In The Pipeline: CoStar Development and Construction News for Aug. 30-Sept. 5
August 31st, 2009In this week’s issue, we report that Rolls-Royce will kick off construction of a $100 million engine component plant in Prince George County, VA; Equinix unveils a new $95 million data center in El Segundo, CA; Clark Construction receives a $110 million…
CoStar’s Retail News Roundup: Aug. 30 – Sep. 5, 2009
August 31st, 2009This week in the Retail Roundup, CoStar reports on expansions or new concepts at JoS. A. Bank and Forever 21; new retail development news in MD and MI; acquisition, merger, loan, sale, or IPO activity at Stonemason Partners; closings, cutbacks, defaults…
REITs Are Poised to Pick Up the Pieces
August 30th, 2009While overleveraged private real-estate funds are gasping for money, public property companies are now poised to become more-dominant players.
KBS REIT II Pays $112.1M for Fairfax Office Complex
August 27th, 2009KBS REIT II acquired the Willow Oaks Office Corporate Center in Fairfax, VA, from Prudential Real Estate Investors for $112.17 million, or a little less than $200 per square foot.
The 570,038-square-foot office complex consists of three buildings…
Investors Facing Fallout from Values, Ratios Knocked ‘Out of Whack’
August 26th, 2009While signs of a tentative recovery in the economy continued to appear, including reports issued this week on the fourth-consecutive month of improving new-home sales in July and a sizable increase in durable goods orders by manufacturers’ orders also…
Real Estate Roundtable: CRE Challenges Far from Over
August 26th, 2009Despite signs that the global economic free fall may be over, conditions in the commercial real estate sector remain extremely stressed. A financing drought and declining property fundamentals are pushing up both maturity and performance defaults on commercial…
Philadelphia Inquirer Reorganization Includes Disposal of Center City Real Estate
August 26th, 2009Philadelphia Media Holdings LLC, publisher of The Philadelphia Inquirer, Daily News, and owner of philly.com, filed its reorganization plan in U.S. Bankruptcy Court for the Eastern District of Pennsylvania.
The plan provides for the purchase by a new…
Okun Sentenced to 100 Years for Defrauding Clients of Millions of Dollars Held in 1031 Exchange Trusts
August 26th, 2009Before there was Bernie Madoff, there was Edward H. Okun, the former owner of The 1031 Tax Group LLP. Now Okun, like Madoff, has been sentenced to a century in prison for his leading role in a scheme to defraud and obtain approximately $126 million in…
Bank Watch: Two Repeat Bank Watch Institutions Fail
August 26th, 2009Colonial Bank Fails; BB&T Takes Over
Colonial Bank in Montgomery, AL, (repeatedly mentioned in Bank Watch) was closed this past week by the Alabama State Banking Department, which appointed the Federal Deposit Insurance Corp. (FDIC) as receiver. To protect…
Lease Cancellations: Bashas’ Lease Cancellations Surface
August 26th, 2009On July 12, Bashas’ Inc. filed Chapter 11 with the District Court of Arizona. At the time of the filing, America’s 15th-largest privately held supermarket chain said it would close 10 stores by July 21. The company is now asking courts for permission…
