Tuesday, May 29, 2007

Blackstone's auction finally comes to Chicago

About time. And again, a sale of a whole portfolio rather than piecemeal sales. This makes sense as a lawyer because you make the buyer take both the good and the bad; if there is some crazy due diligence issue (assuming there is any due diligence period at all), you force the buyer to tank the whole deal over it.

Is Chicago just a less-hot market, is this just the plan or were there behind-the-scenes issues? I don't know. All I do know is that the prices will be too high for many opportunistic investors and that I agree with Crain's that there will be a second round of flips to still more people playing parts in this feeding frenzy. Nor does it mean the frenzy will last forever.

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