Miami Condo Tower Goes to Auction, Starting Bids at $63 Per Foot, 71% Below Replacement Cost

Posted by Michael Gerrity 03/17/10 10:37 AM EST

(MIAMI, FL) -- After two years without a sale, a Miami condo developer is taking 62 units in a new tower to auction at an average starting price of $63 per square foot, which is about 71 percent below replacement cost, Read More

Mortgage Applications Dip 1.9% This Week

Posted by Michael Gerrity 03/17/10 9:49 AM EST

(WASHINGTON, DC) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 12, 2010.  The Market Composite Index, a measure of mortgage loan application volume, decreased 1.9 percent on a seasonally adjusted... Read More

One in Two Florida Homes with a Mortgage Now Underwater

Posted by Michael Gerrity 03/17/10 9:25 AM EST

(ORLANDO, FL) -- According to a recent report by Santa Ana, California based First American Corelogic, Florida now has the third-highest percentage of homes with negative equity as of February 2010.Negative equity is often referred to as "under water" or... Read More

New York City's Trump Soho Now Set for April Opening

Posted by Kevin Brass 03/16/10 1:52 PM EST

(NEW YORK, NY) -- Trump Soho, the controversial New York condo-hotel, is definitely, absolutely, we-really-mean-it-this-time set to open in April. A few months ago management indicated the oft-delayed tower would open in February, but that didn't happen. Read More

NAHB Says Single-Family Starts Holding Firm in February

Posted by Michael Gerrity 03/16/10 1:43 PM EST

David Crowe (WASHINGTON, DC) -- The pace of single-family home production remained virtually unchanged in February, with a 0.6 percent decline to a seasonally adjusted annual rate of 499,000 units, according to figures released today by the U.S. Commerce Department.... Read More

New Jersey Gaming Cops Approve MGM Deal to Sell Interest in Atlantic City Casino; Company Closes $845 Million Bond Offering

Posted by Alex Finkelstein 03/17/10 3:03 PM EST

(LAS VEGAS, NV) -- MGM Mirage is breathing better today. The New Jersey Casino Control Commission (CCC) approved the settlement agreement between the company and the New Jersey Division of Gaming Enforcement (DGE) ... Read More

Perini Threatens MGM Mirage with $492 Million Lawsuit on Unfinished Las Vegas CityCenter Hotel Project

Posted by Alex Finkelstein 03/16/10 2:20 PM EST

(LAS VEGAS, NV) -- Perini Building Co., one of the oldest and largest hospitality and gaming general contractors in the U.S., has threatened Las Vegas-based MGM Mirage with a $492 million lawsuit ... Read More

Unknown Bidder Pays $25.9 Million for 165 Unsold Condos and Retail Space at The Vue in Downtown Orlando

Posted by Alex Finkelstein 03/15/10 2:10 PM EST

(ORLANDO, FL) -- Condo Developers LLC today beat out Greenwich, CT-based Starwood Capital and Orlando, FL-based Tavistock Group with a bid of $25.9 million for 165 unsold luxury condominiums and 7,972 square feet of vacant ground-floor retail space Read More

U.S. Hotel Industry Posts Mixed Results in Early March

Posted by Michael Gerrity 03/15/10 11:24 AM EST

(HENDERSONVILLE, TN) -- According to data from Smith Travel Research (STR), the U.S. hotel industry reported mixed results in the three key performance measurements during the week of February 28th through March 6th 2010. Read More

Tavistock Group Offers $21 Million for 165 Unsold Condos and Retail Space at The Vue in Downtown Orlando

Posted by Alex Finkelstein 03/15/10 9:00 AM EST

(ORLANDO, FL) -- Tavistock Group, an Orlando-based investment and development organization funded by London-born billionaire Joe Lewis, knows a bargain when it sees one. Read More

Southern California Edison Buys Countrywide's Ex-Call Center Building for $33.75M

Posted by Alex Finkelstein 03/11/10 4:05 PM EST

(GREENWICH, CT) -- Southern California Edison, one of Downtown Los Angeles' largest employers, has purchased a 270,000-square-foot office building in suburban Rosemead, CA, near its own L.A. headquarters site. Read More

Wells REIT II Pays Estimated $65M for Sterling Commerce Center in Columbus, Ohio

Posted by Alex Finkelstein 03/11/10 1:49 PM EST

(COLUMBUS, OH) -- Atlanta-based Wells REIT II has acquired the 322,000-square-foot, four-building Sterling Commerce Center in Columbus, OH, headquarters for AT&T's subsidiary, Sterling Commerce. Read More

Healthcare Trust Pays $10.7 Million for Jacksonville Medical Building

Posted by Alex Finkelstein 03/11/10 1:32 PM EST

(JACKSONVILLE, FL) -- Healthcare Trust of America Inc. is on an acquisition roll. The Scottsdale, AZ-based REIT paid $10.775 million or about $203 per square foot for the 53,169-square-foot King Street Medical Office Building in Jacksonville, FL. Read More

Economic Fallout Still Impacting Commercial Real Estate Investors' Mortgage Delinquency Rates

Posted by Michael Gerrity 03/11/10 10:37 AM EST

(WASHINGTON, DC) -- According to the Mortgage Bankers Association's (MBA) newly released Commercial/Multifamily Delinquency Report, delinquency rates continued to increase in the fourth quarter for most commercial/multifamily mortgage investor groups. Read More

Idaho Millwork Maker Leases 160,440 SF in Atlanta

Posted by Alex Finkelstein 03/09/10 3:00 PM EST

(ATLANTA, GA) -- Woodgrain Distribution, a 56-year-old millwork manufacturer based in Fruitland, ID, has leased 160,440 square feet of distribution space at a DCT Industrial Trust (NYSE:DCT)  property in northeast Atlanta.DCT's prepared statement didn't disclose lease terms but Atlanta brokers... Read More

In Dubai, When is a Project 'Dead'?

Posted by Kevin Brass 03/18/10 8:00 AM EST

(DUBAI, UAE) -- After years of promising reforms in the property business, the Dubai government is wrestling with how and when to declare a development dead. For buyers and developers, it's more than an academic discussion. Investors can't move to get their money back until a project is officially cancelled, something developers are rarely in a rush to do. Read More

EB-5 Visa Program Sparking Foreign Real Estate Investor Activity

Posted by Kevin Brass 03/16/10 8:00 AM EST

(AUSTIN, TX) -- After languishing in obscurity for 20 years, the EB-5 visa program is suddenly a hot commodity in the U.S. real estate business. "There's massive interest compared to a few years ago," said Stephen Parnell of WhichEB5, a consultancy that started as a relocation service and now focuses almost exclusively on EB-5 visas. Read More

Do Golf Courses Really Sell Second Homes?

Posted by Kevin Brass 03/15/10 12:01 PM EST

(Managua, Nicaragua) - Talking to Nicaragua developer Kevin Fleming the other day, the subject turned to golf--specifically the value of golf in a modern second home resort. Plans for Fleming's 923-acre Seaside Mariana Spa and Golf Resort include a Jack Nicklaus Signature course, Read More

New Sales Data on Trump Ocean Club Panama

Posted by Kevin Brass 03/10/10 11:13 AM EST

(PANAMA CITY, PANAMA) -- Despite concerns of widespread defaults, only 11 buyers have walked away from their purchases in the Trump Ocean Club in Panama, the project's longtime sales director says. Read More

Russian Oligarch Loses Record $53 Million Deposit on French Riviera Estate

Posted by Kevin Brass 03/10/10 10:58 AM EST

(VILLEFRANCHE-SUR-MER, FRANCE) -- A French court this week refused to return a Russian oligarch's $53 million deposit on a French Riviera estate, which is believed to be the world's most expensive property. Read More

China Lodging Group Plans $127 Million IPO

Posted by Alex Finkelstein 03/17/10 1:24 PM EST

(SHANGHAI, CHINA) -- China Lodging Group Ltd (NASDAQ (GM): HTHT) plans an initial public offering of 9 million American Depositary Shares valued at US .0001 per share, with an estimated value of $127 million, Read More

Shuaa Capital in Booming Saudi Arabia Plans $133 Million Hotel in Jeddah

Posted by Alex Finkelstein 03/17/10 10:03 AM EST

(DUBAI, UAE) -- Sitting on a $500 million development chest, Shuaa Capital's (SHUA.DU) Saudi Arabian unit is beginning its acquisition march, even as most of the world continues to struggle with a deflated economy. Read More

Saudi Prince Plans $843 Million Buyout of Dubai Hotel Investment Firm

Posted by Alex Finkelstein 03/17/10 8:00 AM EST

(DUBAI, UAE) -- Big-money deals continue to float in Saudi Arabia. Kingdom Holding Company (KHC), chaired by Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, announced today Kingdom 5-KR-211, Ltd. plans to acquire all of the 44% total outstanding shares ... Read More

Britain's Whitbread Buys Out Dubai Partner

Posted by Alex Finkelstein 03/16/10 2:00 PM EST

(LONDON, ENGLAND) -- Whitbread, Britain's biggest hotel and coffee shop operator, has bought out its Indian joint venture partner Emaar MGF of Dubai. Specific terms of the deal were not immediately disclosed, according to City.Aim, a London online publication."Whitbread confirms... Read More

Maui Land & Pineapple Company Still Seeing Red

Posted by Alex Finkelstein 03/11/10 9:00 AM EST

Kapalua Resort, Maui (KAHULUI, HAWAII) -- There aren't too many golden sunsets around Maui Land & Pineapple Co. (NYSE:MLP) these days.The land, resort and agriculture company reported a $30.4 million net loss for fourth quarter 2009 ($3.76 per share) -... Read More

GLOBAL REALTY CAPITAL MARKET ROUNDUP

Posted by Alex Finkelstein 03/12/10 8:00 AM EST

(NEW YORK, NY) -- Cushman & Wakefield research predicts global commercial real estate deals will rebound by 30% this year. Deals are expected to reach a total $478 billion. The U.S. is forecast to post the biggest percentage rise in sales, with China in No. 2 position. "With many U.S. investors sitting on a lot of cash after the recapitalizations, equity raises and inward investment flows of last year, ... Read More

Government Infrastructure Projects Driving Development in Arab GCC Countries

Posted by Alma Kadragic 03/11/10 11:39 AM EST

(ABU DHABI, UAE) -- Governments across the Gulf Cooperation Council (GCC) countries are keeping construction alive say the organizers of CityBuild, a new trade show for the region's building and construction industry. It takes place from April 18-21 at the Abu Dhabi National Exhibition Centre ... Read More

Mourjan Marinas IGY Signs Deals in Bahrain and Dubai

Posted by Alma Kadragic 03/11/10 10:47 AM EST

(DUBAI, UAE) -- Taking its success in Dubai and elsewhere to Bahrain, Mourjan Marinas IGY signed a Memorandum of Understanding with Global Real Estate Development Co. (GREDCO) to develop two marinas in the Kingdom of Bahrain. Read More

Emaar Industries and Investments Opens State of the Art Manufacturing Plant

Posted by Alma Kadragic 03/11/10 10:03 AM EST

(DUBAI, UAE) -- Emaar Industries & Investments (EII) has opened a state-of-the-art manufacturing plant for low voltage and medium voltage switchboards for its subsidiary Dynergy Technologies in TechnoPark, Dubai. Read More

Polish Commercial Real Estate Market on Brink of Recovery in 2010

Posted by Michael Gerrity 03/10/10 2:35 PM EST

(WARSAW, POLAND) -- The value of transactions closed in the Polish commercial real estate market this year may exceed 2 billion euros, according to new estimates by Cushman & Wakefield, Read More