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property

SAFE HAVEN? Europe’s Investment Woes May Push More Offshore Capital To U.S.

April 12, 2012

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

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After Sale Approval In Bankruptcy Court, Grubb & Ellis Moves To Next Phase Under BGC

March 29, 2012

Costar… This week a bankruptcy court judge approved the sale of the venerable but cash-strapped Grubb & Ellis Co. to BGC Partners, Inc., ushering in the latest in a series of changes that have roiled the commercial real estate brokerage business. Next comes the hard work involved in exiting bankruptcy and integrating the new acquisition. Among the challenges the two firms face are preserving Grubb & Ellis’s property and facilities management and brokerage… Read the rest here: After Sale Approval In Bankruptcy Court, Grubb & Ellis Moves To Next Phase Under BGC Find our Weekly Commercial Real Estate, Private Equity and Fund Newsletters at www.WeeklyBrief.net

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Rockpoint Trades Parc 55 Wyndham for $235 Million

March 28, 2012

Costar… Rockpoint Group LLC sold Parc 55 Wyndham at 55 Cyril Magnin St. in San Francisco to New York-based The Blackstone Group for $235 million, or $231,984 per room, in a distress sale. The 700,985-square-foot hospitality building is located blocks from Union Square. The property includes 1,013 rooms and was awarded an Energy Star label for the last four years consecutively. No brokers were mentioned. Please reference CoStar COMPS #2279499 for more… Go here to read the rest: Rockpoint Trades Parc 55 Wyndham for $235 Million Find our Weekly Commercial Real Estate, Private Equity and Fund Newsletters at www.WeeklyBrief.net

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CapLease Receives 1M-SF Nestlé Renewal

March 27, 2012

Costar… CapLease, Inc. (NYSE: LSE) executed a lease renewal with Nestlé Holdings, Inc. for its 1,045,153-square-foot industrial property at 555 Nestle Way in Macungie, PA. The lease will commence on January 1, 2013 for a term of five years. Contract rent is $4.40 per square foot, increasing 3% per annum. Nestlé’s distribution building was constructed in 1994 on 86 acres in the Lehigh Valley Industrial submarket of Philadelphia. CapLease… Read more: CapLease Receives 1M-SF Nestl

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Baker Donelson Bldg in Downtown Nashville Sells for $47.1M

March 21, 2012

Costar… Sun Life Financial Services, an international financial services company, has acquired the 11-story Baker Donelson Building at 211 Commerce Ctr. in downtown Nashville, TN from The Mathews Company in a transaction totaling $47.13 million, or approximately $205 per square foot. The property was constructed in 2000 and totals 229,536 square feet of Class A office space . The building was 93.8 percent occupied at the time of the sale, and is currently… Read the original: Baker Donelson Bldg in Downtown Nashville Sells for $47.1M Find our Weekly Commercial Real Estate, Private Equity and Fund Newsletters at www.WeeklyBrief.net

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Distressed Sales Volume Remains at Elevated Levels Despite Big Boost in Non-Distressed Sales in Recovering Economy

March 15, 2012

Costar… Distressed trading volume has stabilized but continues to remain at elevated levels, increasing by approximately 2% last year over 2010. However, a surge in non-distressed property trading driven by improving economic conditions has begun to mitigate its impact on commercial real estate pricing levels overall. According to CoStar Group data, the volume of distressed transactions in December 2011 remained well above the average monthly volume for… See the original post here: Distressed Sales Volume Remains at Elevated Levels Despite Big Boost in Non-Distressed Sales in Recovering Economy Find our Weekly Commercial Real Estate, Private Equity and Fund Newsletters at www.WeeklyBrief.net

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BAM Backs Perot With $400M Joint Venture Targeting Industrial Real Estate Investment

March 14, 2012

Costar… Brookfield Asset Management (NYSE: BAM) formed a joint venture with Hillwood, the Dallas-based real estate investment and development firm owned by Ross Perot, Jr., to acquire, develop and manage industrial property across the U.S. Backed by an equity commitment of $400 million, the venture could deploy up to $1 billion buying up industrial property within three years, principally large warehouses. Hillwood will be tasked with selecting suitable… Read this article: BAM Backs Perot With $400M Joint Venture Targeting Industrial Real Estate Investment Find our Weekly Commercial Real Estate, Private Equity and Fund Newsletters at www.WeeklyBrief.net

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The Unanswered Multifamily Contradiction

March 8, 2012

Costar… With increasing occupancies and rents, the multifamily sector has been one of the commercial property types to bounce back fastest from the effects of the ‘Great Recession.’ Yet, at the same time, the multifamily sector has been one of the worst performing property types in terms of delinquencies, a contradiction noted by Fitch Ratings. Using the standard Fitch Ratings definition that counts any loan 60 or more days behind in payment as delinquent… See the article here: The Unanswered Multifamily Contradiction Find our Weekly Commercial Real Estate, Private Equity and Fund Newsletters at www.WeeklyBrief.net

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Biotech, Lab Property Owners Holding Their Own Despite Shifting Landscape for Tenants

March 8, 2012

Costar… Big changes are roiling U.S. biotechnology and life sciences companies — and by extension the real estate owners that rent them with lab, R&D and manufacturing space — with pressures from global markets and regulatory and economic uncertainty causing tenants to rethink their property footprints and expansion plans, and even downsize in some cases. While the changes over the last five years have inevitably created volatile market conditions for… Read more from the original source: Biotech, Lab Property Owners Holding Their Own Despite Shifting Landscape for Tenants Find our Weekly Commercial Real Estate, Private Equity and Fund Newsletters at www.WeeklyBrief.net

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CBRE Taps Durburg To Oversee All Leasing and Sales Transaction Services

March 7, 2012

Costar… CBRE Group promoted one of its division presidents to the newly created position of Global President, Transaction Services. In his new role, Jack Durburg, formerly president of CBRE’s U.S. Central Division based in Chicago, will be charged with expanding the firm’s position in leasing, capital markets and transaction management services globally across all property types, working closely with the regional and business line leaders. Durburg… Follow this link: CBRE Taps Durburg To Oversee All Leasing and Sales Transaction Services Find our Weekly Commercial Real Estate, Private Equity and Fund Newsletters at www.WeeklyBrief.net

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U.S. Mint HQ Fetches $147.5 Million

March 2, 2012

Costar… NSP Ventures Corp. purchased the U.S. Mint headquarters building at 801 Ninth St. NW in Washington, DC, from Wereldhave USA Inc., a commercial real estate investment firm based in the Netherlands, for $147.5 million, or approximately $624 per square foot. The eight-story, 236,054-square-foot office property is one block away from Gallery Place Metro Station and is next to the 1.9 million-square-foot mixed-use CityCenterDC development. Stanley… See original here: U.S. Mint HQ Fetches $147.5 Million Find our Weekly Commercial Real Estate, Private Equity and Fund Newsletters at www.WeeklyBrief.net

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Plots & Ploys: Challenging a Sovereign—in Miami

February 29, 2012

The Property Report: A Florida developer fights treads on sovereign land—in Miami. The Fed makes a Maiden Lane purchase. And Tishman Speier shows its savvy.

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SL Green Closes on $252.5M Acquisition in NYC

February 28, 2012

Costar… SL Green Realty Corp. (NYSE: SLG), the largest commercial office landlord in New York City, has closed on its previously announced acquisition of the HarperCollins Bldg. at 10 E. 53rd St. in New York City. The total purchase price came to $252.5 million, or approximately $647 per square foot. The company then entered a joint venture with Canada Pension Plan Investment Board (CPPIB), which took a 45 percent ownership stake in the property with… View post: SL Green Closes on $252.5M Acquisition in NYC Find our Weekly Commercial Real Estate, Private Equity and Fund Newsletters at www.WeeklyBrief.net

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Price-Rise Plateau

February 8, 2012

The Green Street Advisors Commercial Property Price Index remained unchanged in January as investors stayed cautious about the direction of the U.S. economy.

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Soho China Buys Stake in Shanghai Property

December 30, 2011

Soho China said it would buy a 50% stake in a commercial site from units of Greentown China and Shanghai Zendai Property for $632 million.

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Chinese City Eases Property Curbs

October 11, 2011

Foshan in Guangdong province became China’s first city to say it’s relaxing its curbs on the property market amid mounting concerns that the real-estate sector is in trouble.

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German Hotel Looks Like a Hard Sell

September 6, 2011

The German government is trying once again to sell its famous five-star hotel, the Grandhotel Petersberg, but market participants say the property, on a mountainside overlooking Bonn, will be a hard sell.

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Kerzner Weighs Atlantis Dubai Sale

August 31, 2011

The owner of several luxury resorts is exploring selling its 50% stake in the property to raise money to restructure $2.6 billion in mortgage debt.

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Hilton Is Unlikely to Stay in Vegas

August 24, 2011

Hilton’s namesake brand, a fixture in Las Vegas since 1970, is set to vanish from the city’s gambling scene unless Hilton finds another property to fly its flag there before year end, in another headache for private-equity investor Colony Capital.

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Commercial Property Remains on Pause

August 23, 2011

The Green Street Advisors Commercial Property Price Index remained unchanged in July for a second consecutive month, following nearly two years of uninterrupted gains.

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