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October 27, 2009
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JLL/REDC JV
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| JLL will use REDC's online auction platform to sell notes and commercial real estate properties that may not sell in larger portfolios. REDC Group's Greg Cazel and JLL’s David Hendrickson and Michael Mounts gave us their theory: the only thing better than one investor buying a package of 50 one million dollar notes is twenty investors each buying a few one million dollar notes. |
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While you do the math on that aphorism, we’ll tell you that the first commercial property note listed this week, a 15-story mixed use residential and retail property in Indianapolis. They hope the platform will help local investors who know their home market. Combining REDC's auction prowess (4 million registered bidders) with JLL's experience (if we have to tell you what JLL does, you're reading the wrong publication) the hope is to have hundreds of properties and notes posted for auction by year's end. Each auction will have a pre-auction period for potential investors to perform due diligence.
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Celebrating the JV at Rockit Bar after the ABA conference yesterday, JLL's Paige Steers and Ben Herrig flank REDC's Rich Kent. Rich thinks he may have interested some banks at the conference. And congrats to Ben, a new dad! (That's also a JV of sorts.)
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We try to stay behind the camera, but when CHiPs star and REDC spokesperson Erik Estrada showed up, we made an exception. He’s with Bisnow's own Michael Farber and Maureen Wilkey. Ponch loves Bisnow, too!
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| Foresite's Foresight |
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| Workouts and receiverships were already on the mind of Foresite Realty Partners Bryan Sullivan, Greg Nieder, and CEO Don Shapiro back in 2005 (the same year it added Jamie Hadac, left, in asset management). Now with more than 100 employees working third party “problem-solving” from workouts to leasing, the team has over 50 court-ordered receiverships throughout 16 midwestern states, about half of in Chicago. Because more foreclosures are being caused by the market (instead of problems with the lender, or the building itself) Don is seeing creativity, like owners saying that the receiver can change contracts but not leases. |
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Foresite works with diverse assets: ice skating rinks and gas stations, to office, retail, industrial, and apartment buildings. But it sold the last of its buildings in the first quarter of 2007 and now only does third-party work. Jamie, a multifamily specialist, says his sector can be especially difficult because tenants are trying new tactics; eg, someone who falls on the property is much more inclined to sue if they've lost their job and can't pay rent.
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| UPCOMING EVENTS |
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October 28 - Chicago School of Real Estate - Real Estate Gala, with keynote Penny Pritzker - 5-9:30pm - Four Seasons. Info
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| Send story ideas to Maureen Wilkey, maureen@bisnow.com |
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This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. © 2009, Bisnow on Business, Inc., 1323 Connecticut Avenue, NW Washington, DC 20036. All rights reserved.
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