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Local
Fidelity National Financial Company Fact Sheet First Quarter 2012
New owners reviving stalled Pierce County development
After nearly 20 years on the drawing board, homes are finally being built in Western Washington’s largest master-planned community in what may be another sign of a nascent recovery in the local housing market.
20-Story Office Building Fetches $55M
SEATTLE-A private investor operating as Vance Corp. has sold Plaza 600, a 213,979-square-foot, 20-story, class-A office building located at 600 Stewart St. in the northern and most dynamic section of the central business district, for $55 million. The buyer is locally based Joshua Green Corp., a private investor, in conjunction with its partner in the deal, Urban Renaissance Group.
Gaylord to reorganize, won't proceed with Aurora hotel as planned
Gaylord Entertainment Co. Gaylord Entertainment Co. Latest from The Business Journals Marriott hotel on former GM Proving Grounds site in Mesa?Market likes Gaylord move, analysts mixedWSJ: Omni's Rowling made bid for Gaylord Follow this company said Thursday it will not proceed with its proposed Aurora hotel and convention complex "in the form previously anticipated" as it undergoes a company reorganization, including the sale of its hotel brand to Marriott International.
Colliers International on Retail: ‘The Year of Opportunity’
SEATTLE-Locally based Colliers International recently released its Knowledge Leader Summer 2012 publication, where it focuses on all things retail. From luxury retailers to dollar stores, luxury centers to mom and pop stores, the issue covers it all.
Craig McCaw's Vancouver island for sale for $75M
Seattle tech veteran Craig McCaw and his wife Susan are selling their 780-acre island off the coast of Vancouver, British Columbia. It can be yours for $75 million.
Kilroy Expands in Seattle With Three-Building $145M Buy
SEATTLE-Kilroy Realty Corp. has completed the purchase of two office properties in the Lake Union submarket of Seattle and expects to complete the acquisition of a Bellevue property in the third quarter, subject to customary closing conditions
Metropolitan Park East, West buildings sell for $210M
A buyer has popped up for Seattle’s twin toaster buildings.
Publicly traded New York-based Brookfield Office Properties Inc. said Tuesday that it has paid $210 million for the Metropolitan Park East and Metropolitan Park West buildings in downtown Seattle.
Rising home prices, low inventory create seller’s market in some areas
Home prices in Western Washington rose slightly more than a percentage point in May, rising to $242,500 from $239,999, the Northwest Multiple Listing Service reported.
Burien council passes resolution to buy back undeveloped Town Square property
The Burien City Council has passed a resolution authorizing the city to buy back three undeveloped parcels of the Town Square development from developer Harbor Urban, the B-Town Blog reported.
23-story hotel planned next to Seahawks stadium
Two developers — American Life and Daniels Real Estate — are planning a 278-suite, 23-story hotel next to CenturyLink Field in Seattle's Sodo neighborhood.
Everett Kimberly-Clark mill to be demolished
Kimberly-Clark will begin demolishing its mill in Everett beginning as early as next month, as the company prepares the mill site and gets ready to sell it
Fifth Ave./Bell St. 41-story condo project to break ground
Developer Nat Bosa said he plans to break ground next week on a 41-story condominium tower in downtown Seattle on a lot bordered by Fifth and Sixth Avenues, and Bell and Battery Streets.
Office at Riverpark in Redmond sells for $38.5 million
San Francisco-based JMA Ventures has paid Clarion Partners Clarion Partners Latest from The Business Journals JBG buys 1233 20th St. NW for .7 millionJBG buys Dupont area buildingGallivan, White & Boyd opens Charlotte office Follow this company $38.5 million for the five-story Office at Riverpark building at 15809 Bear Creek Parkway in Redmond.
HomeStreet turns to Kidder Mathews to sell off Lacey development tract
Commercial real estate firm Kidder Mathews Kidder Mathews Latest from The Business Journals Logitech moves into Newark digs to boost collaborationBoeing supplier Carlisle moving to larger quarters in KentTop 7: San Francisco Real Estate Brokerages Follow this company is looking for a buyer for a 215-acre Lacey development site now owned by a subsidiary of Seattle’s HomeStreet Bank HomeStreet Bank Latest from The Business Journals FDIC: Washington banking industry smaller, but healthier The List: Hiring on the rise in mortgage bizWashington Federal's surprising strategy for those super-low mortgage rates Follow this company as the result of bankruptcy proceedings.
Everett Mall faces July 9 foreclosure deadline
The owner of the Everett Mall Everett Mall Latest from The Business Journals Benaroya carves up business park for ‘owner-operators’Navy fortifies Everett, Snohomish Co. economySpeculation swirls around Mervyn's sites Follow this company needs to come up with $8 million by July 9 or else it faces a foreclosure auction 11 days later at the Snohomish County Courthouse.
National
Commercial Real Estate Follows Economy Into Recovery
In his remarks yesterday at the Commercial Business Trends Forum during the Midyear Legislative Meetings & Trade Expo in Washington, D.C., NAR Chief Economist Lawrence Yun sounded a cautiously optimistic note regarding the state of the commercial real estate market.
Real-Estate Chief at Apollo Global Wants New Post
Apollo Global Management's APO +0.76%head of real estate is in discussions with top management about changing his role at the firm, according to people familiar with the matter.
Joseph Azrack, a 65-year-old industry veteran with more than 30 years in the business, has led the property team since 2008 when Apollo decided to get back into the sector. But it has been a bumpy start for the private-equity firm's new real-estate group.
Brookfield Wants Billions
Brookfield Asset Management, BAM -3.32%sailing into the stiff winds of a hostile fundraising climate, is looking to raise one of the largest real-estate funds since the financial crisis.
Stealing Victory From Defeat
The luxury Victory Ranch vacation-home development outside of Park City, Utah, turned out to be a defeat for its original developer. But now another contender is making a grab for Victory.
CIM Group Romps on Both Coasts
A Los Angeles-based real-estate investor that has been an aggressive buyer in New York is selling a prime Hollywood hotel and a downtown Manhattan lot as it edges closer toward completing financing for its $1.2 billion project on Park Avenue.
Apartment Upturn Lifts Post Properties
Longtime investors in Post Properties Inc. PPS -1.55%have to be feeling better these days than in 2008, when the rental-apartment giant passed on a purchase offer from its founder and unsuccessfully put itself up for sale.
Housing Market Crawls Back
Housing prices across the U.S. fell in March, but not as much as in earlier months, according to a report Tuesday that offered fresh evidence of a real-estate market on the mend.
Blackstone Is Set to Grab Large Portfolio
Blackstone Group LP is poised to take control of the large industrial-property portfolio known as CalWest, making the private-equity firm one of the largest U.S. owners of warehouses, distribution centers and other industrial real estate.
Hotels a Win for Ex-Athletes
Hilton Worldwide Inc., seeking to expand the ranks of its investment partners, is finding surprising interest from one group in particular: former professional athletes.
Bright Lights, Big City Wager on Office Towers
No tenant, no problem.
Houston-based developer Hines has struck a deal with the asset-management division of J.P. Morgan Chase & Co. to move forward with a new midtown Manhattan office tower without any preleasing, according to people involved in the deal.
International
Foreign direct investment in Central and Eastern Europe
For many years, a large number of multinational companies made decisions to invest in or relocate to Central and Eastern Europe (CEE). Many CEE...
Italian Properties Coming to Market
Italy is likely to see a wave of commercial property sales this year, as selloffs by the Patrimonio Uno real-estate investment fund move to a higher gear.
Johannesburg Crafts An Artsy Comeback
JOHANNESBURG—Five years ago, Jonathan Liebmann bought a warehouse that was the entry point for alcohol entering South Africa at the turn of the 20th century.
Caribbean Comeback
The worst of the tropical storm of financial troubles appears to be over for the Four Seasons resort project in Barbados, which has been stalled midconstruction since its financing ran out in 2009.
Greek Real-Estate Sales Put in Holding Pattern
While most of the world will be watching the Greek elections on June 17 for an indication of whether the country will keep the euro as its currency, some real-estate investors will have something else on their minds: Hellinikon.
MultiFamily
$93M Secured for Construction of 293-Unit Multifamily
SAN JOSE, CA-Bay West Development has secured $93 million in equity and construction financing for the River Oaks development, a luxury, tech-forward apartment community located at 199 River Oaks Parkway within the famed “Golden Triangle” here. The equity funding was received from affiliates of Berkshire Property Advisors L.L.C. and construction financing from a syndication of Comerica and California Bank & Trust.
1,198 Units Acquired from Foreclosure in North Submarket
HOUSTON-In separate transactions, two private buyers acquired a total of 1,198 units out of foreclosure in the FM 1960/Champions submarket, located north of downtown. BNC, based in California, ended up with the 1,038-unit Cranbrook Portfolio while local investor Hot Ocean LLC bought the 160-unit Cambury Place Apartments nearby.
Multifamily REITs Go Beyond the Core
NEW YORK CITY-While strong fundamentals, rising rents and attractive construction costs are all driving the boom in the multifamily market, many residential real estate investment trusts are beginning to seek out opportunities beyond traditional core markets
24-Unit Multifamily Sells For Highest Per-Door Price
ENCINO, CA-GlobeSt.com has exclusively learned that White Oak Regency, a 24-unit apartment complex here, has been sold for $9.9 million by a private investor to a private, international-based entity. The sale price equates to $412,500 per unit, the highest price per door for an apartment property here.
$120M Multifamily Project Moves Dirt
MARINA DEL REY, CA-Construction has started on a $120-million multifamily project here at 4201 Via Marina in Marina del Rey, CA. The County of Los Angeles, which owns and manages Marina del Rey, along with owner and developer Jerry Epstein of Del Rey Shores, LLC, “
REIT BEAT
KBS REIT III Closes on 198,565-SF Office Buy
SALT LAKE CITY-KBS Real Estate Investment Trust III, based in Newport Beach, CA, has added an office to its portfolio with the acquisition of Gateway Tech Center. The 198,565-square foot converted warehouse here in Downtown, marks the REIT’s fifth equity asset for a total of more than 1.2 million square feet.
Canadian Buyer Pays $79M for Max at Kierland
SCOTTSDALE, AZ-Less than four years after the 258,312-square-foot Max at Kierland came online, developers Clarion Partners of New York City and Trammell Crow Co. of Dallas sold the office building to Artis REIT. The Canadian buyer paid $79 million for the office building, which was 90% occupied at the time of sale.
REIT Pay Rises Outpace Stock Returns
Compensation for some executives of publicly traded real-estate companies is growing faster than their firms' stock performance, which is leading some shareholders and proxy governance firms to complain about excessive pay packages.
Mega REITs Remain Confident in NYC Office, Class A Malls
NEW YORK CITY-Value-add opportunities, new leasing strategies and ditching non-core assets were the common themes discussed by the nation’s biggest real estate investment trusts at NAREIT’s annual investor forum REIT Week 2012 in Midtown Manhattan today. During the first half of the conference, the majority of speakers expressed confidence in the US commercial real estate market, particularly, office and retail properties located in core gateway cities with steady job growth and increasing consumer confidence.
Distressed
Investors Bemoan Lean Results From Workouts
The fixers of the commercial real-estate world need some repairs themselves.
So-called special servicing companies—firms that restructure troubled commercial real-estate loans—are under fire from investors and analysts, who say the firms are cutting bad deals and often failing to disclose conflicts of interest.
Unemployment, Glut of Inventory Contribute to Atlanta's 17.7% Drop
Home prices have stopped falling or are falling at a slower pace in many cities across the country. One notable exception is Atlanta, where home-price declines accelerated in recent months.
Blackstone Is Set to Grab Large Portfolio
Blackstone Group LP is poised to take control of the large industrial-property portfolio known as CalWest, making the private-equity firm one of the largest U.S. owners of warehouses, distribution centers and other industrial real estate.
Big-Box Space Remains Hard to Fill
Close to a year after Borders Group Inc. collapsed, suburban shopping centers still are struggling to fill the vacated big-box space—and to cope with changes in the way Americans shop.
Lehman Continues to Deal
After years of fighting, Lehman Brothers Holdings Inc. has sold two large California housing developments for $60 million to one of its main real-estate partners during the boom years.
RE Trends
Credit card and mortgage debt down, but so are scores
While a typical American's credit card and mortgage debt have both fallen since last year, the average credit score nevertheless fell by one point between March and April.
Investors Reject Simon Property CEO's Pay
Shareholders in Simon Property Group Inc., SPG +0.58%the country's largest mall owner, rejected an eight-year compensation package awarded to the real estate investment trust's chief executive, which included an annual base salary of $1.25 million and stock awards valued at $132 million over the eight-year term.
Real Estate Weekly: ‘Facebook effect’ on Bay Area real estateMarketWatch - Facebook’s initial public offering is having a marked effect on San Francisco Bay Area real estate, according to one mortgage banker.
Rising home prices, low inventory create seller’s market in some areas
Home prices in Western Washington rose slightly more than a percentage point in May, rising to $242,500 from $239,999, the Northwest Multiple Listing Service reported.
Phoenix Rising
A San Francisco-based company that buys foreclosed homes and rents them out is finding that the stampede of private cash into the nascent single-family rental sector is changing its business plan: It already is cashing out
Blogs
Hotels Back On A Profitable Path
It seems that both publicly held and privately owned hotels have weathered a difficult recession and are back on a profitable path.
Goldman Sachs analyst Steven Kent raised his rating on Wyndham Worldwide Corp. (WYN) to buy from neutral last week, saying the hotel chain stands to gain from an improving U.S. economy, according to published reports.
Click here to connect to the Northwest’s Real Estate Calendar
Local
Fidelity National Financial Company Fact Sheet First Quarter 2012
New owners reviving stalled Pierce County development
After nearly 20 years on the drawing board, homes are finally being built in Western Washington’s largest master-planned community in what may be another sign of a nascent recovery in the local housing market.
20-Story Office Building Fetches $55M
SEATTLE-A private investor operating as Vance Corp. has sold Plaza 600, a 213,979-square-foot, 20-story, class-A office building located at 600 Stewart St. in the northern and most dynamic section of the central business district, for $55 million. The buyer is locally based Joshua Green Corp., a private investor, in conjunction with its partner in the deal, Urban Renaissance Group.
Gaylord to reorganize, won't proceed with Aurora hotel as planned
Gaylord Entertainment Co. Gaylord Entertainment Co. Latest from The Business Journals Marriott hotel on former GM Proving Grounds site in Mesa?Market likes Gaylord move, analysts mixedWSJ: Omni's Rowling made bid for Gaylord Follow this company said Thursday it will not proceed with its proposed Aurora hotel and convention complex "in the form previously anticipated" as it undergoes a company reorganization, including the sale of its hotel brand to Marriott International.
Colliers International on Retail: ‘The Year of Opportunity’
SEATTLE-Locally based Colliers International recently released its Knowledge Leader Summer 2012 publication, where it focuses on all things retail. From luxury retailers to dollar stores, luxury centers to mom and pop stores, the issue covers it all.
Craig McCaw's Vancouver island for sale for $75M
Seattle tech veteran Craig McCaw and his wife Susan are selling their 780-acre island off the coast of Vancouver, British Columbia. It can be yours for $75 million.
Kilroy Expands in Seattle With Three-Building $145M Buy
SEATTLE-Kilroy Realty Corp. has completed the purchase of two office properties in the Lake Union submarket of Seattle and expects to complete the acquisition of a Bellevue property in the third quarter, subject to customary closing conditions
Metropolitan Park East, West buildings sell for $210M
A buyer has popped up for Seattle’s twin toaster buildings.
Publicly traded New York-based Brookfield Office Properties Inc. said Tuesday that it has paid $210 million for the Metropolitan Park East and Metropolitan Park West buildings in downtown Seattle.
Rising home prices, low inventory create seller’s market in some areas
Home prices in Western Washington rose slightly more than a percentage point in May, rising to $242,500 from $239,999, the Northwest Multiple Listing Service reported.
Burien council passes resolution to buy back undeveloped Town Square property
The Burien City Council has passed a resolution authorizing the city to buy back three undeveloped parcels of the Town Square development from developer Harbor Urban, the B-Town Blog reported.
23-story hotel planned next to Seahawks stadium
Two developers — American Life and Daniels Real Estate — are planning a 278-suite, 23-story hotel next to CenturyLink Field in Seattle's Sodo neighborhood.
Everett Kimberly-Clark mill to be demolished
Kimberly-Clark will begin demolishing its mill in Everett beginning as early as next month, as the company prepares the mill site and gets ready to sell it
Fifth Ave./Bell St. 41-story condo project to break ground
Developer Nat Bosa said he plans to break ground next week on a 41-story condominium tower in downtown Seattle on a lot bordered by Fifth and Sixth Avenues, and Bell and Battery Streets.
Office at Riverpark in Redmond sells for $38.5 million
San Francisco-based JMA Ventures has paid Clarion Partners Clarion Partners Latest from The Business Journals JBG buys 1233 20th St. NW for .7 millionJBG buys Dupont area buildingGallivan, White & Boyd opens Charlotte office Follow this company $38.5 million for the five-story Office at Riverpark building at 15809 Bear Creek Parkway in Redmond.
HomeStreet turns to Kidder Mathews to sell off Lacey development tract
Commercial real estate firm Kidder Mathews Kidder Mathews Latest from The Business Journals Logitech moves into Newark digs to boost collaborationBoeing supplier Carlisle moving to larger quarters in KentTop 7: San Francisco Real Estate Brokerages Follow this company is looking for a buyer for a 215-acre Lacey development site now owned by a subsidiary of Seattle’s HomeStreet Bank HomeStreet Bank Latest from The Business Journals FDIC: Washington banking industry smaller, but healthier The List: Hiring on the rise in mortgage bizWashington Federal's surprising strategy for those super-low mortgage rates Follow this company as the result of bankruptcy proceedings.
Everett Mall faces July 9 foreclosure deadline
The owner of the Everett Mall Everett Mall Latest from The Business Journals Benaroya carves up business park for ‘owner-operators’Navy fortifies Everett, Snohomish Co. economySpeculation swirls around Mervyn's sites Follow this company needs to come up with $8 million by July 9 or else it faces a foreclosure auction 11 days later at the Snohomish County Courthouse.
National
Commercial Real Estate Follows Economy Into Recovery
In his remarks yesterday at the Commercial Business Trends Forum during the Midyear Legislative Meetings & Trade Expo in Washington, D.C., NAR Chief Economist Lawrence Yun sounded a cautiously optimistic note regarding the state of the commercial real estate market.
Real-Estate Chief at Apollo Global Wants New Post
Apollo Global Management's APO +0.76%head of real estate is in discussions with top management about changing his role at the firm, according to people familiar with the matter.
Joseph Azrack, a 65-year-old industry veteran with more than 30 years in the business, has led the property team since 2008 when Apollo decided to get back into the sector. But it has been a bumpy start for the private-equity firm's new real-estate group.
Brookfield Wants Billions
Brookfield Asset Management, BAM -3.32%sailing into the stiff winds of a hostile fundraising climate, is looking to raise one of the largest real-estate funds since the financial crisis.
Stealing Victory From Defeat
The luxury Victory Ranch vacation-home development outside of Park City, Utah, turned out to be a defeat for its original developer. But now another contender is making a grab for Victory.
CIM Group Romps on Both Coasts
A Los Angeles-based real-estate investor that has been an aggressive buyer in New York is selling a prime Hollywood hotel and a downtown Manhattan lot as it edges closer toward completing financing for its $1.2 billion project on Park Avenue.
Apartment Upturn Lifts Post Properties
Longtime investors in Post Properties Inc. PPS -1.55%have to be feeling better these days than in 2008, when the rental-apartment giant passed on a purchase offer from its founder and unsuccessfully put itself up for sale.
Housing Market Crawls Back
Housing prices across the U.S. fell in March, but not as much as in earlier months, according to a report Tuesday that offered fresh evidence of a real-estate market on the mend.
Blackstone Is Set to Grab Large Portfolio
Blackstone Group LP is poised to take control of the large industrial-property portfolio known as CalWest, making the private-equity firm one of the largest U.S. owners of warehouses, distribution centers and other industrial real estate.
Hotels a Win for Ex-Athletes
Hilton Worldwide Inc., seeking to expand the ranks of its investment partners, is finding surprising interest from one group in particular: former professional athletes.
Bright Lights, Big City Wager on Office Towers
No tenant, no problem.
Houston-based developer Hines has struck a deal with the asset-management division of J.P. Morgan Chase & Co. to move forward with a new midtown Manhattan office tower without any preleasing, according to people involved in the deal.
International
Foreign direct investment in Central and Eastern Europe
For many years, a large number of multinational companies made decisions to invest in or relocate to Central and Eastern Europe (CEE). Many CEE...
Italian Properties Coming to Market
Italy is likely to see a wave of commercial property sales this year, as selloffs by the Patrimonio Uno real-estate investment fund move to a higher gear.
Johannesburg Crafts An Artsy Comeback
JOHANNESBURG—Five years ago, Jonathan Liebmann bought a warehouse that was the entry point for alcohol entering South Africa at the turn of the 20th century.
Caribbean Comeback
The worst of the tropical storm of financial troubles appears to be over for the Four Seasons resort project in Barbados, which has been stalled midconstruction since its financing ran out in 2009.
Greek Real-Estate Sales Put in Holding Pattern
While most of the world will be watching the Greek elections on June 17 for an indication of whether the country will keep the euro as its currency, some real-estate investors will have something else on their minds: Hellinikon.
MultiFamily
$93M Secured for Construction of 293-Unit Multifamily
SAN JOSE, CA-Bay West Development has secured $93 million in equity and construction financing for the River Oaks development, a luxury, tech-forward apartment community located at 199 River Oaks Parkway within the famed “Golden Triangle” here. The equity funding was received from affiliates of Berkshire Property Advisors L.L.C. and construction financing from a syndication of Comerica and California Bank & Trust.
1,198 Units Acquired from Foreclosure in North Submarket
HOUSTON-In separate transactions, two private buyers acquired a total of 1,198 units out of foreclosure in the FM 1960/Champions submarket, located north of downtown. BNC, based in California, ended up with the 1,038-unit Cranbrook Portfolio while local investor Hot Ocean LLC bought the 160-unit Cambury Place Apartments nearby.
Multifamily REITs Go Beyond the Core
NEW YORK CITY-While strong fundamentals, rising rents and attractive construction costs are all driving the boom in the multifamily market, many residential real estate investment trusts are beginning to seek out opportunities beyond traditional core markets
24-Unit Multifamily Sells For Highest Per-Door Price
ENCINO, CA-GlobeSt.com has exclusively learned that White Oak Regency, a 24-unit apartment complex here, has been sold for $9.9 million by a private investor to a private, international-based entity. The sale price equates to $412,500 per unit, the highest price per door for an apartment property here.
$120M Multifamily Project Moves Dirt
MARINA DEL REY, CA-Construction has started on a $120-million multifamily project here at 4201 Via Marina in Marina del Rey, CA. The County of Los Angeles, which owns and manages Marina del Rey, along with owner and developer Jerry Epstein of Del Rey Shores, LLC, “
REIT BEAT
KBS REIT III Closes on 198,565-SF Office Buy
SALT LAKE CITY-KBS Real Estate Investment Trust III, based in Newport Beach, CA, has added an office to its portfolio with the acquisition of Gateway Tech Center. The 198,565-square foot converted warehouse here in Downtown, marks the REIT’s fifth equity asset for a total of more than 1.2 million square feet.
Canadian Buyer Pays $79M for Max at Kierland
SCOTTSDALE, AZ-Less than four years after the 258,312-square-foot Max at Kierland came online, developers Clarion Partners of New York City and Trammell Crow Co. of Dallas sold the office building to Artis REIT. The Canadian buyer paid $79 million for the office building, which was 90% occupied at the time of sale.
REIT Pay Rises Outpace Stock Returns
Compensation for some executives of publicly traded real-estate companies is growing faster than their firms' stock performance, which is leading some shareholders and proxy governance firms to complain about excessive pay packages.
Mega REITs Remain Confident in NYC Office, Class A Malls
NEW YORK CITY-Value-add opportunities, new leasing strategies and ditching non-core assets were the common themes discussed by the nation’s biggest real estate investment trusts at NAREIT’s annual investor forum REIT Week 2012 in Midtown Manhattan today. During the first half of the conference, the majority of speakers expressed confidence in the US commercial real estate market, particularly, office and retail properties located in core gateway cities with steady job growth and increasing consumer confidence.
Distressed
Investors Bemoan Lean Results From Workouts
The fixers of the commercial real-estate world need some repairs themselves.
So-called special servicing companies—firms that restructure troubled commercial real-estate loans—are under fire from investors and analysts, who say the firms are cutting bad deals and often failing to disclose conflicts of interest.
Unemployment, Glut of Inventory Contribute to Atlanta's 17.7% Drop
Home prices have stopped falling or are falling at a slower pace in many cities across the country. One notable exception is Atlanta, where home-price declines accelerated in recent months.
Blackstone Is Set to Grab Large Portfolio
Blackstone Group LP is poised to take control of the large industrial-property portfolio known as CalWest, making the private-equity firm one of the largest U.S. owners of warehouses, distribution centers and other industrial real estate.
Big-Box Space Remains Hard to Fill
Close to a year after Borders Group Inc. collapsed, suburban shopping centers still are struggling to fill the vacated big-box space—and to cope with changes in the way Americans shop.
Lehman Continues to Deal
After years of fighting, Lehman Brothers Holdings Inc. has sold two large California housing developments for $60 million to one of its main real-estate partners during the boom years.
RE Trends
Credit card and mortgage debt down, but so are scores
While a typical American's credit card and mortgage debt have both fallen since last year, the average credit score nevertheless fell by one point between March and April.
Investors Reject Simon Property CEO's Pay
Shareholders in Simon Property Group Inc., SPG +0.58%the country's largest mall owner, rejected an eight-year compensation package awarded to the real estate investment trust's chief executive, which included an annual base salary of $1.25 million and stock awards valued at $132 million over the eight-year term.
Real Estate Weekly: ‘Facebook effect’ on Bay Area real estateMarketWatch - Facebook’s initial public offering is having a marked effect on San Francisco Bay Area real estate, according to one mortgage banker.
Rising home prices, low inventory create seller’s market in some areas
Home prices in Western Washington rose slightly more than a percentage point in May, rising to $242,500 from $239,999, the Northwest Multiple Listing Service reported.
Phoenix Rising
A San Francisco-based company that buys foreclosed homes and rents them out is finding that the stampede of private cash into the nascent single-family rental sector is changing its business plan: It already is cashing out
Blogs
Hotels Back On A Profitable Path
It seems that both publicly held and privately owned hotels have weathered a difficult recession and are back on a profitable path.
Goldman Sachs analyst Steven Kent raised his rating on Wyndham Worldwide Corp. (WYN) to buy from neutral last week, saying the hotel chain stands to gain from an improving U.S. economy, according to published reports.
