Uncategorized

Unemployment was up at the end of last week and investors didn’t seem to like that, sending the Dow Jones index down on Friday by 143.28 points, or about 1.64 percent. The S&P 500 lost even more ground, 2.13 percent, as did the Nasdaq, which was down 2.81 percent. Now that December’s job-loss numbers from the U.S. Department of Labor are in–524,000 during the last month of the year–it seems a grand total of 2.6 million Americans lost their jobs during 2008. A good many headlines blared that the last time job loss numbers were that bad was in 1945,…

Although there is no end in sight to the economy’s downward spiral, many commercial real estate investors think this year will be a good time to do some shopping. Of the 1,129 private and institutional real estate investors queried in a Marcus & Millichap Real Estate Investment Services survey, 51 percent plan to increase the size of their portfolios in 2009. While the figure plummeted from last year, when 62 percent expected to make acquisitions, it is still an indication that the industry is not sounding the alarm just yet. Right now, the same challenges remain. Sixty-one percent of the…

ProLogis has signed new lease agreements for approximately 237,000 square feet  of warehouse space at two ProLogis parks located near Wroclaw, Poland.Sonoco Poland-Packaging Services has leased 118,000 square feet of space at ProLogis Park Wroclaw III. The  park is located near the Wroclaw-Strachowice international airport.”We selected ProLogis Park Wroclaw III for its strategic location and modern building design,” said Gerson Heiderich, division vice president of operations at Sonoco Poland-Packaging Services. “Our new facility meets our high expectations and will support the continued growth of our operations in Poland.”Moreover, Polish footwear manufacturer and retailer NG2 S.A. has leased 117,000 square feet…

The equity markets bounced on Thursday like a ping pong ball.  In the case of the Dow Jones, the index ended up nearly where it started, down only 27.24 points, or 0.31 percent. The S&P 500 managed to venture into positive territory, up 0.34 percent, and the Nasdaq did even better, gaining 1.12 percent.President-elect Barack Obama made his case early in the day for a multi-billion-dollar stimulus package that he can sign as soon as he takes office. At least he’s thinking big. No word from Congress yet on just how big its ideas will be in the coming weeks…

While the student housing sector is described by real estate experts as recession resistant, more than a few investors have fallen prey to the ills of the economy and credit market, and that’s where the Place/BV Student Housing Fund L.L.C. has decided to carve out an opportunity.The fund is setting aside approximately $50 million to acquire pre-distressed, distressed and foreclosed student housing properties. With leverage, the fund will have about $150 million to shop the market. Managed by BVP Managers L.LC., a joint venture involving Place Properties L.P. and Blue Vista Capital Management L.L.C., Place/BV’s new investment plan is designed…

ProLogis has signed new lease agreements in Charlotte, N.C., with four transactions totaling approximately 283,000 square feet.• Anna’s Linens leased 112,000 square feet at Ridge Creek Distribution Center, located near the intersection of Interstates 77 and 485. Anna’s Linens now occupies space in two ProLogis distribution centers in both Charlotte and Houston, totaling approximately 164,000 square feet.• CEVA Logistics leased approximately 84,700 square feet at West Pointe Business Center, located at the intersection of Interstates 85 and 485. CEVA’s current lease agreements with ProLogis total approximately 5.4 million square feet in locations across North America and Europe.• PSS World Medical…

Anticipating opportunities to come, Ardent Hotel Advisors, a hospitality management and asset management company, has partnered with Steven Surgent to form Ardent Hotel Investors, a new entity that will invest in hotel properties nationwide. “The partnership is a good one because of the experience and expertise on both sides,” said Surgent, who will serve as a principal with the newly-formed AHI. AHI will act as a real estate private equity firm with a focus on the acquisition of value-added hospitality opportunities throughout the U.S. As principal of AHI, Surgent will be responsible for launching the company’s hospitality investment platform in…

It isn’t clear that the days of yo-yoing equity markets have gone away–just wait until the next international shock or surprise bankruptcy–but for the moment the Dow Jones index seems to have mellowed out. It fluctuated above its starting point yesterday and ended up gaining a modest 62.21 points, or 0.69 percent. The S&P 500 gained 0.78 percent and the Nasdaq gained 1.5 percent. Tech investors apparently aren’t all that worried about the state of Steve Jobs’ health (Apple was down slightly yesterday, but has gained 6.6 percent since New Year’s Eve). Recall that only a couple months ago, a…

GVA Worldwide, which has undergone some major changes of late, including the buyout of a majority stake in its New York-based subsidiary and the retirement of its CEO in October, has made another move with the addition of a new president & CEO focused on North America and another for Asia and Europe. Richard Kimball (pictured) has joined the organization in the newly-created position of president & CEO – North America. In the role, Kimball will be responsible for leading business development efforts and key brokerage activities in support of GVA’s firms in the United States and Canada. He will…

Andrew Bibby has assumed the role of CEO for Grosvenor Americas, the U.S. and Canadian operations are of private property development, investment and fund management firm Grosvenor Group. Bibby previously served as the firm’s chief development officer. Bibby, who joined Grosvenor 1984, will replace Bill Abelmann as CEO, and will work out of Grosvenor America’s San Francisco headquarters. “I am delighted that Andrew is taking over from Bill to lead Grosvenor Americas,” said Mark Preston, group chief executive for Grosvenor Group. “He has long-term experience at Grosvenor, and I myself worked with him when I was in San Francisco between…