the Editors of Commercial Property Executive
Merrill Lynch Plans $3B Asian Property Fund
Merrill Lynch has announced that it will target the Pacific Rim in a new fund that will be valued at an estimated $2.5 billion to $3 billion. According to an April 13 article by Reuters, the investment banking concern plans to target a range of commercial real estate properties in Australia, India, Japan and other areas with the fund. Damian Chunilal, head of Pacific Rim origination for Merrill Lynch, revealed the plans for raising multi-billion fund to Reuters at the Boao Forum for Asia that was held in the Chinese province of Hanian two days ago. Given the current state of…
Carrefour Strategy Unchanged Despite Move by Blue Capital
In response to last week’s announcement by Blue Capital that it had increased its ownership stake in French retailing giant Carrefour, the retailer has stated that its strategic plans are unchanged, according to a Reuters report. Blue Capital, a holding company jointly owned by the holding company of French billionaire Bernard Arnault and U.S. property group Colony Capital, had raised its stake in Carrefour from 9.1 percent to 10.7 percent. Blue Capital is now the single largest shareholder in Carrefour, even though it first started buying into the retailer only a year ago, according to Reuters. Based on revenue, Carrefour…
D.C. Office Building Fetches Steep $837 Per SF
The office building at 2099 Pennsylvania Ave. NW in Washington, D.C., has come under new ownership, courtesy of a transaction valued at $172.5 million. Dublin-headquartered Vico Capital snapped up the 206,000-square-foot Class A property from Germany’s Wealth Capital Investments, in what is being touted as the largest office transaction in D.C. this year.Developed by the Kaempfer Co. seven years ago, 2099 Pennsylvania sits on a corner lot about four blocks from the White House, and features 12 above grade floors atop one level of finished below grade space and a three-level parking facility. Wealth Capital subsidiary Blue Capital had acquired…
Retailers Dealing with Woes Through Bankruptcy, Cutbacks
Retailer bankruptcies have been rife in recent months, with a variety of chains filing for bankruptcy protection in the wake of debts that are hard to refinance, slumping sales or both. Furniture stores Levitz and Wickes, the upscale electronics chain Shaper Image, housewares seller Fortunoff, and the catalog retailer Lillian Vernon are among the recentwave of belly-up retailers–and they won’t be the last, say observers, as the economy remains sluggish.The last time there was such a high number of retailer bankruptcies in such a short period was during the recession of the early 1990s, when such major names as Allied…
Starwood Opens New Phase Of The Westin St. John Resort & Villas
The newest phase of The Westin St. John Resort & Villas has opened, according to a report from owner Starwood Vacation Ownership Inc., the fractional and vacation ownership division of Starwood Hotels & Resorts Worldwide Inc. The Bay Vista phase overlooks Great Cruz Bay on the island of St. John. This phase will contain 54 new units: 22 two-bedroom, eight two-bedroom lofts, and 24 three-bedrooms. The resort features a spa facility, market and tennis facilities. “The resort is one of the most popular mixed-use resorts in the region, according to Sergio Rivera, president, real estate development, Starwood Hotels & Resorts…
Residential Rents Strengthening Overall, But Sun Belt Sees Dip
Residential rents are strengthening in much of the country, according to a new report by Investment Instruments Corp. that tracked changes in median apartment rents in 12 major metro areas between the first quarter of 2007 and the first quarter of 2008. But the changes have been quite uneven, and substantial losses have been seen in the Sun Belt, where (except for Los Angeles) rents have stagnated or softened over the past 12 months. Investment Instruments CEO & co-founder Allison Atisknoudas told CPN that the report is based on asking rents, not actual rents, and that one of its strengths…
ProLogis Details Sustainability Efforts
Industrial property giant ProLogis has released its second “Sustainability Report,” describing the company’s environmental and social initiatives to promote sustainable practices in both its properties and the countries in which it operates. The report is an example of the growing trend of public corporations not only reporting their financials–which is a legal obligation–but also their green efforts, which is voluntary. The report outlines several sustainability projects and initiatives undertaken by the company since it published a similar report last year. For example, ProLogis has decided to develop all new warehouses to national green building standards in the United States and…
Ground Breaks on South Carolina Mixed-Use
Construction has begun on the first phase of Patrick Square, a 415-home development in Clemson, S.C. Phase I encompasses 65 single-family and paired homes along with a community center.The developer, Patrick Square L.L.C., which is owned by Michael Cheezem, who also owns JMC Communities in St. Petersburg, Fla., are pursuing EarthCraft Community certification for sustainable residential development.Phase II plans include a Town Center with roughly 180,000 square feet of retail and office space, as well as an open Town Square. The Town Center will also be the site of the Charles K. Cheezem Education Center for Osher Lifelong Learning Institute…
Banyan Tree to Open Resort in Mexico
Banyan Tree Group has announced that it will open the Banyan Tree Residences Mayakoba in early 2009, located on the southeast shore of Mexico’s Riviera Maya, ten minutes from Playa del Carmen. The resort will be developed by OHL, based in Madrid.Banyan Tree Residences Mayakoba (pictured) will contain 50 ownership villas, as well as the 132-villa Banyan Tree Mayakoba Hotel and Resort. The one,- two-, and three bedroom ownership villas be between 4,000 to 6,000 square feet each, and will be offered for sale at prices ranging from $1 million to $6 million. Owners will also have access to hotel…
Branding, Green, TOD among Topics Discussed at Multi-Housing Forum
How to make the most of your real estate brand was spotlighted yesterday in a panel titled “Achieving Peak Occupancy with Effective Branding,” one of nine sessions during the inaugural session at Multi-Housing Forum (pictured), held in Chicago. This one-day program, sponsored by Multi-Housing News, attracted about 160 attendees to the Hyatt Regency McCormick Place where they heard updates on a wide variety of topics from financing issues to green buildings and transit-oriented developments (TODs).Nancy Walker, president of Walker Brands, a Tampa, Fla.-based firm that just opened new corporate headquarters built with LEED certification in mind, outlined the comprehensive process…