Property Management Link

U.S. stock futures surged early this morning after a report Citigroup may put itself on the block and following upbeat results out of Dell and Salesforce.com, according to MarketWatch. S&P 500 futures leaped 31.7 points to 780.00 and Nasdaq 100 futures climbed 39.25 points to 1,079.70. Dow industrial futures leapt 293 points.

At the edge of Manhattan’s Meat Packing District in Chelsea, Pier 57 abuts an area that has seen a burst of activity over the last decade. Located at the end of West 15th St. and encompassing some 375,000 square feet of waterfront space plus rooftop area, the pier is now the focus for three bids for renovation.

• New on CPN Radio: Interviews with David Winstead, Bill Hudnut and Bill Collins at CPN’s Washington, DC Property Opportunities in the Conference Series Section


• Log on to CPN Radio for Interviews with Terry Munoz of Nielsen Claritas and David Arena of Grubb & Ellis at  CPN’s New York Investment Conference


• CPN Radio Extras: Interviews from CoreNet Global Fall Summit: Prentice Knight, Jim Costello, Charles Lockwood and Barry Varcoe & Bruce Ficke


• Log on to CPN's Blog, REal Talk with CPN


• CPN-Nielsen Claritas Special Report: Lifestyle Centers as Predictors of Markets Growth Potential


• Guest Column: Day in Court: Litigation Returns in Touch Economy by Gary Tenzer







• This Week on Mike Myatt's Management Matters Blog: Web 3.0


• Deal Tracker: Top Deals in Primary Markets

American Realty Advisors has provided preferred equity financing to an affiliate of Quadrangle Development Corp. for the recapitalization of the Grand Hyatt Washington, D.C. The investment was executed on behalf of one of American’s separate account clients.

The American Commerce Center, a $1 billion, mixed-use skyscraper proposed for 1800 Arch St., in Philadelphia’s Center City, moved another step closer to reality this week when the city’s planning commission unanimously approved zoning changes for the 1.5-acre site.

Banking that the healthcare industry will stay healthy despite the tough economic times, developers are moving ahead with plans to build the World Product Centre, a 60-story tower on Manhattan’s West Side that would showcase medical diagnostic and device companies and serve as an international educational center.

Opus West Corp. has begun construction on, and nailed down leases for most of the space at, the 170,000-square-foot Mill Crossing retail center in Chandler, Ariz., in southeast metro Phoenix.

Citigroup executives are currently meeting in something of an emergency session to figure out what to do in the face of flagging investor confidence in the banking behemoth. Or are they? They're meeting, at least, but the company says that it's financially strong, despite its four quarters of losses stemming from billions in writedowns.

While prices across commercial real estate are down from a year ago, they increased in September up 2.5 percent from the month before, according to an Associated Press report on Moody's/REAL Commercial Property Price Indices. The top 10 markets showed modest gains in all property sectors in the third quarter, Moody's said.

Flagler Development Group has signed paper products firm Lagasse Sweet to a 240,000-square-foot lease in a build-to-suit facility at Flagler Station, South Florida’s largest business park.

• Today on CPN Radio: Diana Mosher's Multi-Family Update


• New on CPN Radio: Interviews with David Winstead, Bill Hudnut and Bill Collins at CPN’s Washington, DC Property Opportunities in the Conference Series Section


• Log on to CPN Radio for Interviews with Terry Munoz of Nielsen Claritas and David Arena of Grubb & Ellis at  CPN’s New York Investment Conference


• CPN Radio Extras: Interviews from CoreNet Global Fall Summit: Prentice Knight, Jim Costello, Charles Lockwood and Barry Varcoe & Bruce Ficke


• Log on to CPN's Blog, REal Talk with CPN


• CPN-Nielsen Claritas Special Report: Lifestyle Centers as Predictors of Markets Growth Potential


• Guest Column: Coping with the Capital Markets, By Craig Butchenhart




• This Week on Mike Myatt's Management Matters Blog: Teach Them to Fish


• Deal Tracker: Top Deals in Primary Markets

Bridge Development Partners L.L.C. in partnership with Globe Corp. will develop 555 Corporate Center, a 162,000-square-foot, four-story speculative office building at 555 Aptakisic Road in Lincolnshire, Ill.  Plans call for the Class A office facility to be LEED certified by the U.S. Green Building Council.

CB Richard Ellis Group Inc. has just kicked off its restructuring services group to provide one-stop shopping for clients in need of services to address the growing pool of distressed commercial real estate assets.

A huge mixed-use development in a Houston suburb has recently both broken ground and potentially added another major component. The 150-acre WaterLights project, being developed by Historic Real Estate Inc., is under way in the growing Houston suburb of Pearland.

You know it’s a tough market when even Washington, D.C., is affected. Yes, even the long recession-resistant center of government has seen a reduction in real estate investment sales, as speakers affirmed during the investment panel at CPN’s Washington, D.C. Property Opportunities conference on Nov. 18.

Jobless claims are at their highest level in 16 years, according to the U.S. Department of Labor. For the week ended Nov. 15, initial claims for state unemployment insurance benefits were 542,000. The four-week moving average of new jobless claims also rose, from 490,750 last week to 506,500, which was the highest in 25 years.

While Wall Street rebounded Tuesday in another turbulent session as investors rushed back into the market after the Standard & Poor's 500 index tested a 2003 low, the market for debt used to finance hotels, offices and shopping malls tumbled Tuesday on worries that the long-feared rise in defaults for commercial mortgage-backed securities had begun, possibly ushering in the next phase of the financial crisis, according to the Wall Street Journal.

Tennessee-based Gaylord Entertainment has pulled out of a plan to develop a $1 billion resort in Chula Vista, Calif., but the firm claims the project’s abandonment was not caused by the frozen debt markets that have wreaked havoc on developments across the nation.

Using the proceeds to pay down its unsecured line of credit, Boston Properties Inc. has closed on an eight-year, $375 million loan secured by Four Embarcadero Center in San Francisco. The loan was provided by a syndicate of life insurance companies and bears interest at a fixed rate of 6.10 percent annum.

Boston-based STAG Capital Partners has initiated STAG Investments V L.P., a fund targeting commitments of $400 million for the acquisition of predominantly high-yield single-tenant industrial properties across the country.