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High
Stakes For ING Clarion In Miami Mixed-Use Project
By Ben Johnson
 When Mehmet Bayraktar, chairman and CEO of Flagstone
Property Group, pushed his shovel into the earth to break ground on his
$640 million Island Gardens project in Miami this October, it marked the
culmination of seven long years of preparation.
Certainly Bayraktar’s joint venture partner, institutional investor
ING Clarion Partners, hopes success is on the horizon. ING Clarion, a
New York-based real estate investment advisory firm, plowed $200 million
into the project for a 35% equity stake in December 2007. “Island
Gardens is truly a unique project,” says Edward Rotter, managing
director at ING Clarion. “With its potential to transform the Miami
skyline, we expect the complex to become one of the premier leisure and
hospitality addresses in the city.”
Slated for completion in fall 2011, Island Gardens will feature a
50-slip harbor to accommodate yachts from 80 feet to over 400 feet in
length; a 150-room Shangri-La Hotel, marking the chain’s entry into
the American market; a private residence club with 98 fractional
ownership units including floor plans with one to four bedrooms managed
by Shangri-La; a spa; 221,000 sq. ft. of high-end retail space; dining;
a fish market; leisure gardens and a maritime gallery.Read
full story here.
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Q&A
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‘Dismal’
Short-Term Outlook for Investment Sales
By Ben Johnson
 Q&A: Robert White, president, Real Capital Analytics
Over the past few years, New York-based Real Capital Analytics (RCA) has
made a name for itself as a leading research organization tracking
commercial real estate transaction trends and volume. Thanks to a series
of monthly and quarterly reports, the company, founded in 2000, analyzes
data it collects on single-asset and portfolio sales of $2.5 million and
higher in the U.S. and $10 million and up internationally in the office,
apartment, industrial, retail and hotel sectors.
In early 2008, its founder and president, Robert White, expanded the
firm’s reach to include analysis of global capital trends. RCA now has
offices in New York, San Jose, The Hague and London.Read
full story here.
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Introducing
the National Real Estate Investor Digital magazine.
Now you can read the full version of NREI with the interactive
capabilities only available online – clickable table of contents,
keyword searches, faster delivery, direct links to websites and it’s
eco-friendly. To test drive a sample digital edition, click here.
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Roundups
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Institutional
Roundups
By Ben Johnson
Will Princely Idea Get A Warm Reception?
According to the author of a major climate change report in the United
Kingdom, HRH Prince Charles, the Prince of Wales, is preparing a new
“pension plan for the planet.” Sir Nicholas Stern, author of the
Stern Review on the Economics of Climate Change commissioned by the UK
Treasury, says Prince Charles is rallying leading institutional
investors — mainly pension funds and insurance companies — from
around the globe to contribute to the fight against climate change. The
plan would create an international agency to raise funds by selling
15-year rainforest bonds, which would be guaranteed by developed
nations. Prince Charles is expected to unveil his formal plans as part
of his Rainforests Project by the middle of December.Read
full story here.
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