Australia plans tallest building
Australia’s second-largest city Melbourne will have the tallest building in the southern hemisphere after approval Monday for a 388-metre apartment and hotel complex. The Victorian state government said Australia 108 would become the world’s 19th tallest building and would be “an outstanding addition to Melbourne’s skyline”.
Blackstone Secures $2.1B Loan for Home Purchases
Deutsche Bank AG closed a $2.075 billion syndicated loan to facilitate Blackstone Group LP’s REO to rental program yesterday. Blackstone, which manages the largest real estate private-equity fund, expanded a credit line to buy single-family homes from $600 million to $2.075 billion, an unidentified source told Bloomberg. Originally, the firm had been trying to increase the loan to $1.2 billion.
Buy Dubai penthouse, Audi R8 comes free
Damac Properties is giving away luxury Audi’s with properties bought during the Dubai Shopping Festival (DSF). Clients who purchase the Penthouse suite at Burjside Boulevard, or the signature collection at Ocean Heights, will receive a free 2014 Audi R8.
Housing Recovery Officially in Full Swing, Data Suggests
There have been numerous signs of a general recovery in the housing market after the significant downturn of a few years ago, but data suggests that a full recuperation is now underway and should continue throughout the year. There should be an appreciable improvement in property values across the top 100 metro areas nationwide in the 12-month period ending Dec. 1, 2013, according to new data from Veros Real Estate Solutions.
Making Tenants Stick Around for Repairs
Our last post was about whether or not allowing tenants to do their own repairs is a good idea (we say, “not”). We’ve also heard about landlords who won’t allow tenants to perform their own repairs, but require them to be present while the repairs are being done. Of course, a tenant with a leaking dishwasher would need to be notified of the day and time the plumber is coming by. But it’s not the tenant’s responsibility to stick around to let the plumber in and to lock up when he or she leaves.
McKinley Hired to Manage 39 Retail Centers
McKinley Commercial Client Services reports it was hired at the end of 2012 to manage a portfolio of 39 retail centers totaling 4.2 million sq. ft. in 39 states. The properties primarily consist of grocery-anchored centers, ranging in size from 52,000 sq. ft. to 245,000 sq. ft. The 430 tenants include national chains such as Staples, Home Depot, Dollar Tree, Lowe’s and Ross Stores. The properties are in Alabama, Florida, Georgia, Kentucky, North Carolina, New York, Pennsylvania, Ohio, South Carolina, Tennessee, Texas, Virginia and Wisconsin.
Allowing Tenants to do Repairs: Good Idea?
In most states, it is the landlord’s responsibility to see that repairs are made within a reasonable time. But have you had tenants offer to make their own repairs? At first, it might seem like a reasonable idea. Your handy tenant offers to paint, repair the dishwasher or replace broken glass in your rental unit. In exchange, you offer a rent reduction. You experience fewer repair hassles and out-of-pocket expenses, and he or she saves some money. Everyone’s happy and nothing could go wrong, right?
Colliers International N.J. Names Romano Head of Princeton Office
NEW JERSEY—Colliers International New Jersey has named 17-year industry veteran Thomas Romano executive managing director to head the company’s Princeton’s office. Prior to joining Colliers International, Romano was a managing principal at Newmark Grubb Knight Frank’s Princeton office. Previously he was a partner in the firm Buschman Partners and GVA Williams Buschman.
