Green Fund Officially Closed
A $500 million fund that will develop high-performance green office buildings has closed...
Office sector escapes plummeting investment sales
Sales of commercial properties tumbled in August for all sectors except office, according to Real Capital Analytics...
Commercial mortgage debt exceeds $2.76 trillion
Total mortgage debt on commercial and multifamily properties grew by $76.6 billion in the first half of 2006 to reach $2.7 trillion at midyear, according to the Mortgage Bankers Association’s analysis of Federal Reserve Board Flow of Funds data. That’s a 2.8% increase from the fourth quarter last year....
Commercial Real Estate Lenders Riled Up
A proposal by federal regulators to more closely scrutinize banks with large concentrations of commercial real estate (CRE) loans and raise capital requirements threatens to choke a lucrative lending sector, industry leaders say....
HUD backs away from mortgage insurance premium hike
The U.S. Department of Housing and Urban Development has withdrawn a planned 71% hike in the mortgage insurance premiums on most multifamily and healthcare loans backed by the Federal Housing Administration. Originally slated to take effect Oct. 1, the increase would have effectively reduced borrowers’ leverage on loans by increasing their cost of funds....
Questioning The Coastal Deal Frenzy
It’s an article of faith among many office investors that pronounced economic growth is confined to markets like New York City and Los Angeles. Core properties near an ocean have routinely fetched higher prices than their landlocked peers. Rental growth and occupancy have also been healthier along the coasts, where a scarcity of land and exorbitantly high building costs tends to tamp down new supply....
Capital City Portfolio Sold
Rockrose Development Corp. has bought a three-building portfolio of Washington, D.C. office properties for $193 million. The seller was the Marshall B. Coyne Trust. ...
Apartment Complex Positioned For Rehab
Legacy Partners has acquired a 348-unit apartment complex in Chatsworth, Calif. for $52 million. Foster City, Calif.-based Legacy Partners bought the units from the Sares Regis Group. ...
California Business Park Sold
Westcore Properties has bought a three-building business park in Fremont, Calif. for $11.2 million. The three properties consist of 128,000 sq. ft. of office and research & development (R & D) space located on a 7.7 acre parcel. ...
If You Can’t Buy ‘Em, Build ‘Em
Private investors have come to dominate office investment sales. And for one very good reason: The added buying power of heavy leverage. Unlike public office REITs, whose shareholders have less of a stomach for debt-drenched portfolio deals, private players can pile on leverage and, in many cases, outbid their listed competitors. ...
Texas Assets Sold To Private Investor
A trio of office/flex buildings in Austin, Texas have fetched $11.14 million (or nearly $52 per sq. ft.). Privately-held Braker Center LP bought the buildings from ITW Mortgage Investments III. GMH Capital Partners, an investment sales brokerage, represented the seller on the deal....
California Apartment Complex Sells For $97.3 Million
One of the largest apartment sales in San Mateo County, Calif. has closed for nearly $100 million. Earlier today, West Coast-based investment sales brokerage Sperry Van Ness announced that the 697-unit Hillsdale Garden Apartments complex has sold for $97.3 million. The buyer is Essex Property Trust, a West Coast-based REIT....
Hotel Sales Market Humming Along
The rush to buy hotel properties is not slowing down, demand for hotel assets is soaring. And, according to Jones Lang LaSalle’s investors will not soon quench their thirst for investment grade hotels....
Pacific Coast Hotel Sold
A 163-room Santa Cruz, Calif. hotel has fetched $40 million. The AAA-rated Coast Santa Cruz Hotel was bought by a joint venture between Ensemble Investments and AEW Capital Management LP....
Midtown Office Blocks Vanishing Fast
Manhattan-based real estate brokerage Studley Inc. reports that large blocks of Midtown Manhattan, Class-A office space are flying off the shelves...
Time runs out for The Sands
Casino owner and operator Pinnacle Entertainment Group has agreed to purchase, close and redevelop The Sands, one of the oldest gaming resorts in Atlantic City, N.J....
Biloxi gets a new Beau
The Beau Rivage Resort & Casino — the largest employer in Biloxi, Miss. until Hurricane Katrina forced its closure last year — has re-opened with a redesigned casino and updated rooms....
MBA to Merge with Nonprime Lenders Group
A planned merger will bring the nation’s only nonprime mortgage industry association under the fold of the Mortgage Brokers Association (MBA)....
Lending is up — again
Deals are slowing, industry experts say, but the cyclical push approaching year’s end is expected to counter weaker economic growth to break 2005’s record volume of $345 billion in loans....
More Dispositions On The Way For EOP
Equity Office Properties Trust, the largest office owner in the nation, plans to market as much as $3.5 billion of assets for sale through the end of next year. ...
Sunshine State Denny’s Fetches Multi-Million Offer
A Coral Springs, Fla. Denny’s Restaurant has sold for a whopping $2.5 million. ...
Foreign Travel Into U.S. On The Rise
The number of international travelers visiting the U.S. increased by 6.7% in 2005, according to PricewaterhouseCoopers. ...
The Late, Great Condo Conversion Boom
Last week looked like the official end of the single-family housing bubble. In back-to-back reports, the National Association of Realtors and National Association of Home Builders reported significant declines in both new and existing home sales — as well as falling median prices and swelling inventories in many parts of the U.S....
Hotelier’s Strategic Shift Pays Off
InterContinental Hotel Group, the largest in the world, announced in late August that second-quarter earnings doubled largely on the strength of an aggressive asset disposition campaign...
Mills taps partners for Meadowlands Xanadu
Mills Corp. has lined up a money partner to rescue its Meadowlands Xanadu development in Northern New Jersey. ...
Ohio Supreme Court sides with property owners
Ohio Supreme Court justices have halted a city’s attempt to compel property sales to make way for a private development....
Takeout Firms Flock To Office Fundamentals
Another real estate investment trust (REIT) is exiting the public stage. Morgan Stanley announced plans to buy San Mateo, Calif.-based office and industrial owner Glenborough Realty Trust Inc. for roughly $1.9 billion. ...
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