Wednesday, July 31, 2013

Warehouse Rent Growth 'As Good As It Gets' in Second Quarter




National Commercial Real Estate News From CoStar Group





Warehouse Rent Growth 'As Good As It Gets' in Second Quarter



Rents in a handful of top warehouse distribution markets posted year-over-year rent gains of 5% or more in the second quarter, virtually unheard of in the staid property sector more accustomed to 1.3% annual rental rate growth.

For the U.S. warehouse market as a whole, the average asking net rent rose to $4.75 per square foot, a 2.1% increase from one year ago. The upward trend in rents was boosted by 37.3 million square feet of positive net absorption...









‘Tenant Star’ Label Would Engage Tenants On Energy Savings, Rewards



While it stands to reason that tenants account for most of the energy use in office buildings, most current sustainability and green building practices, incentives and certifications are primarily geared toward building owners, property managers and developers.

Such programs as the U.S. Environmental Protection Agency’s Energy Star program and the U.S. Green Buildings Council’s s Leadership in Environmental Efficiency and Design (LEED) have scored...









Getting To Closing: Unforeseen Hitches Hold Up Deals in Current Office Investment Market



While there is clearly growing investor appetite for well-located, well-tenanted trophy office properties and portfolios, getting to closing isn’t always proving to be easy in the current market.

Several REITs, including Corporate Office Properties Trust (COPT), Washington Real Estate Investment Trust, Brandywine Realty Trust, and soon-to-be-REIT Empire State Realty Trust all have potential property sales hung up by market vagaries. For one, the...









REIT Landlords See Increasing Demand for 2014 Office Leasing Deals



The U.S. office leasing market seems to have hit a positive turning point with REIT landlords, several of whom made special note in their second quarter earnings conference calls that they're seeing demand for 2014 deals increasing from both large and small tenants.

At the same time, certain markets and submarkets, as well as macro trends such as corporate consolidation and tenants extending or expanding only for short-terms, continue to pose...






'Bell Labs' Town Center Project Gets Final OK




National





'Bell Labs' Town Center Project Gets Final OK



HOLMDEL, NJ-Somerset Development's Ralph Zucker says that he expects the medical-related office part of the Town Center plan approved Tuesday night for the former Bell Labs building will be open by mid-year 2014.











'Bell Labs' Town Center Project Gets Final OK



HOLMDEL, NJ-Somerset Development's Ralph Zucker says that he expects the medical-related office part of the Town Center plan approved Tuesday night for the former Bell Labs building will be open by mid-year 2014.








Offices on Alameda Go Private




National





Offices on Alameda Go Private



BURBANK, CA-A four-story, 34,153-square foot office building has been sold to a local private investor. The building's two major tenants have renewed leases.








Gerson Is Cautious After $300M Q2




National





Gerson Is Cautious After $300M Q2



SAN DIEGO-The law firm closes nearly $300 million in multifamily loans in the second quarter, but expects a slowdown in Q3 as the market adjusts, Gordon Gerson tells Carrie Rossenfeld.








Tuesday, July 30, 2013

Home Price Gains Keep Adding Muscle




National





Home Price Gains Keep Adding Muscle



NEW YORK CITY-Two cities in the S&P/Case-Shiller indices set new highs, while five more posted monthly gains of more than 3%, says S&P Dow Jones’ Blitzer.











Yes, Banks Reign in Net Lease Space - But Which Ones?



WASHINGTON, DC-Currently bank branches are commanding the lowest cap rates of any class of triple net properties. Some, though, are lower than others.











Net Lease's Remarkably Stable Spread (For Now)



WASHINGTON, DC-All of this talk of rising interest rates has already been absorbed by the market, Winston Orzechowski, research director at Calkain Cos., tells GlobeSt.com's Erika Morphy.











Experts: More Monetization on the Horizon?



CHICAGO-In this second of a two-part series, HREI's John Mugford discusses a recent healthcare real estate conference in which panelists debated the impact of Obamacare on the sector's commercial real estate development.








Distressed Drawing Institutional, Cash Buyers




National





Distressed Drawing Institutional, Cash Buyers



IRVINE, CA-In an UPDATE to this morning’s story, REO sales are on par with a year ago, and the distressed market is still attracting institutional and all-cash investors, RealtyTrac reports.











Cousins Agrees to Buy 5M SF of Office Assets



FORT WORTH-Upon closing, the Atlanta company will pay north of $1 billion to add the local 980,000-square-foot 777 Main Street and the 4 million-square-foot, four-building Greenway Plaza to its portfolio.








CompStak Launches Chi. Leasing Database




National





CompStak Launches Chi. Leasing Database



CHICAGO—The online service will launch on August 1, allowing users to search for lease comps by address, tenant and other details.











Publicis and Omnicom Merge



NEW YORK CITY-The joining of the two communication giants forms the world’s largest advertising agency, valued at more than $30 billion.








Monday, July 29, 2013

Ziff: How To Hire Effectively During the Rebound




National





Ziff: How To Hire Effectively During the Rebound



NEW YORK CITY-Simon Ziff, president of Ackman-Ziff, talks to GlobeSt.com's Ian Ritter about the best commercial real estate hiring practices in an improving industry.











Lord & Taylor Buys Saks Fifth Avenue



NEW YORK CITY-The newly merged entity is likely to become a REIT in order to manage its collective assets.








Plenty of Competition For A and B Assets




National





Plenty of Competition For A and B Assets



IRVINE, CA-In an UPDATE to an earlier story, Kyle Winning of Steadfast Income REIT tells GlobeSt.com that buyers are still clamoring for both multifamily asset classes.








CMBS Underwriting Approaching 2006 Levels




National Commercial Real Estate News From CoStar Group





CMBS Underwriting Approaching 2006 Levels



The pace and volume of CMBS issuance has increased substantially in 2013, led by strong investor demand. Through the second quarter, issuers have placed $26.9 billion of conduit paper across 21 transactions, substantially higher than the $12.7 billion issued across 11 transactions over the same period in 2012.

Retail loans account for the majority of all securitizations, according to Lea Overby, head of CMBS research at Nomura Securities International...






Friday, July 26, 2013

Brookfield's Q2 Success More Global Than Local




National





Brookfield's Q2 Success More Global Than Local



NEW YORK CITY-Aside from a $1-billion refi on two of the Brookfield Place New York towers, BPO’s biggest news during the second quarter was made in other gateway markets, domestic and international.








Johnson Capital Launches New Division




National





Johnson Capital Launches New Division



LOS ANGELES-Johnson Capital's new division will look for “opportunistic” national development projects in the $20-million to $500-million range.








CoStar's People of Note (July 21 - 27)




National Commercial Real Estate News From CoStar Group





CoStar's People of Note (July 21 - 27)



This week's People of Note includes the following markets: Los Angeles, Indianapolis, Dallas, Atlanta, Madison, San Francisco, New Jersey, Las Vegas, and Houston.

LOS ANGELES
NewMark Merrill Taps Rorison as New COO
By Justin Sumner

Susan Rorison has joined NewMark Merrill Companies as its new chief operations officer. In her new role, Rorison will oversee all the firm's operations including the management, acquisition and






Healthcare Organizations Planning More CRE Projects




National





Healthcare Organizations Planning More CRE Projects



CHICAGO-At a recent healthcare real estate conference, panelists discussing the state of healthcare real estate note that with Obamacare a certainty, more hospitals and health systems are planning projects. Part one of a two-part series.








Thursday, July 25, 2013

W. P. Carey Forges $4B Merger with CPA:16




National





W. P. Carey Forges $4B Merger with CPA:16



NEW YORK CITY-The combined company is expected to have a market cap of about $6.5 billion and a net lease portfolio of 86 million square feet, W. P. Carey said late Thursday afternoon.








Droga5 Inks 92,000-SF Lease at 120 Wall Street




National Commercial Real Estate News From CoStar Group





Droga5 Inks 92,000-SF Lease at 120 Wall Street



Droga5 has signed a 15-year lease totaling 92,000 square feet on five floors at 120 Wall St. in New York City. The global creative and strategic agency is relocating to Lower Manhattan in early 2014.

The 34-story, 607,172-square-foot, class A office building was originally constructed in 1929 on more than half an acre in Manhattan's Financial District, at the northwest corner of South Street. It was renovated in 2005, and the owner recently embarked...






Panama Canal Impact "Minimal," Says Exec




National





Panama Canal Impact "Minimal," Says Exec



LOS ANGELES-In an UPDATE to our earlier story, Jones Lang LaSalle SVP Barry Hill talks about aspects of the firm's recent Seaport Outlook report.











Baker: Institutional Demand A Positive for Architects



WASHINGTON, DC- The Architecture Billings Index remained positive again in June after the first decline in ten months in April. The industry is cautiously beginning to take faith in the recovery, chief economist Kermit Baker tells GlobeSt.com's Erika Morphy.











Construction Jobs? Keep Your Fingers Crossed



WASHINGTON, DC-That’s what the folks at Associated General Contractors are doing, especially given the split between jobs gained and those lost.











Don't Forget the Moms and Pops



DALLAS-Student housing experts speak with GlobeSt.com's Amy Wolff Sorter about smaller owners in the student housing sector. There are more of them than you might think.








Wednesday, July 24, 2013

UPSIDE AHEAD: Office Recovery Accelerates In First Half, Best Yet to Come




National Commercial Real Estate News From CoStar Group





UPSIDE AHEAD: Office Recovery Accelerates In First Half, Best Yet to Come



U.S. office occupancy growth and rental rates rose at a modest but steady pace during the second quarter of this year, while the national vacancy rate dipped closer to the 12% mark as new office construction remained at historically low levels in the first half of 2013.

"The office market recovery is accelerating. Although it feels like we're just going from 20 to 25 mph, it is headed in the right direction," noted Hans Nordby, managing director...






Square Mile, USAA Partner on Loan Platform




National





Square Mile, USAA Partner on Loan Platform



NEW YORK CITY-The new venture, which will focus on mezzanine and bridge loans, expects to generate as much as $1 billion in originations by the end of 2014.











A Real Estate Exec Comes Full Circle



NEW YORK CITY-Little did Jennifer Falk know that she would eventually be director of the Union Square Partnership, but her career has made a huge, interesting arc.








Coming Full Circle




National





Coming Full Circle



NEW YORK CITY-Little did Jennifer Falk know that she would eventually be director of the Union Square Partnership, but her career has made a huge, interesting arc.








Investment Virtuoso of Blackstone Evident in the IPO Markets




National Commercial Real Estate News From CoStar Group





Investment Virtuoso of Blackstone Evident in the IPO Markets



Just as The Blackstone Group kept the capital markets busy in 2011 and 2012 raising more than $16 billion through private fundraising efforts, it has kept them equally busy this year cashing in on those investments through the public markets.

This week the ubiquitous private equity firm filed to take its fifth firm public this year in an initial public offering. Balckstone's Extended Stay America hotel chain filed a proposed initial public offering...









For Banks, CRE Loans Shifting from Headwind to Tailwind



More banks are jumping on the CRE bandwagon as they continued to report improving commercial real estate credit quality, increased lending and strong competition for property financings for the quarter just ended.

And, unlike concerns that have surfaced over the impact that rising interest rates could have on residential real estate, banks generally see the uptick in rates as a positive for CRE.

Overall, bankers have reported slight increases...






Richman Closes on Two Tax Credit Funds




National





Richman Closes on Two Tax Credit Funds



GREENWICH, CT-Totaling nearly $300 million, the funds target properties “all over the US” as well as in New York City, Richman’s Stephen Daley tells GlobeSt.com.








Tuesday, July 23, 2013

ARCP Readies $300M Note Sale




National





ARCP Readies $300M Note Sale



NEW YORK CITY-Proceeds from the convertible senior note offering will be used to pay back debt or acquire more net lease assets, according to an SEC filing.








In The Pipeline: CoStar Development & Construction News for July 21 - 27




National Commercial Real Estate News From CoStar Group





In The Pipeline: CoStar Development & Construction News for July 21 - 27



Partnership Acquires Tribeca Development Site for $223M
A partnership of Fisher Brothers and The Witkoff Group has acquired 101 Murray Street from St. John’s University for development of a mixed-use residential and commercial project.

The transaction represents the largest sale of a development site in Lower Manhattan and a record price for the area, according to Cushman & Wakefield, which represented St. John's in the transaction.

The parcel...






Partnership Acquires Tribeca Development Site for $223M




National Commercial Real Estate News From CoStar Group





Partnership Acquires Tribeca Development Site for $223M



A partnership of Fisher Brothers and The Witkoff Group has acquired 101 Murray Street from St. John’s University for development of a mixed-use residential and commercial project.

The transaction represents the largest sale of a development site in Lower Manhattan and a record price for the area, according to Cushman & Wakefield, which represented St. John's in the transaction.

The parcel on the northeast corner of Murray and West Streets in...






Monday, July 22, 2013

EB-5. Love It or Hate It?




National





EB-5. Love It or Hate It?



EB-5 can be a good thing for commercial real estate or a bad thing. You make the decision.








Sunday, July 21, 2013

Scion, Virtus Acquire $118M Student Portfolio




National





Scion, Virtus Acquire $118M Student Portfolio



CHICAGO—The Chicago and Texas-based firms join forces to buy thousands of units at Virginia Tech, Penn State and Georgia Southern.











The Cs Have it



DALLAS-Local apartment research company Axiometrics reports that, at the national level, class C multifamily properties in June continued generating both the strongest annual effective rent and occupancy growth.











How Rising Interest Rates Are Impacting Multifamily



MIAMI— Nat Barganier and John Stone of Colliers International Tampa Bay offer insights into how higher interest rates are impacting multifamily sales and development.











Industrial Tenants in for Cost Hikes



CHICAGO-Demand still outstrips supply, leading to a nearly 2% growth in tenant costs over the next five years, according to new data being released by DTZ.








Blackstone Taking its Grocery Stores Public




National Commercial Real Estate News From CoStar Group





Blackstone Taking its Grocery Stores Public



Blackstone Group-sponsored Brixmor Property Group Inc. filed an initial public offering statement with the U.S. Securities and Exchange Commission for the sale of its common stock. Brixmor plans to list its common stock on the New York Stock Exchange under the ticker symbol "BRX," although the number of shares to be sold and the price range for the proposed offering have not yet been determined.

Keep up weekly on national news, trends and property...









Inland American Planning To Divest Multifamily in Major Portfolio Restructuring



In a sweeping reshuffle of its portfolio property mix, Inland American Real Estate Trust informed stockholders that it has put its entire conventional multifamily portfolio under contract for sale.

The Chicago-based REIT owns 17 complexes with 5,311 units. Occupancy in the portfolio is approximately 90% with an average rental rate of $992/unit.

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Not included in the deal are nine student housing...









Capital Markets Report: Property NOIs Rebounding Nicely



Now that the majority of year-end 2012 property financials have been reported, Wells Fargo Securities revisited its initial analysis on NOI trends. Marielle Jan de Beur, managing director and head of Structured Products Research CMBS and Real Estate Research for Wells Fargo Securities, found the average NOI growth rate declined slightly from her initial report, but was still strong compared to 2011.

For the loans that have reported year-end 2012...






Friday, July 19, 2013

Ackman-Ziff Adds Schulder to Equity Team




National





Ackman-Ziff Adds Schulder to Equity Team



NEW YORK CITY-The new managing director’s background brings “a fresh perspective” to Ackman-Ziff’s joint venture equity business, says CEO Ziff.








CoStar's People of Note (July 14 - 20)




National Commercial Real Estate News From CoStar Group





CoStar's People of Note (July 14 - 20)



This week's People of Note includes the following markets: Chicago, South Florida, Indianapolis, San Diego, Seattle, Phoenix, New York City, Jacksonville, Greenville/Spartanburg, and Raleigh/Durham.

CHICAGO
Cushman & Wakefield Expands Industrial Team
By Felipe Serpa

Whit Heitman, Sam Badger, and Brad Weiner have joined Cushman & Wakefield’s Chicago-based industrial group. All three joined the fir









Lingerfelt Cos Acquires Downtown Nashville Asset for $42M



Richmond, VA-based Lingerfelt Companies has acquired the Bank of America Plaza located at 414 Union St. in Nashville, TN from Parkway Properties (NYSE: PKY) for $41.75 million, or about $96 per square foot.

The 21-story, 435,525-square-foot, class A office tower was originally built in 1977 on more than eight-tenths of an acre in the Downtown CBD submarket of Davidson County. It was renovated in 1993, and has been owned and maintained by Parkway...






Calvert Sells MOB Portfolio to Monetize




National





Calvert Sells MOB Portfolio to Monetize



PRINCE FREDERICK, MD-At a recent healthcare real estate conference, the locally based healthcare system made a "real-time" announcement about a six-property disposition.











HRE: Construction Rising, Vacancies Falling



MINNETONKA, MN-According to a recent Marcus & Millichap report, the remainder of the year could see about 10 million square feet of healthcare real estate delivered, a significant increase from 2012.








Can CRE Handle Another Interest Rate Hike?




National





Can CRE Handle Another Interest Rate Hike?



OAKLAND, CA-The possibility of another interest-rate rise in the wake of QE2 easing might be the cause of some preemptive nail-biting.








Thursday, July 18, 2013

Brixmor Plans IPO, Cites NOI Growth Prospects




National





Brixmor Plans IPO, Cites NOI Growth Prospects



NEW YORK CITY-In its SEC filing, the shopping center REIT notes that it has increased same-property occupancy for nine consecutive quarters and total ABR for 20 consecutive months.








Blackstone's CRE Income Jumps 88% Y-O-Y




National





Blackstone's CRE Income Jumps 88% Y-O-Y



NEW YORK CITY-The hedge fund giant’s Stephen Schwarzman says the past three quarters have produced the highest earnings since the company went public six years ago.








Wednesday, July 17, 2013

Xceligent Signs Agreements With Big Three




National





Xceligent Signs Agreements With Big Three



INDEPENDENCE, MO— In this EXCLUSIVE to GlobeSt.com, the commercial real estate researcher announces multiyear agreements with CBRE, Colliers and JLL, and takes several giant steps toward building a national platform.








Walker & Dunlop Lines Up Over $250M in Financing




National





Walker & Dunlop Lines Up Over $250M in Financing



BETHESDA, MD-The CRE financing firm doled out monies for properties throughout the mid-Atlantic and Northeast regions.











Rock Group Closes $250M US Office Fund



NEW YORK CITY-The fund is the first domestic initiative from Rockefeller Group Investment Management and is targeting assets in gateway markets including New York, San Francisco and Washington, DC.








A Shale Game: Energy Industry Triggers Demand for Prime Real Estate




National Commercial Real Estate News From CoStar Group





A Shale Game: Energy Industry Triggers Demand for Prime Real Estate



Growth in the domestic energy industry is driving heated demand for prime real estate, predominantly in a handful of cities where the oil and gas industry is booming. That growth is expected to create more than 3.5 million American jobs by 2035, including 700,000 in the next two years alone.

While energy production is the direct growth driver, much of the commercial real estate demand is coming from affiliated industries and thus driving growth...









CalSTRS Moving To Reduce Risk in its CRE Portfolio



Adopting a theme for the coming year of “focusing on what matters most,” the California State Teachers Retirement System (CalSTRS) with nearly $166 billion in assets will look to move more of its real estate investments to core assets.

CalSTRS’ investment committee presented its 2013-14 fiscal year business plans to the full board this month. The real estate plan calls for moving more of its holdings out of opportunistic assets into the core category...






Distressed Multifamily Pipeline Coming to End




National





Distressed Multifamily Pipeline Coming to End



INDIANAPOLIS—The number of distressed properties has begun to shrink, RADCO’s Radow says, leaving fewer opportunities to pick up bargains.











$59M Goes to 28 National Properties



SAN DIEGO-GlobeSt.com's Natalie Dolce EXCLUSIVELY learns that Meridian Capital Group LLC negotiates11 loans totaling $59 million for properties located in California, Illinois, Arizona and Indiana.








Tuesday, July 16, 2013

Sares-Regis Plans Logistics Center in Moreno Valley




National Commercial Real Estate News From CoStar Group





Sares-Regis Plans Logistics Center in Moreno Valley



Irvine, CA-based Sares-Regis Group (SRG) announced plans to develop up to 1.6 million square feet of distribution space on 72 acres in Moreno Valley, CA, in the Inland Empire market.

The property is on Grove View Road off Perris Boulevard near the Harley Knox Boulevard exit from Interstate 215. The property is near March Air Reserve Base and other regional distribution centers for brands and retailers that include Whirlpool, Hanesbrands Inc., Home...






Ziff: How To Hire Effectively During the Rebound




National





Ziff: How To Hire Effectively During the Rebound



NEW YORK CITY-Simon Ziff, president of Ackman-Ziff, talks to GlobeSt.com's Ian Ritter about the best commercial real estate hiring practices in an improving industry.








Johnson Capital Refis 215-Property Deal




National





Johnson Capital Refis 215-Property Deal



PALMDALE, CA-GlobeSt.com learns EXCLUSIVELY that the firm has arranged a $23.5-million loan for pool of single-family homes that borrower BRI Holdings had assembled over five years.








How to Build a Succession Plan




National





How to Build a Succession Plan



HOUSTON-What are the most important steps to building a successful succession plan? In this EXCLUSIVE interview, Transwestern’s Larry Heard spells out how his firm covers those bases.








Monday, July 15, 2013

Campus Crest Enters Canada in $60M JV




National





Campus Crest Enters Canada in $60M JV



MONTREAL—The firm has partnered with Beaumont Partners to buy and convert a local hotel into an upscale student housing tower.








A Look at Amenities for Smaller Apts.




National





A Look at Amenities for Smaller Apts.



SAN DIEGO-In an UPDATE to an earlier story, tenants don’t mind having less square footage as long as the amenities are something to write home about, says David Adelman of AREA Real Estate LLC.











Foreclosure Starts Down 84% in Nevada



IRVINE, CA-Nevada had one of the most dramatic decreases in foreclosure starts last month, thanks in part to new legislation taking effect, RealtyTrac reports in this UPDATE to an earlier story.








GSE Multifamily Pipeline Going Strong




National





GSE Multifamily Pipeline Going Strong



WASHINGTON, DC-The two GSEs are steadily pushing out securities backed by multifamily deals.











About That $116B US Surplus




WASHINGTON, DC-Payments from Fannie Mae and Freddie Mac, plus the sequestration, gave the US Treasury a nice boost for June.











Institutions Store Up for QE2 Winter



CHARLOTTESVILLE, VA-The wind-down of quantitative easing will have its negative impact investment company activity when it kicks in this fall. In the meantime, SNL Financial sees the sector in a capital-raising “flurry.”











Foreclosures Hit Lowest Level Since 2006



IRVINE, CA-Despite a 34% jump in judicial foreclosure auctions from a year ago, US foreclosure activity decreases 14% in June from the previous month, according to RealtyTrac.








Sunday, July 14, 2013

Increasing REO Sales Driving CMBS Delinquency Rates Lower




National Commercial Real Estate News From CoStar Group





Increasing REO Sales Driving CMBS Delinquency Rates Lower



As special servicers continued to ramp up sales of their real estate owned (REO) properties, U.S. CMBS delinquencies fell to their lowest level in more than three years, according to the latest index results from Fitch Ratings.

CMBS late-pays declined 19 basis points (bps) in June to 7.18% from 7.37% a month earlier, the lowest level since March 2010. Fitch said the decline was largely fueled by the sale of $622 million (in stated loan balance)...









Industrial Real Estate Indicators Generally Positive at Midyear



By: Shaw Lupton, Senior Real Estate Economist

Leading indicators for the industrial real estate sector paint a generally positive view for the near term. While still leaving much to be desired, they affirm PPR’s view that U.S. industrial real estate will continue to make gradual gains in 2013.

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The good news this past quarter came in the areas of consumption, production, freight movement and housing...









Store Opening Train Starting to Roll? Openings Seen Reaching New High



Demand from retailers, as evidenced by planned store openings, continues to grow while plans for new supply, either among regional malls or community centers, remains subdued with little uptick in planned deliveries in sight, according to analysis by RBC Capital Markets.

Retailers in the financial services firm's database are planning to open 83,749 stores over the next 24 months, and another 42,757 stores are planned to open over the next 12 months...






Friday, July 12, 2013

CoStar's People of Note (July 7 - 13)




National Commercial Real Estate News From CoStar Group





CoStar's People of Note (July 7 - 13)



This week's People of Note includes the following markets: Orange County, CA; Indianapolis, New York City, Raleigh / Durham, Chicago, Washington DC, Houston, and New Jersey.

ORANGE COUNTY
Sharga Joins Auction.com
By Rachel Ladysh

Rick Sharga has been hired as the new executive vice president at Auction.com.

Formerly executive vice president of the privately-held Carrington Mortgage Holdings Company, Sharga will becom






Harrison Street Acquires 200,000-SF Outpatient Campus




National





Harrison Street Acquires 200,000-SF Outpatient Campus



PLYMOUTH, MN-The Chicago buyer pays $58 million for the three-building campus, which has been added to its Core Property Fund.











The Tsunami of Government Stimulus



DALLAS-According to Transwestern CIO Tom McNearey, "As we approach the fifth anniversary of the Lehman Brothers’ collapse and bankruptcy, the question of how to unwind the global tsunami of government stimulus is finally at the forefront of capital markets discussions."











C&W Beefs Up Industrial Team



CHICAGO-The announcement of new hires for their industrial group quickly follows several top hires for the Capital Markets group.








C & W Beefs Up Industrial Team




National





C & W Beefs Up Industrial Team



CHICAGO—The announcement of new hires for their industrial group quickly follows several top hires for the Capital Markets group.











Tenet Buys Back Three Hospitals



DALLAS-Going against the trend, the Dallas-based Tenet exercised its option to acquire three hospitals owned by HCP Inc., with closing expected in early 2014.











NorthMarq's Pribnow to Retire at Year-End



MINNEAPOLIS-GlobeSt.com's Sule Aygoren has learned EXCLUSIVELY that the leader of NorthMarq’s loan servicing business will leave at year-end, having built the practice from $500 million in 1988 to $41 billion today.








Thursday, July 11, 2013

North American Real Estate Continues to Rise




National





North American Real Estate Continues to Rise



CHICAGO—The fundamentals are improving in most regions, and the firm strongly recommends investing in large distribution centers in major US hubs.











Buyers Take Straight, Narrow Course



MIAMI—Buyer and sellers are coming closer to the same page after five years of low-yield alternatives. Will they meet in the middle this year?











Financial Guru Talks Opportunity



MIAMI—GlobeSt.com caught up with Randy Banchik, EVP of Los Angeles-based Westwood Financial Corp., to get his take on the challenges and opportunities in this exclusive interview.











Consider Us Professionals. Period.



NEW YORK CITY-From REBNY’S Deal of the Year award-winner comes a wealth of experience and the sentiment that male, female, young, old, all those in commercial real estate just want to be considered professionals.











Commercial Property Values Flatten



NEWPORT BEACH, CA-In an UPDATE to an earlier story, while property values have regained all ground lost during the financial crisis, they remained unchanged in June, according to Green Street Advisors.











Housing Leads Construction Demand



IRVINE, CA-As commercial construction flattens and institutional construction declines, housing is the one area where new development spending is rising, Auction.com’s Julie Zisfein tells GlobeSt.com.











McNally: Why I Am Resigning from the US Chamber of Commerce



WASHINGTON, DC-Mike McNally speaks about what he hopes to accomplish by resigning from the US Chamber of Commerce.











Tug-of-War Brews Over Green Standards in Federal Buildings



WASHINGTON, DC-In an UPDATE to Tuesday's story, Skanska's Mike McNally tells GlobeSt.com's Erika Morphy that his real beef is with the American High-Performance Building Coalition, which opposes the latest version of LEED.











IPA's Murdy: More Consolidations Coming



LOS ANGELES-Institutional Property Advisors national director Brian Murdy predicts more real estate entities will consolidate in the coming months.











Weak Labor Market Dampens Rent Growth



NEW YORK CITY-The latest data on apartment rents show that landlords hiked monthly rents an average of 0.7% in the second quarter, a notch above the 0.6% increase posted three months earlier.








InTown Suites Portfolio Sells for $735M




National Commercial Real Estate News From CoStar Group





InTown Suites Portfolio Sells for $735M



Starwood Capital Group, a global real estate investment firm based in Greenwich, CT, closed on the sale of the InTown Suites company and related real estate assets for a gross price of $735 million.

For Kimco Realty, the largest owner and operator of neighborhood and community shopping centers in North America and majority partner in the InTown Hospitality Investors LP venture, the portfolio had represented the single largest remaining non-retail...






C & W Beefs Up Industrial Team




National





C & W Beefs Up Industrial Team



CHICAGO—The announcement of new hires for their industrial group quickly follows several top hires for the Capital Markets group.








North American Real Estate Continues to Rise




National





North American Real Estate Continues to Rise



CHICAGO—The fundamentals are improving in most regions, and the firm strongly recommends investing in large distribution centers in major US hubs.











Buyers Take Straight, Narrow Course



MIAMI—Buyer and sellers are coming closer to the same page after five years of low-yield alternatives. Will they meet in the middle this year?











Financial Guru Talks Opportunity



MIAMI—GlobeSt.com caught up with Randy Banchik, EVP of Los Angeles-based Westwood Financial Corp., to get his take on the challenges and opportunities in this exclusive interview.








Wednesday, July 10, 2013

Yield-Seeking Investors Switch Gears from Owning Property to Owning Mezz Debt




National Commercial Real Estate News From CoStar Group





Yield-Seeking Investors Switch Gears from Owning Property to Owning Mezz Debt



As more lenders join in, and more borrowers look for greater loan leverage, competition for mezzanine capital pieces in investment deals has increased dramatically since 2011, especially in the nation's gateway markets.

Overseas investors from the Mideast, Asia and Canada have piled in, joining a growing list of mezzanine loan specialists, private equity firms and hedge funds competing with more traditional providers such as institutional investors...









What Is Real Estate? The Answer Could Be Costly



Under pressure to reconsider some tax loopholes, the IRS -- and Congress -- have both launched recent attempts to define - or literally, re-define -- what exactly constitutes real estate assets for purposes of of qualifying as a real estate investment trust (REIT) under the tax code.

The results of those efforts could affirm or undo a host of tax advantages for existing REITS and block the efforts of several companies seeking to reorganize as REITs...









What MuniMae's Move Tells Us About Risks from Rising Interest Rates



In one of the first tangible signs of the impact that the risks from rising interest rates may pose for debt investors, Municipal Mortgage & Equity (MuniMae) decided to sell its entire fixed rate performing multifamily bond portfolio to Merrill Lynch Portfolio Management Inc.

In the transaction, MuniMae received $79 million in cash. The effective price for the $849 million portfolio was equal to fair value at June 30 and 101% of par value. In addition...






Consider Us Professionals. Period.




National





Consider Us Professionals. Period.



NEW YORK CITY-From REBNY’S Deal of the Year award-winner comes a wealth of experience and the sentiment that male, female, young, old, all those in commercial real estate just want to be considered professionals.








Commercial Property Values Flatten




National





Commercial Property Values Flatten



NEWPORT BEACH, CA-In an UPDATE to an earlier story, while property values have regained all ground lost during the financial crisis, they remained unchanged in June, according to Green Street Advisors.











Housing Leads Construction Demand



IRVINE, CA-As commercial construction flattens and institutional construction declines, housing is the one area where new development spending is rising, Auction.com’s Julie Zisfein tells GlobeSt.com.








McNally: Why I Am Resigning from the US Chamber of Commerce




National





McNally: Why I Am Resigning from the US Chamber of Commerce



WASHINGTON, DC-Mike McNally speaks about what he hopes to accomplish by resigning from the US Chamber of Commerce.








Tuesday, July 9, 2013

Weak Labor Market Dampens Rent Growth




National





Weak Labor Market Dampens Rent Growth



NEW YORK CITY-The latest data on apartment rents show that landlords hiked monthly rents an average of 0.7% in the second quarter, a notch above the 0.6% increase posted three months earlier.











Could Libor Be Headed for A Spike?



NEW YORK CITY-CRE investors feel “a fear of the unknown,” says Savills US Dan Gorczycki over the potential impact of Libor’s takeover by NYSE Euronext.








Hot-Spot Prices Rise, Rates Improve




National





Hot-Spot Prices Rise, Rates Improve



IRVINE, CA-In an UPDATE to an earlier story, median home prices rise and cap rates are positive for most of the cities RealtyTrac found to be retirement hot spots.








ARC REIT Pays $90.8M for Manhattan Condo




National Commercial Real Estate News From CoStar Group





ARC REIT Pays $90.8M for Manhattan Condo



American Realty Capital's New York Recovery REIT (NYRR), Inc. has acquired a fully-leased office condominium at 34-50 Varick St. in New York City for $90.8 million, or about $573 per square foot, exclusive of closing costs.

The three-story, 158,573-square-foot office loft condo is fully leased to a subsidiary of Spring Studios Ltd., a London-based provider of creative and photography services to international fashion, beauty and luxury brands....






Auction.com: Uncertainty Is Waning




National





Auction.com: Uncertainty Is Waning



IRVINE, CA-In an UPDATE to an earlier story, uncertainty, which has been blamed for the slow economic recovery, appears to be on the decline, Auction.com’s Peter Muoio tells GlobeSt.com.











Skanska Quits US Chamber Over Stance on LEED



NEW YORK CITY-Skanska USA CEO McNally says the chamber’s support of a lobbying group that advocates against voluntary LEED certification by the federal government is “misplaced as well as misguided.”








A Bumpy Road to Normal




National





A Bumpy Road to Normal



NEW YORK CITY-Economist Mark Zandi’s glass is clearly half full, and in his most recent report, he characterizes the positives and the possible derailing events that face us.











Retirement Hot Spots Are In CA, OR



IRVINE, CA-Rancho Mirage and Seal Beach, CA, as well as Florence, OR, rank among RealtyTrac’s top 15 retirement hot spots for real estate investing.








Monday, July 8, 2013

Auction.com: Growth Slows to a Crawl




National





Auction.com: Growth Slows to a Crawl



IRVINE, CA-The US Census Bureau’s May construction-spending report finds that this indicator has fallen short again, according to Julie Zisfein of Auction.com Research.








Rapidly Advancing Multifamily, Home Markets Leaving Manufactured Housing Far Behind




National Commercial Real Estate News From CoStar Group





Rapidly Advancing Multifamily, Home Markets Leaving Manufactured Housing Far Behind



While multifamily investors have had a smashingly successful time at the apartment bash in the past couple of years, and U.S. single-family home prices have surged 12% in the past year, the manufactured housing segment continues to struggle.

Manufactured housing traditionally provides a low cost alternative in suburban and rural areas to individuals and families with annual household incomes generally less than $40,000 - a segment particularly...









Bowlmor Looking To Roll a Strike in Merger of Cerberus’ AMF Bowling Worldwide



Strike Holdings LLC (known as “Bowlmor”) completed its merger with AMF Bowling Worldwide Inc. The new company, known as Bowlmor AMF now becomes the largest operator of bowling centers in the world with 272 bowling centers, 7,500 employees, and combined annual revenue of approximately $450 million.

The transaction stems from AMF’s filing for Chapter 11 bankruptcy reorganization at the end of last year. The new company is jointly owned by Bowlmor...









Era of the Smaller Office at an End? Perhaps Not



By: Glen Marker, Senior Market Advisor

There’s been a lot of discussion of late trumpeting that a combination of Gen Y demand and technology innovation is leading companies to redesign and reduce their office space to optimize collaboration, create a more egalitarian distribution of space, and reduce costs. The office leasing data, however, points to another possible explanation for the smaller-than-average size of leases signed in 2009-2011 -...









Facility Closures & Downsizings: Surge in Computer Sector Layoffs Bumps Up June Job Losses



The jobs picture is decidedly one of the glass being half full or half empty. Even as the Bureau of Labor Statistics reported that more jobs were created in June 2013 than economists had expected, the number of planned job cuts rose slightly for June, as employers announced workforce reductions totaling 39,372 during the month, up 8.2% from 36,398 in May, according to the latest report on monthly job cuts from private placement firm Challenger, Gray...






ULI Welcomes Lynn Thurber As Chair




National





ULI Welcomes Lynn Thurber As Chair



WASHINGTON, DC-Thurber's tenure begins as ULI ramps up its building healthy places initiative. We speak with Thurber about this and other goals she has for ULI over the next two years.








Friday, July 5, 2013

CoStar's People of Note (June 30 - July 6)




National Commercial Real Estate News From CoStar Group





CoStar's People of Note (June 30 - July 6)



This week's People of Note includes the following markets: New York City, St. Louis, Cincinnati, Hampton Roads, Seattle, Dallas, and Orlando.

NEW YORK CITY
The Rockefeller Group Promotes Nakajima to Top Position
By Megan Gruber

The Rockefeller Group, a global property owner, developer, and investment manager, named Atsushi Nakajima as acting president and chief executive officer in the firm









Latest Transbay Project Takes Shape in San Francisco



A joint venture of TMG Partners and Northwood Investors LLC has acquired an assemblage of parcels at First and Mission Streets, where it plans to develop two towers totaling about 2 million square feet of office, retail and condominiums on the 1.17-acre development site.

Plans call for a 605-foot-tall condominium tower along Mission Street and an 850-foot-tall office building fronting First Street.

TMG and Northwood acquired the parcels, perhaps...






Latest Transbay Project Takes Shape in San Francisco




National Commercial Real Estate News From CoStar Group





Latest Transbay Project Takes Shape in San Francisco



A joint venture of TMG Partners and Northwood Investors LLC has acquired an assemblage of parcels at First and Mission Streets, where it plans to develop two towers totaling about 2 million square feet of office, retail and condominiums on the 1.17-acre development site.

Plans call for a 605-foot-tall condominium tower along Mission Street and an 850-foot-tall office building fronting First Street.

TMG and Northwood acquired the parcels, perhaps...






Latest Transbay Project Takes Shape in San Francisco




National Commercial Real Estate News From CoStar Group





Latest Transbay Project Takes Shape in San Francisco



A joint venture of TMG Partners and Northwood Investors LLC has acquired an assemblage of parcels at First and Mission Streets, where it plans to develop two towers totaling about 2 million square feet of office, retail and condominiums on the 1.17-acre development site.

Plans call for a 605-foot-tall condominium tower along Mission Street and an 850-foot-tall office building fronting First Street.

TMG and Northwood acquired the parcels, perhaps...






Jobs Continue To Grow---Bit by Bit




National





Jobs Continue To Grow---Bit by Bit



WASHINGTON, DC-Bit by bit, unemployment numbers creep down on a monthly basis, as Friday morning's release of US Bureau of Labor Statistics numbers reveals.








Latest Transbay Project Takes Shape in San Francisco




National Commercial Real Estate News From CoStar Group





Latest Transbay Project Takes Shape in San Francisco



A joint venture of TMG Partners and Northwood Investors LLC has acquired an assemblage of parcels at First and Mission Streets, where it plans to develop two towers totaling about 2 million square feet of office, retail and condominiums on the 1.17-acre development site.

Plans call for a 605-foot-tall condominium tower along Mission Street and an 850-foot-tall office building fronting First Street.

TMG and Northwood acquired the parcels, perhaps...






Latest Transbay Project Takes Shape in San Francisco




National Commercial Real Estate News From CoStar Group





Latest Transbay Project Takes Shape in San Francisco



A joint venture of TMG Partners and Northwood Investors LLC has acquired an assemblage of parcels at First and Mission Streets, where it plans to develop two towers totaling about 2 million square feet of office, retail and condominiums on the 1.17-acre development site.

Plans call for a 605-foot-tall condominium tower along Mission Street and an 850-foot-tall office building fronting First Street.

TMG and Northwood acquired the parcels, perhaps...






Latest Transbay Project Takes Shape in San Francisco




National Commercial Real Estate News From CoStar Group





Latest Transbay Project Takes Shape in San Francisco



A joint venture of TMG Partners and Northwood Investors LLC has acquired an assemblage of parcels at First and Mission Streets, where it plans to develop two towers totaling about 2 million square feet of office, retail and condominiums on the 1.17-acre development site.

Plans call for a 605-foot-tall condominium tower along Mission Street and an 850-foot-tall office building fronting First Street.

TMG and Northwood acquired the parcels, perhaps...






Thursday, July 4, 2013

Latest Transbay Project Takes Shape in San Francisco




National Commercial Real Estate News From CoStar Group





Latest Transbay Project Takes Shape in San Francisco



A joint venture of TMG Partners and Northwood Investors LLC has acquired an assemblage of parcels at First and Mission Streets, where it plans to develop two towers totaling about 2 million square feet of office, retail and condominiums on the 1.17-acre development site.

Plans call for a 605-foot-tall condominium tower along Mission Street and an 850-foot-tall office building fronting First Street.

TMG and Northwood acquired the parcels, perhaps...