Wednesday, May 4, 2011

CoStar Group buys LoopNet for $860M | Washington Business Journal

Commercial real estate data company CoStar Group Inc. has acquired San Francisco-based competitor LoopNet Inc. for $860 million, doubling CoStar’s paid subscribers to 160,000.

The acquisition brings D.C.-based CoStar’s total active listings to 2 million.

CoStar will fund the deal with a $415 million loan and $50 million revolving credit facility from J.P. Morgan.

Under the deal, announced Wednesday and expected to close by the end of 2011, LoopNet shareholders will receive $16.50 per share and .037 shares of CoStar stock for each share of LoopNet stock they own.

The deal represents a 31 percent premium to LoopNet’s closing price Tuesday. LoopNet’s stock ended Wednesday at $14.37 per share.

CoStar's stock ended Wednesday at $61.38 per share, up 1.88 percent from its previous close.

LoopNet is a content partner of American City Business Journals, parent company of the Washington Business Journal.

CoStar, which was founded in ...

Read more: 
CoStar Group buys LoopNet for $860M | Washington Business Journal 

Forbe's Best Cities For Jobs: No. 4 McAllen-Edinburg-Mission

By Joel Kotkin and Michael Shires
These may be far from the best of times, but they are no longer the worst. Last year’s annual “Best Cities for Jobs” list was by far the most dismal since we began compiling our rankings almost five years ago. Between 2009 and 2010, only 13 of 397 metropolitan areas experienced any growth at all. For this year’s list, which measured job growth in the period between January 2010 and January 2011, most of the best-performing areas experienced actual employment increases — even if they were modest.
For Forbes’ list of the best cities for jobs, we ranked all 398 current metropolitan statistical areas, based on employment data from the Bureau of Labor Statistics reported from November 1999 to January 2011. Rankings are based on recent growth trends, mid-term growth and long-term growth and momentum. We also broke down rankings by size —smallmedium and large — since regional economies differ markedly due to their scale.
Reflecting the importance of the war effort in stimulating local economies, command of this year’s best place for jobs was handed to the Army from the Marines. Killeen-Temple-Fort Hood, Texas, shot up to No. 1 from No. 4, while Jacksonville, N.C., last year’s first-place winner and home to Camp Lejeune, dropped to 19th place.
Once again the best places for jobs tended to be smaller communities where incremental improvements can have a relatively large impact. Eighteen of the top 20 cities on our list were either small (under 150,000 nonfarm jobs) or mid-sized areas (less than 450,000 jobs).
But no place displayed more vibrancy than Texas. The Lone Star State dominated the three size categories, with the No. 1 mid-sized city, El Paso (No. 3 overall, up 22 places from last year) and No.1 large metropolitan area Austin (No. 6 overall), joining Killeen-Temple-Fort Hood (the No. 1 small city) atop their respective lists.
Texas also produced three other of the top 10 smallest regions, including energy-dominated No. 4 Midland, which gained 41 places overall, and No. 10 Odessa, whose economy jumped a remarkable 57 places. It also added two other mid-size cities to its belt: No. 2 Corpus Christi and No. 4 McAllen-Edinburg-Mission.