Business Specialties
AuctionPoint Embraces Orange County Market
The founders of AuctionPoint, an online auction tool for commercial real estate brokers, believe their program’s performance in Orange County, Calif., portends well for the local market. Since its inception in fall 2009, AuctionPoint has been involved in the closure of ten Orange County commercial condo deals.
Economy Watch: Apple Sets Retail Sights on China
Reports from Apple Inc.’s annual shareholder meeting in Cupertino, Calif., on Thursday noted some retail expansion news from the leading gadget-creator of our time. Namely, the company plans to open 25 stores in China over the next two years; apparently Steve Jobs himself mentioned the plans.
RCA Report: Investment Market Rebound Already Underway
It comes as no surprise that 2009 was a bad, bad year for property sales across the globe. According to Real Capital Analytics’ new Global Capital Trends report, the volume of commercial property sold last year reached only $381 billion, a staggering 30 percent drop from 2008.
Economy Watch: Bernanke Speaks; New-Home Sales Wilt
Twice a year, Federal Reserve Chariman Ben Bernanke reports to Congress on the economy, and Wednesday was the day. He promised low, low rates for a while longer–“an extended period,” which is a phrase that has turned up again and again from the Fed since the early days of the Panic of 2008.
JLL: Corporate Occupiers Can Take Advantage of Surplus Space
Jones Lang LaSalle has a message for real estate industry players: Take a breath. The company’s North American Occupier Report for the fourth quarter 2009 shows that there are at least indications of a tentative recovery afoot – and for the recession-wounded, that is at least some good news.
Economy Watch: FDIC Says Banks’ Loan Exposure Slides
In its Quarterly Banking Profile Report on Tuesday, the Federal Deposit Insurance Corp. reported a whopping decline in bank loan exposure in 2009 compared with the year before, a drop of $587 billion, or 7.5 percent.
Unique ‘Regional Center’ Designation Finances $235M Mixed-Use Project in Suburban Seattle
Twin Development L.L.C. has found a way around the chilly lending market. Having successfully attained the United States Citizenship and Immigration Services’ “Regional Center” status for the City of Federal Way in Washington, Twin Development can now rely on funds from the EB-5 Immigrant Investor Program to finance the bulk of the $235 million Sky Hotel & Residences.
Consumer Confidence Takes a Plunge
The Consumer Confidence Index declined sharply last month, falling to 46.0 from 56.5 in January. For perspective, the Index stood at 100 in 1985 during boom times.
ING Clarion Buys Cape Cod Resort
In what may be one of many deals spearheaded by opportunistic funds this year, ING Clarion Development Ventures III has acquired the 23-acre waterfront Sea Crest Resort and Conference Center on Cape Cod. The deal was done in partnership with Scout Real Estate.
Starwood to Acquire $503M Loan Portfolio
Real estate finance and investment REIT Starwood Property Trust announced on Friday that it will acquire a $503 million portfolio of performing commercial loans from TIAA-CREF.