October 31, 2008 - Where Will We Be in a Year?
Philip Blumberg of Blumberg Capital Partners talks about where he expects to see the economy in the next year, and some of the troubles looming sooner in the markets.
October 30, 2008 - Federal Reserve Cuts Rates
The Federal Reserve cut its benchmark interest rate by another half percent Wednesday, and indicated further cuts may be necessary as policy makers try curb an economic recession. “Recent policy action, including today’s rate reduction, coordinated interest rate cuts by central banks, extraordinary liquidity measures, and official steps to strengthen financial systems, should help [...]
October 29, 2008 - Faris Lee Sells Two California Properties for $8.25M
Faris Lee Investments has completed the sale of two single-tenant retail properties occupied by Tutor Time, a subsidiary of A.B.C. Learning Centers Limited, the largest publicly traded child care service provider in the world, totaling $8.25 million. The properties are both located in Southern California in the cities of Walnut and Rancho Cucamonga.
The property [...]
October 28, 2008 - Intercontinental Acquires Capitol Center for $47M
Intercontinental Real Estate Corporation has announced the acquisition of Capitol Center in Columbia, SC, a 460,292 square foot Class A Office tower located in Columbia’s Central Business District. The seller, Parkway Properties Inc., received net cash proceeds from the sale of approximately $45.8 million, which were used to prepay the $18.1 million first mortgage plus [...]
October 27, 2008 - $1.4B Candlestick Plan Gains Approval in San Francisco
A $2 billion agreement between the City of San Francisco and developer Lennar will finance the redevelopment of Candlestick Point and Hunters Point Shipyard, providing 7,500 permanent jobs, 10,000 new homes and 300 acres of parks and a site for the 49ers new football stadium, according to a GlobeSt article. The plan that the city and Lennar have drafted was approved last week by the joint Community Area Committee, a coalition of citizen groups, and will now go to the San Francisco Redevelopment Agency and the Board of Supervisors for their approval
October 24, 2008 - Current CRE Standings
Philip Blumberg of Blumberg Capital Partners discusses the current condition of commercial real estate investments and his expectations of the market for the coming year.
October 23, 2008 - $47M Construction Loan Secured for Dallas Mixed-Use Project
The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $47.35 million construction loan for Brick Row, a mixed-use development under construction in Dallas, Texas, according to a MortgageMag report. A three-bank syndication which was led by Colonial Bank, along with Texas Capital Bank and Broadway Bank, provided the three-year construction [...]
October 22, 2008 - Agree Rejects $328M Buyout Bid
Michigan-based Agree Realty Corporation (ARC) today announced that its Board of Directors has unanimously rejected an unsolicited acquisition proposal valued at $328.7 million from Compson Holding Corporation to acquire ARC, according to a Wall Street Journal article. Compson, which made a $38.75-a-share bid two years ago, made an offer of $27.50 a share in [...]
October 21, 2008 - Joint Ventures Sells DC Office Building, New Owner Repositions
1620 L Street in Washington, DC has been purchased from a joint venture between TIAA-CREF and Chicago-based Equity Office. The John Buck Company (JBC) acquired the property for an undisclosed amount, but the transaction marks the firm’s second acquisition in 60 days. Financing was provided by New York based Hypo Real Estate Capital [...]
October 20, 2008 - Blumberg Looks To Raise $1B For Distressed Fund
Real estate, asset and investment manager Blumberg Capital Partners is raising money to invest in distressed corporate, residential real estate and commercial real estate debt and assets. The target amount for the prospective fund is $1 billion. The Coral Gables, Fla.-based company expects to start putting money to work late this year or in early 2009, buying distressed residential construction projects, debt tied to construction projects and mortgage-backed securities.
