Free Market Trade

Barry Sternlicht starts again.

Barry goes even higher end.

Albertsons

After falling apart, the Albertsons deal looks like it will move forward.

Vines and Real Estate

Operating under the theory that there should be a REIT for everything, Vintage Wine Trust adds to its portfolio of Vineyards. These are mainly sale/leaseback deals. I haven't dug into the economics, but one idea I like is using a vineyards as an amenity to housing. Much like a golf course development, given the popularity of wine and the romanticism associated with living/owning vines, I thought you could have each homeowner take an equity stake in the Vineyard. Of course everyone will want to make their "own" wine and the "Clubhouse" can operate like a wine co-op. Each owner can choose blend their own grapes and use their own barrels.

Musicland Files for Chapter 11 Bankruptcy

Does the model of buying retail companies for their real estate apply to in-line tenants as well as box tenants? It will be interesting to see now that Musicland Files for Chapter 11 Bankruptcy. Although they have Media Play boxes, most of their Sam Goody and Suncoast Motion Picture stores are in-line. Sun Capital is the major investor in Musicland and they have been involved in other retail/real estate deals. The true value in these deals depends on the details of the leases. Small changes in wording have a huge impact on value.

Oops wrong guy

Zarqawi, Zawahri it is so hard to keep track. The tradesports contract for the capture/killing of Zarqawi jumped last night on the news that an attack in Pakistan targeted Zawahari. It calmed down after the news became clear who was targeted and they might not have got him anyway.

Confusion over the names or was the market indicating that if the intelligence was good enough to get Zawahari, Zarqawi can be far behind. My guess is the former.

The Alito Volatility Index

Great article from CrossingWallStreet.com: The Alito Volatility Index. I am long on the Alito confirmation contract but don't have a position in the number of votes contract. I would expect his volitility to decline after the hearings wrap-up and senators decide which way they will vote.

Mills Corp-- The upside

One piece of good news from Mills Corps latest woes (restated earnings, management cuts, project pipeline reductions) is the cancellation of the Mills pier project in San Francisco. This project was the winner in a controversial competition with the developers of Chelsea Piers to redevelop an area of the San Francisco waterfront. Don't get me wrong, I appreciate a good mall more than most and definitely don't subscribe to the usual hysteria about the "mall-ifacation" of America. That said, the idea of a Mills mall on the Embarcadero was a terrible one. I hope they revitalize the Chelsea Piers concept for the site.

Tishman Speyer moves into India

Tishman Speyer, in what continues to be a trend, anounces a partnership with ICICI Ventures to develop in India. ICICI has launched a $250 MM fund to focus on real estate.

The markets are ahead of the polls in Canada

  The Liberals have taken a massive dive in the past week or so. The polls are starting to reflect what the markets have been hinting at.