SAN DIEGO -- Charles Adolphe, a commercial real estate broker who has handled more than $250 million in San Diego County lease and sales transactions over the past 25 years, announces the formation of Adolphe Commercial Real Estate, a full-service brokerage company.
The new firm will specialize in all facets of commercial real estate brokerage with a focus on industrial and office properties throughout San Diego County including Otay Mesa, Eastlake, Chula Vista, Kearny Mesa, Miramar, Poway and Carlsbad.
Adolphe most recently was a senior vice president with Grubb & Ellis (PNK: GRBEQ).
Prior to that he was a director with Cushman & Wakefield and before that was a vice president with Burnham Real Estate.
“This very exciting move for me is driven by the needs of real estate owners and businesses who want the expertise of a seasoned and trusted professional along with the personal attention and flexibility offered by a smaller, privately-owned firm,” Adolphe said.
“The current real estate market is challenging and the ability to make timely, informed decisions is crucial to seizing the right opportunities.”
Adolphe's track record includes being a pioneer in the Eastlake commercial real estate market as well as in Otay Mesa.
The new brokerage is located at 5666 La Jolla Blvd., Suite 15, La Jolla. The phone number is 619-823-5340.
Big Miami sale
MIAMI BEACH -- Sean Shahar Ziv, an associate in the San Diego office of Marcus & Millichap Real Estate Investment Services, represented the seller and procured the buyer of a 22,857-square foot Walgreens drugstore in Miami Beach for $30 million.
Kirk Felici, vice president and regional manager of Marcus & Millichap's Miami office, is the firm’s broker of record in Florida.
The overall price is the second highest paid for a drugstore in the United States this year and the highest price attained by a net-leased asset in Miami Beach so far this year.
“This Walgreens has a 60-year triple-net lease that began in July 2008, with 25 years firm,” Ziv said.
The two-story Miami Beach Walgreens is in the center of Miami Beach's Art Deco District.
This is the second high-profile Walgreens transaction for Ziv in 2012. In May, he represented the buyer of a Walgreens on the Las Vegas Strip for $27.8 million.
Thermometer for sale
(AP) -- The 134-foot landmark in Baker, Calif., billed as the world's largest thermometer, has been put up for sale.
The asking price: $1.75 million.
The Los Angeles Times reported Thursday the price includes the now vacant gift shop at the base and four acres of land around it.
Erected in the sweltering city in 1991, the thermometer with nearly 5,000 light bulbs was intended as beacon for motorists headed to and from Las Vegas on Interstate 15.
But with light bills of about $8,000 a month, the current owners have kept it dark and residents have come to regard it as an eyesore.
Realtors at Coldwell Banker Commercial say two billboard companies have indicated interest.
(AP) -- A state evaluation of TransCanada Corp.'s route for the Keystone XL oil pipeline through Nebraska has been sent to the governor.
The office of Gov. Dave Heineman said Friday that he has 30 days to review the more than 2,000 pages before making his decision.
His decision will be shared with the U.S. State Department, which has federal jurisdiction because the pipeline begins in Canada.
The State Department recommendation will go to President Barack Obama, who has the final say.
TransCanada's pipeline is designed to carry tar sands oil from Canada across Montana, South Dakota, Nebraska, Kansas, Oklahoma and Texas. The company also has proposed connecting it to the Bakken oil field in Montana and North Dakota.
(AP) -- The largest wind farm ever built in Kansas is now in full commercial operation.
BP Wind Energy and Sempra U.S. Gas & Power said Thursday the $800 million Flat Ridge 2 Wind Farm generates 470 megawatts of electricity.
Flat Ridge 2 is spread over a 66,000-acre site in south-central Kansas.
The companies said the farm uses 294 turbines each with the capacity to produce 1.6 megawatts, generating enough electricity to power more than 140,000 average American homes.
Power generated from the facility will be exported to Missouri, Arkansas and Louisiana.
The project created more than 500 jobs at the peak of construction. About 30 permanent jobs have been created to monitor and maintain it now that it is online.
(AP) -- Nebraska is imposing limits on the use of the Republican River to make sure enough water flows downstream to Kansas this year in the midst of a drought.
The state Department of Natural Resources issued an order this week requiring additional conservation measures in the river basin to help Nebraska comply with a long-standing agreement with Kansas and Colorado.
Several conservation measures have been put in place since Nebraska last used more of the Republican River's water than it's entitled to, but the Upper and Lower Republican River Natural Resource Districts will have to take additional steps to comply this year.
(Bloomberg) -- SolarCity Corp., the solar-power provider led by billionaire Elon Musk, rose the most since its initial public offering last month after saying installations will climb 60 percent this year.
The San Mateo, Calif.-based company's stock has increased 83 percent since it debuted at $8, and has now advanced for nine straight days.
Installations of rooftop solar systems will climb to 250 megawatts this year, up from 156 megawatts in 2012, SolarCity (Nasdaq: SCTY) said Thursday.
The company, which builds solar systems on customers' rooftops and sells them the electricity, reported a $95 million net loss in the 12 months through September.
Chief Executive Officer Lyndon Rive said Dec. 13 that the company will become cash flow positive by the end of this year as new customers generate enough revenue to cover the cost of buying and installing panels.
Lloyd's sells loans
(Bloomberg) -- Lloyds Banking Group Plc sold its loans in Ireland's Moran Hotel Group to Canyon Capital Advisors LLC, according to the hotel operator.
Lloyds (NYSE: LYG) agreed to sell as much as 140 million euros ($183 million) in loans at a discount of about 70 percent to a unit of the U.S. hedge fund, said two people with knowledge of the transaction who declined to be identified because the information is private.
Lloyds, the United Kingdom's largest mortgage lender, is selling Irish loans after being caught up in the implosion of the country’s real estate bubble.
The London-based bank has taken 11.8 billion pounds ($18.9 billion) of impairment charges on Irish loans since the property collapse in 2008, according to Bloomberg News calculations. That equates to about 40 percent of its peak Irish loan book.
(Bloomberg) -- Property Perfect Pcl, a Thai developer, expects revenue will jump 50 percent to about 15 billion baht ($493 million) as economic expansion and income increases boost demand for condominium and houses.
The Bangkok-based company plans to start selling more condominiums and town houses in the capital this year, Vice Chairman Chainid Ngowsirimanee said Friday.
The company's revenue from sales of land and houses climbed 1 percent to 6.25 billion baht in the first nine months of 2012, according to company statements on Nov. 12.
“It should be another record year in 2013 as demand for residential properties in Bangkok and nearby provinces remains very robust,” he said.
Land & Houses Pcl shares climbed to an eight-year high in Bangkok after Credit Suisse Group AG (NYSE: CS) picked the Thai residential property developers as its favorite industry amid cheap valuations.
Land & Houses is Thailand's largest home developer by market value. Pruksa Real Estate Pcl, the second-largest developer, and Property Perfect Pcl also advanced.
(Bloomberg) -- U.K. mortgage approvals rose to the highest in 10 months in November, adding to signs that the Bank of England's (BOE) credit-boosting program is helping to ease strains in lending.
Lenders granted 54,036 mortgages, the most since January 2012, compared with 53,071 in October, the BOE said Friday. While approvals are increasing, they are still only about half the monthly average in the decade to 2007, when the financial crisis struck.
The data comes a day after the central bank published a survey of lenders showing the availability of mortgages rose “significantly” in the fourth quarter.
The Credit Conditions Survey also showed that demand for home loans increased in the quarter and that spreads narrowed “significantly.”
The BOE lending data showed that net mortgage lending fell by 169 million pounds ($271 million) in November.