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KBS REIT completes Sugar Land deal

By Inman News, Tuesday, April 3, 2007.

KBS Real Estate Investment Trust acquired the Offices at Kensington, a 170,436-square-foot commercial project in Sugar Land, Texas, for an undisclosed amount.

ING Clarion sold the facility, which comprises two four-story buildings on a 9.5-acre site.

At the time of sale, the property was 85 percent leased to 35 tenants.  more...

Ocean Park Plaza nets $254 a square foot

By Inman News, Tuesday, April 3, 2007.

Broadreach Capital Partners has acquired the 96,388-square-foot Ocean Park Plaza in Santa Monica, Calif., for a price of $24.5 million.

Offshore investor Build America LLC sold the two-story, class B project, which is located at 2701 Ocean Park Blvd. Built in 1987, the building was 92 percent leased at the time of sale.  more...

Asian investors snag 139,000 square feet

By Inman News, Tuesday, April 3, 2007.

Cushman & Wakefield arranged the sale of 2100 North Central Road in Fort Lee, N.J., in one of the highest per-square-foot-price office property transactions in the city's history, according to a press statement.

A group of Korean buyers purchased the 139,000-square-foot, class A asset for $44.4 million from a partnership involving Normandy Real Estate Partners and Wafra Investment Advisory Group.

"At almost $320 per square foot, this sale reflects the desirability of trophy-caliber product in northern New Jersey," said Cushman & Wakefield's Andrew Merin.  more...

Fannie Mae plans to lay off 'several hundred' workers

By Inman News, Tuesday, April 3, 2007.

Mortgage repurchaser Fannie Mae says it will lay off several hundred employees by the end of the year as a cost-cutting measure, confirming a March 27 Washington Examiner report based on an internal company memo.

Fannie Mae is still working out the details of a plan to cut $200 million in operating expenses, but it will include the elimination of "several hundred" full-time positions, company spokesman Brian Faith told the Associated Press today.

The Washington Examiner  more...

Tech Tuesday Premium Content

By Inman News, Tuesday, April 3, 2007.

Editor's note: The following excerpts are from the Inman News Blog. The blog enables readers to comment on entries and other reader feedback.  more...

FDIC issues warning about mortgage lending sales pitch

By Inman News, Tuesday, April 3, 2007.

Some mortgage lenders are using a deceptive direct mail campaign that encourages homeowners to apply for a loan by claiming they are entitled to cash grants or equity distributions under the Community Reinvestment Act.

The Federal Deposit Insurance Corp. issued a warning Monday saying that the CRA is a real law, but that the offer is not.  more...

'I have a dream'

By Marc Davison, Tuesday, April 3, 2007.

In 1963, a man slight in stature but grand in spirit shared his dream for America. His message was broadcast in black and white, a fantastic irony of the times.

Many recoiled. Ignorance was their common thread.

Ignorance is not evil; it's an illness that's curable with proper care.

In January of 2007, inside the Marriott Times Square in New York, I detected a similar illness plaguing our real estate community. It was the context of the conference itself -- a watering hole for those thirsty for diverse ideas that shone an equally fantastic light of irony of our times.  more...

Pending sales index falls 8.5% in February

By Inman News, Tuesday, April 3, 2007.

An index that tracks pending home sales dropped 8.5 percent in February compared to the same month last year and rose 0.7 percent since January, the National Association of Realtors reported today.

The Pending Home Sales Index, which is based on signed contracts for sale transactions that have not yet closed, reached 109.3 in February.  more...

No change in overnight real estate rates

By Inman News, Tuesday, April 3, 2007.

Long-term mortgage interest rates stayed put Monday, and the benchmark 10-year Treasury bond yield dipped to 4.64 percent.

The 30-year fixed-rate average held at 5.72 percent, and the 15-year fixed rate stood at 5.45 percent. The 1-year adjustable was unchanged at 5.33 percent.

The 30-year Treasury bond yield stayed at 4.84 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...

Reacting to grocery-cart ads

By Inman News, Tuesday, April 3, 2007.

Editor's note: The following post contributed by Pat Kitano of Transparent Real Estate appears on the Inman News Blog. The blog enables readers to comment on postings and respond to other readers leaving comments in real time.  more...