Detroit Casinos Fare Well in Slump
October 30th, 2009The city’s unemployment rate is 29%, but gaming revenue at its three casinos has been off only 2% from a year ago so far this year. Atlantic City’s gaming revenue has fallen 14%, and the Las Vegas Strip is down 14%.
Equity Residential Pays $100M for Arlington Multifamily
October 30th, 2009Equity Residential closed its purchase of Metropolitan at Pentagon Row, a 326-unit apartment complex in Arlington, VA, from joint venture partners Cornerstone Real Estate Advisers and Kettler for $100 million, or approximately $306,748 per unit. The acquisition…
Lance Armstrong, Partners Form Real Estate Venture
October 29th, 2009Seven-time Tour de France winner Lance Armstrong partnered with agent Bill Stapleton and business manager Bart Knaggs to form CSE Realty Partners, a real estate investment firm in Austin, TX, that targets office, industrial, retail and multitfamily acquisitions…
Hilton Debt Weighs on Blackstone
October 28th, 2009Blackstone has begun talks with lenders to cut $5 billion from the $20 billion debt load carried by Hilton, as the private-equity firm seeks to protect its single biggest investment from default.
ProLogis To Sign United Natural Foods to 590,000-SF Facility
October 28th, 2009ProLogis will lease its new 590,000-square-foot distribution center at 2100 Danieldale Road in Lancaster, TX, to United Natural Foods, a national natural, organic and specialty foods distributor. The facility, about 15 miles south of Dallas, will support…
Despite Erosion in CRE Assets, Bankers Ask: “What? Me Worry?”
October 28th, 2009Banks continued to report further erosion in commercial real estate-related credit quality and weak or declining loan demand in their quarterly earnings reports to investors and monthly lending reports to the Federal Reserve Bank. Rising loan payment…
Bank Watch: Capmark Financial Group Goes Chapter 11
October 28th, 2009Capmark Financial Group Inc. and some of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. Capmark intends to use the reorganization process to implement a restructuring that reduces its corporate debt…
CB Richard Ellis Expanding I-Bank to the U.S.
October 28th, 2009CB Richard Ellis Group Inc. is expanding its existing U.K.-based investment banking platform into the United States. CB Richard Ellis’ investment banking professionals in the Americas will assist real estate as well as lodging and gaming companies with…
Real Money (Oct. 29, 2009): Capital Raisings, Property Financings
October 28th, 2009Hovnanian Enterprises Inc. closed an offering of $785 million of senior secured notes due 2016. The notes and the guarantees will be secured on a first-priority lien basis by substantially all of the homebuilder’s assets. In connection with the offering…
Landlords Sweeten Pot for Renters
October 28th, 2009Some of the country’s top office-building owners reported they are cutting rents and increasing tenant incentives to keep buildings filled during one of the worst commercial real-estate markets in decades.
