Moves to Cut Budget Deficit Could Hurt D.C. Office Market
| By Ben Johnson, NREI Contributing Writer |
Washington, D.C. has become a favored target for institutional investors, including sovereign wealth funds, pension funds, real estate investment trusts and insurance companies. But with the U.S. government accounting for 23% of the local workforce, some analysts are raising a red flag.
What worries them? The U.S. is currently running a $1 trillion federal budget deficit and the recent drama surrounding a near shutdown of the government by opposing political parties could repeat itself by September.
Is E-Commerce the Shopping Center Industry’s Friend or Foe?
| By David Lynn, NREI Contributing Columnist |
The introduction of the Internet, e-commerce and other online platforms has undeniably caused a revolution in the retail world. Consumers’ comfort and savvy with the Internet has increased dramatically over the last decade. The percentage of people identifying themselves as Internet users increased from roughly half of the U.S. population in 2000 to approximately 80% in 2008.
Federal Capital Partners, Kettler Acquire Multifamily Portfolio in Virginia for $87.9 Million
Federal Capital Partners (FCP) and Kettler Inc. have acquired a multifamily portfolio in the Hampton Roads area of Tidewater, Va., for $87.9 million. The portfolio, purchased from Great Atlantic Management Co., consists of 1,490 garden apartments in seven communities in Hampton, Newport News and Virginia Beach. The communities include:
Savanna Sews Up $550 Million Private Equity Fund as it Clinches Trophy Deals in New York
| By Denise Kalette, NREI Managing Editor |
Savanna Investment Management LLC, a New York-based institutional real estate private equity and asset management firm, has taken New York by storm in recent months, snapping up such familiar properties as 386 Park Avenue South, a 20-story, 260,000 sq. ft. office tower in Midtown South and 5 Hanover Square, a 25-story office building in the Financial District.
In all, Savanna completed six transactions totaling 2.2 million sq. ft. in New York over the past 12 months. And now, the firm has closed its second real estate private equity fund, Savanna Real Estate Fund II LP with approximately $550 million of total equity commitments.
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