Research Center
HFF Arranges $114M for Six-Property Industrial Portfolio
The facilities are located in Georgia, Illinois, Ohio, Pennsylvania and Texas and total 4.7 million square feet.
Grubb & Ellis to Add $182M in Properties to Apartment REIT
Grubb & Ellis Apartment REIT Inc. has entered into definitive agreements to acquire nine multi-family properties from affiliates of MR Holdings, L.L.C. and substantially all the assets of Mission Residential Management, L.L.C., the property management business of Mission Residential.
Boston Properties to Buy Macklowe’s Debt-Ridden 510 Madison Ave. in NYC for $280.5M
Lender issues, lawsuits, a vacant tenant roster and a fire. A boatload of problems have surrounded the brand-new office building at 510 Madison Ave. in Midtown Manhattan, but change is in the air now that Boston Properties has committed to acquiring the fee title to the 350,000-square-foot office building.
General Growth Says Blackstone Plans $500M Investment
General Growth filed for bankruptcy in April 2009. At the time, it listed assets of $29.6 billion and debts of $27.3 billion. Earlier this year a consortium of Blackstone, The Fairholme Fund and Pershing Square Capital Management said they would provide as much as $8.5 billion to finance the company’s bankruptcy emergence.
Multi-Family REITs Ride High: SNL Study
Multi-family-focused REITs have the edge over the rest of the REIT industry, reports SNL Real Estate.
CMBS Loans in Special Servicing to Hit 15% in 2010: Fitch Report
The value of problem CMBS loans in special servicing will hit $110 billion by the end of the year, Fitch Ratings estimates.
Economy Watch: Firing Level Low, but Hiring Level Not High
Jobs, jobs, jobs. On Tuesday, Chicago-based Challenger, Gray & Christmas Inc. said that job-cut announcements in July rose 6 percent from June. It was the third month in a row that planned firings went up. The heaviest cutters these days are public and nonprofit entities, not private employers.
Cedar Shopping Centers and RioCan Close $53M JV Purchase of Philly-Area Shopping Center
Located on a 37-acre site 40 miles outside of Philadelphia in the Greater Reading area, Exeter Commons sprouted up last year at the hands of the Goldenberg Group and Ironwood Property Group.
FIRPTA Reform Clears House
The United States House of Representatatives has voted by a landslide to pass legislation modifying and updating the Foreign Investment in Real Property Tax of 1980. The bill cleared the House by a vote of 402 to 11.
Fitch Says CMBS Cumulative Defaults Up to 9.5 Percent
According to Fitch, the 133-basis-point climb from the first quarter is consistent with the firm’s expectation of an 11 percent cumulative default rate by the end of the year.