- Yellen: Economic readings mixed, appropriate to proceed cautiously “The Federal Reserve should proceed with caution in adjusting policy, Chair Janet Yellen said Tuesday, acknowledging that economic and financial conditions are in some respects less favorable now than in December. Yellen, speaking to the Economic Club of New York, noted in prepared remarks that recent readings on the strength of the U.S. economy since the beginning of the year have been mixed. All major U.S. indexes turned positive and Treasury yields hit multi-week lows after the release of Yellen's remarks.” (CNBC)
- CEO leaves US real estate lobby group “Steve Renna, CEO and president of powerful real estate lobby group CRE Finance Council, has left the organization, a spokesperson told IFR on Tuesday. The spokesperson did not say why Renna had gone, but a CREFC member told IFR that he had been asked to leave. The organization styles itself as the main voice of the US$3.4trn commercial real estate industry, and Renna took over as CEO about five years ago in the wake of the financial crisis.” (Reuters)
- Prime Finance Lends $230M for National Multifamily Portfolio Buy “New York-based lender Prime Finance provided a joint venture between Providence Management Company and Stonecutter Capital Management with a $230 million mortgage to fund the purchase of 16 apartment complexes across five states, Commercial Observer can first report. Law firm Polsinelli represented Prime in the transaction and helped arrange the three-year bridge loan, which also carries two one-year extension options. Prime originated the funds from its fourth fund.” (Commercial Observer)
- Commercial real estate execs present mixed outlook “Commercial real estate associated with health care, suburban retail and the industrial sector are bright spots of Houston's property market, but office buildings and apartments continue to struggle, panelists at an industry conference said Tuesday. As low oil prices stoke fear and uncertainty about Houston's economy, industry veterans on a panel at the RealShare Houston conference expressed confidence the energy decline could reverse course by next fall.” (Houston Chronicle)
- Crazy Markets Can Build Great Retirements “Let’s hope something ‘bad’ does happen. Crazy markets are what you want as a long-term investor. Don’t believe me? Follow along, and you’ll be convinced. It’s all about volatility, that is, how much an investment goes up and down in price over time. Some investments are very predictable. Bonds, for instance, tend to slowly creep upward.” (Forbes)
- Vanbarton Group to Close $1B Fund for Investments in Gateway Cities “Real estate investment and advisory firm Vanbarton Group is nearing the close for a fund in excess of $1 billion, sources have informed Commercial Observer. The fund will be used to finance the acquisitions of commercial properties in core cities including New York and San Francisco in 2016 and 2017, sources said under the condition of anonymity. Vanbarton may use the new fund to fuel its entry into the Miami, Chicago, Los Angeles, Seattle, Boston and Washington, D.C. markets.” (Commercial Observer)
- The Apple effect: Cupertino retail project for sale at $1,276 per square foot “Saich Way Station, a 15,673-square-foot strip center at Stevens Creek Boulevard and Saich Way, is on the market for $20 million, according to an announcement from brokerage Marcus & Millichap. The site is notable not only because it is so close to the Apple mother ship, but also because it represents new-construction retail in Cupertino, where new projects are rare. The seller is Borelli Investment Co., which finished the $10.5 million retail center last year.” (Silicon Valley Business Journal)
- Developers hope to add 380K sf of retail along Water Street “A proposed zoning change that would allow property owners — including Rudin Management, RXR Realty and Brookfield Property Partners — to add about 380,000 square feet of space along a stretch of Water Street has sparked debate. The Alliance for Downtown New York, Department of City Planning and the city’s Economic Development Corporation sponsored a zoning amendment that would apply to 110,000 square feet of arcades along Water Street between Fulton and Whitehall streets. The land-use application would make way for new retail space built into existing arcade space on the ground floors of several buildings.” (The Real Deal)
- General Electric Finds New Home in Boston’s Seaport District “Following January’s announcement that GE would transition its global headquarters from Fairfield, Conn., to Boston, Mass., the $130 billion high-tech global industrial company has found itself a home, acquiring 110,000 square feet in the Seaport District from Procter & Gamble Co.” (Commercial Property Executive)
- Prologis sells seven industrial buildings to Miami-Dade firm for $38M “Prologis sold seven industrial buildings in Broward and Palm Beach counties to an investment fund headed by Aventura-based Adler Kawa Real Estate Advisors for a combined $38.3 million. This was the latest deal in a $77 million commercial real estate fund that Adler Kawa plans to finish raising in July. In 2015 under the same fund, it paid $32.25 million for the Yamato Office Center in Boca Raton.” (South Florida Business Journal)
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