From the Daily Record:
Large East Hanover industrial park sells for whopping $217.5 million
In what is being touted as New Jersey’s biggest industrial real estate deal of the year, 1.2 million square feet of light industrial space in East Hanover was sold earlier this month to a real estate investment fund for nearly $218 million.
JLL Capital Markets announced that it represented owner Urban Edge Properties in the $217.5 million sale of the seven-building portfolio to an investment fund managed by Morgan Stanley Real Estate Investing, and its operator and manager, New Jersey-based Saxum Real Estate.
The property is fully occupied by 13 tenants, according to JLL’s sale announcement.
“This was a remarkable transaction for both the seller and the buyer,” said JLL sales team member Jose Cruz. “The experience and financial wherewithal, collectively, was instrumental to getting a deal of this size done in the current environment.”
First
Yep, from the WSJ:
Congrats, Your House Made You Rich. Now Sell It.
Forget the old slogan about there never being a better time to buy a home. For baby boomers, there might never be a better time to sell.
3rd!
Sell Muppet Boomers! Cash out and go to leisure city! Fill your gullet with the buffet at the community center!
I think I should sell and work on my comb over. I think older chicks dig the comb over and a bit of a gut. I have a pickup line: “Hey babe, can I put some frosting on your cinnamon buns?”
So, that industrial park above is going to maintain the light industry? They’re not going to plow it and build a tower of a thousand cardboard condos/townhouses?
Like I have said over and over on this blog for the past decade. Demographics matter. At heart, every investment is a ponzi scheme. If you don’t think so, you are lying to yourself. Demographic headwinds for real estate next decade are no good, unless we get a bunch of educated immigrants to fill the demand side.
grim says:
November 21, 2023 at 7:55 am
Yep, from the WSJ:
Congrats, Your House Made You Rich. Now Sell It.
Forget the old slogan about there never being a better time to buy a home. For baby boomers, there might never be a better time to sell.
Wait until mortgage rates fall within the 6% range after the FED drops rates next year. That 3bd/1.5bth cape in Saddle Brook is going to sell for high six digits.
Catching up on old news:
Free and clear home ownership: Got to be over 90% in my town in FL, Longboat Key. Full of wealthy retirees, and a few people like me (paid off, but still working). But property taxes, insurance, and for many, Condo association fees, can be bigger than what mortgage payments would have been. And if you aren’t a dues paying member of the Longboat Key Club, you’re just a beach bum.
OpenAI; There’s a fundamental conflict between structuring a company for an altruist mission, yet trying to be a growing business. Of course most employees are more interested in winning a piece of the profits from an IPO than they are in “saving the world” from a sci-fi fantasy story. I hear the board is also infected with the “effective altruism” virus, besides the doomerism. This board is the logical consequence of boards that lose their focus on long term profitability as a guiding purpose, instead getting pulled in the many contradictory directions of “social good” which the ESG movement tries to foist upon all boards these days.
This critique of altruism applies to companies too:
aynrandlexicon.com/lexicon/altruism.html
By the way, you notice how the media put blindfolders on in not mentioning slow joe’s 81st birthday?
I can’t wait for all these stupid D2C companies to die. Cheap capital has spawned entire legions of products that should not have seen the light of day. From this manbun moron peddling $150 pens, to PAAS/SAAS products. Die. Die.
h**ps://tactileturn.com/products/nitro?variant=40798469095529
Fast: I thought they were already selling for high 6 digits. I think they will sell for low seven digits.
Boomer.
You are correct about these D2Cs. Though their ad revenue may be the fuel behind all of the social media darlings, as it seems to be the only advertising they are carrying these days. And the products are so clearly junk. I actually fell for one (yes, Captain Cheapo, who knows marketing is all about fleecing the customer). About three years ago, I bought a pair of comfort sneakers for $30. They were sort of a mix between Keds and Sketchers. Unfortunately, they used the cheapest manufacturing methods possible. They looked like they were nearly pressed out of a mold in one piece. Not only were they uncomfortable, but they didn’t breathe at all. Probably, because there was no stitching to be had. I threw them right into the trash after about an hour of wear. Happy Meal prizes probably cost more to manufacture than those stinkers.
NY Fed bank says record number of people applying for auto loans this year were not approved. That’s just temporary, when Fed lowers rates next year , we will be back in business. This is just a refreshing pause. Soft landing is real!
Signs of consumer slowdown everywhere…not just the retailer reports, but seeing incentives to buy in my feeds I haven’t in a while…car I was trying to find six months ago that was priced at or over MSRP?
Dealers reaching out to me with bargains and the mfr sent me a targeted cash-back coupon, ie. negotiate your best deal at the dealership then slap the number down for another $1500 off compliments of the mfr….
3B,
What did you think of that Tangle I posted the link to yesterday?
“At heart, every investment is a ponzi scheme.”
Please continue to listen to your breadwinner regarding any investment portfolio….
Signs of consumer slowdown everywhere…
Nonsense. Credit spread across eight credit cards will allow you to go hog wild for a decade. Spend baby, spend!
Lib: Missed it yesterday, just skimmed it now, will go back and read more thoroughly. My basic understanding is he believes we will have a recession, but then the Fed will have to lower rates again. Does not talk about how much, or what happens after the Fed lowers rates. Is it back to the races so to speak?
Fast: I still get 0 percent interest rates for a year or more offers in the mail, with attached checks, just deposit the checks and boom I have the money. I have a high credit score , but still these offers are still out there. After the introductory period the rate shoots to 29.9 percent!
He is all about lag time in the data. So he thinks the FED probably overshot already and also should have raised the rates quicker than they did. Therefore, they should start lowering the rates BEFORE the recession to try to avoid it. Especially considering that we are already in the recession, evidenced by rental rates, which have already dropped significantly in all areas, though it hasn’t shown up in the data yet in the desirable areas.
It’s pretty interesting. The only place where I think he puts too much emphasis is on the fact that every interest rate increase is followed by a recession which has lagged from 5 months to 18 months except for once, when there was no recession.
He also said FED should have been raising rates under Trump (no duh) and especially while putting out all that stupid stimulus during Covid.
3B,
I have nearly $400,000 in credit card availability. My score is 827. The only difference in the balance transfer checks and no interest offers are about 1% higher transaction fee on the transfer (was 3% of total, now 4%) and the no interest offers aren’t quite as long as they used to be. Most are about a year now. They all used to be at least 18 months. Good credit is good credit. Sadly, those with good credit are the least likely to need to borrow. And when they do, they are extremely low risk to welch on the loan.
The issue with the law is that they pretty much made everything except a public street a “sensitive place”. With a mandatory minimum sentence of years if you run afoul of the law. It essentially renders a carry permit useless.
The state was forced to issue permits under the Bruen ruling. So they passed a law in response that restricted carry just about everywhere….including private property.
OC1 says:
November 20, 2023 at 5:18 pm
“Her conviction would have been overturned anyway. The NY and similar NJ law are on a fast track to be declared unconstitutional.”
D-FENS- are the NJ and NY restrictions on guns in certain palces being challenged in court?
I rather think that SCOTUS will leave those types of restrictions mostly in place for the simple reason that it would be difficult for them to issue a sensible ruling that would allow guns to be carried on, say, the subway, but still be prohibited in courtrooms (especially their courtroom!).
Lib: I don’t disagree with his analysis, but would want to know his views on what happens after the Fed starts to lower rates, and why after all the excess these last few years with negative rates etc, why the need to lower rates when the recession is official.I would think there should be a clean up of all the excess, and you get that by maintaining rates higher for longer( to use Fed speak). What will lowering rates do, reignite inflation, pump up asset values again? Are we just rinsing and repeating?
Lib: I still get some of the 18 mont offers , but not like the past, but still getting the one year offers, almost every week. The offers just get extended another month out from the previous months offer. I have used these in the past, but always pay them off well in advance. They don’t get a dime out of me.
What do you guys think of Murphy’s plan to adopt CA emissions regulations and ban internal combustion engine vehicle sales by 2035? Should I upgrade my POS cape’s electrical to 200Amp now before the rush?
You clearly are a moron. Every investment requires to be in early, and sell to the next sucker. Prove me wrong.
leftwing says:
November 21, 2023 at 9:49 am
“At heart, every investment is a ponzi scheme.”
Please continue to listen to your breadwinner regarding any investment portfolio….
The timeline seems dubious. Phil’s off shore wind farm plan imploded. So where are the renewables going to come from. Of course that plan may relaunch, but with a sticker shock for the electric rates.
Phil should stick to what he knows best, grooming and buying elections.
tHe eLeCtIon wUz sTolen
Do these effective altruists ever pick trash off the street and toss it in the trash can?
sO wAs PuMpKiN’s BrAiN
What’s with that Argentinian president’s hair?
What do you guys think of Murphy’s plan to adopt CA emissions regulations and ban internal combustion engine vehicle sales by 2035? Should I upgrade my POS cape’s electrical to 200Amp now before the rush?
Never happen. The grid can’t handle it. All of these states trying to lead it end up begging their residents to stop running AC almost immediately. Bad ideas do die old, but we’ll never even come close to these nonsensical goals.
We could get the entire wind farm up and it would be useless. If you know anyone that works at power plants, they joke about the Megawatts produced by these renewable projects.
This is incredible:
6 months ago, markets were expecting 4 rate CUTS in 2023.
4 months ago, markets switched to expecting 3 more rate HIKES in 2023.
2 months ago, markets saw a 50% chance of 1 more rate HIKE in 2024 and CUTS starting in September 2024.
Now, markets expect no more HIKE and rate CUTS beginning in May 2024.
There’s a growing 30% chance of rate CUTS beginning in March 2024.
Futures have never been more volatile.
“You clearly are a moron.”
OK pancake boy.
“Futures have never been more volatile.”
Says someone who doesn’t even know the ticker without looking it up, and doesn’t have his broker’s permissions to trade it even if he did. Ass clown, lol.
Want a cookie? Will that make you feel better?
leftwing says:
November 21, 2023 at 11:53 am
“You clearly are a moron.”
OK pancake boy.
“Futures have never been more volatile.”
Says someone who doesn’t even know the ticker without looking it up, and doesn’t have his broker’s permissions to trade it even if he did. Ass clown, lol.
And prove me wrong…instead you bash me. Moron. Go eat your cookie now like a good boy.
“Futures have never been more volatile.”
I can clearly see that on the Vix graph this past year
While that may be true…I don’t think any of that changes things. He’ll still make us adopt CA’s vehicle emissions laws.
https://nj1015.com/nj-will-ban-all-gas-cars-by-2035/
BRT says:
November 21, 2023 at 11:24 am
Never happen. The grid can’t handle it. All of these states trying to lead it end up begging their residents to stop running AC almost immediately. Bad ideas do die old, but we’ll never even come close to these nonsensical goals.
What’s interesting is “used” internal combustion vehicles are exempt from the mandate. I imagine dealers will come up with some creative workarounds…
When Cash for clunkers came out, I know a guy in the lot who was filling out the paperwork and collecting thousands of dollars for every engine “destroyed”. Every car was put into a shipping container still working and sent overseas. Probably got rich off it.
“I can clearly see that on the Vix graph this past year…”
Hahaha.
I know, I know…he’s an idiot and should just breeze past his inanities…
“And prove me wrong…instead you bash me.”
I’ll prove you wrong when you use the term ‘ponzi scheme’ correctly in your argument, dumbass. LOL.
I don’t doubt they’ll try, but sooner or later people throw in the towel. There are plenty of videos online of people in line at 2 am waiting hours to charge their vehicles in California.
Yawn.
leftwing says:
November 21, 2023 at 12:15 pm
“I can clearly see that on the Vix graph this past year…”
Hahaha.
I know, I know…he’s an idiot and should just breeze past his inanities…
“And prove me wrong…instead you bash me.”
I’ll prove you wrong when you use the term ‘ponzi scheme’ correctly in your argument, dumbass. LOL.
BRT,
It’s not just California. Go to any Wawa along I95, south of Jersey. You will always see three or four Tesla drivers napping as they refill their climate controllers. It’s laughable.
And it looks like the initial demand for virtue signaling has worn off. ALL of the electric car producers and related companies are in major pain right now as demand has completely evaporated lately even with the significantly lower pricing and Biden’s tax credits.
Or maybe it’s the economy and people are seeing gas starting with a 3-handle and questioning their needs to save the world?
I have nearly $400,000 in credit card availability.
Hookers and blow for everyone!!
Dr Who time traveled from 1970 and won Argentina’s election.
More PR from his lawyers? This time WSJ.
Binance and its CEO Changpeng Zhao agreed to plead guilty to criminal and civil charges under a deal worked out with the Justice Department, the Wall Street Journal reported
There’s two facets of the EV buyer: There are those that need a musk mobile, and those that are looking to purchase EV variants of various vehicles.
Biden’s requirement for portions of the EV put many EV purchases on hold, I know it put my EV purchase on hold. Consequently, I plan to buy out this non-US built EV own as I have already harvested the full seven and a half grand from the government. The strings attached for the EV tax credit have moved the price needle on many cars up by a bit, add to this auto credit rates and you have a plunge in demand.
Greetings from an alternate reality.
Happy Thanksgiving all.
Grim – Have you recovered from the OpenAI shock and contacted your Microsoft rep?
Engineers three years ago would have never thought they would quit a startup to go work for Microsoft!
I have spoken with our super secret AI team hidden in the EU. Documentation is spotty so far. There is an upcoming architecture review in a week that I will be a part of. I’ll pick you brain afterwards.
Re: “400,000 in credit card availability”
You should go bust the house in Vegas Rainman….
I only have that kind of CC space since I open a new one every time they give away the house to get members. Come to think of it, Gator Jr. is gonna need to ride the Autotrain, back from UF this Spring. Time to get Gator to open an account. Another free ride home in a private bedroom with car in tow.
And don’t think for a minute that I don’t plan to go hog wild on AMEX’s coin if I am ever diagnosed with a terminal medical condition. Booyah, Scrooyah!
Plus, I’m a good driver.
I do have a cousin that left the good old Bronx and the USA for good decades ago when he turned 28 years old. He made sure to max his credit all the way before skipping. He lives happily now in New Zealand.
Juice,
Why the hell wouldn’t you. I’m sure the third of credit card users that max out their accounts and pay the issuers handsomely support your cousin’s wise decision.
With age comes wisdom. The only real personal moral hazard is the hazard of behaving morally.
Juice: Not a whole lot to do in New Zealand!
Lib: The only real personal moral hazard is the hazard of being moral. In other words it does not pay to the do right thing, because the feckers will feck you. Wisdom indeed.
NAR wants a temperature tax credit to entice owners to list their houses to free up inventory. I must say the unmitigated gall!!
Exactly. Learned that in the financial crisis when the government bailed out Wall Street, and all the smart people who took out mortgages with none of their own risk involved. What a dolt I was for putting 20% down and paying my mortgage on time.
Libturd: Agreed.
NAR wants a temporary tax credit I should have said.
Another OpenAI opinion the fat lady still has to sing…
https://www.theregister.com/2023/11/21/kettle_openai/
“Learned that in the financial crisis when the government bailed out Wall Street, and all the smart people who took out mortgages with none of their own risk involved. What a dolt I was for putting 20% down and paying my mortgage on time.”
The historical revisionism for justification of those actions is profound. This government lost me with those two actions. I grew up not just flag-waving, but front of the parade flag bearing, white bread, whole milk, flyover country patriotic…after I spent my three decades in the City seeing and doing some really crazy financial shit, yet 2008 sealed it for me. From the inside. Fuck ’em. Take what you can, everyone else is.
My buddy still pilfering about 10-20% of his ShopRite bill…SOB just closed on a piece of CRE more valuable than most that house their stores…LOL
3B – after leaving here he ended up working for Vodaphone and now a government job in New Zealand. Both technology jobs. He also had a very popular band for years that played Irish music and rock n roll etc all over New Zealand. BTW big supporter of the former PM Jacinda and pretty much all liberal causes. I don’t bother to pester him on Facebook other than how ya doing etc..as his posts are well politically left and I don’t talk politics with family or really anywhere in social media…
It’s official now on Binance. No idea if anyone is going to jail based upon this press release.
https://www.justice.gov/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution
I hope the judge gives him the max.
“Following a years-long investigation, authorities allege Binance allowed bad actors to freely transact on the platform, enabling everything from child sex abuse and narcotics to terrorist financing for ISIS, Al Qaeda and Hamas’s Al-Qassam Brigades“
“ Zhao faces a maximum of 10 years behind bars, though his ultimate sentence will likely be far lower. Federal guidelines likely place the high end of a possible sentence for Zhao around 18 months. Sentencing is ultimately decided by a judge.
According to the plea deal, Zhao agreed to prosecutors’ recommendation that he pay a fine of $50 million.”
https://edition.cnn.com/2023/11/21/investing/binance-changpeng-zhao-treasury/index.html
Juice: Sounds like he had a lot of fun! I don’t do the politics either on social media. It’s either ultra left or ultra right, and I really don’t give a crap anymore about politics.
Left: it should never have been done. It’s been a mess since then.
NAR wants a temperature tax credit to entice owners to list their houses to free up inventory.
Let them eat cake.
Where do I sign up?
Fast Eddie says:
November 21, 2023 at 12:58 pm
I have nearly $400,000 in credit card availability.
Hookers and blow for everyone!!
I’m hoping I get a few more years in. On my original AMEX account, I’m up to some stupid number, like 125K. Back in the day, you could buy a car on a credit card. Today, most places balk at 2K.
I bought me a wife on credit. Sounds bad but it’s true…
All the stuff we did when we were dating, expensive dinners, $500 dollar bottles of wine and keeping the champagne flowing for her close friends when they came to visit and us ( and check out me) in NYC. Ski Trips out Western Mountains, trips to Europe, birthday and holiday gifts like jewerly etc. I went all in and and it was all on credit. Yes I paid the bill amd on time…but it was expensive dating and finding a top shelf woman in NYC.
I should write a book. Perhaps I can get JJ to write a foreword.
lol, you wonder why our foreign relations are bass ackwards. The Halal cart dude has the patience of a saint. I also love how every interaction with this foreign policy specialist has white sauce and hot sauce in the shot.
https://twitter.com/search?q=Stuart%20Seldowitz&src=typed_query
I just paid $39 for an assigned seat on the way back from Munich. $39. one seat on one leg.
That’s nuts.
I’ve flown roundtrip to Vegas for like $135. But that was like 15 years ago.