News
Nokia Takes 200,000 SF Near San Diego
Mobile phone supplier Nokia has leased a newly constructed 196,742-square-foot office tower at Summit Rancho Bernardo, located in northern San Diego County. The company plans to occupy the space beginning September 2010.
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.
Chatham Lodging Makes First Move with $73.5M Portfolio Purchase
Only days after having completed its $160.4 million initial public offering, Chatham Lodging Trust has made its first acquisition. The Palm Beach, Fla.-based hotel REIT just plunked down $73.5 million to purchase a six-property portfolio of Homewood Suites by Hilton Hotels from RLJ Development L.L.C.
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.
Daum Commercial Acquires Collins Commercial
Commercial real estate brokerage firm DAUM Commercial Real Estate Services has acquired 26-year-old Collins Commercial. DAUM chairman and CEO Michael Nubel will oversee the new entity and Michael Collins, formerly the principal of Collins Commercial, will become vice chairman of DAUM.
RETS Taps Thornburg as Director for San Francisco Office
Commercial real estate recruiting and staffing firm RETS Associates has named Cheryl Thornburg as director in its San Francisco office. Thornburg, who specializes in recruiting commercial real estate and financial services professionals in the Bay Area, will work closely with Diane Blake in the firm’s Silicon Valley office in order to attend to the firm’s growing Northern California client base.
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.
JLL Expands Silicon Valley Operations, Leadership
Jones Lang LaSalle has spread its Silicon Valley wings with the addition of five new executives. These consist of three new hires and two transferred employees.