Business Specialties
NewMark Merrill Wraps up 385,712 SF in SoCal Property Management Contracts
Retail development and property management firm NewMark Merrill Companies has expanded its portfolio by 385,712 square feet. The Woodland Hills, Calif.-based firm has inked five new property management contracts, all on shopping centers in Southern California.
JLL Squeaks past the Postive in First-Quarter Earnings
Jones Lang LaSalle has reported net income of $0.2 million for the first quarter – a marked improvement from a net loss of $61 million a year earlier.
Eyeing the Global CRE Market, Macquarie CNL Commences $1.5B First Public Offering
For the last year, a bevy of new investment vehicles have been popping up in hopes of capitalizing on what is now a buyers’ market in commercial real estate, and Macquarie CNL Global Income Trust Inc. is among the latest.
Lowe Names Newman President of Real Estate Group
Real estate investment, development and management firm Lowe Enterprises, Inc., has named Richard Newman, Jr., President of the firm’s Real Estate Group.
Economy Watch: Consumer Confidence a Mite Stronger
The Conference Board Consumer Confidence Index increased in April to 57.9, compared with 52.3 in March. The index is now at its highest in about a year and a half–since the edge of the economic abyss in fall 2008, in fact.
TPG, Caruso Form JV to Invest $750M in Retail, Mixed-Use Properties
TPG Capital and Caruso Capital Partners, LLC, an affiliate of Caruso Affiliated, have formed a joint venture to invest as much as $750 million of debt and equity in opportunistic investments. They are eyeing retail centers as well as mixed-use properties in select western U.S. markets.
Economy Watch: Fannie Mae Adjusts Rules for Borrowers
Fannie Mae has unveiled a change in its eligibility rules for applying for mortgages that the GSE is willing to back. Under the new rules, starting in July 1, beleaguered homeowners who either give up via a deed in lieu of foreclosure or by effecting a short sale will be eligible to apply for a Fannie-backed mortgage once again in two years. Currently the waiting period is four years.
Design Completion Paves Way for Start of San Francisco’s $4B Transbay Transit Center
The San Francisco Transbay Joint Powers Authority’s (TJPA) development of the city’s new state-of-the-art Transbay Transit Center and Park is right on track. Now that Pelli Clarke Pelli Architects has submitted the final design report for the $4 billion downtown project, there is nothing stopping the first phase from getting underway this August.
Economy Watch: Home Buyers Rush to Beat the Deadline
According to the U.S. Census Bureau, new home sales spiked upward by 27 percent nationwide in March compared with the previous month, as a completely expected consequence of the looming cutoff date (this Friday) for the federal home buyer tax credit. New homes sold during the month at an annualized rate of 411,000, the bureau noted on Friday.
Starwood Lands $1.5B Senior Credit Facility
Is it becoming a little easier to get financing? No word on the lending market’s level of friendliness from Starwood Hotels & Resorts Worldwide Inc., which just closed a new $1.5 billion senior credit facility, courtesy of a 24-bank syndicate.