Allison Landa
Deloitte Appoints New U.S. Real Estate Leader
The newly appointed leader of international accounting and consulting firm Deloitte’s U.S. real estate practice is looking to distressed asset funds, REITs, and international capital as three major components of the commercial real estate market in 2010.
Economy Watch: CBRE Profits From Asian Rebound
Los Angeles-based CB Richard Ellis Group Inc. has reported net income of $64.3 million, or 21 cents a share, for 4Q09. That compares quite favorably with the same quarter in 2008, when the multinational brokerage lost $1.1 billion, or $4.70 a share.
NHI Wraps Up $67M Purchase of Six Florida Nursing Facilities, Plans to Purchase More
Murfreesboro, Tenn.-based National Health Investors Inc. has added six skilled nursing facilities in Florida to its property portfolio via a $67 million transaction with Nashville-based Care Foundation of America Inc.
Bankrupt Opus West Files Suit Against Parent Company
Bankrupt and owing more than a billion dollars to creditors, the Phoenix-based real estate services firm Opus West Corp. is suing its parent company for $163 million.
Lenders Smile on Forest City with Closing of Half-Billion Credit Facility
While credit markets are still tight, Forest City Enterprises has managed to secure a $500 million revolving credit facility with a 15-bank group.
Voters Reject Alameda Point Development Project
Voters in the San Francisco Bay Area city of Alameda have soundly voted down Measure B, which would have provided for development on Alameda Point, a former Naval air station.
SPECIAL REPORT: Financing Movers and Shakers Fear Borrowers Will Be Next to Abandon Properties
Panel: The multifamily sector is surviving for now, but a slate of challenges threatens to tip the balance.
Economy Watch: Obama, Volcker Pitch New Financial Regulations
Paul Volcker to Congress: “My soul is going to come back to haunt you” if banks are allowed to make trades on their own accounts. Obama agrees, but Congress is wary. Meanwhile, D.R. Horton turns a surprise profit.
JLL: Shadow Space Dogs Boston
Shadow space will continue to dog the Boston market even as the overall economy improves, according to Jones Lang LaSalle.
Equity Residential Buying Luxury at Low Prices
February 2, 2010 By Allison Landa, News Editor Sam Zell’s Equity Residential is acquiring luxury at budget prices. The company is in the process of purchasing several high-end properties in Manhattan – perhaps in the hope of buying low to sell high. Earlier this year, Equity nabbed Shaya Boymelgreen’s stake in a lot at Tenth Avenue and West 23rd Street for the price of $11.25 million, along with paying $750,000 to other parties for land use. Zell reportedly is planning a 13-story project for the property, which will include 96 apartments as well as other facilities. Now Equity has announced…