Business Specialties Investment
While Hotel Investment Activity Languishes in the U.S., Market Remains Viable in Brazil
June 09, 2009
Plagued by the global recession that has slashed both business and pleasure travel, the hotel market is suffering on an international level and investors have backed away from buying or building in most locations, with a few exceptions--like Brazil. According to a new report by real estate services firm Jones Lang LaSalle Hotels, the positive long-term growth forecast for Brazil is popping up on the radar of those who are in the position to invest.
Economic Update - Starwood Eyes Distressed Sector with $500M Fund
June 08, 2009
Yet another deep-pocketed real estate entity has jumped into the grave-dancing game—only please, don’t call it that, but rather strategic investment in distressed properties. The player is a newly formed investment company called Starwood Property Trust Inc., a creation of Starwood mogul Barry Sternlicht, which filed with the Securities and Exchange Commission late last week for a public offering that aims to raise half a billion dollars to do the distressed-property boogie. It will invest in not only physical properties, but mortgages and mortgage-backed securities.
Signs of Life in 2Q as Sales Volume, Capitalization Jump
June 04, 2009
Despite overall sales figures down double digits from last year, transactions are still move forward, albeit in smaller amounts. Another good sign of real estate activity is the re-equitization of the REIT industry that continued in May as more companies deleveraged their balance sheets with equity capital raised in the public markets.
Lack of Leverage Lends Strength, REIT Week Panel Maintains
June 04, 2009
The bad news is, the United States is in a Great Recession and the commercial real estate market is likely to feel continued pain during the next two years as corporate cutbacks result in weaker fundamentals. The good news is, the public equity markets have been improving in the past few months, with returns bouncing back substantially and multiples back down to more reasonable levels as the market has responded to REIT success at raising capital through secondary offerings.
Orinda, Octagon Eye Strong Area Fundamentals for Atlanta Conversion Project
June 04, 2009
The nationwide downturn in employment is chipping away at demand in the apartment market, but there are still those communities here and there where the call for more rental accommodations remains relatively strong. To that end, Orinda Corp. and Octagon Capital Partners, having found just such a community, have acquired a 350,000-square-foot office building in a college-laden district of Atlanta for a $35 million apartment conversion project.
Economic Update - CRE Buyers Looking for Deals
June 04, 2009
Turns out that the recession is still on, at least if the latest numbers from payroll firm ADP accurately reflect the state of hiring and firing in the nation. According to ADP on Wednesday, U.S. companies cut an estimated 532,000 employees from their payrolls last month, with goods producers laying off 267,000 workers, and service providers shedding 265,000 positions.
Henderson Eyes London Office Opportunities with $330M Fund
June 03, 2009
With industry players speculating that Central London's office market will soon hit bottom, the timing appears to be just right to snap up assets in the revered locale, and London-based Henderson Global Investors is positioning itself to do just that, while taking others from around the globe along for the ride.
GM Filing Affects Industrial Sector, Local Economies
June 03, 2009
A major part of bankrupt carmaker General Motors' plans to fast track its reopening as a new, sleeker firm in 60 to 90 days, are a number of real estate-related decisions that could have an effect on commercial property industry, especially the industrial sector.
Steadfast Launches New Securities Division to Capitalize on Anticipated CRE Opportunities
June 02, 2009
With an eye on the impending onslaught of maturing debt in the real estate marketplace, Steadfast Cos. has just kicked off Steadfast Capital Markets Group L.L.C., a new securities and financial services division. The Newport Beach, Calif.-based diversified real estate investment concern's new division will give investors the opportunity to join forces with the company and take advantage of the increasing opportunities presented by the existing real estate cycle.
For Private Equity Industry, Mortgage Financing Main Challenge on Horizon
June 01, 2009
With the economy in the tank and credit markets frozen, fund sponsors have plenty to worry about, but as Ernst & Young L.L.P. concludes in a new report, their greatest issue is mortgage financing and the capacity to refinance maturing debt on commercial assets over the next 12 to 18 months.
In Slow Central Valley Market, 685,000-SF Sale Makes Splash
May 29, 2009
Industrial property sales in San Joaquin County in California's Central Valley have been practically nonexistent this year, but USAA Real Estate Co. just broke the monotony with the acquisition of a 658,000-square-foot distribution facility in the city of Tracy, about an hour east of San Francisco.
Manhattan Sales Reach 25-Year Low: Report
May 29, 2009
After a rough 2008, Manhattan's property investment market has continued to take it on the chin thus far in 2009. Real estate sales in Manhattan reached a 25-year low in 2009's first quarter, according to a new report by Massey Knakal Realty Services.
U.S. Properties Return Negative 9.2% in First Quarter, New Index Finds
May 28, 2009
U.S. properties saw an overall return of minus 7.4 percent last year and minus 9.2 percent in the first quarter of 2009. Those were the findings of Investment Property Databank, the United Kingdom-based real estate performance analysis company, which launched a U.S. version of its property index yesterday and plans to launch a global index next Thursday at its European Property Investment Conference in Barcelona.
Confident in Market's Future, Sequoia Adds to Orange County Holdings
May 28, 2009
With the growing evaporation of jobs, Orange County, Calif.'s multi-family housing sector is starting to feel the burn. Yet, deteriorating fundamentals aren't scaring off investors like Sequoia Equities Inc., which recently acquired the 484-unit Alize Apartments in the upscale Aliso Viejo master planned community from Northwestern Mutual Life Insurance Co. for $75 million.
New Venture Eyes Coming Wave of Bank Closures
May 28, 2009
A new joint venture aims to assist the Federal Deposit Insurance Corp. with real estate issues associated with the agency's expected take over and liquidation of hundreds of banks over the next several years.
Survey: Most Don't Expect Industry to Bounce Back Until '10
May 28, 2009
When will it end? That is the question on everyone’s lips, but answers have been slow to emerge. However, it seems investors, brokers and owners anticipate another year of slumping sales before recovery is at hand, according to a new survey from online real estate market LoopNet.
As Big Ticket Sales Stall, Mid-Range Deals Still Drawing Interest, Funding
May 27, 2009
The big-ticket office deals are few and far between these days, even in the leading markets, but properties with more palatable price tags, like a 200,000-square-foot office complex in the Los Angeles area, are finding buyers. Real estate and entertainment law firm Greenberg Glusker has snapped up just such a property in El Segundo, Calif., on behalf of a client for $26.6 million, relying on $22 million in financing from Bank of America N.A. to facilitate the acquisition.
As Condo Market Remains Tight, Miami Tower Scores Key Fannie Approval
May 27, 2009
In the midst of the sluggish economy and tight credit market, condominium developers are having a tough time selling units. As a result, many projects across the nation have been reverted to rental or stalled outright. But in the midst of one of the most hard-hit condo markets--South Florida--at least one developer is breathing a bit easier.
Boston, Philly, San Fran Ranked as Top Life Science Clusters
May 22, 2009
Boston, Greater Philadelphia and Greater San Francisco are the three most successful regions at sustaining and building value in the life sciences area, according to a newly released study by the Milken Institute. These cities' healthy life science sectors are to a large extent buoying the markets in the midst of the current economic turmoil.
As Vancouver Fundamentals Remain Solid, German Firm Makes $263M Office Play
May 22, 2009
It’s certainly no secret that the global investment market has been severely hampered by the economic downturn. In markets across the world, both sales velocity and pricing are way down from the halcyon days of just a couple of years ago. All of this makes the $263 million sale of a Vancouver office tower all the more noteworthy.
Despite Retail Woes, SKT Makes $79M California Buy
May 21, 2009
No market has gone unscathed in this severely crippled economic environment, but some areas are feeling less pain than others are, as evidenced by a recent transaction that just closed in Southern California's Inland Empire region. A 263,700-square-foot segment of the 539,270-square-foot Crossroads Marketplace in Chino Hills, Calif., was just snapped up at a 5.87 percent cap rate by SKT Investments for $79 million, including the assumption of an existing $63 million CMBS loan on the power center.
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