When William “Billy” Procida announced this week he was stepping down as chairman & CEO of the company he founded, Palisades Financial, he said it was time to go back to his roots fixing troubled projects. Procida said he sold his interest in the Fort Lee, N.J.-based real estate banking and advisory firm, but planned to continue to advise the remaining five principals and would still be one of the largest investors in the firm’s equity funds, Palisades Regional Investment Fund I and II. He has revived William Procida Inc., a workout and repositioning vehicle founded in 1995. Now Procida…

New York State’s newly approved $121.7 billion 2008-2009 enacted budget will provide an aggregate $1.6 billion to finance economic development, including affordable housing.Of the statewide funds allotted for economic development in the budget that was just adopted by the New York State Legislature on Wednesday, $700 million will be dedicated to the Upstate Revitalization Fund. The funding will be divided among a bevy of pursuits, including the breaking of gridlock on crucial economic development projects in various cities, an endeavor that will be allotted $150 million. A sum of $30 million will be dedicated to assisting new projects and $15…

Saul Centers, a REIT based in Bethesda, Md., has closed on the purchase of three shopping centers, two in the Washington, D.C., suburbs and one in a coastal Delaware vacation community, for a total of $60.6 million.  The sellers, according to a prepared release, were “seller entities under common control.”  The three centers are:* Great Falls Center, Great Falls, Va., 89,000 square feet, built in 1979 and renovated in 2000, anchored by a Safeway grocery store and a CVS pharmacy, 95 percent leased.* A 115,000-square-foot single-tenant property in Alexandria, Va., completed in 1991 and occupied by BJ’s Wholesale Club under…

Omega Commercial Finance Corp. and BBB Developments have formed a joint venture to develop the Los Corrales Condominiums in Puerto Peñasco, Mexico, on the shore of the Gulf of California. The project will have 308 units.Puerto Peñasco is toward the northern end of the Gulf of California (also known as the Sea of Cortez), and its proximity to Arizona makes it a popular destination for residents of that state. The town is expected to grow in coming years, following the development by Marriott Hotels of a four-star property not far from the Los Corales site, and the expansion of flights…

Nearly one year after it closed on the acquisition of Omaha-based Government Properties Trust Inc. and took the REIT private, Australian investment giant Allco Finance Group is looking to sell all 22 U.S. properties along with seven German properties to pay off debt.Reuters reported today that debt-ridden Allco, which has been hit hard by the global credit crisis, was seeking to sell the U.S. portfolio which it runs through its property fund, Record Realty Trust. The wire service noted the properties have an asset value of about $653 million. The assets are located in 14 states and are leased to…

An announcement today by Tiffany’s to locate its first stand-alone store in India reinforces the findings of a new report from CB Richard Ellis Inc. identifying India as the most sought-after emerging retail market in the world. CB Richard Ellis’ just-released Global Emerging Markets Survey indicates that 27 percent of retailers polled plan to open stores or are in the act of opening stores in India.  The most active emerging retail markets following India include the Ukraine, with 24 percent of respondents actively looking in that market or first opened there in 2007. Russia follows with 22 percent, Malaysia with…

The Southern California apartment market, one of the nation’s largest, is looking forward to modest rent increases, except in certain highly desirable parts of the region, according to a new study by the University of Southern California Lusk Center for Real Estate. The latest Casden Real Estate Economics Forecast, released today by the Lusk Center, notes that Southern California apartment rents will see average increases of 2.5 percent to 3 percent, while occupancy rates will remain at 96 percent to 97 percent. Covering Los Angeles, Orange, Riverside and San Bernardino counties, the forecast analyzes apartment transactions, new building permits, leasing…

William “Billy” Procida, a founding member of Palisades Financial, has left the real estate banking and advisory firm based in Fort Lee, N.J., and plans to focus on advising distressed projects and businesses.Procida sold his interests in the firm to the remaining five partners and resigned as chairman & CEO. He will continue to be the largest investor in Palisades’ two investment funds and will be an advisor to the firm and its remaining principals, Mark Zurlini, David McLain, Ira Bergstein, Jack Chimento and James Calvano. Financial terms were not released by Procida or the firm.“At Palisades, we are fortunate…