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Corporate America finds the Denved area attractivefor expansion, and more investorsd are buying properties here. New construction has been generallg disciplined, and there’s greater demand for environmentally friendlygreen construction. Commercial real estate includesofficde space, shopping centers and industriak properties such as warehouses and distribution The metro area had its largest commercial real estate sale ever in when LLC acquired five downtownm Denver office buildings for $770 million from .
Acquisitions have slowed here this year from 2007 because ofcredit constraints, but many investor still believe they can get high-quality properties for good In the fall of ’07, metro Denvet made LLC’s ranking of the top 10 U.S. real estated investment markets for2008 — the firsg time this market was included in the ranking in its 30-yea history. “The markets that are expected to experiencre strong valuegrowth [this are Manhattan, at 5.6 and Denver at 4 said Mary Sullivan, investment broker and executive vice presiden at ( ) in “That’s outstanding.
” Sullivan’s team, also including Tim Swan and Ron Urgitus, representer Blackstone locally in last year’s deal with Callahamn Capital. Positive local job growth that outpacessthe country’s, robust local energy and technology as well as recent highwat and light-rail expansion, have kept deman d for office space slow but steady recently, accordinyg to real estate brokers. At midyear, the officde market had a vacancy rateof 12.9 percent and averag e rent of $20.93 per square foot per year, according to The Denver-area office market includes a tota l of 104.
2 million square feet of This area’s tallest buildings — all in downtowmn Denver, built in the 1980se and topping 50 stories — include Republic Plaza and the Philipo Johnson-designed , better known as the “Cashg Register Building” because its roof resemblee an old-time cash register. In the 1960s, late Denverf developer George M. Wallace started building one ofthe country’sd first technology-oriented office parks, the — called the Tech or DTC, for short in the metro area’s southeastern suburbs, and it now dominatesw that region.
Other major office parkws include Invernessand Meridian, south of the DTC, and Interlocke n in the northwestern metro area. After being overbuilt early in the the industrial real estate market had a healthy vacancy rateof 5.8 percenr at midyear. The industrial market is dominatedcby medium-size warehouse, distribution and flex (office/industrial) space. “What drives our industrial market is a strongindustrial base,” said Mike Camp, industrial broker and senior vice presidenty at CBRE. “We have a lot of smaller, innovative companie s that continue to Denver is also the distribution centert for the RockyMountain West.
” Metro Denver’s principak industrial region is in the northeastern area along Interstate 70 and near with nearly 60 million square feet of the total industrial real estate market’ roughly 221 million square , one of the world’s largest owners and developers of distribution centerss with more than 540 million square feet of propertiesw worldwide, has its headquarters near DIA. The Denveer area’s retail market has suffered from the recentf credit crunch andhousing slump, which have promptede consumers to cut spending. Retail has been the only commerciall property type to have negative absorption of vacant space nearly 500,000 square feet so far this year.
But retail rents here continue to hitting $17.65 per square foot on averagr at midyear, and investorxs keep buying retail properties because of metro Denver’s continuing job growth and inmigration. Local Gart Propertiex LLC, with LLC, recentlgy bought downtown Denver’s two-block Denver Paviliond mall for $94.5 million because the compangythinks “this is an ideal time to be part of the tremendousx momentum of downtown Denver retail,” according to President Mark The metro area’s largesg malls, at more than 1 million squarw feet each, include in Denver, Park Meadows in Lone Southlands in Aurora and FlatIron Crossing in Broomfield.
Monday, December 31, 2012
Friday, December 28, 2012
Hilo Hattie sold to clothing manufacturer - Atlanta Business Chronicle:
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The company’s sale to may be off the tabl after U.S. Bankruptcy Judge Robert Faris delayed rulinv onthe company’s bid to buy Hilo Hattier for $1 million. The ownership transfed was announced on Mondayin U.S. Bankruptcy Courtg in Honolulu, where Faris also continued until June 29 several including one to appoinr a trustee to take over management ofthe company. Fariw also suspended Hilo Hattie’s ability to borroe money under a lineof credit. Maui Diversd Jewelry had offered last month to buy Hilo Hattie and its sevenm storesfor $1 milliomn in cash, and to invest anothet $2 million in the business.
Maui Divers’ attorney, Cuylar told Faris that the offer was off the table if the judgee did not approve the saleon Monday. Maui Divers President and CEO Bob Taylor said through a spokeswomahn Monday afternoon that the company would hold its offerf open until thenext hearing. Hilo Hattiew attorney James Wagner told the judge thatDonaled B.S. Kang, owner of , acquiref 100 percent of the company’as shares on Friday from , which bought Hilo Hattie from founder Jim Romig last year before filingb for Chapter 11bankruptcy protection. Kang is also on the boared of directorsof .
Hilo Hattie CEO Ted Nelsom and President John Scott resigned from thei positions on Friday and Kang has assumedr the post of president ofHilo Hattie, Wagner told the Royal Hawaiian Creations was listeds as the second largest creditor, owed more than $798,000, when Hilo Hatties filed for Chapter 11 last Oct. 2. It is owed anothetr $252,000 in an administrative according tocourt documents. Maui Diverse was the largest creditor, owed $1.25 million, and Taylort was co-chairman of the committee of unsecured creditors untio resigningin mid-May, prior to making the Royal Hawaiian Creations also resigned from the which supported the sale of Hilo Hatti e to Maui Divers.
Kang proposes to fund a line of credit for Hilo Hattierwith $1 million in cash, and “will arrange for an infusion of $2 million in workinv capital” into Hilo Hattie upon its emergence from according to a documeny filed on Monday before the hearing. Kang said he plans to folloaw the plan of reorganization submitted by Hilo Hattie andits Pomare, Ltd., last week, which calls for paying unsecured creditors abourt 5 cents on the dollar. Wagner told the judge that the reorganizationj plan filed on June15 “was a placeholder,” because the sale to Maui Diverxs had not been confirmed.
He said he didn’t expecgt any change in the treatmen ofthe company’s hundreds of creditors under Kang’xs ownership. The 46-year-old company, which claimedx $23.5 million in debt in the Chapter 11 has been losingmoney “at a clip of $500,000 per Ted Pettit, attorney for the creditors’ told the judge. Pettit also said he was “veruy surprised” to learn of the stock transfe r onFriday afternoon.
He noted that Kang’e business is in manufacturingapparel overseas, and said that Kang intendeed to take over Hilo Hattie’as Nimitz Highway headquarters and turn it into a Kang said after the hearing that he intended for the buildintg to remain as a store and administrative offices. But the judge expressed concern that Maui Divers had not reached agreemeng withHilo Hattie’s landlords, most of whom have givem the company substantial rent relief, for its seven stores.
Pettit said that some landlordxs were hesitant to negotiate until they knew for sure whethefr Maui Divers would be the new Faris also considered the transfer of stock to Kang as a second offer for Hilo and noted that Kang proposed to pay back rentzsin full. “It seems we have a secondd offer,” he said. “It may be a bettere offer.” Nelson said that he had had discussions with Kang over the last several months and said Kanghad “continuousl offered to be as helpful” as he could.
The company’s sale to may be off the tabl after U.S. Bankruptcy Judge Robert Faris delayed rulinv onthe company’s bid to buy Hilo Hattier for $1 million. The ownership transfed was announced on Mondayin U.S. Bankruptcy Courtg in Honolulu, where Faris also continued until June 29 several including one to appoinr a trustee to take over management ofthe company. Fariw also suspended Hilo Hattie’s ability to borroe money under a lineof credit. Maui Diversd Jewelry had offered last month to buy Hilo Hattie and its sevenm storesfor $1 milliomn in cash, and to invest anothet $2 million in the business.
Maui Divers’ attorney, Cuylar told Faris that the offer was off the table if the judgee did not approve the saleon Monday. Maui Divers President and CEO Bob Taylor said through a spokeswomahn Monday afternoon that the company would hold its offerf open until thenext hearing. Hilo Hattiew attorney James Wagner told the judge thatDonaled B.S. Kang, owner of , acquiref 100 percent of the company’as shares on Friday from , which bought Hilo Hattie from founder Jim Romig last year before filingb for Chapter 11bankruptcy protection. Kang is also on the boared of directorsof .
Hilo Hattie CEO Ted Nelsom and President John Scott resigned from thei positions on Friday and Kang has assumedr the post of president ofHilo Hattie, Wagner told the Royal Hawaiian Creations was listeds as the second largest creditor, owed more than $798,000, when Hilo Hatties filed for Chapter 11 last Oct. 2. It is owed anothetr $252,000 in an administrative according tocourt documents. Maui Diverse was the largest creditor, owed $1.25 million, and Taylort was co-chairman of the committee of unsecured creditors untio resigningin mid-May, prior to making the Royal Hawaiian Creations also resigned from the which supported the sale of Hilo Hatti e to Maui Divers.
Kang proposes to fund a line of credit for Hilo Hattierwith $1 million in cash, and “will arrange for an infusion of $2 million in workinv capital” into Hilo Hattie upon its emergence from according to a documeny filed on Monday before the hearing. Kang said he plans to folloaw the plan of reorganization submitted by Hilo Hattie andits Pomare, Ltd., last week, which calls for paying unsecured creditors abourt 5 cents on the dollar. Wagner told the judge that the reorganizationj plan filed on June15 “was a placeholder,” because the sale to Maui Diverxs had not been confirmed.
He said he didn’t expecgt any change in the treatmen ofthe company’s hundreds of creditors under Kang’xs ownership. The 46-year-old company, which claimedx $23.5 million in debt in the Chapter 11 has been losingmoney “at a clip of $500,000 per Ted Pettit, attorney for the creditors’ told the judge. Pettit also said he was “veruy surprised” to learn of the stock transfe r onFriday afternoon.
He noted that Kang’e business is in manufacturingapparel overseas, and said that Kang intendeed to take over Hilo Hattie’as Nimitz Highway headquarters and turn it into a Kang said after the hearing that he intended for the buildintg to remain as a store and administrative offices. But the judge expressed concern that Maui Divers had not reached agreemeng withHilo Hattie’s landlords, most of whom have givem the company substantial rent relief, for its seven stores.
Pettit said that some landlordxs were hesitant to negotiate until they knew for sure whethefr Maui Divers would be the new Faris also considered the transfer of stock to Kang as a second offer for Hilo and noted that Kang proposed to pay back rentzsin full. “It seems we have a secondd offer,” he said. “It may be a bettere offer.” Nelson said that he had had discussions with Kang over the last several months and said Kanghad “continuousl offered to be as helpful” as he could.
Thursday, December 27, 2012
Expedia, Inc. Company Profile | EXPE Company Information
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It appears that you are locatedein Canada. If you are a Canadian resident, please choosw Expedia.ca where all prices and transactions are inCanadian dollars, productf inventory unique to Canadians is and your trip is covered under TICO's travel protection. You can also take advantage of travel promotionss and special offers created specifically forCanadian customers. Canadian residentws who purchaseon Expedia's U.S. Expedia.com, are charged in US dollars, and their trips are not eligibls to be coveredundeer TICO's travel protection.
Il semble que vous habitez au Si vous etes residentdu Canada, veuillez opter pour le site ou les prix et les transactions sont indiquesw en dollars canadiens. De plus, vous aurez acceds a des produits offerts uniquement aux Canadiens et votr voyage sera couvert par la protectiondu TICO. Vous pourre aussi tirer parti de promotionset d'offrex speciales creees en particulier pour nos clientsz canadiens. Les residents du Canada qui font des achatw sur le siteamericain Expedia.
com, doivent acquitter les frais en dollars americains et leur voyagwe ne sera pas admissible a la protection du
It appears that you are locatedein Canada. If you are a Canadian resident, please choosw Expedia.ca where all prices and transactions are inCanadian dollars, productf inventory unique to Canadians is and your trip is covered under TICO's travel protection. You can also take advantage of travel promotionss and special offers created specifically forCanadian customers. Canadian residentws who purchaseon Expedia's U.S. Expedia.com, are charged in US dollars, and their trips are not eligibls to be coveredundeer TICO's travel protection.
Il semble que vous habitez au Si vous etes residentdu Canada, veuillez opter pour le site ou les prix et les transactions sont indiquesw en dollars canadiens. De plus, vous aurez acceds a des produits offerts uniquement aux Canadiens et votr voyage sera couvert par la protectiondu TICO. Vous pourre aussi tirer parti de promotionset d'offrex speciales creees en particulier pour nos clientsz canadiens. Les residents du Canada qui font des achatw sur le siteamericain Expedia.
com, doivent acquitter les frais en dollars americains et leur voyagwe ne sera pas admissible a la protection du
Tuesday, December 25, 2012
Bernanke denies pressuring BofA - Philadelphia Business Journal:
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Bernanke made the comments Thursday to the House Committe on Oversight and Government Reform investigating his rolein BofA’as purchase of the troubled Charlotte, N.C.-based BofA (NYSE:BAC), the fourtg largest bank in the Philadelphia area basedc on local deposits, bought Merrilpl on Jan. 1 for $29. 1 billion. The deal resulted in BofA’s receivinv an additional $20 billion in federal funds undee the Troubled AssetRelief Program. BofA has receiveds a total of $45 billiomn in TARP funds. The Housee panel’s questions seemed to fall along party lines. Republicans were concerned Bernanks tried to cover up certain aspects ofthe Fed’s interactionss regarding BofA and Merrill.
“The committee has alreadg learned that Ben Bernanke and the Federal Reservs made inappropriate threats to fire Bank of America managementt unless they went ahead withthe ‘shotgub wedding’ that was the Merrill Lynch Darrell Issa, the committee’s ranking Republican from California, said in a statemeng Thursday morning. “The Federal Reserved also engaged ina cover-up and deliberately hid concerns and pertinen details regarding the merger from othed federal regulatory agencies.” Meanwhile, severap Democrats questioned how Federal Reserve official s justified giving BofA more taxpayer aid without replacinyg its management or addintg new restrictions.
“You gave them the money and then youstartesd supervising?” asked Rep. Dennis Kucinich (D-Ohio). But Bernanke held his groune during three hoursof testimony. He insisted he followed the law and acted in the best interestds of theeconomic system. “I think we did the righy thing,” Bernanke testified. “I think it was a very successfull transaction. I have no regrets, and I thinmk it was a good dealfor taxpayers.
” Two weeks ago, Lewie testified to the same He told lawmakers he considered backing out of the deal in December but felt pressurew from Bernanke and then-Treasury Secretary Henry Paulson to move forwarxd for the benefit of both companies and the economy. Durint that hearing, documents from Fed officials indicated Lewiws may have been threatened with losing his job if he backed out and then needex morefederal aid. Bernanke on Thursday testified he neverthreatenee Lewis. Instead, he said he explained to Lewisz the damage from backing out of the Merril l deal could wreak on theeconomy and, in BofA.
“I never said I’rd replace the board and management (at BofA),” Bernanke “It was always his decision to make, and he understood that.” Paulson is expected to testify on the matter next Other notable points made by Bernanke includse statements suggestinghe doesn’t think Lewis triexd to extract more money out of the but that he did have concernxs about the due diligence performed by Rep. Edolphus Towns (D.-N.Y.) closed the hearing by sayingf the testimonyprovided “a peek” of light into the BofA-Merrill “but not full sunshine yet.” Click to see Bernanke's writtejn testimony.
Bernanke made the comments Thursday to the House Committe on Oversight and Government Reform investigating his rolein BofA’as purchase of the troubled Charlotte, N.C.-based BofA (NYSE:BAC), the fourtg largest bank in the Philadelphia area basedc on local deposits, bought Merrilpl on Jan. 1 for $29. 1 billion. The deal resulted in BofA’s receivinv an additional $20 billion in federal funds undee the Troubled AssetRelief Program. BofA has receiveds a total of $45 billiomn in TARP funds. The Housee panel’s questions seemed to fall along party lines. Republicans were concerned Bernanks tried to cover up certain aspects ofthe Fed’s interactionss regarding BofA and Merrill.
“The committee has alreadg learned that Ben Bernanke and the Federal Reservs made inappropriate threats to fire Bank of America managementt unless they went ahead withthe ‘shotgub wedding’ that was the Merrill Lynch Darrell Issa, the committee’s ranking Republican from California, said in a statemeng Thursday morning. “The Federal Reserved also engaged ina cover-up and deliberately hid concerns and pertinen details regarding the merger from othed federal regulatory agencies.” Meanwhile, severap Democrats questioned how Federal Reserve official s justified giving BofA more taxpayer aid without replacinyg its management or addintg new restrictions.
“You gave them the money and then youstartesd supervising?” asked Rep. Dennis Kucinich (D-Ohio). But Bernanke held his groune during three hoursof testimony. He insisted he followed the law and acted in the best interestds of theeconomic system. “I think we did the righy thing,” Bernanke testified. “I think it was a very successfull transaction. I have no regrets, and I thinmk it was a good dealfor taxpayers.
” Two weeks ago, Lewie testified to the same He told lawmakers he considered backing out of the deal in December but felt pressurew from Bernanke and then-Treasury Secretary Henry Paulson to move forwarxd for the benefit of both companies and the economy. Durint that hearing, documents from Fed officials indicated Lewiws may have been threatened with losing his job if he backed out and then needex morefederal aid. Bernanke on Thursday testified he neverthreatenee Lewis. Instead, he said he explained to Lewisz the damage from backing out of the Merril l deal could wreak on theeconomy and, in BofA.
“I never said I’rd replace the board and management (at BofA),” Bernanke “It was always his decision to make, and he understood that.” Paulson is expected to testify on the matter next Other notable points made by Bernanke includse statements suggestinghe doesn’t think Lewis triexd to extract more money out of the but that he did have concernxs about the due diligence performed by Rep. Edolphus Towns (D.-N.Y.) closed the hearing by sayingf the testimonyprovided “a peek” of light into the BofA-Merrill “but not full sunshine yet.” Click to see Bernanke's writtejn testimony.
Monday, December 24, 2012
Yankees
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Like O’Neal, Rodriguez has given himselv a haircut. Last week, Rodriguesz dropped the price to $9.9 million, significantlt lower than the $12 million he paid for waterfront acreagein 2004, as first reported by The Real Deal Magazinee . Until this month, Rodriguez’w asking price was $14.9o million for the six-bedroom, 8,310-square-foot He paid $161,000 in taxes last year for the at181 E. Sunrise Ave., in Coral property records show. The two-story home was built in 1952. Esslinger Wooten Maxwell brokerKevinj Tomlinson, who specializes in luxury residences, said Rodriguez’s troublex moving the house may not end soon.
“The people who have the moneyu to buy this arebeing ultraconservative,” said who pointed to recent deals for luxury homez on Miami Beach that closed at $6 million to $7 million as the rule. O’Neal plunked down $19.8 including $1 million in furniture, for the Star Island home he sold last montufor $16 million. He bought the 19,440-square-foot manse in 2004 and put it back on the marketr less than a year after closinv onthe purchase. In the 2.5-acre property was for sale for morethan $30 but it was soon pulled off the The price eventually dropped to $22.5 million.
Both Rodriguez and a Tony Award-winningf Broadway producer had contracts fall Tomlinsonsaid that, during the real estate boom, brokers pricedc celebrity homes at a slightly higher price, expecting theirr fame would draw a premium. The downturnj changed that strategy. “The people with the monegy to spend, possible buyers, could care less about the provenance of the he said.
Like O’Neal, Rodriguez has given himselv a haircut. Last week, Rodriguesz dropped the price to $9.9 million, significantlt lower than the $12 million he paid for waterfront acreagein 2004, as first reported by The Real Deal Magazinee . Until this month, Rodriguez’w asking price was $14.9o million for the six-bedroom, 8,310-square-foot He paid $161,000 in taxes last year for the at181 E. Sunrise Ave., in Coral property records show. The two-story home was built in 1952. Esslinger Wooten Maxwell brokerKevinj Tomlinson, who specializes in luxury residences, said Rodriguez’s troublex moving the house may not end soon.
“The people who have the moneyu to buy this arebeing ultraconservative,” said who pointed to recent deals for luxury homez on Miami Beach that closed at $6 million to $7 million as the rule. O’Neal plunked down $19.8 including $1 million in furniture, for the Star Island home he sold last montufor $16 million. He bought the 19,440-square-foot manse in 2004 and put it back on the marketr less than a year after closinv onthe purchase. In the 2.5-acre property was for sale for morethan $30 but it was soon pulled off the The price eventually dropped to $22.5 million.
Both Rodriguez and a Tony Award-winningf Broadway producer had contracts fall Tomlinsonsaid that, during the real estate boom, brokers pricedc celebrity homes at a slightly higher price, expecting theirr fame would draw a premium. The downturnj changed that strategy. “The people with the monegy to spend, possible buyers, could care less about the provenance of the he said.
Sunday, December 23, 2012
Low-water rivers exposing historical gems - azcentral.com
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azcentral.com | Low-water rivers exposing historical gems azcentral.com A United States Coast Guard photo shows a World War II minesweeper on the Mississippi River near St. Louis. The minesweeper was once moored along the Mississippi River as a museum before it was torn away by floodwaters two decades ago. |
Friday, December 21, 2012
Lennar Q2 losses widen - Triangle Business Journal:
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million or 76 cents a share, in the seconds quarter, compared to a loss of $120.0 million, or 76 cents a share, duriny the same year-ago period. Revenue for the quarterr that ended May 31was $891.o9 million, down from $1.13 billion for the same periods last year. Revenue from home sales fell 23 percentr in the second quarterto $788.6 milliomn from $1.01 billion in 2008, primarily due to a 16 percentg decrease in the number of home deliveries and an 8 percent decreasse in the average sales price of homew delivered in 2009.
The Miami-based company (NYSE: LEN) has been restructuringf with a focus on returningto profitability, Lennar President and CEO Stuarf Miller said in a news Lennar ranked No. 11 among the largestg residential builders in the Triangle with 205 home saleszin 2008, down from 248 in 2007. Total contracts in 2008 totalee $49.6 million, down from $74 million in 2007. Lennar is building homews at Glenwood Stationin Raleigh, Summerlymn Groves in Clayton, Woodbury in Rolesvillde and Chapel Ridge in Pittsboro. Miller noted that the marketg has experienced an uptick in the sale of newhomes “azs more confident homebuyers took advantage of increased affordability.
” On however, the reported that new home sales in the U.S. dippedc slightly in May. But prices are gointg back up with the median sales pricedrising 4.2 percent last month, comparede to April. Shares of Lennar were up $1.089 to $8.91 in morning trading.
million or 76 cents a share, in the seconds quarter, compared to a loss of $120.0 million, or 76 cents a share, duriny the same year-ago period. Revenue for the quarterr that ended May 31was $891.o9 million, down from $1.13 billion for the same periods last year. Revenue from home sales fell 23 percentr in the second quarterto $788.6 milliomn from $1.01 billion in 2008, primarily due to a 16 percentg decrease in the number of home deliveries and an 8 percent decreasse in the average sales price of homew delivered in 2009.
The Miami-based company (NYSE: LEN) has been restructuringf with a focus on returningto profitability, Lennar President and CEO Stuarf Miller said in a news Lennar ranked No. 11 among the largestg residential builders in the Triangle with 205 home saleszin 2008, down from 248 in 2007. Total contracts in 2008 totalee $49.6 million, down from $74 million in 2007. Lennar is building homews at Glenwood Stationin Raleigh, Summerlymn Groves in Clayton, Woodbury in Rolesvillde and Chapel Ridge in Pittsboro. Miller noted that the marketg has experienced an uptick in the sale of newhomes “azs more confident homebuyers took advantage of increased affordability.
” On however, the reported that new home sales in the U.S. dippedc slightly in May. But prices are gointg back up with the median sales pricedrising 4.2 percent last month, comparede to April. Shares of Lennar were up $1.089 to $8.91 in morning trading.
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