Regions
Northeast
$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 - 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.
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.
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.
MidAtlantic
As Gov’t Demand Buoys DC Office Market; ING Makes $73M Sale
Oct 06, 2009
The Washington, D.C., office market may have reached a turning point in
demand as the region experienced improved fundamentals last
quarter—figures propelled by expanded demand for government office
space. And if deals like the recent $73 million sale of an office
building in Falls Church, Va., are any indication, buyers are taking
interest in the area’s strong demographics..
$49M Exxon Deal a Rarity in Quiet Seal-Leaseback Market
Sep 30, 2009
A convenient method for property owners to secure a quick cash
infusion, sale-leaseback transactions were plentiful just a couple of
years ago, but now it is usually only the more financially burdened of
sellers that resort to accepting lowball sale-leaseback offers. Whether
White Oak Petroleum L.L.C. falls into the aforementioned category is
unclear, but the Springfield, Va.-based company just sold 36 Exxon
gasoline station and convenience store properties for $49 million in a
sale-leaseback transaction with Jericho, N.Y.-based Getty Realty Corp.
JV Snags 308-Unit Philly-Area M-F Complex
Sep 22, 2009
A joint venture between Behringer Harvard REIT I Inc. and PGGM Private
Real Estate Fund has acquired a 308-unit multi-family community in
Cherry Hill, N.J., about seven miles east of central Philadelphia.
JV Makes $25M Virginia Retail Play
Jul 16, 2009
A joint venture between Spectrum Partners L.L.C., Alex. Brown Realty
Inc. and Potomac Capital Advisors, has acquired Westgate Plaza Shopping
Center in Manassas, Va., for $25 million from Principal Real Estate
Investors.
Baltimore Office Market Primed to Bounce Back Quickly Upon Economic Turnaround
Jul 07, 2009
Not a single office market has been spared from the ravages of the
cruel demise of the economy, but Baltimore, unlike most other
metropolitan areas, is in a position to get back on its feet right on
the heels of the highly anticipated economic turnaround, according to a
Cushman & Wakefield Inc. second-quarter report.
Southeast
Sluggish Miami Office Market Buoyed by 80,000SF Financial District Pre-Lease
Oct 01, 2009
While Miami's office market vacancy rate lingers beneath the U.S.
average, it has not gone unscathed by the worldwide economic crisis.
However, law firm Bilzin Sumberg Baena Price & Axelrod L.L.P's
pre-lease of 80,000 square feet at the 576,000-square-foot 1450
Brickell office tower downtown has players in the Miami office market
game buzzing. The transaction marks South Florida's largest new office
lease this year.
Eyeing Market Opportunities, M-F Developer Expands into Acquisitions
Sep 24, 2009
After multiple quarters of dismal investment activity, new funds and
investment entities are cropping up to capitalize on the discounted
commercial real estate assets that are hitting the market.
Atlanta-based Wood Partners L.L.C. has just entered the game, too. The
multi-family developer has expanded its business platform to include
acquisitions.
Eola Capital Snags Interests in 7.6MSF Office Portfolio
Sep 21, 2009
The grip of the credit crunch is reportedly loosening for hopeful real
estate buyers, and investors with cash on hand are mining the market
for deals, but it is a rare occasion that a transaction involving the
general partnership interests in a multi-million-square-foot portfolio
transpires these days. Orlando-based Eola Capital, however, recently
solidified such a deal, acquiring the general partnership interests in
a 7.6 million square-foot office portfolio from Miami-based America's
Capital Partners.
Highwoods, USAA Partner to Build FBI Office
Jul 28, 2009
Highwoods Properties Inc. and USAA Real Estate Co. were awarded a build-to-suit lease by the U.S. General Services Administration to develop an approximately $45 million field office for the Federal Bureau of Investigation in Charlotte, N.C. The joint venture is scheduled to begin building the 171,000-square-foot, five-story Class A office building and annex in the first quarter of 2010 and complete it in the second quarter of 2011, with certification sought under the U.S. Green Building Council's Leadership in Energy and Environmental Design program. The project is Highwoods' third for the FBI, which is a repeat client of investor USAA's as well, and both have worked extensively with the GSA overall. Highwoods will retain a 10 percent ownership interest in the joint venture, as well as receiving development fees.
Post Sells Atlanta, Fairfax Properties for $100 Million
Jul 24, 2009
Post Properties Inc. sold Post Ridge in Atlanta to a locally based entity affiliated with Centennial Holding Company L.L.C. for $44.8 million following Monday's sale of Post Forest in Fairfax, Va., to an entity affiliated with Pantzer Properties Inc. for $57.5 million. CB Richard Ellis Inc. brokered the most recent transaction, while the Post Forest deal was brokered by Holliday Fenoglio Fowler L.P. The REIT expects to report net gains of approximately $54 million relating to the sales.
Midwest
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.
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.
NorthMarq Places $28M for Minnesota Portfolio
Sep 21, 2009
NorthMarq Capital’s Minneapolis regional office has arranged first
mortgage financing of $28 million for Mendota Office Center I, II, III,
IV and American Corporate Center.
Southwest
Despite Economy, Leasing Continues Apace at AllianceTexas
Apr 22, 2009
With Texas' business climate not quite as dire as in other parts of the
country, Fort Worth’s AllianceTexas development hit almost record
levels of leasing in the first three months of 2009 with more than 1.2
million square feet.
Houston Marks a Green Milestone
May 20, 2009
As green development continues to thrive across the country, Houston’s
First City Tower has earned LEED Gold certification for an existing
building from the U.S. Green Building Council, marking a milestone for
sustainable development in the market.
Economic Update - Home Price Uptick? Sort Of
Jul 29, 2009
On the heels of news Monday that new home sales were up a little, home
prices inched up as well--at least, those measured by the Standard
& Poor's/Case-Shiller Home Price Index in its raw form. In May, the
index, which measures prices in 20 metropolitan areas, rose 0.5 percent
over April, following a 0.6 percent drop the month from March to April.
The movement is notable as the first time the index has moved up in
three years.
West
Behringer Harvard REIT Makes Another Big M-F Splash in California
Sep 30, 2009
Behringer Harvard Multifamily REIT I recently made what was then 2009’s
largest California multi-family acquisition with an $80 million
purchase of Waterford Place Apartment Homes near the Bay Area. This
week, the REIT topped that with the $96 million purchase of another
property—this time in Los Angeles.
With Prices on the Decline, Behringer Harvard Makes $136M M-F Play
Sep 23, 2009
The gap between buyer and seller pricing expectations on commercial
real estate is closing, and with owners eager to sell properties to
escape debt maturities or just to pocket cash to address financial
demands, it has become a buyers market. Taking advantage of the
appealing prices, Behringer Harvard has just acquired two apartment
properties totaling 746 units in separate transactions valued at an
aggregate $136 million.
Economy Watch - IRS Changes Rules for Securitized Loan Modification
Sep 21, 2009
From the nether reaches of the Internal Revenue Service a new tax rule recently emerged (Revenue Procedure 2009-45), the effect of which will be to let real estate borrowers pursue possible modifications to securitized loans--ones that are at risk of default--without triggering tax penalties. Previously, administrative tax rules imposed severe penalties for changes made to commercial mortgage pools or investment interests after the startup date of the securitization vehicle. This naturally had the effect of keeping borrowers mum until default had actually occurred or was nigh.
International
Germany's Promising Discount Retail Market Lures Behringer Harvard
Oct 22, 2009
With the recession having taken a chunk out of consumers' pocketbooks
around the world, the retail real estate market has been struggling for
quite some time, and the situation is no different in Germany. However,
the discount retail sub-sector is thriving in the country, and
Dallas-based commercial real estate firm Behringer Harvard has
positioned itself to capitalize on related development opportunities
with the recent formation of Behringer Harvard German Retail, a joint
venture with Hanover, Germany-based real estate investment and
management company Rahlfs Immobilien GmbH.
Compelling Opportunities in International Real Estate
Oct 22, 2009
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Investors in U.S. REITs and other U.S. property companies should consider investing in publicly traded REITs and property companies abroad. Within developed markets globally, the aggregate equity market capitalization of this sector totals $600-plus billion, two thirds of which are outside of the United States. My team and I continue to identify very compelling investment opportunities in international markets and encourage investors to consider “going global” as part of their real estate allocations.
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.
Lenders Step Up Activity for CRE Investments in U.K.
Oct 07, 2009
For U.K. property investors looking to borrow, lending volume increased
from the first to the second quarter of this year, according to a
report by international real estate advisor Savills. The change i s all
about pricing corrections and a decrease in the cost of funding for
banks.
For FirstService, Expansion via Investment
Oct 07, 2009
When an advisory firm is looking to expand its geographic presence,
that typically means it will either establish a new office, or partner
with—or buy out—a local firm. But FirstService Real Estate Advisors, a
subsidiary of FirstService Corp., has taken a different strategy in its
bid to expand its operations abroad.
Regional Commercial Property and Real Estate News Brought Close to Home
If you deal in commercial property, then you know how important it is to keep on top of the latest acquisitions and deals, especially at the regional level. Commercial Property News makes it easy to stay on top of regional real estate news. Before you make your next shopping center investment, look to Commercial Property News to see where competitors in the field make their investments.
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