Bank of America has struck an accord to sell a Lower Manhattan office building to Beacon Capital Partners and L&L Holding for about $230 million, the Wall Street Journal reported.
Bank of America took ownership if the building when it merged with Merrill Lynch, which acquired the building in 1997.
http://therealdeal.com
Tuesday, April 17, 2012
Friday, April 13, 2012
AIG Is Planning a Return to U.S. Property Investing
But now AIG is beginning to make plans for fresh investments across the U.S. that will begin later this year.
A real-estate division of the New York-based company has reached out to developers of new apartment buildings in major metropolitan areas, said people familiar with the matter.
"We've done multifamily deals with them before, and we're interested in working with them again," said Hal Fetner, president and chief executive of New York developer Durst Fetner Residential LLC who has been contacted by AIG about new developments.
AIG hasn't set specific targets on the size of its future investments in real estate, but people familiar with the insurer say that eventually it will amount to hundreds of millions of dollars annually.AIG started its real-estate investing business in 1987 and built it into one of the world's largest property-investment platforms with $25 billion in assets at its peak a few years ago. Its real-estate team is led by Robert Gifford, a 55-year-old industry veteran who was hired in 2009, shortly before Robert Benmosche was appointed chief executive.
http://online.wsj.com
A real-estate division of the New York-based company has reached out to developers of new apartment buildings in major metropolitan areas, said people familiar with the matter.
"We've done multifamily deals with them before, and we're interested in working with them again," said Hal Fetner, president and chief executive of New York developer Durst Fetner Residential LLC who has been contacted by AIG about new developments.
AIG hasn't set specific targets on the size of its future investments in real estate, but people familiar with the insurer say that eventually it will amount to hundreds of millions of dollars annually.AIG started its real-estate investing business in 1987 and built it into one of the world's largest property-investment platforms with $25 billion in assets at its peak a few years ago. Its real-estate team is led by Robert Gifford, a 55-year-old industry veteran who was hired in 2009, shortly before Robert Benmosche was appointed chief executive.
http://online.wsj.com
Thursday, April 12, 2012
Rite Aid 4Q Loss Narrows Amid Sales Growth
Rite Aid recently reported total drug-store sales of $7.12 billion, up 11% from a year earlier, mostly owing to an extra week of sales in the period. Same-store sales improved 3%, the drug-store chain's best showing in five years. Last week, Rite-Aid said that March same-store sales improved further, up 3.6%.
Looking to fiscal 2013, Standley said Rite Aid intends to remodel 500 stores into the wellness format and will focus on the Wellness+ program as the core component of the company's overall marketing and promotional efforts.
For the year, the company projected a per-share loss of 13 cents to 31 cents on revenue of $25.4 billion and $25.8 billion. Analysts polled by Thomson Reuters recently expected a loss of 25 cents and revenue of $25.74 billion. Rite Aid expects same-store sales growth of up to 1.5% over the just-completed fiscal year.
http://online.wsj.com/article/BT-CO-20120412-711339.html
Looking to fiscal 2013, Standley said Rite Aid intends to remodel 500 stores into the wellness format and will focus on the Wellness+ program as the core component of the company's overall marketing and promotional efforts.
For the year, the company projected a per-share loss of 13 cents to 31 cents on revenue of $25.4 billion and $25.8 billion. Analysts polled by Thomson Reuters recently expected a loss of 25 cents and revenue of $25.74 billion. Rite Aid expects same-store sales growth of up to 1.5% over the just-completed fiscal year.
http://online.wsj.com/article/BT-CO-20120412-711339.html
Wednesday, April 11, 2012
Owner-Occupied Real Estate Is Growing in Appeal
In a market featuring rock-bottom building prices and record-low interest rates, now is an ideal time for businesses to consider purchasing instead of leasing their real estate.
That was the consensus of the panelists on the most recent episode of the "Commercial Real Estate Show," which provided a look at the factors making owner-occupied real estate a more attractive option for businesses.
Show host Michael Bull, the president and founder of Bull Realty, said the possibility of rent spikes is one reason to consider buying.
"These prices are so low, it's incredible," he said. "With the lack of new construction [in recent years], I think we're going to see some huge rents in about five years."
http://atlantarealestate.citybizlist.com/3/2012/4/9/CRE-Show-OwnerOccupied-Real-Estate-Is-Growing-in-Appeal.aspx
That was the consensus of the panelists on the most recent episode of the "Commercial Real Estate Show," which provided a look at the factors making owner-occupied real estate a more attractive option for businesses.
Show host Michael Bull, the president and founder of Bull Realty, said the possibility of rent spikes is one reason to consider buying.
"These prices are so low, it's incredible," he said. "With the lack of new construction [in recent years], I think we're going to see some huge rents in about five years."
http://atlantarealestate.citybizlist.com/3/2012/4/9/CRE-Show-OwnerOccupied-Real-Estate-Is-Growing-in-Appeal.aspx
Tuesday, March 20, 2012
Wendy’s has dethroned Burger King
NEW YORK — Wendy’s has dethroned Burger King as the country’s second biggest hamburger chain.
Wendy’s edged out Burger King in U.S. sales volume for the first time last year since Wendy’s was founded in 1969, according to a report by the food industry research firm Technomic Inc. that’s set to be released next month.
A global product recall is one of the worst nightmares for CEOs and consumer companies. Here’s a look at some of the biggest in recent history.
Empowered consumers are forcing some of America’s largest corporations, from Apple to Bank of America, to make radical changes to products or policies.
Wendy’s had sales of $8.5 billion in 2011, compared with $8.4 billion. McDonald’s remained far larger than both with $34.2 billion in sales.
The figures are based on Technomic’s estimates of system-wide sales at franchise and company-owned restaurants, rather than corporate revenue, which includes fees from franchise operators. Worldwide, Burger King still has far more restaurants than Wendy’s and remains the second biggest hamburger chain behind McDonald’s.
http://www.washingtonpost.com
Wendy’s edged out Burger King in U.S. sales volume for the first time last year since Wendy’s was founded in 1969, according to a report by the food industry research firm Technomic Inc. that’s set to be released next month.
A global product recall is one of the worst nightmares for CEOs and consumer companies. Here’s a look at some of the biggest in recent history.
Empowered consumers are forcing some of America’s largest corporations, from Apple to Bank of America, to make radical changes to products or policies.
Wendy’s had sales of $8.5 billion in 2011, compared with $8.4 billion. McDonald’s remained far larger than both with $34.2 billion in sales.
The figures are based on Technomic’s estimates of system-wide sales at franchise and company-owned restaurants, rather than corporate revenue, which includes fees from franchise operators. Worldwide, Burger King still has far more restaurants than Wendy’s and remains the second biggest hamburger chain behind McDonald’s.
http://www.washingtonpost.com
Monday, March 19, 2012
Distressed Commercial Real Estate Continues Retreat
The amount of commercial real estate backed by troubled loans in the United States continues to fall from a high of $191.5 billion set in March 2010.
So-called distressed real estate, which included properties in default or foreclosure and real estate taken over by lenders, totaled $166.9 billion in January 2012, down $4.7 billion since October 2011, according to data from Real Capital Analytics.
So-called distressed real estate, which included properties in default or foreclosure and real estate taken over by lenders, totaled $166.9 billion in January 2012, down $4.7 billion since October 2011, according to data from Real Capital Analytics.
Tuesday, March 13, 2012
David Sobelman will be a Featured Moderator at the ICSC in Vegas
David Sobelman, executive vice president of calkain companies, will be a featured moderator at the ICSC Net Lease property panel in Las Vegas
ICSC is hosting the first ever Net Lease Property Panel Discussion to take advantage of the confluence of attendees at the RECON conference. Hear from the industry's foremost and dynamic practitioners.
Topics to be discussed are:
• Developer issues and dynamics of today's single tenant properties
• Institutional investments and trends of net lease properties
• Brokerage perspectives and market analysis
• Legal issues when working with single tenant properties
David has been with Calkain since its inception. While not only charged with overseeing the operations and transactional activity for the firm, David works with our exclusive clients.
A critical part to the expansion and development of Calkain, David has been a part of the divisional growth of the firm into private-market and institutional transactions and due diligence assessments.
David is considered by many as an expert in his field and is consistently sought out for his opinion and counsel.
RECon conference is the global convention for the shopping center industry and provides networking, deal making and educational opportunities for retail real estate professionals from around the world. With over 30,000 attendees and 1,000 exhibitors it is the largest industry convention, making it an unparalleled opportunity to do a year's worth of business in just three days! So if you are looking to meet with retailers to discuss new or existing leases in your center, then you need to have a presence at RECon.
www.calkain.com
ICSC is hosting the first ever Net Lease Property Panel Discussion to take advantage of the confluence of attendees at the RECON conference. Hear from the industry's foremost and dynamic practitioners.
Topics to be discussed are:
• Developer issues and dynamics of today's single tenant properties
• Institutional investments and trends of net lease properties
• Brokerage perspectives and market analysis
• Legal issues when working with single tenant properties
David has been with Calkain since its inception. While not only charged with overseeing the operations and transactional activity for the firm, David works with our exclusive clients.
A critical part to the expansion and development of Calkain, David has been a part of the divisional growth of the firm into private-market and institutional transactions and due diligence assessments.
David is considered by many as an expert in his field and is consistently sought out for his opinion and counsel.
RECon conference is the global convention for the shopping center industry and provides networking, deal making and educational opportunities for retail real estate professionals from around the world. With over 30,000 attendees and 1,000 exhibitors it is the largest industry convention, making it an unparalleled opportunity to do a year's worth of business in just three days! So if you are looking to meet with retailers to discuss new or existing leases in your center, then you need to have a presence at RECon.
www.calkain.com
Subscribe to:
Posts (Atom)