• Embed Doc
  • Copy Link
  • Readcast
  • Collections
  • CommentGo Back
Download
 
Managing director
David Lucey
is leav-ing
Fidelity Investments
at yearend.Lucey is legal counsel and head of theasset-management team for the Boston-based real estate group. He joinedFidelity five years ago. Managing direc-tor
Jeff Tapley,
a 15-year Fidelity veteranwho has primarily worked on acquisi-tions, will assume Lucey’s duties.
Barry Berkowitz
has joined
Newmark Knight Frank Capital
as a managingdirector in New York. He will assistbuyers and sellers of loans and proper-ties, including distressed real estate.Berkowitz previously worked at NewYork advisory firm
Carlton Group
andbrokerage
Eastern Consolidated.
He hasalso invested via his own company,
Beta 2.CB Richard Ellis
is looking for a brokerto head up its multi-family investment
THE GRAPEVINE
Placement Agents Shift to Advisory Focus
With few funds in a capital-raising mode, placement agents have shifted theirfocus to advising fund operators and their limited partners on how to navigate thetroubled real estate market.Industry pros said 2009 will be remembered as the toughest year in recentmemory for placement agents, with the bear market forcing the downsizing of operations. The survivors are being asked to defend their industry’s past practicesto the
SEC,
even as they struggle to keep their businesses afloat.“The people who remain are the ones who have been able to transition the busi-ness to advisory services in a much tougher environment,” said one market veter-an (see list of placement agents on Pages 9-10).With their main line of business — soliciting capital for new funds — largelydead for now, placement agents are assisting fund operators on interactions with
See PLACEMENTonPage 8
CenterPoint Targets Industrial Plays in Calif.
A year after opening its first West Coast office, industrial investor
CenterPointProperties
is looking to make a big splash in the region.The Oak Brook, Ill., firm is viewed as a leading contender to buy a 2.5 million-square-foot portfolio of California distribution properties being offered by
Panattoni Development
— among the largest industrial offerings this year.
CB Richard Ellis,
which is advising Sacramento-based Panattoni, is expected topick a winner this week. The fully occupied properties, in Ontario and RanchoCucamonga, could trade for as much as $135 million. That would translate into aninitial capitalization rate between 8% and 8.5%.Regardless of the auction’s outcome, CenterPoint is poised to be a dominantbuyer of similar properties in Southern California. It could acquire $1 billion of properties within 3-5 years.The 25-year-old company was acquired in 2006 by
CalEast Global Logistics,
a
See CENTERPOINTonPage 7
Chadwick Takes Reins of Calif.Brokerage
William Chadwick,
a founder of real estate investment bank
Chadwick Saylor,
has been named chief executive of 
Multi-Housing Capital Advisors,
a Beverly Hillsapartment brokerage operation that broke away from
Transwestern
in January.The surprise move lifts the profile of the operation and marks Chadwick’sreturn to commercial real estate after his quiet departure from Chadwick Saylorlate last year.Until January, the multi-family brokerage operation was affiliated withHouston-based Transwestern and operated under the name Transwestern Multi-Housing Capital Advisors, focusing on California. But the two parties agreed topart ways, leading to the formation of a new, independent company under mostlythe same management team.The company was founded by principals
Curtis Palmer,Herb Chase
and
AndySands.
Palmer and Chase are Transwestern alumni. Sands was formerly a seniorpartner of 
ING Realty Partners.
Several other Transwestern executives stayed on at
See CHADWICKonPage 6
9
PLACEMENTAGENTS
3
Equity Sought for FDIC-Asset Fund
3
Distressed Calif. Condo Project Sold
3
Industrial Fund Shifts to Debt Plays
4
Developer Seeks Equity for 2 Funds
4
Cornerstone Hotel Fund Posts Loss
5
Distressed Retail Plays Emerge in Ga.
6
Lender Shops Seized Hotel in NJ
7
Trident Pursues Troubled Portfolio
7
Distressed Student Housing on Block 
8
Capmark Lists Foreclosed Va. Offices
11
Cigna Complex on Block Near Dallas
OCTOBER 28,2009
See GRAPEVINE on Back Page
of 00

Leave a Comment

You must be to leave a comment.
Submit
Characters: ...
You must be to leave a comment.
Submit
Characters: ...