The Turkish government is close to amending legislation that would allow certain foreign buyers to purchase property. Industry observers hope this will spark demand.
A $49 million loan on a Florida shopping mall that was facing a foreclosure action before it was refinanced has been stripped from an issue of commercial mortgage-backed securities that J.P. Morgan Chase & Co. is bringing to market this week.
Most retailers don’t build their own stores. But Nebraska Furniture Mart Inc., owned by Warren Buffett’s Berkshire Hathaway, wants to do just that—along with developing a city-within-a-city around it on a 433-acre swath in a Dallas suburb.
Goldman Sachs, which purchased the massive Marriott Waikiki Beach Resort & Spa in Honolulu in 2005, is in talks to extend or modify the hotel’s debt, which is probably more than the property is worth.
Investor Barry Sternlicht’s Starwood Capital has agreed to buy a 90% stake in seven U.S. malls, including the SouthPark mall in Cleveland, from Australian mall owner Westfield Group for $1.05 billion.
Howard Lutnick, the head of Cantor Fitzgerald, is aiming to integrate Grubb & Ellis with Newmark to form what he hopes will be one of the leading commercial real-estate-services companies in the world.
MGM Resorts and Dubai World made an ill-fated bet on the Las Vegas real-estate and gambling market, launching an $8.5 billion casino resort called City Center soon before the market turned. Now, they are betting that the condo market is approaching a bottom.
Costar… While the Federal Deposit Insurance Corp. (FDIC) doesn’t reveal the identities of banks listed on its “Problem List” of institutions — ones that the FDIC determines pose a greater risk of loss to its deposit insurance fund — there is nothing stopping the problem banks’ parent companies from identifying themselves. In a study of annual reports filed by bank holding companies in the first quarter of this year, CoStar Group found 15 firms that… Continue reading here: Bank Annual Reports: Treasure Maps to $700 Million in Distressed CRE Assets Find our Weekly Commercial Real Estate, Private Equity and Fund Newsletters at www.WeeklyBrief.net
Costar… Cross-border investment in real estate reached its highest level in three years in 2011, with New York, Washington, Los Angeles, San Francisco and Chicago accounting for five of the top 10 international markets. However, hopes for a massive influx of foreign capital into U.S. property markets by risk-averse international investors has so far gone unfulfilled. That may be changing, according to recent separate reports from Property and Portfolio… More: SAFE HAVEN? Europe’s Investment Woes May Push More Offshore Capital To U.S. Find our Weekly Commercial Real Estate, Private Equity and Fund Newsletters at www.WeeklyBrief.net
Cash-strapped Chinese property companies may face a reckoning this year amid high debts and a government campaign to bring down housing prices. If that happens, a number of outside investors are waiting to step in.
A group of creditors including Related Cos., CIM Group and HFZ Capital won control of One Madison Park, a nearly-completed glass condominium tower in Manhattan that had been stalled in court fights for more than two years.
American International Group is planning to jump back into U.S. property investing, reversing yearslong efforts to downsize its real-estate business in the wake of its near-collapse and government bailout in 2008.
The commercial mortgage-backed securities market in the U.S. has increasingly resembled a battlefield as delinquencies have mounted and lawsuits, foreclosures and other fights have mushroomed. In Europe, by comparison, some efforts to fix distressed commercial mortgage securities, or CMBS, look refreshingly civilized.
Gasoline prices have jumped in the past year and in some cities are hovering near record highs, boosting oil company profits. But for some real-estate companies that own gasoline stations, times are tough.