the Editors of Commercial Property Executive
Fidelity National Wraps Up LandAmerica Buy
Fidelity National Financial Inc. has closed on the previously-announced acquisition of LandAmerica Financial Group’s two title insurance underwriters, Commonwealth Land Title Insurance Co.and Lawyers Title Insurance Corp.. The total price tag of the deal was some $235 million. Fidelity also bought out United Capital Title Insurance Co. Fidelity National Financial already consists of several title insurance underwriters, including Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title. Together these companies issue more than a quarter of all title insurance policies in the nation. The purchase just closed will make Fidelity National Financial the largest title insurer…
3Q GDP Down, 4Q Expected to Be Worse
The quarterly report by the U.S. Department of Commerce on the national GDP is something of a lagging indicator. The fact that the U.S. economy contracted 0.5 percent in the third quarter–July to September–might be worrisome, but it only raises the further question of how much contraction will happen in the fourth quarter. The other shoe is bound to drop, and it’s expected to make a bigger thud when it does. Some prognosticators are predicting as much a 6 percent contraction in 4Q08, the steepest drop since 1982. The markets didn’t take the news well, but didn’t melt down either….
ProLogis Leases 90,000 SF in South Carolina
ProLogis has leased 90,000 square feet of distribution space with two customers in Greenville, S.C. “We are very pleased to sign lease agreements with two new customers in Greenville,” Reid Dunbar, vice president and market officer for ProLogis said in a release. “Positioned on Interstate 85 between Charlotte and Atlanta, the Greenville market offers our customers good highway access and a strong labor pool. It is also home to a large manufacturing base, contributing to the need for local distribution space.” Total Warehousing Services Inc., a third-party logistics provider, has leased 60,000 square feet with ProLogis at Augusta Distribution Center….
Century Casinos to Sell South African Properties for $48M
Century Casinos Inc. is selling Century Casinos Africa Ltd. to Tsogo Sun Gaming Ltd., a casino and hotel resort owner and operator in Southern Africa. The Fourways, South Africa-based Tsogo Sun Gaming has agreed to a purchase price of $48 million. The properties include The Caledon Hotel Spa & Casino near Cape Town (pictured) and 60 percent of Century Casino Newcastle in Newcastle. Century Casinos is an international casino entertainment company. It owns and operates casinos in Cripple Creek, Colo., Central City, Colo., and Edmonton, Alberta, Canada.The company also operates casinos aboard a number of cruise ships. The company’s Austrian…
Clark Opens Pioneering Military Singles Property in San Diego
At Naval Base San Diego, Clark Realty Capital and the Department of the Navy opened the doors of Pacific Beacon (pictured), the first of three 18-story luxury apartment buildings in the country’s first large-scale housing privatization initiative for unmarried military personnel.Open to service members ranking E4 (petty officer third class) and above, the privately owned and operated Pacific Beacon is intended to offer sailors a relaxed, upscale housing option with the convenience and security of an on-base location. Nearly 100 sailors moved in on the first day. Under a first-resident program, they were able to choose their own apartments, and…
GenCorp’s Mixed-Use Project Takes Next Big Steps
Sacramento County’s supervisory board has unanimously approved the final environmental impact report for GenCorp Inc.’s 1,400-acre mixed-use project and amendments to the county’s general plan for the project. The board of supervisors has also unanimously voted in favor for an intent motion to approve the balance of the development’s requested zoning amendments and map conditions, which are expected to be ratified at the board’s Jan. 28, 2009 meeting, according to GenCorp. Located between Hazel Ave. and Prairie City Rd. south of Highway 50 in eastern Sacramento County, Glenborough at Easton and Easton Place consists of plans for 4,883 residential units…
Another Round of Economic Reports to be Released Today
With economic and housing sector reports slated for release today, investors aren’t expecting good news. Several housing market reports as well as the government’s report on the third-quarter gross domestic product figures will be released today along with a consumer confidence report, according to CNNMoney.com. One report focuses on existing home sales in November with the National Association of Realtors expected to report that sales declined to 4.93 million in November from 4.98 million in October, CNNMoney.com reported. The Census Bureau is expected to report that new home sales fell to a seasonally adjusted 420,000 last month, down from from…
Next Real Estate Frontier?
Infrastructure like toll roads, bridges, wastewater treatment facilities and the like does not precisely count as real estate, though it is a physical asset that produces a revenue stream, so the difference may be only academic. Infrastructure deals are not exactly net lease structures, either, but here, too, are similarities. When an investor “buys” a bit of infrastructure, it is usually leasing the property under a very long-term lease with the right to the long-term revenue stream in return for a boatload of cash paid upfront to the “seller.”However one categorizes infrastructure deals, they seem to be catching on in…
The News: Survey Details Retailers’ Cost-Cutting Strategy
Retailers’ strategy today involves far more than layoffs and store closings. Almost two-thirds of national retail chains are taking a comprehensive look at their real estate needs, according to a recent survey by Karabus Management, a Toronto-based affiliate of PricewaterhouseCoopers L.L.C. The decisions those retailers make will go a long way toward shaping development and leasing through 2009.Underscoring the broad-based nature of the trend, the survey of CFOs encompassed 35 retailers whose annual sales range widely, from $200 million to $20 billion. Specialty stores accounted for the bulk of chains surveyed; 83 percent of the participating retailers are in niches…
The Expert: Weather the Storm with Sales & Marketing
As the housing crisis, the credit crunch and high commodity prices leave fewer discretionary dollars for travel, how can hospitality companies continue to survive and even thrive? Smart sales and marketing strategies can be an important part of the answer.Companies willing to consider fundamental changes from the practices of the past are most likely to succeed, according to a Deloitte report, “Weathering the Economic Storm: How Hospitality Companies Can Thrive in Challenging Times.”During a period of cost cutting, an increased focus on sales and marketing can seem counterintuitive. However, Deloitte suggests that effective sales and marketing offers perhaps the best…