Fortress Swoops Up New York Condo
August 7th, 2009Fortress acquired a condominium project in New York from developer Kent Swig for $20 million through a foreclosure auction.
Hongkong Land’s Underlying Net Rises
August 7th, 2009Hongkong Land said its underlying first-half net profit rose 16%, helped by higher net rental incomes in spite of weak commercial-property markets in Hong Kong and Singapore.
Zale Jewelry Completes Closure of 160 Stores So Far in 2009
August 6th, 2009Only one day following the bankruptcy of the jewelry chain (Finlay) that bought Bailey Banks & Biddle from Zale Corporation (NYSE:ZLC) less than two years ago, Zale announced a “real estate realignment” plan. First, Zale completed the closure of 118…
Finlay is Latest Jewelry Chain to File Bankruptcy, 105 Stores & Business Up for Auction
August 6th, 2009Fine jewelry retailer, Finlay Enterprises and its subsidiary, Finlay Fine Jewelry Corporation, filed for relief under Chapter 11 on August 5, 2009. As part of an agency agreement with liquidation firm, Gordon Brothers Retail Partners, the jewelry retailer…
Pizzuti Sells Whirlpool Complex for $62.7 Million
August 5th, 2009Pizzuti Cos. sold the 1.6 million-square-foot Whirlpool distribution center in Lockbourne, OH, to Dexus, an Australia-based real estate company, for $62.7 million, or a little more than $39 per square foot.
The single-tenant complex on Shook Road is…
Investors Sweat Through ‘Dog Days’ of Distressed Debt
August 5th, 2009Angela Miller runs her own real estate investment and advisory firm from the 17th floor of the Ritz Carlton Executive Tower high above Dinner Key and Monty’s Marina in Coconut Grove, FL. From her vantage point, she can see Miami’s quaint City Hall. When…
Apartment Vacancies Continue Higher; South Leads the Way
August 5th, 2009National multifamily vacancy rates in the second quarter 2009 was 10.6%, according to the Department of Commerce’s Census Bureau. The Census Bureau said the rental vacancy rate was higher than the second quarter 2008 rate (10%) and higher than the rate…
Bank Watch: United Central Takes Over Largest Indian-Owned Bank in U.S.
August 5th, 2009Mutual Bank in Harvey, IL, was closed this week by the Illinois Department of Financial Professional Regulation – Division of Banking, which appointed the Federal Deposit Insurance Corp. (FDIC) as receiver. The FDIC then entered into a purchase and assumption…
Lease Cancellations: LandAmerica To Ditch 7-Year HQs Lease
August 5th, 2009LandAmerica Financial Group Inc. and LandAmerica 1031 Exchange Services Inc. filed for Chapter 11 bankruptcy in November 2008. A month later, Fidelity National Financial Inc. acquired LandAmerica Financial Group Inc., including the businesses of Lawyers…
Closures & Layoffs: GM More Layoffs Forthcoming
August 5th, 2009Correction: In the week of April 26 we incorrectly reported that Ply-Gem Windows was closing a plant in Rocky Mount, VA. In fact, Ply-Gem is moving work to that facility from other locations that are closing.
The Bank of New York Mellon is closing…
