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Retail
$135M Financing Secured for 1MSF Yonkers Shopping Center
Oct 23, 2009
It's almost like the good old days of 2007 when loans over $100 million
for commercial real estate practically rained from the sky. Undeniably,
those times have not returned, but news that Brooks Shopping Center
L.L.C., owner of the 1 million square-foot Cross County Shopping Center
in Yonkers, N.Y., has gotten its hands on a $135 million first mortgage
to finance the property's redevelopment certainly brings back good
memories.
Economy Watch: No Rush to Build More Houses
Oct 21, 2009
U.S. housing starts posted a gain in September, but only a modest one,pointing to a still-modest rate of recovery for the overall economy.According to the U.S. Department of Commerce, the rate of new homestarted inched upward by 0.5 percent during the month to a seasonally adjustedrate of about 590,000 units. Ever-optimistic economists, it seems, wereexpecting more.
Manhattan Retail Hit Hard in '09, But Turnaround on Tap
Oct 20, 2009
It's been a rough year for retail, even in tony Manhattan. The
crumbling of Wall Street in the fourth-quarter of 2008 spurred the
downward spiral of the market and the recession just added salt to the
wound, according to a third quarter report by Marcus & Millichap
Real Estate Investment Services.
Retail Vacancies Hit New Highs
Oct 09, 2009
Even as the economy shows signs of having turned a corner, serious
hurdles remain for the retail sector. And the latest figures from the
third quarter reveal that vacancy rates at U.S. malls and shopping
centers have risen to multi-year highs.
Economy Watch: Blackstone Takes Amusement Parks
Oct 08, 2009
It seemed like an announcement from the good old days (2006, say):
Blackstone Group L.P. is buying a sizable chunk of real estate. But it
was in fact on Wednesday when the buyout giant told the world that it
was going to spent some $2.7 billion to buy Anheuser-Busch InBev NV’s
amusement parks.
Office
The Graying of America: Age and Opportunity
Oct 16, 2009
The graying of America may arguably be one of the single most dramatic demographic megatrends shaping our landscape. Although the U.S. population growth for individuals age 55 and over during the past nine years hasn’t been impressive—from 21.06 percent to 24.17 percent—growth for individuals age 55-64 increased by 30 percent over the same period. Given that the oldest Boomers turned 63 this year, maybe it’s time investors consider the opportunities this megatrend offers.
Jersey City Trumps Manhattan, Landing Big Fish with DTCC's 415,000SF Office Lease
Oct 14, 2009
New York's loss is New Jersey's gain, as the Depository Trust &
Clearing Corporation reveals plans to relocate 1,600 members of its
2,300-member staff to 415,000 square feet of space at the Newport
Office Center in Jersey City. It's not a total defeat for New York,
however; DTCC will keep its headquarters and its remaining 700
employees in Lower Manhattan.
Corporate RE Departments Reorganizing, Downsizing, Outsourcing
Oct 12, 2009
As companies continue to grapple with the industry-wide downturn, they
are increasingly looking to make their corporate real estate
departments operate as efficiently as possible, according to a new
report by CB Richard Ellis Inc. and CoreNet Global.
$554B Corus Portfolio Sale One of Biggest Splashes Yet in Distressed Market
Oct 08, 2009
With the global financial crisis and frozen credit market having taking
their toll, many property owners have been forced to sell distressed
assets at bargain-basement prices just to survive. And for those
investors who can still access financing, like partnership Northwest
Investments L.L.C, opportunities abound to buy premium properties on
the cheap.
Multi-Family
Organization Launches $4B Green Initiative for Affordable Housing
Oct 26, 2009
The green movement in commercial real estate has caught on like
wildfire and even with the recession having left most clutching their
pocketbooks, it continues to spread. Now Columbia, Md.-based Enterprise
Community Investment Inc. plans to take the trend to new heights with
the kicking off its $4 billion Green Communities initiative, which is
designed to propel the greening of affordable housing development
across the country.
Economy Watch - Homebuyer Tax Credit Sees Some Cheating
Oct 23, 2009
In testimony reminiscent of dogs getting credit-card applications
approved back during the mid-2000s credit bubble, a Treasury Department
inspector told Congress that kids as young as four years old have been
able to receive $8,000 first-time homebuyer tax credits. “Some key
controls were missing to prevent an individual from erroneously or
fraudulently claiming the credit,” J. Russell George told the House
Ways and Means Committee’s oversight panel on Thursday.
The Graying of America: Age and Opportunity
Oct 16, 2009
The graying of America may arguably be one of the single most dramatic demographic megatrends shaping our landscape. Although the U.S. population growth for individuals age 55 and over during the past nine years hasn’t been impressive—from 21.06 percent to 24.17 percent—growth for individuals age 55-64 increased by 30 percent over the same period. Given that the oldest Boomers turned 63 this year, maybe it’s time investors consider the opportunities this megatrend offers.
Investors Prepare to Increase Activity in MF Market in 2010
Oct 12, 2009
The multifamily market has not escaped the ravages of the economic
downturn, but investors are bullish on the commercial real estate
sector for 2010. According to Jones Lang LaSalle's 2010 Multifamily
Forecast Survey, 90 percent of the 200 owners and operators surveyed
plan to boost their activity in the sector next year, compared to the
68 percent of respondents who had such plans last year.
Downturn Affecting Apartment Industry Compensation
Oct 08, 2009
The apartment industry has seen some big changes in this recession.
Vacancies have gone up and rent growth has been mostly negative or
stagnant at best. Now a new study conducted by the National Multi
Housing Council reveals that compensation and benefits paid to
apartment industry professionals are also being affected by the
downturn.
Industrial
Charleston Industrial Market Gets Boost with 1.1MSF BTS Deal
Oct 13, 2009
Given that the U.S. recession has left the retail market in shambles
and the global financial meltdown has hindered trade activity, demand
for distribution and warehouse facilities has taken a major hit, so the
big news out of Charleston's industrial market is something that is
heard of quite infrequently these days. Rockefeller Group Development
Corp. and MeadWestvaco Corp., developers of the 400-acre Rockefeller
Group Foreign Trade Zone/Charleston industrial park in Berkeley County,
S.C., have just landed a 1.1 million square-foot build-to-suit deal
with automotive replacement tires marketer TBC Corp.
RBJ Negotiates 343,000SF Boston-Area Warehouse Lease
Sep 24, 2009
Real estate advisory firm Richards Barry Joyce & Partners has
negotiated a nearly 343,000-square-foot industrial lease renewal and
expansion in Northborough, Mass., one of the Boston-area’s largest
deals of the year.
Hospitality
Economy Watch: Beige Book Describes Modest Recovery
Oct 22, 2009
The Federal Reserve’s most recent Summary of Commentary on Current Economic Conditions,better known as the Beige Book, wasn’t exactly cheerful about the stateof the U.S. economy toward the end of annus horribilis 2009. But itwasn’t precisely pessimistic either.
Economy Watch: Fannie, Freddie Still Vexed by Mortgage Defaults
Oct 09, 2009
Federal Housing Finance Agency acting director Edward J. DeMarco told
Congress on Thursday that it ain’t over till it’s over when it comes to
the problems caused by U.S. housing mortgage delinquencies. And for
Freddie Mac and Fannie Mae especially, it’s not nearly over.
Economy Watch: Blackstone Takes Amusement Parks
Oct 08, 2009
It seemed like an announcement from the good old days (2006, say):
Blackstone Group L.P. is buying a sizable chunk of real estate. But it
was in fact on Wednesday when the buyout giant told the world that it
was going to spent some $2.7 billion to buy Anheuser-Busch InBev NV’s
amusement parks.
Economy Watch: MGM Cuts Condo Prices
Oct 06, 2009
In an effort to keep buyers from wriggling out of their deals, and as a
simple acknowledgment that the luxury condo market just isn’t what it
used to be, MGM Mirage and its partner Dubai World are slashing prices
for condos at their City Center development in Las Vegas by 30 percent.
Economy Watch: Greenspan Sees Recovery, Except for the Part About Jobs
Oct 05, 2009
Former Fed Chairman Alan Greenspan tossed out two more cents on the
economy on Sunday, estimating that the recovery will be a little more
V-shaped than he previously thought, with 3 percent growth in the
quarter just ended instead of 2.5 percent (and “possibly even higher.”)
Seniors Housing
The Graying of America: Age and Opportunity
Oct 16, 2009
The graying of America may arguably be one of the single most dramatic demographic megatrends shaping our landscape. Although the U.S. population growth for individuals age 55 and over during the past nine years hasn’t been impressive—from 21.06 percent to 24.17 percent—growth for individuals age 55-64 increased by 30 percent over the same period. Given that the oldest Boomers turned 63 this year, maybe it’s time investors consider the opportunities this megatrend offers.
Fundamentals Continue to Buoy Seniors Sector as SHPT Closes $513M Financing
Aug 17, 2009
With more than 40 percent of the U.S. population currently aged 60 or
older, and the Baby Boomer generation nearing retirement age, the
seniors housing sector is set to benefit from these strong fundamentals
for some time to come. That positive outlook has allowed owners of
seniors housing to continue getting their hands on funding, despite the
sluggish lending market. Case in point: Senior Housing Properties
Trust's recently-closed $513 million credit facility through Citi and
Fannie Mae, the largest seniors financing deal so far this year.
Stable Skilled Nursing Sub-Sector Lures Health Care REIT into $55.5M Purchase
Jul 02, 2009
While many real estate investors sit on the sidelines waiting for
property prices to fall dramatically or the credit market to defrost,
National Health Investors Inc. is actively enhancing its portfolio in
one of the most stable property sectors in the current economic
climate-- skilled nursing, a subtype of the seniors housing sector. The
healthcare REIT just shelled out $55.5 million in cash for four
skilled nursing facilities, all of which will be leased back to the
seller and tenant, Legend Healthcare L.L.C.
Mixed Use
Economy Watch - Mortgage Reforms From Out West
Oct 14, 2009
California Gov. Arnold Schwarzenegger signed green legislation over the weekend, as covered by CPE
on Monday, but also nestled in the raft of bills that he signed were
major overhauls of the rules governing residential mortgages. The
thrust of the reforms was to help prevent some of the mortgage
origination abuses that were rampant in the mid-2000s, and which did
their part to inflate the housing bubble.
Chicago CRE Industry Laments Failed Olympic Bid
Oct 05, 2009
The pain of Chicago's loss of the 2016 Summer Olympic Games to Rio deJaneiro is palpable across the country, especially in the Windy City.Local officials had proposed a bevy of new commercial venues in andaround Chicago to accommodate the various competitions; the developmentactivity would have been a big boost for the city. Now, commercial realestate industry players, still reeling from the rejection, arereflecting on what might have been.
Russian Equity Partner Comes Aboard on $4B Atlantic Yards Project
Sep 24, 2009
The $4 billion Atlantic Yards mixed-use development--the centerpiece of
which will be the Barclays Center sports and entertainment arena,
future home base of the NBA's Nets team--has new financial backing.
Developer Forest City Ratner Cos. Inc. and Nets Sports and
Entertainment have just signed a letter of intent to form a strategic
partnership with an affiliate of Moscow-based international private
investment fund Onexim Group for the development of the 22-acre
project. The multi-faceted deal calls for Onexim to invest $200 million.
Anticipating Demand for Mixed-Use, DC Selects Team for 510,000SF School Redevelopment Project
Sep 16, 2009
The real estate sector in Washington, D.C., has suffered blows from the
economic downturn and credit crunch just as other major cities have,
but that is not preventing District officials from making plans to
capitalize on widely anticipated demand down the road. The city has
just chosen a team involving Stanton Development Corp. and EastBanc
Inc. to spearhead the redevelopment of the former Hine Junior High
School in the Capitol Hill Historic District into a 510,000-square-foot
mixed-use destination.
$65M Loan for MU Complex a Vote for Quality
Aug 26, 2009
Some say the frozen credit markets are beginning to defrost a bit, but it in the case of the $64.7 million refinancing of Carillon Point in Kirkland, Wash., it was all about the premier quality of the mixed-use property. Acting on behalf of owner Carillon Properties, Newmark Realty Capital Inc. secured the loan from John Hancock Life Insurance Company for the 470,000-square-foot waterfront complex that sits just 10 miles northeast of Seattle.
The Most Comprehensive Real Estate News
Commercial real estate covers a variety of property types including commercial property, office, industrial, retail multi family and much more. Keep up with the latest real estate news, including news on shopping center investment and seniors housing developments.
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