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STAG Capital Kicks Off Industrial Fund with Anticipated $1.3B Buying Power Boston-based STAG Capital Partners has initiated STAG Investments V L.P., a fund targeting commitments of $400 million for the acquisition of predominantly high-yield single-tenant industrial properties across the country. $2B Deal for Pair of NYC Offices Reportedly Falls Through Two New York City office properties are back on the market, as a deal under which George Comfort & Sons would have acquired the assets--1540 Broadway and Worldwide Plaza--for some $2 billion has fallen through. Hypo Loses $4B in Third Quarter, G20 Summit Lacks Action Commercial real estate woes aren’t limited to the United States. German lender Hypo Real Estate reported Monday a net loss of $4 billion in the third quarter as the financial crises worsened, with a unit in Ireland hit especially hard by write-downs on the values of its assets, the Associated Press reported. Report: Climate Change Puts California Real Estate, Economy at Risk While the real estate sector continues to take a beating by economic forces, there may be yet another peril on the horizon that could harm the industry just as much--if not more. At CPN Conference, Local Leaders Offer To-Do List for NYC?s Future At CPN’s annual New York City Investment conference on Friday, speakers offered a vision of the nation’s largest commercial real estate market that blended sober realism with an occasional dash of clear-eyed optimism. Chandan: Economy to Contract Through 2009 The fiscal turmoil that continues to beleaguer the U.S. financial markets presents a lackluster near-term outlook: The economy is expected to shrink for the remainder of the year and during the first half of 2009 before experiencing just modest growth in late 2009 and in 2010, said Reis Inc. chief economist Sam Chandan, Ph.D., during the firm’s third quarter 2008 quarterly briefing. Urdang Sells Pair of Atlanta-Area Business Centers for $48M Urdang, a unit of BNY Mellon Asset Management, has announced the $48 million sale of two business centers in suburban Atlanta to CCI-B Marietta L.L.C., a partnership formed by Capital Commercial Investments Inc. The properties total nearly 14 buildings on 48 acres and comprise 620,000 square feet of office, medical, retail and warehouse space. Weingarten, Hines REIT Form $271M Venture Weingarten Realty Investors and Hines Real Estate Investment Trust Inc. have formed a joint venture, in which a subsidiary of Hines REIT will acquire a 70 percent interest in a Weingarten portfolio of 12 supermarket-anchored shopping centers. Dow Jones Rises 550+ Points, Markets Globally Show Gains On the eve of the G-20 meeting to address the global financial crisis, stocks staged a powerful rally Thursday after three straight down days, with the Dow Jones industrial average surging more than 550 points, according to the LA Times. Edens & Avant Buys Retail Portion of D.C. Mixed-Use Lowe Enterprises, lead developer of CityVista, a $200 million mixed-use project in Washington, D.C., said the development team has sold the 116,000-square-foot retail portion of the site to Edens & Avant. CalPERS Loses 35 Percent of its Portfolio Value, Plans to 'Be Patient' Bad news keeps coming almost as sure as Bill Murray was going to relive Feb. 2 in the movie Groundhog Day. Today, the nation’s largest public pension fund, California Public Employees’ Retirement System (CalPERS) said the market value of the fund’s real estate is $6.1 billion as of June, down 35 percent from its original cost of $9.3 billion, according to CalPERS. Grubb & Ellis 2009 Forecast: No Quick Fix for Economic Doldrums Vacancy should increase in all property types, but investment sales could increase in the second half of 2009, even though many of those properties may be distressed assets. Those were some of the predictions offered at Grubb & Ellis’ 2009 Commercial Real Estate Forecast, held in Manhattan on Wednesday. Student Housing Fund Puts $47M into Pair of New Projects Place/BV Student Housing Fund L.L.C. has invested a total of $47 million in two new student housing projects, one in Indiana and the other in North Carolina. A joint venture of Place Properties L.P. and Blue Vista Management L.L.C., the $280 million fund focuses on acquiring and developing student housing properties nationwide. Circuit City Files for Bankruptcy, Starbucks, GM Continue Downward Skid Looking for good news on the economy? It is still hard to find. Aside from McDonald?s, there are few companies making a profit. American Express Co. added 15 cents to $24.13 in Germany after the company won U.S. Federal Reserve approval to become a commercial bank, gaining access to government funds as credit- card defaults climb with economies slowing around the world. U.S Treasury Buys $40B of AIG Shares, New York Fed to Lend $30B to LLC, Nortel Networks to Reduce Costs by $400M In a deal with the U.S. Treasury and the Federal Reserve Board, American International Group Inc. (AIG) restructured the government?s financial support with the U.S. Treasury purchasing $40 billion of newly issued AIG preferred shares under the Troubled Asset Relief Program. This purchase will allow the Federal Reserve to reduce from $85 billion to $60 billion the total amount available under the credit facility established in September. NYC Feels Heat from Credit Crisis, But Long-Term Outlook Still Favorable New York City?s commercial real estate market isn?t immune to the fallout caused by the economic downturn. Transactions have plummeted 61 percent from the beginning of the year through October, according to data from Real Capital Analytics Inc. In the longer term, however, the outlook for the market remains strong. Robertson Joins Jones Lang as VP, Industrial, Office, Investment Jones Lang LaSalle announced that 15-year commercial real estate veteran Thomas Robertson joined as vice president serving industrial, office, investment and life sciences initiatives throughout Florida. Developers Diversified, Cole Form JV for Missouri Shopping Center Developers Diversified Realty Corp. has formed a $62 million joint venture with Cole Real Estate Investments for the ownership of Independence Commons, a 386,000-square-foot shopping center in Independence, Mo. NPC International to Acquire, Sell Pizza Huts NPC International Inc. will acquire 191 Pizza Hut restaurants from Pizza Hut Inc. for $52.9 million, and will sell 70 additional units to Pizza Hut for $19.6 million. Stocks Drop Worldwide as Glow Wanes Around Presidential Election Excitement over President-Elect Barack Obama?s victory Tuesday spurred the country?s biggest election day gains in more than 20 years, but the party was short-lived as stocks began dropping Wednesday afternoon.

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