National Commercial Real Estate News From CoStar Group
CRE Pricing Strengthens As Buyers Expand Targets To Include Smaller Properties, More Markets
November brought modest improvement to commercial real estate pricing as investors appeared to put the uncertainty -- temporarily at least -- of the nation's fiscal issues and U.S. elections behind them.
The two broadest measures of aggregate pricing for commercial properties within the CoStar Commercial Repeat Sale Indices (CCRSI), the value-weighted U.S. Composite Index and the equal-weighted U.S. Composite Index, gained respectively by 0.9...
Big-Name Developers, Investors Boomerang Back Into Condos
For six long years following the burst housing bubble and subsequent recession, residential condominium sales remained in a deep freeze. However, late last year condo sales quietly began to recover in gateway markets such as Boston, San Francisco and New York.
More recently, analysts and major investors are starting to take serious notice of the emerging condo market after several large residential and commercial developers announced new condo...
Cerberus’ $3.3B Deal for 877 Grocery Stores Could Mean More Store Closings
Cerberus Capital Management is putting grocery store chain Albertsons back together again.
A Cerberus-lead investment group has cut a deal to acquire 877 stores from SuperValu Inc., including its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market chains. The deal also includes related Osco and Sav-on in-store pharmacies and totals about $3.3 billion.
Cerberus currently owns and operates 192 Albertsons stores across the South and Southwest...
Other National Retailers at Risk of Closing Stores
By: Suzanne Mulvee, Director of U.S Research, Retail
In making our annual market predictions for 2013 last month, CoStar Group’s PPR subsidiary wagered that store closings by national retailers would again top 50 million square feet of space this year. It wasn’t much of a stretch, as many national chains have already announced downsizings - including Sears, Blockbuster, Supervalu and Hostess Outlet stores.
There are other chains that have not...
Hotel Buyers To Play Catch Up with Rest of CRE Investment Market in 2013
While it currently looks like hotels will be the only sector of commercial real estate that didn't see a year-over-year increase in sales transactions in 2012, the prospects for 2013 are looking up.
As of this week, CoStar COMPs research shows that total hospitality transactions had a down year in 2012, a 16% decline from 2011 -- $18.3 billion in sales in 2012 vs. $21.7 billion in 2011. CoStar COMPs research on total transactions won’t be completed...
Watch List: New Property Appraisal Reductions from Year-End
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Drexel University Leases 185,000 SF in Philadelphia
Drexel University has signed a new lease for 119,000 square feet, expanding to a total 185,000 square feet at the Three Parkway office building located at 1601-1645 Cherry St. in Philadelphia, PA. Occupancy will take place in phases through 2015.
Three Parkway is a 20-story, 561,351-square-foot, class A office tower constructed in 1970 and renovated three times since in the Market Street West submarket. The building has been awarded an Energy...