National Commercial Real Estate News From CoStar Group
Year-End Scramble To Close Deals Takes On Added Urgency
December typically sees a rush among investors to close property sales transactions by year-end. But this year, the wave of property sales has been much larger than usual, with an inordinately high number of deals closing since the national elections in early November.
CoStar Group has processed 2,040 more property sale transactions in the five weeks since the election than in the same period last year - 8,365 vs. 6,325 -- with half of that additional...
Dollar Stores Add Up To Big Bucks for Net Leased Investors
Dollar stores continue to expand aggressively throughout the U.S. And the popular stores are single-handedly changing the net lease investment market, which has traditionally been dominated by drug store, fast food and automotive retail concepts, according to the latest net leased retail research.
“They have always proven to be popular with investors because of the minimal property management involved, (triple net leases typically pass all expenses...
HUD Expanding Distressed Loan Sale Program
The U.S. Department of Housing and Urban Development (HUD) is accelerating loan sales under its expanded Distressed Asset Stabilization Program (DASP).
The program enjoys strong nonprofit community support and has attracted major investors such as the Blackstone Group and residential loan servicing firms, such as Bayview Finance and Selene Finance.
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HUD’s next scheduled sale, which will take place...
BOOKED: Prison Operator Sets Date To Become a REIT
The board of Boca Raton-based GEO Group Inc. unanimously authorized the correctional facilities company to take all necessary steps, including the divestiture of certain health care assets, in order to faciliate the company to operate as a REIT beginning Jan. 1, 2013.
"Based on our extensive work over the past few months, our board and our management team strongly believe that positioning GEO for a REIT conversion will maximize our company’s ability...
Carter's Takes 222,730 SF at Phipps Tower
Carter's, Inc. (NYSE: CRI), the baby and children’s clothing marketer of the Carter’s and OshKosh B’gosh brand, signed a long-term lease for 222,730 square feet of office space at Phipps Tower in the Upper Buckhead submarket of Atlanta.
The office building will serve as the company’s new headquarters when it moves from The Proscenium at 1170 Peachtree St. in Midtown.
Phipps Tower is a 20-story, 472,267-square-foot, Class A property that was...
Harvard To Sell Arsenal St. Complex in Boston to Athenahealth
Harvard University agreed to sell Arsenal on the Charles, an 11-building complex on Arsenal Street in Boston’s Waltham/Watertown submarket, to local health care IT firm Athenahealth (Nasdaq: ATHN) for approximately $222 per square foot or $169 million.
The trade of the 29-acre, 760,000-square-foot complex is scheduled to close mid-2013.
O'Neill Properties Group and Prudential Real Estate Investors sold the portfolio to Harvard in 2001 for $162...
Salesforce Preleases 445,000 SF at San Fran Development
Salesforce.com, the cloud computing company, agreed to take the entire 445,000-square-foot office building at 350 Mission St. in San Francisco before construction has even started on the South of Market high rise.
Kilroy Realty Corp. purchased the financial district development site from GLL Real Estate Partners this quarter for $52 million, and intends to begin construction early next year. The 27-story, Class A property will be built according...