Prudential Real Estate Investors has raised $805 million in discretionary capital for its Prudential U.S. Real Estate Debt Fund. It has so far raised $1.6 billion for its global debt strategy, according to the company.
Investors include pension funds and sovereign wealth funds from the U.S., Asia and the Middle East. Read More
According to a report in The Wall Street Journal, Greenwich, Conn.’s Starwood Capital Group is on the cusp of acquiring majority stakes in a portfolio of U.S. shopping malls from Westfield Group, a Sydney-based retail property group.
The purchase price is said to be roughly $1 billion and the seven malls have not been identified, though several are thought to be part of a group of malls Westfield put on the market last year. Read More
Among the most sought-out asset classes of investments are multi-family rental properties. Two of the most active lenders for this asset class were government-sponsored enterprises Fannie Mae and Freddie Mac, both of whom increased their multi-family lending in 2011 to $44.7 billion, marking double-digit increases. Read More
The real estate developer and investor Daniel Brodsky is in negotiations to buy the Desmond Tutu Center, a conference and hotel facility owned by the General Theological Seminary in Chelsea. Read More
The demand for office space is New Jersey is considered “tepid” in a report by Cassidy Turley.
The Northern New Jersey office market ended the third quarter with a vacancy rate of 14.5 percent, a slight increase from the end of the second quarter. Office-market activity slowed in the third quarter, resulting in 339,408 square feet of negative absorption. Class B office space continues to account for the majority of negative absorption in the market, representing 92 percent of this quarter’s negative demand. Read More
