The Ear - Heard on the Street

On the Waterfront

A major consultingfirm is hosting an event for commercial real estate brokers at APM Terminals in Portsmouth to present available “opportunities.” Does this mean APM, whose sister company is shipping line Maersk Line, both of which are owned by Danish-based AP-Moeller Maersk, has the inside track on taking over the state-owned terminals?

Off with their heads

Heads apparently rolled at a shipping firm earlier this week, which is being gutted and dismantled by its outside parent. The local shipping community has dwindled over the years to nothing more than a few lingerers. While politicians and business leaders laud the local maritime industry, they are blind to what is happening out here. Shred Virginia International Terminals Inc., the port’s operator, and you will see the dollars – which flow to attorneys, accountants, other shipping firms and the state -- flee to Asia and Europe.

Follow the leader

A well-known property owner and builder and influential force in politics is said to be contemplating gathering its properties into a portfolio to create a publicly traded real estate investment trust, as did Wheeler Interests in November. If you haven’t heard, the capital gains tax may rise if Congress doesn’t act soon, so this company is hedging its bets.