Ave., the property boasts more than 2,500 linear feet of deep-water industrial shoreline area and a total land area in excess of 66 acres. It is immediately adjacent to Naval Station Everett, home of the USS Nimitz carrier battle group, and the Port of Everett main terminal.
Smith Tower signs five new tenants
The new owner of Seattle’s iconic Smith Tower is wasting no time trying to fill the largely vacant historic building with new tenants.
Sources: Kilroy Realty close to buying Skyline Tower for as much as $187.6M
Several real estate sources said earlier this week that Los Angeles-based Kilroy Realty was very close to purchasing yet another high-profile Eastside office property — the Skyline Tower in downtown Bellevue.
Tacoma puts two closed libraries up for sale
Tacoma is selling two libraries that were closed because of budget cuts.
The News Tribune in Tacoma reports the city is asking for a minimum of $400,000 for the Swan Creek library building on the city's east side and $660,000 for the Martin Luther King Jr. library in central Tacoma
West Seattle historic fire station sells for $613,000
An historic fire station in West Seattle has sold for $613,000, more than double the minimum bid set by the city of Seattle of $250,000.
Local Investors Pay $10.2M for Seattle Office
The 37,632-square-foot First & Lenora Building was sold to Seattle investment group Peloton Properties LLC for $10 million, or about $270 per square foot.
National
Urban Center Is Budget Hole
KANSAS CITY, Mo.—The tab is mounting for this Midwestern city on a bet it made during the real-estate boom on an $850 million entertainment district meant to breathe new life into its struggling downtown.
Private Equity Dives Into Water Parks
Great Wolf Resorts Inc., WOLF -3.10%the operator of indoor water parks and hotels, in the last month emerged as the coveted prize in a rare public bidding war between two private-equity suitors.
BofA to Cut From Elite Ranks
Amid the banking industry's relentless belt-tightening, even Bank of America Corp.'s BAC +2.84%moneymakers aren't safe.
The Charlotte, N.C., company is planning about 2,000 staff cuts in its investment banking, commercial banking and non-U.S. wealth-management units, said people familiar with the situation. Those operations were vastly expanded with Bank of America's 2009 purchase of Merrill Lynch & Co.
Fabled Sahara Gets Back in the Game
Five years ago, Los Angeles nightlife impresario Sam Nazarian set out to revamp the Sahara casino and hotel on the Las Vegas Strip, but he quickly found that lending markets were shut. Now, he and his real-estate partners say they have secured a $300 million loan, the first new construction lending for a casino project in Las Vegas in years.
KKR Joins Rivals With Real-Estate Push
Kohlberg Kravis Roberts & Co., one of the original buyout shops, has long resisted getting into real estate. But after years of watching rivals invest billions of dollars in property, KKR finally is making its own big push.
Starwood's Crystal Vision
Trying to tap into Manhattan's hot market for luxury apartments and high-end hotels, Starwood Capital Group's Baccarat Hotels and Resorts is launching a plan to develop a project across from the Museum of Modern Art.
CBRE Profit Declines 22%
CBRE Group Inc.'s CBG +3.14%first-quarter profit declined 22% as an increase in revenue couldn't offset the charges incurred from the firm's acquisition of the real-estate businesses of ING Groep NV.
A Risky Bet in Charlotte
How's this for positive thinking?
In Charlotte, N.C.'s biggest office-property sale since the downturn, an investment unit of Cargill Inc. has teamed up with two Goldman Sachs Group Inc. GS -1.96%veterans to buy a 997,000-square-foot office park in a suburban market that has a nearly one-third vacancy rate.
Dolby Labs Buys Naming Rights for Theater That Hosts Oscars
The next Academy Awards will be held at the newly christened Dolby Theatre, after the audio company beat out 10 other bidders for the naming rights to the Hollywood venue that has hosted the Oscars since 2002.
A Hotel for California
Developer Rick Caruso, Southern California's king of upscale shopping centers, wants to make a splash in another real-estate sector by building a luxury hotel on 16 acres of beachfront in Santa Barbara.
Mall Landlords Engage in a Taxing Battle
U.S. shopping-center owners, smarting from high vacancies partly due to the rise in Internet shopping, are throwing their weight behind federal bills aimed at requiring online retailers to collect sales tax.
Brookfield to Spin Off Package of Properties
Brookfield Asset Management Inc. BAM +0.19%has been one of the biggest real-estate players since the downturn, leading a $2.6 billion deal to take mall giant General Growth Properties Inc. GGP -1.64%out of bankruptcy, and diving into the apartment and industrial-property sectors.
Florida's Next Frontier
A parcel of timberland in Florida that is nearly the size of Rhode Island and owned by a who's who of elites from the worlds of business and diplomacy is now slated to be the next frontier in the state's real-estate development.
A Gamble That Pays Off
Mount Airy Casino Resort, one of Pennsylvania's first stand-alone casinos, is enjoying a change in fortune after years of tough times and a legal cloud over its ownership.
CBRE Taps New Vein From Old Deal
CBRE Group Inc.'s CBG +0.24%top-of-the-market acquisition of Trammell Crow Co. has turned out to be the deal that keeps on giving.
International
Global Housing Worries Spur Calls for Fixes
Four years after a deflating U.S. housing bubble sparked a global financial crisis, housing worries in the U.S. and other countries are weighing on the world economy.
Behind a Chinese City's Growth, Heavy Debt
The Chinese city of Chongqing accumulated tens of billions of dollars in liabilities during Bo Xilai's term as local Communist Party chief, as it juiced growth that helped launch the former high-flyer's campaign for a top political post.
Paris Business Hub Goes on Defense
For decades, Paris has preserved its historic architectural character by directing most of its skyscraper development to La Défense, a large assemblage of glass towers on the city's western edge.
High Demand for High-End Real Estate in Paris
PARIS—Storied French mutual insurer Groupama, battered by Europe's sovereign-debt crisis, has put some prime Paris commercial real estate on the block. Fortunately for the firm, demand for top properties has stayed strong even as the crisis has raged on the Continent.
Paris Luxury Retail Finds New Homes
The luxury retail landscape in Paris is seeing some designer changes.
For years, most high-end fashion brands planted their flags in two central neighborhoods—along the leafy Avenue Montaigne, home to stores such as Dior and Chanel, and on the Rue du Faubourg Saint-Honoré, where Hermès's flagship is nestled among the presidential palace and prominent embassies.
More Real-Estate Loans Default in Europe
European commercial-real-estate markets are struggling with a sharp increase in problem mortgages just as more European countries slip back into recession.
U.K. Pushes 'Social' Housing REIT Plan
Facing a dearth of new-home construction, the U.K. real-estate industry and government are looking at ways to encourage the formation of new real-estate investment trusts that would focus on subsidized housing.
MultiFamily
900 SoCal Multifamily Units Up for Grabs
SAN DIEGO-Locally based Davlyn Investments, a multifamily and commercial property investment firm, listed seven apartment communities for sale. The listing totals more than 900 units and all properties are located in Southern California.
Crossbeam Capital Pays $16M-Plus for Parkside Apartments
GRESHAM, OR-Bethesda, MD-based real estate investment firm, Crossbeam Capital LLC, has acquired the 225-unit Parkside apartment community here. Crossbeam is targeting the community for nearly $1 million in upgrades, including new exterior paint combined with enhancements to the community amenities, landscaping and individual apartment homes.
Construction Starts on $50M Multifamily Project
LOS ANGELES-Construction has started on a $50-million 125-unit, five-story multifamily project here at the corner of La Cienega Boulevard and Westmount Drive. According to a prepared statement, NMS @ La Cienega is expected to become the new epicenter of luxury rental housing in the area bordering West Hollywood and provide a new option for renters in the neighboring design, entertainment, commercial and retail industries.
REIT BEAT
Weyerhaeuser beats Q1 earnings estimates
Weyerhaeuser Co. Weyerhaeuser Co. Latest from The Business Journals Meet the 2012 PSBJ Corporate Philanthropists and ChampionsState ferries seek 0M conversion to liquefied natural gasRengo Packaging to build plant in Kapolei Follow this company reported its adjusted first-quarter net income rose to $9 million, or 2 cents per share, from $3 million, or nothing per share a year earlier.
REITs Spring an Unnerving Surprise
During the decade leading up to the downturn, some small investors put their money into a special type of real-estate investment trust, ones that aren't traded on an exchange but promised steady dividends.
Weyerhaeuser Turns Profit on Site Near Houston
What a difference an energy-stoked economy makes.
In many parts of the U.S., prices of raw land, which typically has no roads or sewers, intended for housing have barely recovered from the depths of the downturn. Some of the land in remote areas even is being returned to agricultural use.
U.K. Pushes 'Social' Housing REIT Plan
Facing a dearth of new-home construction, the U.K. real-estate industry and government are looking at ways to encourage the formation of new real-estate investment trusts that would focus on subsidized housing.
Distressed
Cashing In on Distress
Starting in the depths of the downturn in 2009, AREA Property Partners invested $114 million to take over and improve a portfolio of five San Francisco office buildings owned by a Morgan Stanley MS +1.71%fund.
Chicago's Spire Remains Hole in the Ground
The rubble-strewn Chicago lot where North America's tallest residential building was to have been built is turning into an international money pit.
More Real-Estate Loans Default in Europe
European commercial-real-estate markets are struggling with a sharp increase in problem mortgages just as more European countries slip back into recession.
RE Trends
Urban Center Is Budget Hole
KANSAS CITY, Mo.—The tab is mounting for this Midwestern city on a bet it made during the real-estate boom on an $850 million entertainment district meant to breathe new life into its struggling downtown.
Housing's Attractive Formation
The kids are finally getting out of the house.
More of America's excess housing inventory got sucked up in the first quarter, the Census Department reported Monday. The share of rental units that were empty fell to 8.8%, from 9.7% a year earlier and the lowest level since 2002. The homeowner vacancy rate (the share of nonrental homes that are empty and waiting to be sold) slipped to 2.2% from 2.6%—still high relative to the prebubble years, but the lowest rate since 2006.
Eurohypo Unloads U.S. Loan Portfolio
In a move to unload some of its U.S. real-estate assets, German lender Eurohypo AG has reached an agreement to sell a commercial-property loan portfolio with a face value of about $560 million to a team of Wells Fargo WFC +2.05%& Co. and Blackstone Group LP, according to people familiar with the matter.
Getting Away—but Not Too Far
Sales of vacation homes are picking up as low prices pull buyers off the fence. But with travel costs rising and consumers still uncertain about the economy, many buyers are snapping up properties closer to home.
Videos
Good Quality Commercial Property Still in High Demand
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Wednesday, 9 May 2012 5:37 PM ET Paul Guest, Regional Head of Research & Strategy, LaSalle Investment Management says that good quality commercial property is still in high demand Source: CNBC.com
Zillow CEO Explains Record Q1
document.write(formatStoryDate(1336054800000));
Thursday, 3 May 2012 7:20 AM ET Zillow reported record revenue in its first quarter, up 103% from its first quarter last year. Spencer Rascoff, the company's CEO, weighs in. Source: CNBC.com
Commercial Real Estate Turnaround?
document.write(formatStoryDate(1336004340000));
Wednesday, 2 May 2012 5:19 PM ET Stuart Crow, Head of Capital Markets, Asia Pacific, Jones Lang LaSalle Property Consultants says commercial property will turn around in the second half of the year after a big drop in transactions because of worries about the euro debt crisis Source: CNBC.com
FIABCI/CREDAA/AREAA Mixer and Seller Financing Information
Special Thanks to our Sponsor: Wells Fargo Private Mortgage Banking
Where: Civica Building Wells Fargo Office 5th Floor
205 108th Ave NE
Suite 500
Bellevue, WA 98004
When: May 22, 2012 4 - 7 pm
Appetizers and Drinks provided with your paid entry
Click here to connect to the Northwest’s Real Estate Calendar
Local
Fidelity National Financial Company Fact Sheet First Quarter 2012
Brokers say Bellevue office market is at a turning point
Office rents in downtown Bellevue, up for the first time in five years, could jump sharply in the coming months if several big tenants that have been shopping for space sign leases.
Lender wants to seize Mastro creditor Hazelrigg's condo
A lender is asking a U.S. bankruptcy court in Seattle for permission to foreclose on a Seattle condominium owned by Tom Hazelrigg III, a longtime friend and business associate of Michael R. Mastro who owes the bankrupt Seattle real estate developer’s creditors $76.8 million in judgments.
$75M Spec Office Phase Complete, No Worry of Lease-Up
SEATTLE-American Life Inc. has completed phase one of its Home Place Center office and retail building here. Greg Steinhauer, COO of the firm, tells GlobeSt.com that total cost of the development of the first phase is $75 million.
Legacy Partners looking to reload its portfolio
With two big apartment sales under his belt, Legacy Partners’ Northwest regional partner Kerry Nicholson is looking for new projects to build.
Northwestern Triples Tenants, Sells for $480M Upside
SEATTLE-CommonWealth Partners, a company based in Los Angeles acting on behalf of CalPERS, has agreed to buy the 42-story Russell Investments Center here downtown for $480 million. Northwestern Mutual, the finance firm based in Milwaukee, was the seller.
Kimberly-Clark putting Everett mill site on the market
This week Kimberly-Clark Corp. Kimberly-Clark Corp. Latest from The Business Journals Kimberly-Clark reports profit increaseKimberly-Clark earnings rise on higher pricing, cost cutsFed .8M grant to aid 570 laid-off Everett mill workers Follow this company is offering for sale the 66-acre site of its Everett paper mill, after closing the 81-year-old mill earlier this month.
Keller WIlliams Greater Seattle adds business sales arm
Keller Williams Greater Seattle is pioneering a new business for the Austin-based real estate brokerage franchise: the buying and selling of businesses, in addition to residential and commercial property.
66-Acre Kimberly-Clark Waterfront Property On The Market
EVERETT, WA-Kimberly-Clark Corp. has put its exceptionally rare waterfront industrial property here up for sale. Located on the central waterfront at 2600 Federal Ave., the property boasts more than 2,500 linear feet of deep-water industrial shoreline area and a total land area in excess of 66 acres. It is immediately adjacent to Naval Station Everett, home of the USS Nimitz carrier battle group, and the Port of Everett main terminal.
Smith Tower signs five new tenants
The new owner of Seattle’s iconic Smith Tower is wasting no time trying to fill the largely vacant historic building with new tenants.
Sources: Kilroy Realty close to buying Skyline Tower for as much as $187.6M
Several real estate sources said earlier this week that Los Angeles-based Kilroy Realty was very close to purchasing yet another high-profile Eastside office property — the Skyline Tower in downtown Bellevue.
Tacoma puts two closed libraries up for sale
Tacoma is selling two libraries that were closed because of budget cuts.
The News Tribune in Tacoma reports the city is asking for a minimum of $400,000 for the Swan Creek library building on the city's east side and $660,000 for the Martin Luther King Jr. library in central Tacoma
West Seattle historic fire station sells for $613,000
An historic fire station in West Seattle has sold for $613,000, more than double the minimum bid set by the city of Seattle of $250,000.
Local Investors Pay $10.2M for Seattle Office
The 37,632-square-foot First & Lenora Building was sold to Seattle investment group Peloton Properties LLC for $10 million, or about $270 per square foot.
National
Urban Center Is Budget Hole
KANSAS CITY, Mo.—The tab is mounting for this Midwestern city on a bet it made during the real-estate boom on an $850 million entertainment district meant to breathe new life into its struggling downtown.
Private Equity Dives Into Water Parks
Great Wolf Resorts Inc., WOLF -3.10%the operator of indoor water parks and hotels, in the last month emerged as the coveted prize in a rare public bidding war between two private-equity suitors.
BofA to Cut From Elite Ranks
Amid the banking industry's relentless belt-tightening, even Bank of America Corp.'s BAC +2.84%moneymakers aren't safe.
The Charlotte, N.C., company is planning about 2,000 staff cuts in its investment banking, commercial banking and non-U.S. wealth-management units, said people familiar with the situation. Those operations were vastly expanded with Bank of America's 2009 purchase of Merrill Lynch & Co.
Fabled Sahara Gets Back in the Game
Five years ago, Los Angeles nightlife impresario Sam Nazarian set out to revamp the Sahara casino and hotel on the Las Vegas Strip, but he quickly found that lending markets were shut. Now, he and his real-estate partners say they have secured a $300 million loan, the first new construction lending for a casino project in Las Vegas in years.
KKR Joins Rivals With Real-Estate Push
Kohlberg Kravis Roberts & Co., one of the original buyout shops, has long resisted getting into real estate. But after years of watching rivals invest billions of dollars in property, KKR finally is making its own big push.
Starwood's Crystal Vision
Trying to tap into Manhattan's hot market for luxury apartments and high-end hotels, Starwood Capital Group's Baccarat Hotels and Resorts is launching a plan to develop a project across from the Museum of Modern Art.
CBRE Profit Declines 22%
CBRE Group Inc.'s CBG +3.14%first-quarter profit declined 22% as an increase in revenue couldn't offset the charges incurred from the firm's acquisition of the real-estate businesses of ING Groep NV.
A Risky Bet in Charlotte
How's this for positive thinking?
In Charlotte, N.C.'s biggest office-property sale since the downturn, an investment unit of Cargill Inc. has teamed up with two Goldman Sachs Group Inc. GS -1.96%veterans to buy a 997,000-square-foot office park in a suburban market that has a nearly one-third vacancy rate.
Dolby Labs Buys Naming Rights for Theater That Hosts Oscars
The next Academy Awards will be held at the newly christened Dolby Theatre, after the audio company beat out 10 other bidders for the naming rights to the Hollywood venue that has hosted the Oscars since 2002.
A Hotel for California
Developer Rick Caruso, Southern California's king of upscale shopping centers, wants to make a splash in another real-estate sector by building a luxury hotel on 16 acres of beachfront in Santa Barbara.
Mall Landlords Engage in a Taxing Battle
U.S. shopping-center owners, smarting from high vacancies partly due to the rise in Internet shopping, are throwing their weight behind federal bills aimed at requiring online retailers to collect sales tax.
Brookfield to Spin Off Package of Properties
Brookfield Asset Management Inc. BAM +0.19%has been one of the biggest real-estate players since the downturn, leading a $2.6 billion deal to take mall giant General Growth Properties Inc. GGP -1.64%out of bankruptcy, and diving into the apartment and industrial-property sectors.
Florida's Next Frontier
A parcel of timberland in Florida that is nearly the size of Rhode Island and owned by a who's who of elites from the worlds of business and diplomacy is now slated to be the next frontier in the state's real-estate development.
A Gamble That Pays Off
Mount Airy Casino Resort, one of Pennsylvania's first stand-alone casinos, is enjoying a change in fortune after years of tough times and a legal cloud over its ownership.
CBRE Taps New Vein From Old Deal
CBRE Group Inc.'s CBG +0.24%top-of-the-market acquisition of Trammell Crow Co. has turned out to be the deal that keeps on giving.
International
Global Housing Worries Spur Calls for Fixes
Four years after a deflating U.S. housing bubble sparked a global financial crisis, housing worries in the U.S. and other countries are weighing on the world economy.
Behind a Chinese City's Growth, Heavy Debt
The Chinese city of Chongqing accumulated tens of billions of dollars in liabilities during Bo Xilai's term as local Communist Party chief, as it juiced growth that helped launch the former high-flyer's campaign for a top political post.
Paris Business Hub Goes on Defense
For decades, Paris has preserved its historic architectural character by directing most of its skyscraper development to La Défense, a large assemblage of glass towers on the city's western edge.
High Demand for High-End Real Estate in Paris
PARIS—Storied French mutual insurer Groupama, battered by Europe's sovereign-debt crisis, has put some prime Paris commercial real estate on the block. Fortunately for the firm, demand for top properties has stayed strong even as the crisis has raged on the Continent.
Paris Luxury Retail Finds New Homes
The luxury retail landscape in Paris is seeing some designer changes.
For years, most high-end fashion brands planted their flags in two central neighborhoods—along the leafy Avenue Montaigne, home to stores such as Dior and Chanel, and on the Rue du Faubourg Saint-Honoré, where Hermès's flagship is nestled among the presidential palace and prominent embassies.
More Real-Estate Loans Default in Europe
European commercial-real-estate markets are struggling with a sharp increase in problem mortgages just as more European countries slip back into recession.
U.K. Pushes 'Social' Housing REIT Plan
Facing a dearth of new-home construction, the U.K. real-estate industry and government are looking at ways to encourage the formation of new real-estate investment trusts that would focus on subsidized housing.
MultiFamily
900 SoCal Multifamily Units Up for Grabs
SAN DIEGO-Locally based Davlyn Investments, a multifamily and commercial property investment firm, listed seven apartment communities for sale. The listing totals more than 900 units and all properties are located in Southern California.
Crossbeam Capital Pays $16M-Plus for Parkside Apartments
GRESHAM, OR-Bethesda, MD-based real estate investment firm, Crossbeam Capital LLC, has acquired the 225-unit Parkside apartment community here. Crossbeam is targeting the community for nearly $1 million in upgrades, including new exterior paint combined with enhancements to the community amenities, landscaping and individual apartment homes.
Construction Starts on $50M Multifamily Project
LOS ANGELES-Construction has started on a $50-million 125-unit, five-story multifamily project here at the corner of La Cienega Boulevard and Westmount Drive. According to a prepared statement, NMS @ La Cienega is expected to become the new epicenter of luxury rental housing in the area bordering West Hollywood and provide a new option for renters in the neighboring design, entertainment, commercial and retail industries.
REIT BEAT
Weyerhaeuser beats Q1 earnings estimates
Weyerhaeuser Co. Weyerhaeuser Co. Latest from The Business Journals Meet the 2012 PSBJ Corporate Philanthropists and ChampionsState ferries seek 0M conversion to liquefied natural gasRengo Packaging to build plant in Kapolei Follow this company reported its adjusted first-quarter net income rose to $9 million, or 2 cents per share, from $3 million, or nothing per share a year earlier.
REITs Spring an Unnerving Surprise
During the decade leading up to the downturn, some small investors put their money into a special type of real-estate investment trust, ones that aren't traded on an exchange but promised steady dividends.
Weyerhaeuser Turns Profit on Site Near Houston
What a difference an energy-stoked economy makes.
In many parts of the U.S., prices of raw land, which typically has no roads or sewers, intended for housing have barely recovered from the depths of the downturn. Some of the land in remote areas even is being returned to agricultural use.
U.K. Pushes 'Social' Housing REIT Plan
Facing a dearth of new-home construction, the U.K. real-estate industry and government are looking at ways to encourage the formation of new real-estate investment trusts that would focus on subsidized housing.
Distressed
Cashing In on Distress
Starting in the depths of the downturn in 2009, AREA Property Partners invested $114 million to take over and improve a portfolio of five San Francisco office buildings owned by a Morgan Stanley MS +1.71%fund.
Chicago's Spire Remains Hole in the Ground
The rubble-strewn Chicago lot where North America's tallest residential building was to have been built is turning into an international money pit.
More Real-Estate Loans Default in Europe
European commercial-real-estate markets are struggling with a sharp increase in problem mortgages just as more European countries slip back into recession.
RE Trends
Urban Center Is Budget Hole
KANSAS CITY, Mo.—The tab is mounting for this Midwestern city on a bet it made during the real-estate boom on an $850 million entertainment district meant to breathe new life into its struggling downtown.
Housing's Attractive Formation
The kids are finally getting out of the house.
More of America's excess housing inventory got sucked up in the first quarter, the Census Department reported Monday. The share of rental units that were empty fell to 8.8%, from 9.7% a year earlier and the lowest level since 2002. The homeowner vacancy rate (the share of nonrental homes that are empty and waiting to be sold) slipped to 2.2% from 2.6%—still high relative to the prebubble years, but the lowest rate since 2006.
Eurohypo Unloads U.S. Loan Portfolio
In a move to unload some of its U.S. real-estate assets, German lender Eurohypo AG has reached an agreement to sell a commercial-property loan portfolio with a face value of about $560 million to a team of Wells Fargo WFC +2.05%& Co. and Blackstone Group LP, according to people familiar with the matter.
Getting Away—but Not Too Far
Sales of vacation homes are picking up as low prices pull buyers off the fence. But with travel costs rising and consumers still uncertain about the economy, many buyers are snapping up properties closer to home.
Videos
Good Quality Commercial Property Still in High Demand
document.write(formatStoryDate(1336610220000));
Wednesday, 9 May 2012 5:37 PM ET Paul Guest, Regional Head of Research & Strategy, LaSalle Investment Management says that good quality commercial property is still in high demand Source: CNBC.com
Zillow CEO Explains Record Q1
document.write(formatStoryDate(1336054800000));
Thursday, 3 May 2012 7:20 AM ET Zillow reported record revenue in its first quarter, up 103% from its first quarter last year. Spencer Rascoff, the company's CEO, weighs in. Source: CNBC.com
Commercial Real Estate Turnaround?
document.write(formatStoryDate(1336004340000));
Wednesday, 2 May 2012 5:19 PM ET Stuart Crow, Head of Capital Markets, Asia Pacific, Jones Lang LaSalle Property Consultants says commercial property will turn around in the second half of the year after a big drop in transactions because of worries about the euro debt crisis Source: CNBC.com
