Uncategorized

Deal or no deal? Howie Mandel and the TV “banker” can’t help out this sticky situation involving three of the nation’s largest banks. Citigroup Inc. thought it had a government-sanctioned deal to buy part of the battered Wachovia Corp.’s assets for $2.16 billion and was surprised to learn early today that Wells Fargo had agreed to buy all of Wachovia for approximately $15.1 billion. Under the agreement approved unanimously by the boards of both Wells Fargo and Wachovia, Wells Fargo would acquire all outstanding shares of Wachovia common stock in a stock-for-stock deal at $7 per share for a total…

Cominar Real Estate Investment Trust has purchased a 24-story Class A office property in Downtown Montreal for C$165 million. The purchase will be financed by an agreement Cominar has entered into with a Canadian insurance company for around C$97 million at a 5.4 percent interest rate. The remainder of the purchase price will be funded by Cominar’s current credit facilities. The property is an approximately 530,000-square-foot office building connected to 4 historic greystone buildings along Montreal’s Sherbrooke Street. Currently, the building enjoys an occupancy rate of 90 percent, with 24 clients, primarily international corporations. The largest tenant takes up around…

The truth about partisan politics is that contrary to public opinion, it’s not always a bad thing. Likewise, bipartisan efforts don’t always reflect altruistic behavior and selfless acts. From my perspective, it isn’t necessarily the stance you take, but rather the reasons underpinning your decision to adopt a position that matter most. In today’s column I’ll share the unpopular truth about partisan politics.In this last week I have harshly criticized others for both their partisan and bipartisan behavior, and I have also been criticized for my staunch partisanship. I’m not going to spend much time debating specific positions in the…

President Bush wasted no time whatsoever in signing the Emergency Economic Stabilization Act of 2008, inking it into law swiftly after its passage by the U.S. House of Representatives this afternoon. The bill passed the House by a surprising margin, especially given its unexpected defeat on Monday. The $700 billion financial industry bailout passed the House by a final vote of 263-171, a crushing victory compared to the 228-205 defeat an earlier version suffered on Monday. The 91 Republicans who voted for the bill were still outnumbered by their GOP colleagues who opposed it, but they, along with 172 Democrats,…

Now that the $700 billion bailout is a done deal–the House of Representatives passed a revamped version this afternoon 263-171, and President Bush signed it without much delay–the long process of whatever it is the bill is supposed to do will start now. One thing is for sure, however: the makes of children’s bow and arrows are pretty happy.Investors are still rattled. The Dow Jones Industrial Average closed down 157 points today, after spiking upward more than 300 points earlier in the day, right before and after the House vote. For the week, the DJIA is down 7 percent. Other…

The financial market bailout bill passed the Senate late last night, after much stick-wielding by both the administration and Senate leaders on both sides of the aisle by a vote of 74-25. The sticks, however, came with plenty of carrots, too. Such sweeteners were designed to overcome conservative resistance to the $700 billion financial industry bailout and they worked in Senate, and appear to be working in the House, which is next to take up the bailout issue. The House defeated the initial bailout effort by a vote of 228-205, sending the Dow down a staggering 777 points.”This is what…

Butler National Service Corp. has been awarded the 15-year contract to develop and manage the Southwest Gaming Zone in Dodge City by the Kansas Lottery Gaming Facility Review Board, thereby paving the way for Butler’s development of its Boot Hill Casino & Resort. Butler and equity partner Larry J. Woolf & Associates have set the cost of the project at $87.5 million to complete. Boot Hill, which won out over a proposal by Dodge City Resort and Gaming Co. L.L.C., will be designed to evoke the 1870s-1880s period at Dodge City’s historic Boot Hill destination. When all is said and…

Maguire Properties Inc. has announced that it has extended maturities on two construction loans with Guaranty Bank. The combined outstanding balance for the construction loans on 17885 Von Karman in Irvine, Calif., and 2385 Northside Drive in Mission Valley, Calif., prior to extension, totaled $49.1 million. In connection with the respective 18 month extensions, the Company paid down and rebalanced the loans for a combined total of $11.3 million. The new maturity dates are June 2010 and August 2010, respectively. No additional reserves were funded in connection with these loan extensions. Maguire was in the news recently, when CPN reported…

The Dallas office of Holliday Fenoglio Fowler L.P. secured a $90.5 million refinancing for an industrial portfolio in Florida, Georgia and Texas totaling approximately 2.7 million square feet. Holliday Fenoglio managing director John Rose worked exclusively on behalf of the borrower, ING Clarion Partners, to secure the five-year fixed-rate refinancing through a life insurance company.The portfolio includes nine industrial properties that are 97 percent occupied and are located in Atlanta, Jacksonville, Miami, Austin, Dallas and Houston. Tenants include Laney & Duke, Shippers Warehouse and HD Supply.Also, as CPN reported last month, Holliday Fenoglio Fowler arranged a $90 million loan for the…

With an eye on ramping up its global footprint, Behringer Harvard is opening an office in Hamburg, Germany, that will begin operations this month. The Dallas-headquartered firm’s Hamburg location will focus on European real estate acquisitions, as well as asset and property management for Behringer Harvard’s assets in Europe. “Many opportunities, including our recently announced Central European investment platform, exist within Europe,” said Jason Mattox, chief administrative officer for Behriger Harvard. “Our ability to manage our existing portfolio and to responsibly expand that portfolio is strategically enhanced with our new office.” While the German office market is experiencing slowing growth…