July 30, 2008 - Housing Relief Bill Signed
President Bush today signed a housing relief bill providing the most sweeping housing legislation in decades. The bill is aimed at calming rocky financial markets and giving mortgage relief to up to 400,000 homeowners. Bush’s signing of the housing bill follows months of often contentious negotiations; the House passed the bill last week, but [...]
July 29, 2008 - Lake Las Vegas Files Bankruptcy
The latest in a string of failed projects plaguing the west, owners of Lake Las Vegas have placed the project in bankruptcy proceedings according to a Wall Street Journal article. Late last week the Las Vegas-based Atalon Group put the development and 14 affiliates into Chapter 11 protection in U.S. Bankruptcy Court in Las [...]
July 28, 2008 - Optima International Purchases More Cleveland Property
Optima International of Miami, the same company that bought skyscraper One Cleveland Center earlier this year, purchased 55 Public Square, a 22-story office building in downtown Cleveland, from Willett Companies for $34 million. 55 Public Square has 420,604 square feet of office space and also includes a 439-space parking garage. The property is [...]
July 24, 2008 - 180 Madison Ave Bought for $146 Million
In a joint venture between Prudential Real Estate Investors and New York’s Clarett Group, the 80 year old building at 180 Madison Avenue in New York City has been bought from Sitt Asset Management for $146 million. The 274,000 square foot office building, built on the southwest corner of Madison Avenue and East 34th, [...]
July 23, 2008 - Subprime Market Troubles an Equal-Opportunity Problem
ComplianceTech, an Arlington, Virginia consulting firm, released a report today indicating that a large percentage of subprime borrowers aren’t poor or minority-group members (as the market is often portrayed) — more than two-thirds of the high-rate mortgages issued in 2006 were made by middle- and upper-income borrowers, and more than 55% of those loans went [...]
July 22, 2008 - Hyatt Regency Phoenix Sells for $96 Million
PCCP, LLC, an integrated real estate finance and investment management firm, in a joint venture with DiNapoli Capital Partners, acquired the 25-story, 696-room Hyatt Regency Phoenix in downtown Phoenix, Ariz., for $96 million from Strategic Hotels and Resorts, Inc. according to a crefeed.com listing. The Hyatt Regency Phoenix is a 696-room, full-service hotel built [...]
July 18, 2008 - Touting Heavenly Workspaces
A recent online survey of 500 office workers in the U.S. showed that for 80% of those polled, their office conditions had a direct bearing on how they perceived their employers. The survey was done on behalf of Blumberg Capital Partners, a real estate investment firm.
July 17, 2008 - Voit Commercial Brokerage Directs The Sale Of 11 Buildings for $21.3 Million
Voit Commercial Brokerage, a member of CORFAC International, has represented Magellan Group, a Los Angeles-based real estate investment and development firm, in the sale of 11 industrial buildings totaling 115,515 square feet in Fullerton, Calif. for $21.3 million. As reported on crefeed.com, the 11 buildings are part of a newly developed 221,253 square-foot industrial [...]
July 16, 2008 - San Francisco Office Market Still Buzzing
While many markets struggle in the current credit crunch, a few select cities stand out and thrive (or, at the least, maintain) — New York, Washington, D.C., and San Francisco among them. The city by the Bay continues to show signs of life and growth as buyers look to take advantage of the market [...]
- Subprime Market, Credit Crunch and Commercial Real Estate
Interview with Philip Blumberg discussing the subprime market and the resulting credit crunch’s impact on the commercial real estate market.
