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Chinese Sovereign Wealth Funds Look to US

September 9, 2009

Tweet The WSJ is reporting that China’s SWF, China Investment Corporation, is seeking to place bets on the US Real Estate market. To that end, they’ve held discussions with managers BlackRock, Invesco, and others. The estimates in the article peg allocation in the range of $4-20B, but that is just a drop in the bucket […]

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Hammer Dropping on Sunnyvale Town Center

September 9, 2009

Tweet Wachovia will be pursuing foreclosure of the massive Sunnyvale Town Center project. Meanwhile, contractors and subs have lined up and filed liens against the massive Sunnyvale project – and DevCon, the general also has filed to force a sale. Wachovia has about $120M into the deal, while RREEF and Sand Hill have about $200M […]

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NAILED: Sunnyvale Town Center

August 28, 2009

Tweet Sunnyvale Town Center is in a world of hurt. Lenders have pulled the plug on financing, and contractors are filing mechanic’s liens like they’re going out of style. This trouble has been looming for some time. RREEF and Peter Pau of Sand Hill Property Co. took the property down back in Q2 of 2007 […]

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New Owners Squeeze Market

August 27, 2009

Tweet A reader sent me a Globe St. article on a deal in Las Vegas. Panattoni has acquired a 40% finished project at a low price, and has now turned around and began marketing (and selling) buildings which were previously listed for $205 psf for $100. I am posting this because it goes back to […]

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August 2009 RREEF Property Cycle Monitor

August 24, 2009

Tweet RREEF has put out its August update of its Property Cycle Monitor. Full file embedded below, but key takeaways: Slower production and spending in the greater economy is negatively affecting the commercial real estate market. The institutional property market continues to correct and values are falling as fundamentals continue to deteriorate. Fundamentals are projected to worsen […]

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Stockbridge Seeking Deal To Takeover Fund That Acquired Peery/Arrillaga Portfolio

August 20, 2009

Tweet Stockbridge is seeking a deal to take over the management of the $2.6B RREEF America REIT III real estate fund. This is the same fund that acquired the 119 office and research and development properties from Peery/Arrillaga which we raised questions about last month, as well as the Sunnyvale Town Center project which construction has […]

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RREEF Portfolio Under Distress

July 28, 2009

Tweet RREEF was an aggressive acquirer of Silicon Valley real estate over the past several years. The acquisition spree began in earnest when RREEF acquired a large tract of R&D buildings in Silicon Valley from Equity Office. Following up that was the massive acquisition of the Peery/Arrillaga portfolio in 2006. The portfolio consisted of some […]

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Done Shopping: RREEF On Retail Real Estate Investing

June 10, 2009

Tweet RREEF has put out a research piece titled “Done Shopping-Structural Shifts in the US Retail Sector and Their Implications for Real Estate Investment”. I’ve embedded the report below, but the key conclusions are: Consumer spending, once it resumes full growth around 2011, will expand at only half the rate of recent years without the prop of rapidly […]

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Lobbying Congress For Help

May 22, 2009

Tweet Absolutely Classic: U.S. Rep. Zoe Lofgren, D-San Jose, sent letters to Kenneth Lewis, president of the Bank of America, and John Stumpf, president of Wells Fargo, dated May 7, asking them to explain why they refused to give Pau and partner RREEF a $391 million construction loan. “Although I understand and respect your position […]

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Sunnyvale City Center In Trouble – Developer Wants To Convert to Public-Private Partnership!

May 12, 2009

Tweet The developers behind Sunnyvale City Center have run into a brick wall as far as financing is concerned, and now they want the government’s help to get the project back on track. The Mercury News is quoting Peter Pau, the principal behind Sand Hill Property Company as wanting the city to essentially act as […]

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