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1. BizJournals - Banking & Finance
2. BizJournals - Commercial Real Estate
3. Costar - Boston Market
4. GlobeSt. - Northeast
5. Commercial Property News - Northeast
6. Commercial Property News - Finance
7. Wall Street Journal - Commercial Real Estate |
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Commercial Banking News - Commercial Banking News Headlines | Bizjournals.com
Banking & Financial Services: headlines from the week of August 30, 2010
Aloha Pacific Federal CU plans Las Vegas branch
Aloha Pacific Federal Credit Union said it will open a branch in Las Vegas in November.
VC Joanna Rees in chase for S.F. mayor
Venture capitalist Joanna Rees is entering the race for the San Francisco mayor?s office.
H&R Block trims first-quarter loss, tops revenue expectations
H&R Block Inc. reported a slightly smaller net loss in the first quarter as it beat Wall Street revenue expectations and trimmed expenses. (HRB)
Talent to head Show-Me Institute
The Show-Me Institute named attorney Brenda Talent as its executive director, the conservative think tank said Thursday.
Bakers sees slight drop in Q2 sales
Bakers Footwear Group said Thursday that its fiscal 2010 second-quarter sales fell just under 1 percent to $43.3 million from $43.7 million in last year?s period.
Book: Bank of America nearly taken over by Obama administration
During the darkest days of the financial meltdown, President Obama's administration may have come very close to taking over Charlotte-based Bank of America similar to the way it took control of General Motors and Chrysler. (BAC)
H&R Block analysts expect a quarterly loss
H&R Block Inc. is scheduled to release financial results for its first quarter after the markets close Thursday. (HRB)
Intercontinental, Valley banks criticized for stingy lending
The Federal Deposit Insurance Corp. released reports Thursday, criticizing two South Florida banks for their stingy lending practices in their home markets.
CalPERS board ballots mailed
The California Public Employees? Retirement System will have an election this fall to fill the state representative seat on its Board of Administration.
Four Louisville businesses split $430,000 in METCO loans
Four Louisville businesses have received a total of $430,000 in small business loans from Louisville-Jefferson County Metro Government:
Burger King follows Wendy's down buyout road
Another one of the nation?s largest burger chains is changing ownership. (BKC) (MCD) (WEN)
Allstate: Dayton drivers among best in nation
Say what you will about Dayton, but when it comes to driving, Daytonians are among the best in America That's according to the 2010 Allstate America?s Best Drivers Report. (ALL)
Cornerstone Bank settles on Hecker assets
Cornerstone Bank of North Dakota has dropped its claims to some of former Twin Cities auto dealership mogul Denny Hecker?s largest assets.
Federal regulator sees banks loosening grip on loans
The Office of the Comptroller of the Currency, the regulator of national banks, reported its 16th annual Survey of Credit Underwriting Practices shows the three-year trend of tightening loan underwriting standards continues, but the OCC is beginning to see a turn.
CSI Leasing expands in Asia with acquisitions
CSI Leasing Inc. said Thursday it has expanded its operations in Asia with the purchase of two leasing companies, Fortis Lease Malaysia Sdn. Bhd. and Fortis Lease Singapore Pte. Ltd.
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Commercial Real Estate Industry News Headlines | Bizjournals.com
Commercial Real Estate: headlines from the week of August 30, 2010
Seattle museum needs $10M to avoid default
The Seattle Art Museum is borrowing up to $10 million from its own endowment to avoid defaulting on the loan used to pay for its downtown expansion, according to records filed in King County Superior Court. (JWN)
Sting nets nine at West Sacramento job site
The Contractors State License Board cited nine people who bid on painting and contracting work on a West Sacramento job site this week for contracting without a license and related violations following a sting operation.
Health care company leases Wauwatosa office space
Heartland Home Care, Hospice & I.V. Care is setting up a new office in the Mayfair Crossing building in Wauwatosa.
Pace sells most of Manchester Highlands to Phoenix firm
Cole Real Estate Investments of Phoenix has acquired a major portion of the Manchester Highlands shopping center in Manchester, Mo., from its developer, Pace Properties, for $48.5 million.
Urban Outfitters eyes Midtown Memphis site
Editor's note: This story also will appear in MBJ's Sept. 3-9 print edition, available to subscribers Friday. Be sure to check out our print edition for more business news coverage.
Algae fuel company leases 15,000SF
Heliae Development LLC has signed a 60-month lease at the 202 Business Park in Gilbert. Heliae is a spinoff company that started as part of the algae-based technology program at Arizona State University?s Polytechnic campus in Mesa.
Andrews Federal Campus gets cash infusion
Jackson Shaw Co.?s planned federal campus near Joint Base Andrews Naval Air Facility Washington has received an equity infusion from Phoenix Capital Partners that will allow the developer to break ground on the 80-acre industrial site in early September.
Forsyth to have hearing on Pepsi incentives
The Forsyth County Board of Commissioners will hold a hearing on a request for up to $150,000 in incentives by Pepsi Beverages for a local expansion that would add 195 jobs.
City wants to convert public housing
The Boston Housing Authority wants to convert a high-rise public housing project in the Lower Mills section of Dorchester into a more conventional project with significant subsidies for many residents.
Advanced Disposal buys Georgia waste company
Advanced Disposal Services Inc. said it has bought Metro Hauling Services of East Point, Ga.
Second half of 2010 bodes well for San Antonio?s apartment market, report states
Construction numbers are going down and demand is going up ? two factors that should make for a stronger apartment market over the second half of 2010, according to the latest analysis by Marcus & Millichap Real Estate Services.
Inn at Willowbend to be auctioned
The Inn at Willowbend will be auctioned next month.
Brasfield & Gorrie lands $260M VA job
Brasfield & Gorrie LLC was awarded a $260.3 million contract Aug. 31 to complete the construction of the new Orlando VA Medical Center at Lake Nona, the sixth and final contract awarded by the U.S. Department of Veterans Affairs for development of the $665 million project.
Discovery Communications crisis a reminder to review emergency plan
Workplace experts say the hostage crisis at Discovery Communications Inc. in Silver Spring should prompt all companies and building owners to review their emergency evacuation and continuity of operation plans ? or, if they don?t have a plan, to make one.
Property for Sun Prairie Copps Food sold
The developer of property in Sun Prairie occupied by a Roundy's Supermarkets Inc. Copps Food Center store has sold the property to a joint venture of Inland Real Estate Corp. of Oak Brook, Ill., for $11.7 million. (IRC)
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Boston Commercial Real Estate News From CoStar Group
CoStar Group, Inc. is the leading provider of information services to commercial real estate property investors and sales professionals in the United States and United Kingdom. CoStar's suite of services offers access to the most comprehensive database of commercial real estate information and commercial property listings available in its markets.
CoStar's Deals of Note (Aug. 29 - Sept. 4)
NEW YORK
Boston Properties to Acquire 510 Madison
By Andrew Deichler
Boston Properties said last week that it is acquiring 510 Madison Ave. from oft-troubled New York developer Harry Macklowe.
The REIT has agreed to a purchase price equal to...
Lease Down (Aug. 29 - Sept. 4): Northrop Grumman, Aviat Continue to Downsize
CoStar compiles news of consolidations, closures, layoffs and lease cancellations in the weekly Lease Down news report, a concise read keeping you updated on major corporate moves affecting commercial real estate. For news on corporate expansions...
In The Pipeline: CoStar Development and Construction News for Aug. 29 - Sept. 4
In this week's Pipeline, Forest City Enterprises will privatize and build family housing at four military bases in South Carolina, Tennessee and Mississippi; in Rockville, MD, business and government leaders will officially kick off a $200 million expansion...
Lease Up (Aug. 29 - Sept. 4): BP Selects Memphis Facility to Store Gulf Clean...
CoStar compiles news of corporate expansions, relocations and lease extensions in the weekly Lease Up news report, a concise read keeping you updated on major corporate moves affecting commercial real estate. For news on consolidatations and lease...
CoStar's People of Note (Aug. 22-28)
This week's People of Note includes the following markets: Atlanta, Denver, Hartford, New York City, Northern New Jersey, Retail, South Florida and Washington, DC.
ATLANTA
Brown Joins Cortland as Chief Acquisitions Officer
Cortland Partners recruited...
CoStar to Release August Repeat Sales Analysis Next Week
Look for the latest findings of the CoStar Commercial Repeat-Sale Indices (CCRSI) to be released this coming Wednesday, September 1, 2010.
CoStar developed the CoStar Commercial Repeat-Sale Indices to provide a comprehensive set of benchmarks...
Piedmont Inks 345,431 SF in Deals in Boston Area
Piedmont Office Realty Trust completed 345,431 square feet in lease extensions at two of its office buildings in the Boston market.
State Street Corp. extended its 234,668-square-foot contract for 10 years at 1200 Crown Colony Drive, a seven-story...
CoStar's Deals of Note (Aug. 22-28)
SOUTH FLORIDA
Sunstone Picks Up Royal Palms Hotel for $117M
By Heather Sellers
Sunstone Hotel Investors acquired the Royal Palm Hotel at 1545 Collins Ave. in Miami Beach at a foreclosure auction.
The gross purchase price was $126.1 million,...
MARKET TREND: Boston's Net Office Absorption Slightly Negative in Q2
Net absorption for the overall Boston office market remained negative in the second consecutive quarter, with (229,799) square feet of negative net absorption during the second quarter of 2010. That compares to negative (593,792) square feet in the first...
Abercrombie & Fitch Shuttering 110 Stores, GM Shrinks Real Estate Holdings, M...
CoStar compiles news of consolidations, closures, layoffs and lease cancellations in the weekly Lease Down news report, a concise read keeping you updated on major corporate moves affecting commercial real estate. For news on corporate expansions,...
In The Pipeline: CoStar Development and Construction News for Aug. 22 - 28
In this week's Pipeline, the Empire State Building failed in its bid to amend or halt plans by Vornado Realty Trust to build a nearly 1,200-foot skyscraper in the sightlines of the historic building; a Los Angeles-based fund is providing $22.6 millionto...
Lease Up (Aug. 22-28): GMHC, WNET Sign Major Manhattan Office Deals
CoStar compiles news of corporate expansions, relocations and lease extensions in the weekly Lease Up news report, a concise read keeping you updated on major corporate moves affecting commercial real estate. For news on consolidatations and lease...
CoStar's People of Note (Aug. 15-21)
This week's People of Note includes the following markets: Chicago, New York City, San Francisco and Washington, DC.
CHICAGO
Sellis Joins Transwestern's Investment Sales Group
The Chicago branch of Transwestern hired Janice Sellis as a director...
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Boston
Boston
Lawrence Community Works to Renovate Historic Buildings
BOSTON-Lawrence Community Works has decided to buy and renovate the four historic buildings named the Newbury & Garden project in the Boston's North Common neighborhood to serve as inexpensive housing development.
Former Textile Plant Gets MOB Make-Over
FALL RIVER, MA-With the help of a federal grant, HealthFirst will expand its space in a property conversion to better serve the community.
Nouvelle Apartment Sales Rebound
BOSTON-A 215-unit Boston-style condo, the Nouvelle at Natick complex in Route 9 shopping district is back on its feet after the worst economic downturn.
Home Sales Plunge in Some Areas of Massachusetts
BOSTON-Home sales have plummeted in some communities in Massachusetts but in other communities sales have increased in July.
US Office Inches Toward Recovery
BOSTON-Vacancies nationwide are reaching the cyclical bottom and should ease up in the second half of 2011, says CBRE Econometric Advisors.
John Hancock Tower's Stake Put Up for Sale
BOSTON-Five Mile Capital Partners and Normandy Real Estate Partners, the owners of the John Hancock Tower, have put 50% to 90% stake in the tower up for sale.
Equity Residential to Develop 500 Apartments
BOSTON-Developer Equity Residential has plans to scrap a parking lot near five-story TD Garden and build 500 rental apartments at the site.
Foreclosures Exceed Loan Modifications
DETROIT-A report released on Tuesday shows that homeowners who had recently modified their mortgages are doing better than those who had done so earlier in the housing market crisis.
Hanover Officials Dump Plans to Renovate 19th Century Farm
HANOVER, MA-The purchase of a 19th century farm in Hanover seemed like the ideal project for development in the region.
Boston Developer Seeks Compromise over Proposed Building Height
BOSTON-Boston developer Donald J. Chiofaro is seeking a compromise with the Boston Redevelopment Authority about the imposed 200-foot height limit for his planned waterfront complex.
Staples Boost Earnings on Flat Sales
FRAMINGHAM, MA-The office supply giant says it expects sales increases in the low single digits for the third quarter and full-year 2010.
State Signals Green for Seaport Square Proposal
BOSTON-Seaport Square LLC's proposed project has crossed a major hurdle by securing environmental authorization from the State Environmental Secretary, Ian Bowles.
Tech Distributor Lands 47,000-SF Berth
NORTH READING, MA-Avnet is planning an October move into 400 Riverpark Dr. here, highlighting this week's wrap-up of deals.
KDX Brings $234M HUD Portfolio to Market
BOSTON-The JV between DebtX and KEMA Advisors is auctioning the multifamily and healthcare loans for the US Department of Housing and Urban Development.
Samuels & Associates to Develop the Fenway
BOSTON-Samuels & Associates has plans to develop the space in the Fenway to accommodate apartment units, space for retail and office and underground parking.
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| > Wall Street Journal - Commercial Real Estate |
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WSJ.com: Commercial Real Estate
Commercial Real Estate
New Resorts Owners Roll Dice
Morris Bailey and Dennis Gomes are paying $35 million for Resorts Atlantic City, at a time when gambling revenue is declining and customers are being siphoned off to Pennsylvania venues.
Citigroup Gets Burned in the Caribbean
The bank is selling its mortgage on the Viceroy Anguilla to Starwood Capital Group at a hefty discount, the latest example of capitulation by a bank that has nursed a troubled real-estate project for years.
Corio's Turkish Strategy Stumbles
The Dutch company's expansion has yielded disappointing results due to the weak economy, competition and the difficulties of exporting Western shopping concepts to a country steeped in different traditions.
Help for Hyatt Isn't Enough
A Jacksonville hotel missed paying its mortgage despite $5 million in help from the Hyatt chain.
Kerry Buys Luxury Hong Kong Site
Kerry Properties bought a luxury residential site in Kowloon Tong for a higher-than-expected price at a government land auction.
Simon Closes Purchase of Prime Outlets
Simon Property Group said that it closed on its acquisition of Prime Outlets, which had come under FTC scrutiny for possible antitrust concerns.
On Horizon, New Manhattan Skyline
The approval of an office tower near the Empire State Building is a reminder that New York is poised for a wave of new skyscrapers -- if the economy cooperates.
Singapore to Damp Property Market
Singapore announced measures to cool off the property market as the island state's rapid economic recovery fuels prices.
Toll Is Back in the Black
Shares of luxury builder Toll Brothers climbed following a surprise fiscal third-quarter profit, its first in nearly three years, as revenue fell far less than analysts expected.
Henderson Land's Underlying Profit Falls
Henderson Land Development's underlying first-half net profit fell 37% due to losses stemming from the cancellation of some property sales.
Omni Snares Bankrupt Amelia Island Resort on Florida Coast
Omni Hotels & Resorts plans to expand the Amelia Island Plantation by more than 100 rooms after prevailing in an auction this week to buy the bankrupt oceanfront resort in northeast Florida.
Commercial Property Owners Choose to Default
Like homeowners walking away from mortgaged houses, some large commercial property owners are defaulting on debts and surrendering to lenders buildings worth less than their loans.
Houston Sees Market Go Wobbly
The aviation and energy industries boosted Houston during the downturn, but the events of the last six months have injected a new uncertainty into the city's economy?and, by extension, the office market.
Developers Circling Berlin Airport
Two years ahead of the opening of the Berlin Brandenburg International Airport, investors are beginning to build in anticipation of demand by companies eager to be close to Berlin's new travel hub.
Capital Freeze Thaws for Real-Estate Funds
Real-estate funds saddled with boom-time properties are getting relief from Wall Street firms and other investors hoping to capitalize on their need for cash.
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