Main Page | Archived Stories | Commercial Real Estate

• 

  Economic Fallout Still Impacting Commercial Real Estate Investors' Mortgage Delinquency Rates

  Posted by Michael Gerrity 03/11/10 10:37 AM

  (WASHINGTON, DC) -- According to the Mortgage Bankers Association's (MBA) newly released Commercial/Multifamily Delinquency Report, delinquency rates continued to increase in the fourth quarter for most commercial/multifamily mortgage investor groups. Read More

• Idaho Millwork Maker Leases 160,440 SF in Atlanta

  Posted by Alex Finkelstein 03/09/10 3:00 PM

  (ATLANTA, GA) -- Woodgrain Distribution, a 56-year-old millwork manufacturer based in Fruitland, ID, has leased 160,440 square feet of distribution space at a DCT Industrial Trust (NYSE:DCT)  property in northeast Atlanta.DCT's prepared statement didn't disclose lease terms but Atlanta brokers... Read More

• 

  GENERAL GROWTH UPDATE: Two Largest Creditors Agree to Hand out Almost $4B to Help Mall Owner Exit Bankruptcy

  Posted by Alex Finkelstein 03/09/10 12:20 PM

  (CHICAGO, IL) -- The sky is looking clearer today for General Growth Properties (NYSE: GGP) as its two largest creditors agree to pump a total $3.925 billion into the bankrupt mall owner's cash pipeline. Read More

• 

  Healthcare Trust of America Beefs Up Portfolio with Buys in Atlanta and Englewood, CO

  Posted by Alex Finkelstein 03/08/10 8:00 AM

  (ATLANTA, GA) -- Healthcare Trust of America Inc. has increased its total portfolio to over 500,000 square feet with new acquisitions in Atlanta and Englewood, Co. In Atlanta, HTA, based in Scottsdale, AZ, paid $19.55 million or $243 per square foot for a 94%-leased, Read More

• RECI Sees More Bankers and Life Companies Returning to Realty Capital Scene by Summer

  Posted by Alex Finkelstein 03/05/10 11:42 AM

  (CHICAGO, IL) -- The non-profit Real Estate Capital Institute is seeing strong signs of increasing activity in the real estate capital markets by this summer.Nat Zvislo, Research Director of the Chicago-based organization, states, "painfully slow rebound ignites mild excitement in... Read More

• 

  DUBAI UPDATE: Dubai World Loses Trophy Manhattan Knickerbocker Building to Lender

  Posted by Alex Finkelstein 03/03/10 3:13 PM

  Knickerbocker Building (NEW YORK, NY) -- Financially hard-hit Dubai World has lost another trophy property to a lender.  This time around it was the legendary, 94-year-old, 300,000-square-foot, 10-story Knickerbocker Building in Manhattan's Times Square district.Danske Bank A/S of Copenhagen... Read More

• 

  Hines Wins Top EPA Energy Award for Third Time

  Posted by Alex Finkelstein 03/01/10 4:00 PM

  Gerald Hines (HOUSTON, TX) -- Hines, a privately owned international commercial real estate developer based in Houston, TX, has been recognized by the U.S. Environmental Protection Agency EPA as a Partner of the Year for the sixth time and the... Read More

• Hotel Industry Posts Mixed Results in February

  Posted by Michael Gerrity 03/01/10 10:53 AM

  (HENDERSONVILLE, TN) -- According to Smith Travel Research, the U.S. hotel industry reported mixed results in the three key measurements during the week of 14-20 February 2010.In year-over-year measurements, the industry's occupancy ended the week with a 2.4-percent increase to... Read More

• U.S. Government Reports Annualized Construction Spend Rate at $884.1 Billion

  Posted by Michael Gerrity 03/01/10 10:50 AM

  (WASHINGTON, DC) -- According to the U.S. Census Bureau of the Department of Commerce, construction spending during January 2010 was estimated at a seasonally adjusted annual rate of $884.1 billion, 0.6 percent (±1.1%) below the revised December estimate of $889.6... Read More

• Ladder Capital Closes Four Deals Totaling Over $40 Million in Last 60 Days

  Posted by Alex Finkelstein 03/01/10 9:00 AM

  (NEW YORK, NY) -- Ladder Capital Finance LLC, a 15-month-old special finance company that says it focuses on distressed opportunities, has closed four commercial real estate transactions totaling over $40 million since the start of 2010.They are:A 5-year fixed rate... Read More

• 

  California Governor Selling 24 Office Buildings, Largest Deal of its Kind in Decades

  Posted by Alex Finkelstein 02/26/10 3:18 PM

  (LOS ANGELES, CA) -- In the largest deal of its kind in decades, California is selling 24 state-owned office buildings totaling about 7.3 million square feet ... Read More

• 

  Inland Unit Buys Kissimmee, FL Retail Center for $12.4M or $175 Per SF

  Posted by Alex Finkelstein 02/25/10 9:00 AM

  Pleasant Hill Commons shop center, Kissimmee, FL (KISSIMMEE, FL) -- Inland Diversified Real Estate Trust, Inc., part of the Inland Real Estate Group of Companies, Inc. based in Oak Brook, IL, has acquired the two-year-old, 70,642-square-foot Pleasant Hill Commons shopping... Read More

• 

  General Growth Properties Plans to Exit Bankruptcy by Splitting Company in Half

  Posted by Alex Finkelstein 02/24/10 3:28 PM

  Here are the plan's highlights:New company would be called General Growth OpportunitiesToronto-Based Brookfield Asset Management Inc. would be largest shareholder.Brookfield kicking in total $2.63 billion.Brookfield pledges to buy 30% of new GGP company's shares at $10 per share for... Read More

• 

  NAR Reports No Meaningful Recovery in Commercial Real Estate Before 2011

  Posted by NATIONAL ASSOCIATION OF REALTORS 02/23/10 10:00 AM

  (WASHINGTON, DC) -- Although the economy has been growing lately, fallout from the recent recession continued to negatively impact commercial real estate sectors in the fourth quarter, but there is hope for some improvement next year, according to the National Association of Realtors. Read More

• 

  Medical Office Condo Market Softening but Still Stronger Than Most Commercial Properties, Experts Say

  Posted by Alex Finkelstein 02/22/10 8:00 AM

  (NEW YORK, NY) -- The 15-million-square-foot medical office condominium market in the U.S. is softening but is still holding up better than most commercial properties, according to persons who regularly track the industry. Read More

• 

  Brookfield Signs 1.2 Million-SF Office Lease, Largest Deal Since Fall 2008

  Posted by Alex Finkelstein 02/18/10 10:00 AM

   KBR Tower, Houston (NEW YORK, NY) -- The largest U.S. office lease since fall 2008 - that's what Brookfield Properties Corp. (BPO: NYSE, TSX) says it has completed in Houston, TX.The New York City-based developer has closed a multi-million-dollar, 1.2-million-square-foot... Read More

• 

  General Growth Not Biting at Simon's $10 Billion Apple

  Posted by Alex Finkelstein 02/17/10 12:23 PM

  (CHICAGO, IL) -- Working its way out from under a $20 billion debt load, Chicago-based General Growth Properties (Pink OTC: GGWPQ) today politely declined to accept a $10 billion buyout offer rival Simon Property Group. Simon is the largest mall developer, owner and operator in the U.S. Read More

• 

  Cushman & Wakefield Tapped to Consult Charles S. Cohen's 10 Million Sq. Ft. Property Portfolio

  Posted by Michael Gerrity 02/16/10 2:11 PM

  Charles Cohen (NEW YORK, NY) -- Bruce Mosler, Co-Chairman of the Board of Cushman & Wakefield, and Arthur Mirante, former CEO Cushman & Wakefield, have both been named "strategic real estate consultants" for Charles S. Cohen's national portfolio of commercial... Read More

• 

  Metro Columbus Ohio Stuck in 15% Retail Vacancy Rut

  Posted by Alex Finkelstein 02/16/10 12:55 PM

  Columbus City Center, Columbus, OH mall (COLUMBUS, OH) -- No signs of recovery in the retail real estate market in Columbus, OH, one of the largest metropolitan areas in the Midwest with an estimated population of 2 million.That's the grim... Read More

• 

  U.S. Community Banks Face Up to $300B in Commercial Real Estate Loan Losses

  Posted by Alex Finkelstein 02/15/10 10:45 AM

  (WASHINGTON, DC) -- First it was the Big Banks. Now it's the Little Banks. DSNews.com reports losses from defaults on commercial real estate loans maturing in the next few years, could go as high as $300 billion, threatening to topple nearly 3,000 community banks nationwide, Read More

• 

  CB Richard Ellis Tapped to Lease Miami's Recently Renovated 999 Brickell Office Building

  Posted by Michael Gerrity 02/15/10 9:00 AM

  999 Brickell Ave (MIAMI, FL) -- CB Richard Ellis (CBRE) Brokerage Services has been engaged to provide landlord brokerage services for 999 Brickell, an 11-story iconic office building totaling approximately 100,000-sq. ft. located in the Brickell submarket of Miami, Fla.... Read More

• 

  North Carolina Brokerage Predicts Banner Year for 2010

  Posted by Alex Finkelstein 02/12/10 12:29 PM

  George Upchurch Jr. (RALEIGH-DURHAM-CHAPEL HILL, NC) -- Although they say they do not wear rose-tinted eyeglasses, North Carolina regional commercial real estate  brokers Charles Rankin and George Upchurch predict 2010 will be a vibrant leasing and sales year.They  make their... Read More

• 

  CB Richard Ellis Restructures $156M Debt Load

  Posted by Alex Finkelstein 02/11/10 8:00 AM

  Brett White, CBRE CEO (LOS ANGELES, CA) -- CB Richard Ellis Group, Inc. (NYSE:CBG) has moved to strengthen its balance sheet.The Los Angeles, CA-based company announced  it has reached agreement with its lenders to extend maturities on about $156.6 million... Read More

• 

  Rockefeller Group and Kimco Sign Blue-Ribbon Tenant to Multi-Million-Dollar Office Lease in Florida

  Posted by Alex Finkelstein 02/10/10 8:00 AM

  (MIRAMAR, FL) -- Rockefeller Group Development Corp. and Kimco Realty Corp., joint venture partners in the planned 146,000-square-foot Miramar Town Center, 20 miles north of Miami, today signed an office tenant most developers dream about Read More

• 

  Unemployment Rate Unexpectedly Dips to 9.7% in January

  Posted by Michael Gerrity 02/05/10 10:29 AM

  Tonya Giddens (WASHINGTON, DC) - Today the U.S. Department of  Labor reported that the unemployment rate fell from 10.0 to 9.7 percent in January, and nonfarm payroll employment was essentially unchanged (-20,000).Employment fell in construction and in transportation and warehousing;... Read More

• 

  $15M Acquisition Financing is First in Florida Under Fed's New Program

  Posted by Alex Finkelstein 02/03/10 10:30 AM

  Chatham Harbor apartments (ALTAMONTE SPRINGS, FL) -- The first bond issue closed in Florida under the Treasury's new Bond Credit Enhancement (BCE) program, and one of just four closed nationwide, has been completed for an Orlando suburban property.Stoneleigh Partners Acquisition... Read More

• Mezzanine Loans for Multi-Family Projects Gaining Favor in Real Estate Capital Markets

  Posted by Alex Finkelstein 02/02/10 3:22 PM

  (CHICAGO, IL) -- The Real Estate Capital Institute's February Scoreboard sees some light in the otherwise murky real estate capital markets tunnel."Modest job growth, combined with controlled government spending discussions directly affect the current economic recovery, which is slowly trickling... Read More

• 

  Cushman & Wakefield Appoints Glenn Rufrano as new CEO

  Posted by Michael Gerrity 02/02/10 3:02 PM

  Glenn Rufrano (NEW YORK, NY) -- Cushman & Wakefield has just announced that Glenn Rufrano has been named President and Chief Executive Officer of the company.  Mr. Rufrano, who will also be appointed to the company's Board of Directors, will... Read More

• 

  Wachovia, HSBC Bank Tap Fortune International to Handle Remaining Condo Sales in Miami's Wind Tower

  Posted by Michael Gerrity 02/02/10 2:37 PM

  (MIAMI, FL) -- Fortune International has announced that it has been retained to handle sales for the approximately 150 remaining residences at the Wind condominium on the Miami River. Read More

• Freddie Mac Finances 37% of all Multi-family Loans in 2009

  Posted by Michael Gerrity 02/02/10 12:16 PM

  (MCLEAN, VA) -- Freddie Mac (NYSE: FRE) announced today that in 2009 it financed its highest percentage of market share, 37 percent of the overall multifamily market, compared to 29 percent in 2008. Due to a contracting market, Freddie Mac... Read More

• US Government Reports December Construction Spending Dips Slightly to $902.5 Billion Annual Rate

  Posted by Michael Gerrity 02/01/10 12:31 PM

  (WASHINGTON, DC) -- The U.S. Census Bureau of the Department of Commerce announced today that construction spending during December 2009 was estimated at a seasonally adjusted annual rate of $902.5 billion, 1.2 percent (±1.3%) below the revised November estimate of... Read More

• 

  Miami's Massive ICON Brickell Condo Project Slashes Prices by 51%

  Posted by Michael Gerrity 02/01/10 11:34 AM

  (MIAMI, FL) -- Condo Vultures reports today that prices at the ICON Brickell three-tower condominium project in Greater Downtown Miami have been slashed to as little as $261 per square foot, a 51 percent discount on the average closed sales price in the complex to date. Read More

• MBA Reports 13% of Non-Bank Commercial, Multifamily Mortgage Debt to Mature in 2010

  Posted by Michael Gerrity 02/01/10 11:03 AM

  (LAS VEGAS, NV) -- According to the Mortgage Bankers Association (MBA) newly released results of their 2009 Commercial Real Estate/Multifamily Survey, the volume of commercial and multifamily mortgage debt maturing in 2010 and 2011 is relatively low.  Of the $1.45... Read More

• 

  Buy Commercial Debt, Not Property, Zell Advises Investors

  Posted by Alex Finkelstein 02/01/10 11:00 AM

  Sam Zell (SAN DIEGO, CA) -- If you want to cash in on the current distressed real estate markets, buy equity, not property, advises Chicago billionaire entrepreneur Sam Zell. Speaking at the University of San Diego's 14th annual Real Estate Conference,... Read More

• 

  CBRE Bullish on Nashville Retail Market

  Posted by Alex Finkelstein 02/01/10 9:00 AM

  Tom Frye (NASHVILLE, TN) -- The country music capital of the country may be seeing a resurgence in retail real estate activity this year, according to a new 2010 Outlook Report by CB Richard Ellis.Citing the CBRE analysis, the Nashville... Read More

• 

  Cushman & Wakefield Sees More Commercial Sales Volume in 2010

  Posted by Alex Finkelstein 01/28/10 11:00 AM

  Andrew I. Merin (EAST RUTHERFORD, NJ) -- Andrew I. Merin, head of  Cushman & Wakefield Inc.'s East Rutherford-based Metropolitan Area Capital Markets Group, isn't wearing rosy spectacles these days but he still expects more commercial sales volume this year for... Read More

• 

  New York City Building Sales Drop 75% in 2009, Reports Massey Knakal Realty Services

  Posted by Michael Gerrity 01/27/10 2:50 PM

  (NEW YORK, NY) -- Massey Knakal Realty Services released this week their year-end Property Sales Report for 2009 that shows the total volume of commercial real estate sales in the New York City marketplace was $6.3 billion, Read More

• 

  Miami Beach Retail Developer Gambling on Lincoln Theater Conversion

  Posted by Alex Finkelstein 01/27/10 1:57 PM

  Clifford Stein (MIAMI BEACH, FL) -- Clifford Stein, a Miami Beach accountant and attorney with 25 years experience in real estate finance and investment, is about to do what most accountants shy away from - betting on less than a... Read More

• 

  CWCapital Posts $1.3B in Closed Loans for 2009, Mostly Through Fannie Mae and Freddie Mac

  Posted by Alex Finkelstein 01/26/10 9:00 AM

  Michael D. Berman (NEEDHAM, MA) -- CWCapital, a 19-year-old subsidiary of privately held CW Financial Services and strongly backed by a Canadian lender, reports it closed over $1.3 billion in loans with borrowers in the multifamily and healthcare real estate... Read More

• General Growth's Fresh Funding Lifts 96 Properties Out of Bankruptcy Protection With 16 Left to Save

  Posted by Alex Finkelstein 01/25/10 2:15 PM

  (CHICAGO, IL) -- Good news today from General Growth Properties Inc., (PINK OTCBB:GGWPQ) the nation's second largest shopping center developer-owner after Simon Property Group. The Chicago-based owner and manager of more than 200 regional shopping malls in 43 states announced... Read More

• Commercial Property Prices Up in November but It's Only a Blip, Says Moody's

  Posted by Alex Finkelstein 01/25/10 2:11 PM

  (NEW YORK, NY) -- U.S. commercial property prices rose 1 percent in November 2009 after 13 months of consecutive declines, but the price rise isn't expected to be permanent, reports Moody's Investors Service.Occupancy and rental rates continue to drop but... Read More

• 

  Tishman Speyer and BlackRock Give up Manhattan's Largest Apartment Complex to Creditors

  Posted by Alex Finkelstein 01/25/10 1:35 PM

  Peter Cooper Village and Stuyvesant Town (NEW YORK CITY, NY) -- The most expensive real estate deal of its kind in American property annals collapsed today.Legendary New York City developer Tishman Speyer Properties and its partner, BlackRock Realty, turned over... Read More

• 

  Apartments Will Be In High Demand, Short Supply in Coming Years

  Posted by Michael Gerrity 01/19/10 3:18 PM

  David Crowe (LAS VEGAS, NV) -- According to industry experts speaking at a press conference today at the National Association of Home Builders' International Builders' Show in Las Vegas, a severe shortage of apartments is likely to result from the... Read More

• 

  DHL Donates Largest Private Airport in U.S. to Local Government Authorities

  Posted by Michael Gerrity 01/19/10 11:04 AM

  (WILMINGTON, OH) -- The City of Wilmington and the Clinton County Port Authority received a nice new present today, the largest private airport in the country. Read More

• 

  U.S. Hotel Market H.I.P. Index Improves 1.7 Percent in December

  Posted by Michael Gerrity 01/15/10 10:31 AM

  Click here to enlarge chart (DURHAM, NEW HAMPSHIRE) -- Smith Travel Research in conjunction with e-Forecast.com announced that the Hotel Industry's Pulse index gained ground in December.After edging down 0.3 percent in November, HIP increased 1.7 percent in December. HIP... Read More

• 

  Consumer Price Index Rose 0.1 Percent in December

  Posted by Michael Gerrity 01/15/10 10:26 AM

  (WASHINGTON, DC) - The U.S. Bureau of Labor Statistics reported today that on a seasonally adjusted basis, the December Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent. Over the last 12 months, the index increased 2.7 percent... Read More

• 

  Manhattan Office Vacancies Drop to 11.1 Percent; Leasing Activity Strong in December

  Posted by Michael Gerrity 01/13/10 8:00 AM

  (NEW YORK, NY) -- According to Cushman & Wakefield newly released 2009 year-end statistics for the Manhattan commercial real estate market, office vacancy rates declined to 11.1 percent at the end of December, ... Read More

• 

  Tishman-AECOM Win $16-Million Homeland Security Headquarters Construction Contract

  Posted by Michael Gerrity 01/11/10 12:03 PM

  Daniel R. Tishman (WASHINGTON, DC) -- According to a prepared statement, Tishman-AECOM, a joint-venture of Tishman Construction Corporation of Washington DC and AECOM announced today that they have been awarded a $16-million federal contract. The "indefinite delivery/indefinite quantity" contract covers... Read More

• 

  Carlton Group Announces Sale of $307 Million in REO Assets

  Posted by Michael Gerrity 01/08/10 12:05 PM

  Howard Michaels (NEW YORK, NY)  -- The Carlton Group has been retained on behalf of various CMBS trusts on the sale of approximately $307 million of Non-Performing loan and REO assets located throughout the United States, said Carlton Chairman Howard... Read More

• 

  Tishman Construction Selected for National Minority Business Award

  Posted by Michael Gerrity 01/07/10 4:17 PM

  Daniel R. Tishman (NEW YORK, NY) -- Tishman Construction Corporation (TCC) has been selected to receive the "Outstanding Corporate Supplier Diversity Award" from the National Minority Business Council, an organization that helps minority, women and veteran-owned business enterprises (M/WBE).The award... Read More

• 

  Landmark Miami Skyscraper Gets Renamed Miami Tower

  Posted by Michael Gerrity 01/07/10 2:57 PM

  Miami Tower (MIAMI, FL) -- One of the world's most iconic office buildings is receiving a new name and welcoming new tenants. Downtown Miami's Bank of America Tower at International Place, a 600,000 square-foot I.M Pei-designed building recognized around the... Read More

• 

  Disney Makes Plans for New Times Square Retail Store Location

  Posted by Michael Gerrity 01/05/10 3:08 PM

  (PASADENA, CA) -- According to a company press release today, The Walt Disney Company (NYSE:DIS) plans to transform an expansive retail space in the heart of New York's Times Square into a magical state-of-the-art, ... Read More

• Private, Public Construction Spend at $900 Billion Annualized Rate

  Posted by Michael Gerrity 01/04/10 1:01 PM

  (WASHINGTON, D.C.) -- The U.S. Census Bureau of the Department of Commerce announced today that construction spending during November 2009 was estimated at a seasonally adjusted annual rate of $900.1 billion, 0.6 percent (±1.4%) below the revised October estimate of... Read More

• Decade Ending With Sluggish Deal Activity but Ernst & Young Sees Capital Markets Picking Up in 2010

  Posted by Alex Finkelstein 12/30/09 2:01 PM

  For the second half of 2009, deal activity remains sluggish but is showing signs of modest acceleration.Deals continue to get done, but the types of deals that are completed, and the way these deals are financed and executed, has changed... Read More

• 

  REITs Return 19.73% in First 11 Months of 2009, Fidelity Reports

  Posted by Alex Finkelstein 12/29/09 4:13 PM

  (BOSTON, MA) -- Despite a dark cloud hovering over the commercial real estate scene these days, Boston-based Fidelity Investments advises investors not to count this sector out of the trading arena. Read More

• 

  Historic Times Square Building Gets $267M Infusion for New Broadway Future

  Posted by Alex Finkelstein 12/23/09 1:28 PM

  Times Square Building (NEW YORK, NY) -- The largely vacant Times Square Building, one of the best-known commercial sites in the world has been given a new lease on life.The owners, Africa Israel and its subsidiary, AFI USA, have received... Read More

• 

  Jury Out on New Medical Office Development

  Posted by Alex Finkelstein 12/23/09 8:05 AM

  (ENCINO, CA) -- New medical office development in the U.S. in 2010 and beyond may be the industry's savior as President Barack Obama's priority health reform legislation goes to a Senate vote Christmas Eve. Read More

• 

  U.S. REAL ESTATE ROUNDUP

  Posted by Alex Finkelstein 12/21/09 8:00 AM

  (INDIANAPOLIS, IN) -- The biggest real estate retail deal of the year is expected to close by year end. Simon Property Group Inc. of Indianapolis, IN, the largest shopping center owner in the U.S., is buying Prime Outlets of Baltimore, Read More

• 

  Tishman Completes Las Vegas' $8.5 Billion CityCenter Project

  Posted by Michael Gerrity 12/16/09 1:10 PM

  (LAS VEGAS, NV) -- Today the city of Las Vegas celebrates the grand opening of their new $8.5 billion dollar CityCenter mega-project, and the construction company behind the scenes ... Read More

• 

  It's Going to be a Slow Road to Recovery, Say CBRE Economists

  Posted by Alex Finkelstein 12/15/09 1:29 PM

  (LOS ANGELES, CA) -- If you're looking for a rough time line on when the nation's 28-month-old Recession will start turning around, you won't find it in CB Richard Ellis's newest analyst on the economy distributed today. Read More

• 

  Citigroup Paying Off $45B Debt to Taxpayers

  Posted by Alex Finkelstein 12/14/09 3:30 PM

  (NEW YORK, NY) -- CitiGroup Inc., in debt to taxpayers for $45 billion, is paying off its obligation and getting out from under federal government control. The New York City-based bank said Monday it is repaying the last $20 billion in... Read More

• 

  COMMERCIAL REAL ESTATE ROUNDUP

  Posted by Alex Finkelstein 12/08/09 8:00 AM

  (LAS VEGAS, NV) -- A total 2.3 million square feet of new retail space is expected to be completed in metro Las Vegas by year end - and that's bad news for the market, says Marcus & Millichap regional managerJohn Vorsheck. That 2.9 percent increase in the valley's stock, coupled with soft tenant demand and the 5.9 million square feet completed in 2008, Read More

• Commercial and Multifamily Mortgage Performance Falls in Q-3, Says MBA

  Posted by Michael Gerrity 12/07/09 10:00 AM

  (WASHINGTON, D.C.) -- According to the Mortgage Bankers Association's (MBA) Commercial/Multifamily Delinquency Report, the delinquency rates continued to increase in the third quarter for most commercial/multifamily mortgage investor groups."Commercial and multifamily mortgages continued to feel stress in the face of... Read More

• Multifamily Assets Take Steep Price Plunge, RECI Reports

  Posted by Alex Finkelstein 12/07/09 8:30 AM

  (CHICAGO, IL) -- Workouts and recapitalizations - that's the primary agenda for the commercial real estate industry in 2010, predicts The Real Estate Capital Institute of Chicago.In his monthly overview of the real estate capital markets, RECI research director Nat... Read More

• 

  DUBAI UPDATE: Creditors Taking Hard Line on Developer's Plea for More Time

  Posted by Alex Finkelstein 12/07/09 8:00 AM

  (DUBAI, U.A.E.) -- Lenders who gave Dubai World $26 billion in construction loans for its planned $100 billion city-within-a-city development are not expected to go along with the developer's request to hold off interest payments ... Read More

• 

  Tiffany & Co. Opens Luxury Shop at Las Vegas' CityCenter

  Posted by Michael Gerrity 12/04/09 9:30 AM

  (LAS VEGAS, NV) -- Tiffany & Co. was the first retailer to open its doors inside Crystals at CityCenter this week with an elegant ribbon cutting ceremony and special Breakfast at Tiffany event.The new two-level Tiffany & Co. store... Read More

• 

  DEAL OF THE WEEK

  Posted by Alex Finkelstein 12/04/09 9:00 AM

  Forest City Ratner Wins Big Eminent Domain SuitCleveland Developer Plans $4.9B Mixed-Use Campus in Downtown Brooklyn$900M Arena for National Basketball Association Play Would be Most Expensive to DateProject Will Take Five Years to CompleteOnly One Judge Sides With Landowners Who... Read More

• 

  Thrifty Holiday Shoppers Convince Discounters and Budget-Priced Retailers to Lease More Space in 2010

  Posted by Alex Finkelstein 12/04/09 8:00 AM

  (NEW YORK, NY) -- It's a whole new ball game in the retail real estate leasing industry as 2009 winds down and 2010 ushers in new trends, new faces and new leasing demands. Read More

• 39 Chicago Banks Post Bad Real Estate Loans and Foreclosures on Books

  Posted by Alex Finkelstein 12/02/09 2:42 PM

  (CHICAGO, IL) -- Thirty-nine Chicago area banks dealing in real estate loans may shortly add to the total of 120 bank failures in the U.S. so far in 2009, according to the Chicago Tribune.The Federal Deposit Insurance Corp. states the... Read More

• Government Reports October 2009 Construction Now at $910.8 Billion Annual Rate

  Posted by Michael Gerrity 12/01/09 10:41 AM

  (WASHINGTON, D.C.) -- The U.S. Census Bureau of the Department of Commerce announced today that construction spending during October 2009 was estimated at a seasonally adjusted annual rate of $910.8 billion, nearly the same as (±1.6%) the revised September estimate... Read More

• 

  Ohio Suit Alleges S&P, Moody's and Fitch Doctored Mortgage-Backed Securities Ratings

  Posted by Alex Finkelstein 11/30/09 9:00 AM

  (NEW YORK, NY) -- The three biggest bond-rating companies in the U.S. are being sued by Ohio Gov. Richard Cordray for allegedly misleading investors by giving certain mortgage-backed securities higher ratings than they deserved.Richard Cordray The U.S. District Court lawsuit... Read More

• 

  REAL ESTATE ROUNDUP

  Posted by Alex Finkelstein 11/23/09 8:00 AM

  (LOS ANGELES, CA) -- Los Angeles developers Lee Homes and CIM Group netted $21.6 million on 55 units at a downtown condo auction that drew 1,000 bidders for the remaining available units at the 267-unit Market Lofts on Ninth and Flower Streets. Read More

• 

  Best 2010 Markets for Developers-Investors: Washington, DC, San Francisco, Austin, Boston, New York

  Posted by Alex Finkelstein 11/20/09 8:00 AM

  (WASHINGTON, D.C.) -- The Urban Land Institute and PricewaterhouseCoopers are placing their bets on the best markets for developers and investors in 2010. Read More

• 

  Commercial Real Estate Forecast Uncertain

  Posted by NATIONAL ASSOCIATION OF REALTORS 11/19/09 10:00 AM

  (WASHINGTON, D.C.) -- The recent deep economic downturn has had a pronounced impact on commercial real estate sectors, but credit availability is the big unknown that will determine how soon commercial markets recover, Read More

• 

  CMBS Delinquencies Up Another 28 Basis Points on Large Office and Hotel Defaults

  Posted by Alex Finkelstein 11/16/09 3:02 PM

  (NEW YORK, NY) -- The commercial mortgage-backed securities picture in the U.S. continues to look dim.Job losses and subsequent office loan defaults, coupled with continued hotel underperformance, resulted in another  monthly  increase  in U.S. CMBS delinquencies, according to the  latest... Read More

• 

  Chase to Hire 1,200 Mortgage Loan Officers by End of 2010

  Posted by Alex Finkelstein 11/11/09 12:40 PM

  (NEW YORK, NY) -- Good news today on the mortgage broker hiring front.Chase, the third largest commercial real estate lender in the U.S., plans to hire 1,200 mortgage loan officers by the end of 2010. Chase is the U.S. consumer... Read More

• 

  REALTY CAPITAL MARKET ROUNDUP

  Posted by Alex Finkelstein 11/11/09 8:00 AM

  (WASHINGTON, D.C.) -- Freddie Mac is holding its hand out again as it reports a third-quarter net loss of $6.3 billion. That compares with net income in the second quarter of $768 million. The agency's gross loss was $5 billion but came to $6.3 billion after factoring in the $1.3 billion dividend on its senior preferred stock to the Treasury. Read More

• 

  DEALS OF THE WEEK

  Posted by Alex Finkelstein 11/09/09 9:00 AM

  Solar panel roof designer signs largest industrial lease in 20 years in San Francisco marketSolyndra Inc. of Fremont, CA takes entire 506,490-square-foot Page Technology Park in FremontTwelve-year lease value is estimated at $45 millionSeparately, logistics software firm leases 325,000 square... Read More

• U.S. Government Reports Construction Spend at $940.3 Billion Annual Rate

  Posted by Michael Gerrity 11/02/09 1:53 PM

  (WASHINGTON, D.C.) -- The U.S. Census Bureau of the Department of Commerce announced today that construction spending during September 2009 was estimated at a seasonally adjusted annual rate of $940.3 billion, 0.8 percent (±1.8%) above the revised August estimate of... Read More

• 

  Morgan Stanley Could Lose $300M in 2007 Deal With Rainwater

  Posted by Alex Finkelstein 11/02/09 12:55 PM

  (NEW YORK, NY) -- This is a momentous day for Morgan Stanley, one of the most active real estate fund managers in the U.S.Matthew Anderson The New York City-based firm must decide whether to turn the keys over to mortgage... Read More

• 

  REITs Back in Capital Markets--Looking for Higher Leverage Loans

  Posted by Alex Finkelstein 11/02/09 12:40 PM

  (CHICAGO, IL) -- The Real Estate Capital Institute reports real estate investment trusts have returned to the capital markets, competition from this sector will continue pressuring other lenders to offer better pricing.RECI research director Nat Zvislo says "The recovering stock... Read More

• 

  GLOBAL REALTY CAPITAL MARKET ROUNDUP

  Posted by Alex Finkelstein 11/02/09 8:00 AM

  CIT Group Files for Chapter 11German investors lead foreign buyers of U.S. propertiesSkanska Plans up to $1B in new U.S. acquisitionsValue of United Kingdom distressed properties down 45% China's Excellence Real Estate Group Postpones $1B Share SaleJudge delays Capmark's planned... Read More

• 

  Devalued $2B Las Vegas Land Deal Could Leave Howard Hughes Heirs Out in Cold

  Posted by Alex Finkelstein 10/29/09 8:00 AM

  (LAS VEGAS, NV) -- Howard Hughes--an enigma alive and a perplexing puzzle in death as well. At least to about 1,000 of his direct and indirect heirs. They could lose sharing up to $100 million in a devalued, 7,000 acre land development in Las Vegas, according to The Wall Street Journal. Read More

• 

  DEAL OF THE WEEK

  Posted by Alex Finkelstein 10/28/09 2:30 PM

  Weingarten Closes $160M Joint Venture Deal With JamestownHouston REIT Sells 4 Shopping Centers for $114M to New JVSecond Phase will see 2 More Centers Sold to JV for $46MGermany-based Jamestown Will own 80% of the JV;    Weingarten, 20%Weingarten Sells 100,600-SF... Read More

• 

  Capmark's $21B Debt Load Triggers Chapter 11 Filing

  Posted by Alex Finkelstein 10/27/09 1:00 PM

  (HORSHAM, PA) -- Saddled with an insurmountable debt load of $21 billion, Capmark Financial Group Inc. and 43 affiliates have together filed for Chapter 11 protection under the U.S. Bankruptcy Code.The Oct. 25 filing was expected by financial industry sources.... Read More

• 

  DEAL OF THE WEEK

  Posted by Alex Finkelstein 10/23/09 9:00 AM

  BB&T Signs 140,000 Office Lease at Riverfront Plaza in Richmond, VASpeculated Value of 10-Year Contract is $28 MillionLease Brings Hines-Owned Building to 95% Occupancy500 Employees Will Occupy  Space in the 19-Year-Old Property(RICHMOND, VA) -- BB&T Corp. (NYSE: BBT), one of... Read More

• 

  Douglas Park in Long Beach, CA Closes Sales and Leases Totaling 39,000 SF

  Posted by Alex Finkelstein 10/22/09 2:47 PM

  (LONG BEACH, CA)  -- Newcastle Partners, Inc. of  San Francisco and RREEF Alternative Investments, have completed two building sales and two lease transactions totaling about 39,000 square feet of space at the 54.5-acre Douglas Park in Long Beach, CA.Leasing terms... Read More

• 

  PCCP Wins 1.2M-SF Texas Industrial Asset With Auction Bid of $29M

  Posted by Alex Finkelstein 10/22/09 2:18 PM

  (LEWISVILLE, TX) -- PCCP LLC, formerly Pacific Coast Capital Partners of Los Angeles, has acquired 121 Lakepointe Crossing, a three-building, 1.2 million-square-foot class-A industrial property in Lewisville, TX for a bankruptcy court auction bid of $29 million.121 Lakepointe Crossing, Lewisville,... Read More

• 

  Industrial Vacancy of 10.4% is 15-Year High, Says Grubb & Ellis

  Posted by Alex Finkelstein 10/21/09 5:12 PM

  (SANTA ANA, CA) -- Grubb & Ellis Co. today reports it has good and bad news on the industrial real estate front for the third quarter. The bad news: The vacancy rate nationally has increased to 10.4 percent, the highest level in 15 years. Read More

• 

  Researcher Puts Positive Spin on Bad Commercial Loans

  Posted by Alex Finkelstein 10/20/09 3:00 PM

  (NEW YORK, NY) -- How grim is the commercial real estate loan default picture today? Very grim, say most of the quoted national research groups. But not Real Capital Analytics.The nine-year-old, New York City-based firm says many bad loans already... Read More

• 

  New York Eminent Domain Suit Will Determine Fate of New Jersey Nets' New Arena

  Posted by Alex Finkelstein 10/19/09 2:10 PM

  Atlantic Yards, Brooklyn, NY (NEW YORK CITY, NY) -- Property owners, developers and legal experts are all monitoring activity in Albany, NY today where the New York Court of Appeals continues to hear a three-year-old eminent domain lawsuit filed by... Read More

• 

  Lowe Brings 550,000-SF Office Complex in Metro DC to 100% Occupancy in 12 Months

  Posted by Alex Finkelstein 10/16/09 4:20 PM

  (WASHINGTON, DC) -- Bringing a major Class A office complex to 100 percent occupancy in 12 months wasn't news five years ago but it is today.Jefferson Plaza Los Angeles, CA-based Lowe Enterprises has closed a multi-million-dollar, five-year, 37,600-square-foot office lease... Read More

• 

  Capmark Bankruptcy Filing Expected; Firm Sells Mortgaging Unit to Buffett for $500M

  Posted by Alex Finkelstein 10/15/09 3:55 PM

  (HORSHAM, PA) -- Capmark Financial Group Inc., a 13-year-old international commercial real estate lender, expects to file before or by the end of October for Chapter 11 protection under the U.S. Bankruptcy Code, according to Reuters.Industry sources say the pending... Read More

• Massey Knakal Reports Manhattan Q3 Building Sales Activity

  Posted by Michael Gerrity 10/15/09 1:45 PM

  (NEW YORK, NY) -- Massey Knakal Realty Services released their exclusive third quarter Manhattan Building Sales Report. This industry leading report provides a comprehensive review of the entire Manhattan investment sales market south of 96th Street east of Central Park and south of 110th Street west of Central Park. Read More

• 

  JPMorgan, Credit Suisse, Bear Stearns and Morgan Stanley Settle $750M Mortgage Scam Suit for $100M

  Posted by Alex Finkelstein 10/13/09 11:24 AM

  (PHILADELPHIA, PA) -- After three years of courtroom wrangles, JPMorgan Chase (NYSE:JPM), Bear Stearns, Morgan Stanley (NYSE:MS) and Credit Suisse (NYSE:CS) have agreed to settle a $750 million subprime mortgage scam by bankrupt Philadelphia-based American Business Financial Services Inc. for... Read More

• Fitch Sees Dark Days Ahead for Slow-Paying Commercial Real Estate Loans

  Posted by Alex Finkelstein 10/13/09 8:30 AM

  (NEW YORK, NY) -- Just when most everyone thought there might be just a hint of a silver lining appearing in the commercial real estate markets, here comes Fitch Ratings to dampen the optimism.The New York-based ratings agency says the... Read More

• 

  Grubb & Ellis's Bob Bach Feels Commercial Real Estate Markets Not as Dark as Painted

  Posted by Alex Finkelstein 10/12/09 9:00 AM

  (SANTA ANA, CA) -- Bob Bach, always the optimist, doesn't think the country's commercial real estate markets are as dark as painted recently.by a horde of government and private analysts.Bob Bach In his monthly industry overview letter, the senior vice... Read More

• 

  Industry Asks: Did Sternlicht Overpay for Corus Condo Loan Portfolio ?

  Posted by Alex Finkelstein 10/12/09 8:30 AM

  (HOBOKEN, NJ) -- In typical Monday-morning quarter-backing, the real estate capital market today is asking:  Did Barry Sternlicht's Starwood Capital Group overpay for the Corus Bank condo and commercial loans portfolio?(Please see, "Starwood and TPG Win $5B Corus Condo Assets... Read More

• 

  Skanska Wins $87M Library Construction Contract at North Carolina University

  Posted by Alex Finkelstein 10/09/09 11:45 AM

  (STOCKHOLM, SWEDEN) -- Skanska (STO:SKAB) has won an $87 million contract to construct a new library at North Carolina University in Raleigh, NC. Skanska has previously completed projects at the same campus.North Carolina University Bell Tower The project comprises a... Read More

• 

  ProLogis Rings 100,000-SF Leasing Bell Twice in Atlanta

  Posted by Alex Finkelstein 10/07/09 12:05 PM

  (ATLANTA, GA) -- ProLogis (NYSE:PLD) wins two cigars today. The Denver, CO-based industrial developer completed two 100,000-plus square-foot leases in Atlanta totaling 222,000 square feet.Innotrac Corporation, a leading full-service provider of fulfillment, order processing, and customer care solutions for direct-to-consumer... Read More

• 

  UCF Approves Master's Degree Program for Dr. P. Phillips School of Real Estate

  Posted by Michael Gerrity 10/06/09 1:12 PM

  (ORLANDO, FL) -- The University of Central Florida's Board of Trustees approved a Master's degree program for the Dr. P. Phillips School of Real Estate originally spearheaded by NAIOP Central Florida, the Commercial Real Estate Development Association, Read More

• 

  Broward County Leads South Florida Foreclosures Parade In Q3 2009

  Posted by Alex Finkelstein 10/05/09 9:30 AM

  (MIAMI, FL) -- There is good news and bad news today on South Florida's foreclosures front for all categories of shelter.The bad news: A new report from Bal Harbour, FL-based Condo Vultures® LLC shows foreclosure actions in the tri-county South... Read More

• 

  Positive Signs Hovering Over Realty Capital Markets, RECI Finds

  Posted by Alex Finkelstein 10/05/09 8:30 AM

  (CHICAGO, IL) -- The stars are beginning to shine again on the beleagured real estate capital markets, according The Real Estate Capital Institute's October Capital Scoreboard.However, RECI Research Director Nat Zvislo notes that despite the Fed's recent announcement that the... Read More

• 

  REALTY CAPITAL ROUNDUP

  Posted by Alex Finkelstein 10/05/09 8:00 AM

  (BALTIMORE, MD) -- Baltimore banker Edwin F. Hale is puzzled. His three-year-old, $75 million loan from Paris-based Natixis USA to build the $1 billion First Mariner Tower-Canton Crossing project is being rejected. Read More

• 

  New York's Largest Office Landlord Refinances Trophy Office Tower for $214M at 6.64% Interest Rate

  Posted by Alex Finkelstein 10/02/09 12:50 PM

  (NEW YORK, NY) -- SL Green Realty Corp. (NYSE: SLG) is proving the nation's realty capital markets are bouncing back.The New York City-based REIT has closed a $215 million refinancing of 100 Park Avenue, the completely redeveloped 'New Modern Classic'... Read More

• 

  Miami's 1450 Brickell Tower Signs largest Office Lease Deal in South Florida in 2009

  Posted by Michael Gerrity 09/30/09 1:25 PM

  (MIAMI, FL) -- 1450 Brickell, a 'class-A' office tower currently under construction in Miami's Brickell Financial District, has finalized a lease agreement ... Read More

• 

  Getty Closes $49M Deal for 36 Exxon Stations and Convenience Stores in Maryland

  Posted by Alex Finkelstein 09/29/09 3:12 PM

  (JERICHO, NY) -- Two big names in the nation's motor fuel industry have closed a $49 million deal involving 36 Exxon-branded gasoline stations and convenience stores in the Washington, DC metropolitan area.Getty Realty Corp. of Jericho, NY bought  the properties... Read More

• 

  GE Capital Helps Big-Name Women's Apparel Designer Get $403M Credit Facility

  Posted by Alex Finkelstein 09/28/09 12:55 PM

  (NORWALK, CT)--Global women's apparel designer Max Azria won't be running into severe capital problems for a little while.Max Azria His private 20-year-old BCBG Max Azria Group of Vernon, CA just received a $403 million asset-based credit facility.  Azria can extend... Read More

• 

  2 Prime Medical Centers Sold in Houston and Memphis for Total $5.3M

  Posted by Alex Finkelstein 09/28/09 12:20 PM

  DSI Renal Care Center (ROCHESTER, NY) -- Medical office properties with long-lease-term tenants continue to be in demand by savvy investors like Broadstone Net Lease Inc. of Rochester, NY.The company purchased structures in Memphis, TN and Houston, TX for a... Read More

• 

  California August Home Sales Increased 9%; Median Home Prices Dropped 16.9%

  Posted by Michael Gerrity 09/25/09 1:50 PM

  (LOS ANGELES, CA) -- Home sales increased 9 percent in August in California compared with the same period a year ago, while the median price of an existing home declined 16.9 percent, the California Association of Realtors (C.A.R.) reported today. Read More

• 

  Realtors Weather the Commercial Real Estate Market

  Posted by NATIONAL ASSOCIATION OF REALTORS 09/25/09 10:40 AM

  (WASHINGTON, D.C.) -- Realtors specializing in commercial real estate experienced a slowdown in sales transaction volume in 2008, but also reported an increase in commercial leasing volume, ... Read More

• 

  Atlanta's Wood Partners Hunting for Rental Apartment Acquisitions

  Posted by Alex Finkelstein 09/25/09 10:00 AM

  (ATLANTA, GA) -- Atlanta-based Wood Partners LLC, which has developed 36,000 apartment units with a combined value of more than $4.5 billion over the past 11 years, is leaving the development scene for awhile to concentrate on buying prime multifamily... Read More

• 

  Weingarten Breaks Ground on 70,505-SF Shopping Center in North Carolina Tourist Spot

  Posted by Alex Finkelstein 09/25/09 9:00 AM

  (SURF CITY, N.C) -- Weingarten Realty (NYSE: WR) plans a one-two development punch in this North Carolina tourist destination.Surf City, NC The Houston, TX-based developer has broken ground on Surf City Crossing, a multi-milllion-dollar, 70,505-square-foot shopping center. When that is... Read More

• Outstanding Commercial / Multifamily Mortgage Debt Declines in Q2

  Posted by Michael Gerrity 09/24/09 12:28 PM

  (WASHINGTON, D.C.) -- The level of commercial/multifamily mortgage debt outstanding decreased in the second quarter, to $3.47 trillion, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data. Read More

• 

  Two Trophy Office Buildings Sold in Washington, DC

  Posted by Alex Finkelstein 09/23/09 3:30 PM

  (WASHINGTON, D.C.) -- Two prominent office buildings have traded hands in the nation's capital.East End office building Zurich-based Credit Suisse Asset Management paid Tishman Speyer Properties LP of New York City $90.5 million or $517 per square foot for East... Read More

• 

  REALTY CAPITAL ROUNDUP: Glimcher Raises $109M; Brandywine Launches $250M Offering; New Apollo REIT Selling 20M Shares at $20 Per Share

  Posted by Alex Finkelstein 09/23/09 1:30 PM

  (COLUMBUS, OH) -- Glimcher Realty Trust (NYSE: GRT), a national mall and shopping center owner and manager, has completed a public sale of ... Read More

• 

  Foreign Investors Return to Manhattan in Numbers Not Seen Since the Mid-1980s

  Posted by Robert Knakal 09/23/09 10:20 AM

  (NEW YORK, NY) -- In what has become a very tangible trend, we have noticed a tremendous influx of foreign capital looking to acquire investment properties in the Manhattan marketplace recently. Read More

• 

  11 IPOs Planned in Next 2 Weeks Could Raise $12.8B

  Posted by Alex Finkelstein 09/22/09 12:04 PM

  (NEW YORK, NY) -- Five real estate-related companies are among 11 corporations planning to offer initial public offerings on Wall Street that could raise capital totaling $12.8 billion in the next two weeks. Read More

• 

  Clinton, Gore Attend Funeral of Mall Developer Melvin Simon

  Posted by Alex Finkelstein 09/21/09 2:45 PM

  Melvin Simon (INDIANAPOLIS, IN) -- Former President Bill Clinton and former Vice President Al Gore were among 2,000 mourners at the funeral Friday, Sept. 18, of Melvin Simon, regarded for the last 50 years as the Godfather of U.S. retail... Read More

• 

  NYC's Largest New Retail Center in 30 Years Opens in South Bronx

  Posted by Alex Finkelstein 09/21/09 9:00 AM

  (NEW YORK CITY, NY) -- Related Cos.' Gateway Center, the largest retail emporium to open in metro New York City in 30 years, is up and running in the South Bronx borough, home to 1.4 million residents.Bronx Terminal Market The... Read More

• 

  Orlando's Eola Capital Closes $1.1B Deal for 7.6M SF of Office Buildings in Philadelphia, Atlanta, Metro DC and Orlando

  Posted by Alex Finkelstein 09/18/09 1:47 PM

  James R. Heistand (ORLANDO, FL) -- Orlando entrepreneur James R. Heistand, who started his development career with a single office building in 1969, has closed the biggest deal of his 40-year career.Heistand's Eola Capital LLC has grown its office space... Read More

• 

  Jones Lang LaSalle and REDC Online Auction Plan Aims to Quickly Move Bank-Owned REO Off Books

  Posted by Alex Finkelstein 09/17/09 12:21 PM

  (CHICAGO, IL) -- Two big names in commercial real estate circles believe they have come up with a plan to quickly move distressed property and non-distressed commercial notes off the books of banks struggling to meet federal regulation capital guidelines.Bart... Read More

• 

  El Fenix Restaurant Begins 91st Year in Dallas; New York City's Cheyenne Diner Moves to Alabama

  Posted by Alex Finkelstein 09/16/09 3:57 PM

  (DALLAS, TX and NEW YORK CITY, NY) -- Two small landmark restaurants, one in Dallas, the other in New York City, made the headlines today.El Fenix Mexican Restaurant Dallas real estate developer Michael Karns's El Fenix Mexican Restaurant in Dallas... Read More

• FDIC Seizes Big Condo Lender Corus Bank; Sells Assets to Another Chicago Bank

  Posted by Alex Finkelstein 09/14/09 9:00 AM

  (CHICAGO, IL) -- The expected federal seizure of the nation's most aggressive condo development lender, Corus Bank  (NASDAQ: CORS) of Chicago, finally happened. The Federal Deposit Insurance Corp. took over Corus late Friday, Sept. 11, and sold the $7.07 billion-asset... Read More

• 

  Joule Hotel Picks Up 5 Small Buildings Surrounding Its Downtown Dallas Site

  Posted by Alex Finkelstein 09/10/09 5:00 PM

  (DALLAS, TX) -- Obviously planning a near-future expansion, the landmark Joule Hotel in Downtown Dallas has acquired five small buildings surrounding its site.  Joule Hotel The  price was not disclosed. The buyer of record is a Joule affiliate, 1600 Main... Read More

• Commercial/Multifamily Delinquency Rates Continue to Climb in Q2

  Posted by Michael Gerrity 09/09/09 1:50 PM

  (WASHINGTON, D.C.) -- Delinquency rates continued to increase in the second quarter for all commercial/multifamily mortgage investor groups, according to the Commercial/Multifamily Delinquency Report from the Mortgage Bankers Association (MBA). Read More

• 

  Tutor Perini Wins 4 Construction Contracts Totaling $343M

  Posted by Alex Finkelstein 09/08/09 12:55 PM

  (LOS ANGELES, CA) -- This has been a good day for Tutor Perini Corp., a 115-year-old, Los Angeles area based industrial and commercial construction company. The firm won four contracts totaling $343 M. Read More

• 

  Unfinished Multi-Million-Dollar North Miami Condo-Retail-Office Project $196M in Debt

  Posted by Alex Finkelstein 09/07/09 10:00 AM

  (NORTH MIAMI, FL) -- Another large South Florida condo-oriented project has hit the foreclosure lawsuit corridor, this time in the city of North Miami.Biscayne Landing owes lenders $196.3 million.  One of the lenders, Wells Fargo Bank, is trying to recover... Read More

• 

  Hawaii's Largest Office Builder Closes $10M Credit Line With First Hawaiian Bank

  Posted by Alex Finkelstein 09/07/09 9:00 AM

  (LOS ANGELES, CA) -- Pacific Office Properties Trust, Inc. (NYSE Amex: PCE), a West Coast office REIT and the largest office builder in Hawaii, has closed  a new $10 million, two-year revolving credit facility with First Hawaiian Bank, a subsidiary... Read More

• 

  Big-Name Condo Investors Await Corus Bank's Pending Seizure by FDIC

  Posted by Alex Finkelstein 09/04/09 12:15 PM

  (CHICAGO, IL) -- Prominent developers and investors in luxury condominium homes are camping out today at the Chicago headquarters of Corus Bankshares Inc., waiting for an opportunity to buy some of Corus's troubled real estate assets, according to the Chicago... Read More

• 

  Ramco-Gershenson Sells 2 Wal-Marts and a Home Depot for $27.4M

  Posted by Alex Finkelstein 09/04/09 9:30 AM

  (FARMINGTON HILLS, MI) -- Ramco-Gershenson Properties Trust (NYSE:RPT) has completed the sale of three net leased assets, including two Wal-Mart stores and a stand alone Home Depot for a total $27.4 million. The two Wal-Mart stores anchor the company's Northwest Crossing... Read More

• 

  Aeropostale Rings the Bell With Record August and Year-to-Date Retail Sales

  Posted by Alex Finkelstein 09/04/09 9:00 AM

  (NEW YORK, NY) -- Aeropostale, Inc. (NYSE: ARO), a 22-year-old, New York City-based  international clothing retailer with 935 stores, has outpaced the industry by posting record August, July and year-to-date sales.Meanwhile, 18 other national retailers reported down sales in July,... Read More

• 

  GE Capital Funds 7 Jack in the Box franchises in metro Dallas

  Posted by Alex Finkelstein 09/02/09 8:00 AM

  (SCOTTSDALE, AZ) -- In a fast 2 ½-week turnaround transaction, GE Capital, Franchise Finance (NYSE: GE)  has provided a $4 million credit facility to four Jack in the Box franchise restaurant developers.The funds will enable the RDSL company to acquire... Read More

• 

  Capital Crunch End Not in Sight for Possibly Two Years, Says Chicago Consultant

  Posted by Alex Finkelstein 09/01/09 5:50 PM

  (CHICAGO, IL) -- Harold "Skip" Perry, executive managing director, Real Globe Advisors LLC, Chicago, doesn't think the real estate capital markets crunch has turned the corner.  "The volume of foreclosures and restructuring leads me to believe the end is not... Read More

• 

  13 Banks OK Payment Extension on Forest City's $557M Construction

  Posted by Alex Finkelstein 08/31/09 5:00 PM

  (CLEVELAND, OH) -- The nation's banks once again are beginning to work with developers. This time it's for a 1.3-million-square-foot mixed-use project.Ridge Hill Westchester County, NY Cleveland, OH-based Forest City Enterprises, Inc. (NYSE:FCEA and NYSE:FCEB) today announced  Forest City Ratner... Read More

• Canadian Syndicator Closes on Multi-Million-Dollar Land Deal in Scottsdale, AZ

  Posted by Alex Finkelstein 08/31/09 11:00 AM

  (SCOTTSDALE, AZ) -- Walton International Group Inc. of Calgary, Alberta, Canada, keeps rolling along in successful land closings for planned mixed-used communities in Canada and  the U.S. The syndicator's most recent transaction covers additional acreage for the 1,375-acre master planned... Read More

• 

  Manhattan's Stuyvestant Town and Peter Cooper Village Finances Continue to Lag, Fitch Reports

  Posted by Alex Finkelstein 08/31/09 10:30 AM

  (NEW YORK, NY) -- Things look bleak over at  Tishman Speyer's  56-building, twin apartment Stuyvesant Town and Peter Cooper Village in Manhattan.Peter Cooper Village and Stuyvesant Town Fitch Ratings reports debt service reserves for six loans totaling $4.5 billion are... Read More

• CB Richard Ellis Revises Debt Load to $985M

  Posted by Alex Finkelstein 08/31/09 10:00 AM

  (LOS ANGELES, CA) -- CB Richard Ellis Group Inc. (NYSE:CBG), has revised the amount of its credit agreement debt that has been modified to $985 million.In a press release issued by the company on Aug.25, 2009, the amount of its... Read More

• Realty Capital Securities to Handle $2.2B Share Offering by Healthcare Trust of America

  Posted by Alex Finkelstein 08/31/09 9:30 AM

  (BOSTON, MA) -- One of the largest initial public offerings this year is getting a new dealer manager.Healthcare Trust of America, Inc. (NYSE: HCA), formerly Grubb & Ellis Healthcare REIT, Inc. and Realty Capital Securities LLC  (NYSE: RCS) of Boston ... Read More

• Kimco Repays $145M in Loans from Prudential Real Estate Investors

  Posted by Alex Finkelstein 08/31/09 9:00 AM

  (NEW HYDE PARK, NY) -- Kimco Realty Corp.'s debt load strategy is clear:  Pay off the loans quickly and move forward with new acquisitions.That's what the New  Hyde Park, NY-based shopping center developer has already done with $145 million repaid... Read More

• Pru Closes $108M Loan for Kimco-Owned Retail Portfolio

  Posted by Alex Finkelstein 08/28/09 9:00 AM

  (NEWARK, NJ) -- Two big names in commercial real estate circles participated in the closing of a $108 million loan today.Prudential Mortgage Capital Co. of Newark, NJ provided the funds to Kimco Realty Corp. (NYSE: KIM)  of New Hyde Park,... Read More

• Wells Fargo/Wachovia Bank Tops U.S. Commercial/Multifamily Servicers in MBA Mid-Year Rankings Report

  Posted by Michael Gerrity 08/27/09 1:40 PM

  (WASHINGTON, D.C.) -- The Mortgage Bankers Association (MBA) today released its mid-year ranking of commercial and multifamily mortgage servicers as of June 30, 2009. On top of the list of firms is Wells Fargo/Wachovia Bank with $476.2 billion Read More

• 

  WCI Gets $2B of Debt Wiped Off Books

  Posted by Alex Finkelstein 08/27/09 1:15 PM

  (BONITA SPRINGS, FL) -- It isn't every day that a corporation gets $2 billion of debt wiped clean from its books. But that's the enviable position today of WCI Communities Inc., a Bonita Springs, FL-based luxury homes builder.The developer expects... Read More

• 

  Prime DC Office Tower Sold for $112M

  Posted by Alex Finkelstein 08/27/09 1:05 PM

  (FAIRFAX, VA) -- In one of the biggest office building sales this year, the 570,038-square-foot, three-building, 93.2-percent leased Willow Oaks Corporate Center in metro Washington, DC has been sold for $112,173,598, or $196.78 per square foot. Read More

• 

  Trophy Retail Property in Beverly Hills Sold for Record $2,471 per SF

  Posted by Alex Finkelstein 08/24/09 8:30 AM

  (BEVERLY HILLS, CA) -- Recession?  Depression?  Fire-sale prices?  Not on Rodeo Drive in Beverly Hills, CA, one of the most expensive shopping streets in the world.Now a record commercial real estate deal has closed there.The 13-year-old, three-story, gated, 11,333-square... Read More

• GE Capital Provides $50M Loan to Sportsman's Warehouse

  Posted by Alex Finkelstein 08/21/09 10:25 AM

  (NORWALK, CT) -- A Utah-based small business today received a $50 million helping hand as it works to recover from its recent Chapter 11 status.GE Capital, Corporate Finance of Norwalk, CT provided a $50 million plan of reorganization credit facility... Read More

• 

  Manhattan Office Sales Plummet in First Half

  Posted by Alex Finkelstein 08/20/09 8:30 AM

  (NEW YORK CITY, NY) -- Manhattan office building owners are in no rush to sell their properties at fire-sale prices, according to the New York office of CB Richard Ellis.Only three buildings valued at more than $30 million sold from... Read More

• 

  4 DC Insiders Form Group to Counsel Financial Services Companies

  Posted by Alex Finkelstein 08/20/09 8:00 AM

  (WASHINGTON, D.C.) -- Four real estate financial professionals who know their way around Washington have formed two companies to sell advice to  financial services industry clients.Joseph Munn Principals in The Collingwood Group LLC are Joseph Munn, former president and CEO... Read More

• 

  Decline in Commercial Real Estate Sectors Appears to be Slowing

  Posted by NATIONAL ASSOCIATION OF REALTORS 08/19/09 10:00 AM

  (WASHINGTON, D.C.) -- Commercial real estate activity has suffered from a severe credit crunch for commercial sectors, sustained job losses and weak consumer spending, although the decline appears to be slowing. Read More

• 

  WarnerView Corporate Center, Los Angeles - Constant Target for Investors

  Posted by Alex Finkelstein 08/18/09 3:15 PM

  (LOS ANGELES, CA) -- Who would think a 28-year-old, three-story, 62,000-square-foot office building in one of the most desirable business areas of metro Los Angeles would turn out to be a trophy property of sorts.WarnerView Corporate Center But that's what... Read More

• 

  TIAA-CREF Global Real Estate's 601 Tower in Minnetonka, MN Wins Top BOMA Award

  Posted by Alex Finkelstein 08/17/09 5:35 PM

  601 Tower - Minnetonka, MN (MINNETONKA, MN) -- BOMA International has voted the 15-story, 280,000-square-foot 601 Tower in the Minneapolis suburb of Minnetonka the best-managed office property in the country, TIAA-CREF Global Real Estate owns the asset.The building won the... Read More

• 

  Federal Realty Investment Trust Closes on $265M of Opportunistic Capital Raising

  Posted by Alex Finkelstein 08/17/09 1:30 PM

  (ROCKVILLE, MD) -- The debt markets continue to welcome new players. The newest is Rockville, MD-based  Federal Realty Investment Trust (NYSE: FRT). The REIT has closed on $265 million of previously announced capital raising activities, comprised of $150 million of... Read More

• 

  German Bank and Mystery Lender Loan ProLogis $398M

  Posted by Alex Finkelstein 08/17/09 9:00 AM

  (DENVER, CO) -- Hello, realty capital markets. ProLogis (NYSE: PLD), a leading global provider of distribution facilities, has completed three financings totaling $398 million (euro 280 million) with Germany-based Deutsche Pfandbriefbank AG (formerly Hypo Real Estate) and a second undisclosed... Read More

• Nordstrom's Numbers Looking Up as Retailer Refinances $650M Credit Facility

  Posted by Alex Finkelstein 08/17/09 8:30 AM

  (SEATTLE, WA) -- Hope remains for the sagging retail industry, even as the third quarter winds down with many national retailers in the red. Although  profit and sales for the April-June period were down at most of its divisions, Seattle,... Read More

• 

  Brookfield Stock Issue Grosses $1.04B; Weingarten Offering Set at $100M; HPT Selling 8M Shares

  Posted by Alex Finkelstein 08/13/09 3:25 PM

  (NEW YORK, NY) -- Another busy day in the financial markets.Brookfield Properties Corp. announced its underwriters exercised their entire over-allotment option to purchase an additional 7.125 million common shares of Brookfield Properties at a price of $9.50 per share.(Please see... Read More

• 

  Brookfield Looking at Stock Sale Windfall of $1B

  Posted by Alex Finkelstein 08/12/09 4:20 PM

  World Financial Tower - Manhattan (NEW YORK, NY) -- In a day when the realty capital markets are unfolding quickly in some quarters and record stock sale announcements are toppling over each other, Brookfield Properties Corp. of New York City... Read More

• 

  New Starwood REIT Raises $810M; May Top Mead Johnson's Record $828M IPO Before Day is Out

  Posted by Alex Finkelstein 08/12/09 1:00 PM

  (NEW YORK, NY) -- Entrepreneur Barry Sternlicht is on a roll. His four-month-old Starwood Property Trust Inc. has raised $810 million in an initial public offering and may top Mead Johnson Nutrition Co.'s record $828M ... Read More

• 

  PRU Closes $139M Loan for 867,000 SF of Retail Properties in Metro DC

  Posted by Alex Finkelstein 08/12/09 8:00 AM

  (NEWARK, NJ) -- The realty capital markets continue to improve for borrowers.Prudential Mortgage Capital Co. has closed a $139 million loan on behalf of its general account client for a portfolio of retail properties owned by Federal Realty Investment Trust... Read More

• 

  California REIT Raises $441M in NYSE Stock Offering

  Posted by Alex Finkelstein 08/11/09 2:50 PM

  (LONG BEACH, CA) -- More evidence the commercial real estate capital pipeline is unfreezing comes today from HCP Inc. (NYSE:HCP), a Long Beach, CA-based REIT that has raised $441 million in a public stock offering. Read More

• 

  Cousins Properties Still Looking for the Rainbow

  Posted by Alex Finkelstein 08/11/09 2:24 PM

  (ATLANTA-, GA) -- Cousins Properties Inc. (NYSE:CUZ)  shareholders didn't receive encouraging news today.The Atlanta-based apartment development REIT reported its results of operations for the three and six months ended June 30, 2009--and they weren't good.  After  non-cash impairment, valuation and... Read More

• 

  Mountain Funding Acquires GMAC Unit to Bolster Distressed Real Estate Management Team

  Posted by Alex Finkelstein 08/11/09 1:00 PM

  (CHARLOTTE, NC) -- It isn't often that an entire team switches jerseys in the middle of a game but that's what happened between two well-known real estate capital market players.Mountain Funding LLC, a private national real estate investment company based... Read More

• 

  Big-Name Brokerages Claim New Auction Technology Gives Broker More Control of Event

  Posted by Alex Finkelstein 08/11/09 8:00 AM

  (MARINA DEL REY, CA) -- The high-tech world has finally given commercial real estate brokerages dealing in auctions a tool they have long sought - technology to completely control the event, from marketing to bidding. Read More

• 

  Manhattan Office Sale of 921,000-SF Lexington Ave Tower Valued at $504M or $547

  Posted by Alex Finkelstein 08/10/09 3:15 PM

  (NEW YORK, NY) -- New York City's largest office landlord, SL Green Realty Corp. (NYSE:SLG), has completed a sale-purchase contract  to sell a 49.5% interest in 485 Lexington Avenue, New York City, NY,  to a joint venture partnership comprised of... Read More

• 

  First Big Office Building Sale in San Francisco This Year Completed

  Posted by Alex Finkelstein 08/10/09 2:25 PM

  (SAN FRANCISCO, CA) - Tulsa, OK billionaire George B. Kaiser's Argonaut Private Equity Group has purchased a $40.8 million note from Realty Finance Corp. of Hartford, CT on the 16-story, 116,000-square-foot 250 Montgomery Street office building in the center of... Read More

• Credit Crunch Continues but Name REITs Hopeful for New Debt Financing

  Posted by Alex Finkelstein 08/07/09 3:30 PM

  (NEW YORK, NY) -- This is the witching hour on Wall Street. Analysts are watching a handful of unsecured bond deals by REITs totaling $1.25 billion. If the deals go through, that should be "proof that debt markets have reopened for the... Read More

• 

  Highwoods Closes Deals With 2 Lenders for $162M in New Loans at Average 7.1% Interest Rate

  Posted by Alex Finkelstein 08/07/09 2:30 PM

  (RALEIGH, NC) -- The real estate capital markets are thawing and the timing couldn't have been better for Highwoods Properties, Inc. (NYSE: HIW), the largest owner and operator of suburban office properties in the Southeast.RBC Plaza - Raleigh, NC Highwoods... Read More

• Zale Closes 191 Sites Totaling Estimated 3.54M SF

  Posted by Alex Finkelstein 08/06/09 4:40 PM

  (DALLAS, TX) -- Zale Corp. (NYSE: ZLC),  a national jewelry retailer with 1,931 stores, has closed 191 locations totaling an estimated 3.54 million square feet.A total 118 under-performing stores alone were closed during the company's fiscal fourth quarter that ended... Read More

• Demand for Warehouse and Distribution Space Bright Spot in Chicago Industrial Market

  Posted by Alex Finkelstein 08/06/09 3:45 PM

  (CHICAGO, IL) -- The numbers for metro Chicago's industrial real estate market in the second quarter aren't bill ringers but at least one category lighted the board - demand for warehouse and distribution space.The region posted more than one million... Read More

• Macy's Four-Week Sales Down 10.7%

  Posted by Alex Finkelstein 08/06/09 1:30 PM

  (CINCINNATI, OH & NEW YORK, NY) -- Macy's Inc. (NYSE:M),  an icon in U.S. retailing circles, still can't get its cash register receipts to flow in the right direction--upwards.The Cincinnati, OH-based company today reported total sales of $1.377 billion for... Read More

• Neiman Marcus Revenue Off 25% in July and 20% for the Full Year

  Posted by Alex Finkelstein 08/06/09 1:00 PM

  (DALLAS, TX) -- Neiman Marcus Inc. (NYSE:NMG.B), the long-recognized retail shrine of pricey products, is seeing fewer big spenders but its cash till is still adequate, the company reports.The Dallas, TX-based retailer posted revenue of $199 million in the four... Read More

• 

  MBA Reports Q2 Commercial & Multifamily Mortgage Originations Up from Q1, But Down from Last Year

  Posted by Michael Gerrity 08/06/09 11:30 AM

  (WASHINGTON, D.C.) -- Second quarter 2009 commercial and multifamily mortgage loan originations were 50 percent higher than during the first quarter of 2009, a quarter with very little activity, but remained 54 percent lower than during the same period last year, Read More

• Regency Centers Still Looking for Silver Lining After Crushing Second Quarter

  Posted by Alex Finkelstein 08/06/09 11:10 AM

  (JACKSONVILLE, FL) -- Regency Centers Corp., one of the nation's largest shopping center developers, has seen better financial quarters.The Jacksonville, FL-based firm reports funds from operations was $47.9 million, or $0.61 per diluted share, compared to $68.3 million and $0.97... Read More

• 

  Massey Knakal Releases Mid-year 2009 Brooklyn Building Sales Report

  Posted by Michael Gerrity 08/05/09 11:20 AM

  (BROOKLYN, NY) -- During the first half of 2009 (1H09), the Brooklyn building sales market had 207 closed transactions consisting of 239 properties. The number of transactions was down 65.3% from 1H08, and 76.6% from 1H07, the most active half year. Read More

• Investors Starting to See Bottom as Distress Deals Expected to Flood Market

  Posted by Alex Finkelstein 08/03/09 8:30 AM

  (CHICAGO, IL) -- The real estate capital market, frozen for the past 20 months of the Recession, is beginning to thaw, reports The Real Estate Capital Institute in its monthly industry overview."Mid-summer market madness clouds the real estate capital industry,... Read More

• New York Real Estate Partners Pay $31M for Boston Firm's Tax Credit Equity Business

  Posted by Alex Finkelstein 08/03/09 8:00 AM

  (NEW YORK, NY) -- A new player with a seasoned portfolio has surfaced in the tax credit equity industry--Boston Financial Investment Management LP.The firm was formerly known as MMA Financial, an operating subsidiary of Municipal Mortgage & Equity, LLC (OTC:... Read More

• 

  Commercial Properties Selling for 20% to 40% Below Replacement Cost, Says Advisor

  Posted by Alex Finkelstein 07/31/09 3:30 PM

  (GREENWICH, CT) -- Secondary prices are deteriorating for real estate partnerships, reports NYPPEX, a global secondary private market advisory, trading and research firm for illiquid assets.Laurence G. Allen "Median secondary bids continue to decline for interests in commercial real estate... Read More

• Medical Properties Riding High Even as Other Commercial Real Estate Founders

  Posted by Alex Finkelstein 07/31/09 1:00 PM

  (MINNEAPOLIS, MN) -- Financing for medical office properties is widely available, even as other commercial real estate categories scurry to find new loans or to refinance older debt. That's what Healthcare Real estate Insights, a six-year-old industry newsletter, is reporting. Read More

• 

  Massey Knakal Realty Services Releases Mid-Year Manhattan Building Sales Report

  Posted by Michael Gerrity 07/31/09 8:00 AM

  (NEW YORK, NY) -- During the first half of 2009 (1H09), the Manhattan building sales market (south of 96th St. east of Central Park and south of 110th St. west of Central Park) had 95 closed transactions consisting of 122 properties. Read More

• 

  Wachovia Opens Spigot for $374M to Arbor Realty Trust

  Posted by Alex Finkelstein 07/29/09 1:30 PM

  (UNIONDALE, NY) -- Arbor Realty Trust Inc., one of the nation's most active lenders to multifamily and commercial developers, has won a three-year breather on its balance sheet.The six-year-old Uniondale, NY lender has closed a deal with Wachovia to receive... Read More

• 

  Industrial Market Softening at Record Pace as Average Vacancy Climbs to 10.7%

  Posted by Alex Finkelstein 07/27/09 2:50 PM

  (SANTA ANA, CA) -- The nation's industrial real estate market is softening at a record pace as demand for space by retailers, manufacturers, developers and the logistics trade industry declines, ... Read More

• 

  American Realty Capital Trust Pays $3.8M for Walgreens Location in Sealy, TX

  Posted by Alex Finkelstein 07/27/09 10:50 AM

  (NEW YORK, NY) -- Following its strategy of only acquiring single-tenant, free-standing properties, New York City-based American Realty Capital Trust Inc. (ARCT) has paid $3.8 million for a fee ownership interest in a 14,850-square-foot Walgreens store in Sealy, TX.The suburban... Read More

• Bankruptcy Court Oks Sale of Auctioneer Sheldon Good & Co.

  Posted by Alex Finkelstein 07/24/09 1:30 PM

  (NEW YORK, NY) -- Sheldon Good & Co., one of the best-known names in commercial real estate auction circles for decades, is now part of Racebrook Marketing Concepts LLC, a five-year-old, New York City-based private equity firm.The United States Bankruptcy... Read More

• 

  Are We Out of the Woods Yet? - Q & A with New York's Bob Knakal

  Posted by Robert Knakal 07/23/09 4:04 PM

  (NEW YORK, NY) -- We sat down for our quarterly conversation with Massey Knakal Chairman, Robert Knakal to discuss his views on the New York City property sales market, economics and political initiatives that have affected the first half of 2009. Read More

• 

  SBA Real Estate and Equipment Loans in Florida Nearly Doubled from April Through June

  Posted by Alex Finkelstein 07/21/09 2:09 PM

  (TALLAHASSEE, FL) -- Small businesses in Florida at last are receiving some encouraging lending news.Despite recent criticism that the U.S. Small Business Administration is not expediting real estate and equipment loans to small businesses, loan activity in Florida at least... Read More

• Skanska Wins $182M Design-Build Bridge Contract in DC

  Posted by Alex Finkelstein 07/21/09 2:02 PM

  (WASHINGTON, D.C.) -- President Barack Obama's vow to create new bridge and roadwork jobs received a boost in the Capital where Sweden-based Skanska (STO:SKAB) has won a $182 million design-build contract.The number of jobs involved in the project was not... Read More

• 

  Madame Tussauds Hollywood Debuts Tuesday in Multi-Million-Dollar Building That Took 16 Years to Design

  Posted by Alex Finkelstein 07/20/09 10:53 AM

  (HOLLYWOOD, CA) -- Developers Larry Worchell and Steve Ullman knew they had a prime piece of Downtown dirt in 1993 but didn't know at the time it would take 16 years to develop the site at 6931--6935 Hollywood Blvd.Tomorrow, Madame... Read More

• 

  Kennedy Wilson Partners With Louisiana Church in First Phase of $40M Development Fund

  Posted by Alex Finkelstein 07/20/09 8:30 AM

  (BEVERLY HILLS, CA) -- The big guns of Wall Street are partnering with a Louisiana church in what they say is a unique joint venture of  Riverscape Parkway, a 50-acre, multi-phase, mixed-use development  along the riverfront in Shreveport, LA.Kennedy Wilson,... Read More

• 

  Sears Tower Renamed Willis Tower as Tallest Building in Western Hemisphere

  Posted by Alex Finkelstein 07/17/09 6:00 PM

  (CHICAGO, IL) -- The Guinness Book of World Records was revised today.  After 36 years, Sears Tower in Chicago has been renamed Willis Tower. Willis Tower At 1,450 feet tall (442 meters), the 110-story glass and steel structure is the tallest... Read More

• 

  JCPenney Debuts 153,000-SF Store in Manhattan on July 31

  Posted by Alex Finkelstein 07/16/09 5:13 PM

  (PLANO, TX) -- In 107 years, J.C. Penney Co. Inc. (NYSE:JCP) has never been to Manhattan.  That changes July 31 when the Plano, TX-based retailer opens a 153,000-square-foot department store at 33rd Street and 6th Avenue in the heart of... Read More

• Pru Sells 7-Building, 760,000-SF Industrial Portfolio in Multi-Million-Dollar Southern California Deal

  Posted by Alex Finkelstein 07/15/09 4:29 PM

  (SAN DIEGO, CA) -- In a multi-million-dollar deal, Dune Real Estate Fund II and Westcore Properties have completed the acquisition of 760,000 square feet of industrial properties in the cities of Commerce and Buena Park, CA from Prudential Real Estate... Read More

• 

  Fitch Finds Equity REITs in Weak Shape Despite New Growth Opportunities

  Posted by Alex Finkelstein 07/15/09 4:21 PM

  (NEW YORK, NY) --  The nation's equity real estate investment trusts face numerous survival challenges over the next two years, according to a new quarterly market analysis by New York City-based Fitch Ratings.Steven Marks "While recent financial market improvements are... Read More

• 

  National Office Market Heads for Another Rough 12 Months, Says Grubb & Ellis's Bob Bach

  Posted by Alex Finkelstein 07/15/09 4:10 PM

  (SANTA ANA, CA) -- Jobs are the key and without them the national office market is in for more rough sledding over the next 12 to 18 months, predicts Bob Bach, senior vice president and chief economist, Grubb & Ellis... Read More

• Los Angeles Investors Betting $100M on New Zealand's Distressed Real Estate Markets

  Posted by Alex Finkelstein 07/14/09 3:59 PM

  (LOS ANGELES, CA) -- A privately-held, Los Angeles-based investment firm with the ideal name of Jumpstart Capital LLC, has launched a $100 million closed-end opportunity fund to capitalize on distressed and under-valued real estate assets in New Zealand.The firm is... Read More

• 

  Architects Forecast Another Gloomy Year for New Non-Residential Construction

  Posted by Alex Finkelstein 07/14/09 3:45 PM

  (WASHINGTON, D.C.) -- The American Institute of Architects sees another struggling year for new non-residential construction.Retail, hotels, office buildings and industrial - in that order - will continue to feel the brunt of the Recession.Overall,  new non-residential construction  is expected... Read More

• 

  Atlanta's Carter Aims to Cut Energy Use by 30% Across 25M SF Office Portfolio

  Posted by Alex Finkelstein 07/14/09 8:54 AM

  (ATLANTA, GA) -- Atlanta-based Carter announced today it plans to reduce energy use by 30 percent across a 25 million-square-foot office portfolio owned by Strategic Real Estate Advisors (StratREAL) of Miami.StratREAL currently oversees the management of more than $6.5 billion... Read More

• 

  Levi Strauss Closes $72M Purchase of 73 Outlets Totaling Estimated 3.7M SF

  Posted by Alex Finkelstein 07/14/09 8:45 AM

  (SAN FRANCISCO, CA) -- Levi Strauss, a name synonymous for decades with men's and ladies' jeans, got a little bigger today with the closing of a $72 million acquisition deal.The San Francisco-based apparel maker acquired 73 Levi's® and Dockers® Outlets... Read More

• Fed's Legacy Bond Program Under Way But Commercial Real Estate Traders Remain Cautious

  Posted by Alex Finkelstein 07/13/09 9:00 AM

  (WASHINGTON, D.C.) -- This is the week that could tell the Treasury Department  if it is on the right  track  in helping  to reduce billions  in commercial real estate debt.The Fed's Legacy bond program is under way, but determining a... Read More

• 

  Pembrook Launches $500M Loan Venture in Commercial and Residential Markets

  Posted by Alex Finkelstein 07/13/09 8:00 AM

  (NEW YORK, NY) -- Private lenders are beginning to step to the plate, convinced they can buy debt from financially-strapped real estate owners at bargain prices.One of the newest players is The Pembrook Group LLC, founded by Stuart J. Boesky... Read More

• 

  California Entrepreneur Fred Sands Pays Estimated $60M for 1.1M SF Shopping Center

  Posted by Alex Finkelstein 07/10/09 3:58 PM

  (LOS ANGELES, CA) -- California entrepreneur Fred Sands is rolling the dice and betting the retail market in his state is still alive and well.Fred Sands Sands is putting his money where his instincts are, investing an estimated $60 million... Read More

• California Commercial Real Estate Rebound Could Come in 2011, Says UCLA Report

  Posted by Alex Finkelstein 07/09/09 1:53 PM

  (LOS ANGELES, CA) -- The survey's results were tactful but encouraging.  California's sagging real estate market is at least two years away from the beginning of a comeback.The slump shows little indication of abating this year, according to the latest... Read More

• Vornado Shoots for $1B War Chest to Buy Up Distressed Real Estate

  Posted by Alex Finkelstein 07/09/09 1:42 PM

  (NEW YORK, NY) -- It's a jungle out there and Vornado Realty Trust is aware of that financial markets fact as it bears down in its campaign to raise $1 billion to invest in distressed real estate, according to persons... Read More

• Treasury Dept. Picks GE Capital and Angelo, Gordon to Help Buy Bad Securities and Re-Sell Them

  Posted by Alex Finkelstein 07/09/09 1:34 PM

  (NORWALK, CT) -- It's a deal that has never been tried before in U.S. financial markets history.  The Obama Administration is betting it will work.  Others are making no comment until the plan is off and running.The federal government announced... Read More

• Theater-Anchored Shopping Centers Paying Off for Weingarten in Florida

  Posted by Alex Finkelstein 07/09/09 1:26 PM

  (CLERMONT, FL) -- Despite lower June sales reported by almost every national retail chain, Houston, TX-based Weingarten Realty Investors states two of its Florida properties are prospering in the 20th month of the Recession.The reason:  The 341,494-square-foot Clermont Landing at... Read More

• June Retail Sales Posted by Business Wire

  Posted by Alex Finkelstein 07/09/09 1:09 PM

  (NEW YORK, NY) -- Business Wire has posted its June retail sales based on numbers provided by retailers in the Specialty Retail Apparel and General Merchandise categories.The chart below tracks each retailer's total sales for the previous month as compared... Read More

• 

  Blackstone, Goldman Sachs, Credit Suisse and ING Launch Independent Insurance Group

  Posted by Alex Finkelstein 07/07/09 3:06 PM

  (NEW YORK, NY) -- Already among the behemoths of the real estate capital industry, The Blackstone Group, Goldman Sachs, ING and Credit Suisse are branching out into a new field - insurance. Read More

• PRU Picks Stiles to Lease Five Retail Centers in Florida

  Posted by Alex Finkelstein 07/07/09 2:03 PM

  (FORT LAUDERDALE, FL) -- Stiles Realty, a 55-year-old Fort Lauderdale, FL-based organization,  has picked up third-party retail leasing contracts throughout Florida totaling 400,000 square feet, including five retail centers owned by investors advised by Prudential Real Estate Investors. "In growing our... Read More

• Canadian Land Syndicator Closes $24M Deal on New Community Near Athens, GA

  Posted by Alex Finkelstein 07/06/09 11:56 AM

  (ATHENS, GA) -- Arcade, a master planned residential community near the University of Georgia, today has 1,586 individual land owners.They participated in a $27.41 million deal to acquire a piece of Arcade Meadows Phase 1 located in Jackson County, GA. ... Read More

• Commercial Real Estate Debt Reaches $40B

  Posted by Alex Finkelstein 07/06/09 8:30 AM

  (NEW YORK CITY, NY) -- The end of the line is near for commercial real estate borrowers unable to meet their repayment schedules or work out a new  payment extension plan. The bad-loan total has hit $40 billion and continues... Read More

• 

  Black & Veatch Buys Its 600,000-SF Kansas HQ Building for $60M

  Posted by Alex Finkelstein 07/03/09 12:46 PM

  (OVERLAND PARK, KS) -- Black & Veatch, the global engineering, consulting and construction company, doesn't do things in a hurry.Black & Veatch Headquarters rendering After 33 years as the first and sole tenant in the largest office building in Kansas,... Read More

• 

  3 Lenders Team on $350M Loan to Boston Medical Research Facility

  Posted by Alex Finkelstein 07/02/09 8:15 AM

  (BOSTON, MA) -- Three big-name lenders have teamed to provide a $350 million, five-year loan for 700,000-square-foot, one-year-old Center for Life Science Boston, a Class A research facility in Boston's Longwood Medical Area.John Hancock Life Insurance Company, TIAA-CREF and Westdeutsche... Read More

• 

  Foreign Investors Resurfacing for Prime Properties in U.S. CBD Markets

  Posted by Alex Finkelstein 07/01/09 5:30 PM

  (CHICAGO, IL) -- European money is starting to smell the potential near-future deals in the U.S. commercial real estate kitchens.Jim Postweiler, a managing director in the Chicago office of Jones Lang LaSalle and an advisory member of The Real Estate... Read More

• 

  How Unemployment and Inflation Could Affect Commercial Real Estate Values

  Posted by Robert Knakal 07/01/09 3:00 PM

  (NEW YORK, NY) -- The most common question I am asked these days is, "When will the good times return to the commercial real estate market?" That question is impossible to answer with accuracy as we are in unprecedented times ... Read More

• AIG Unloads Russian Bank Subsidiary to French Bank

  Posted by Alex Finkelstein 06/29/09 3:28 PM

  (NEW YORK, NY) -- American International Group, Inc., (AIG-NYSE) the federal government's poster boy for bailout rescue money, continues to sell off non-core assets, as ordered by the Treasury Department.AIG has received a total $180 billion in taxpayer rescue funds... Read More

• Rite Aid's $1.9B Refinancing Package Gives Drugstore Chain Fiscal Breathing Room

  Posted by Alex Finkelstein 06/29/09 3:16 PM

  (CAMP HILL, PA) -- The 4,800-store Rite Aid Corp. won a breather today. The Camp Hill, PA-based drugstore chain closed refinancing deals totaling $1.9 billion.  Many of the older loans would have come due in September 2010."We are very pleased... Read More

• 

  Willco Companies to Launch $100 Million Real Estate Investment Fund

  Posted by Michael Gerrity 06/29/09 2:47 PM

  (POTOMAC, MD) -- Willco Companies, a locally owned and managed commercial property development and investment firm founded in the early 1960's with a five million square foot commercial real estate portfolio, will soon close the $100 million Willco Fund I LP. Read More

• Jinxed Bank of America Tower in NYC Lines Up $1.3B Loan to Finish Construction

  Posted by Alex Finkelstein 06/29/09 9:00 AM

  (NEW YORK CITY, NY) -- New York City Mayor Michael Bloomberg is calling it the biggest commercial real estate financing package created since the Recession kicked in 20 months ago.Five banks have put together a $1.3 billion loan for The... Read More

• Big-Name REITs Await Fed's New TALF Loan Program

  Posted by Alex Finkelstein 06/29/09 8:45 AM

  (WASHINGTON, D.C.) -- About a dozen big-name REITs are jockeying for position  to participate in the first commercial mortgage-backed securities loan deals undertaken by the federal government.That starting gate is scheduled to come up in July or August.  The Fed's... Read More

• Cobalt Capital Partners Acquires 1.7M SF Atlanta Industrial Portfolio

  Posted by Alex Finkelstein 06/26/09 2:14 PM

  (IRVING, TX) -- Cobalt Capital Partners, L.P., through its Cobalt Industrial REIT II affiliate, has acquired the 1.7 million square foot, nine building Shawnee Ridge Industrial Portfolio in Atlanta, Georgia.The seller was SAR at Shawnee Ridge LLC.  Price and terms... Read More

• Skanska Signs $220M Contract as Construction Manager for $400M Nemours Children's Hospital in Orlando, FL

  Posted by Alex Finkelstein 06/26/09 2:11 PM

  (STOCKHOLM) -- Skanska USA has signed a $220 million contract to build a $400 million Nemours Children's Hospital on a 60-acre greenfield site in Orlando's Lake Nona medical city near the University of Central Florida.It is the biggest construction-related contract... Read More

• Canadians Are Largest Foreign Real Estate Investors in U.S., Says Arizona Fund Manager

  Posted by Alex Finkelstein 06/22/09 12:34 PM

  (SCOTTSDALE, AZ) -- Quick now, which foreign country is the largest real estate investor today in the U.S.?Japan? No.  China?  No.  Russia?  No? It's Canada, believe it or not.E. Patrick LaVoie, Fund Manager for the Arizona-based Westward Fund, is one... Read More

• Unused Commercial Rooftops in Southern California to Get Largest Solar Power Installation in U.S. History

  Posted by Alex Finkelstein 06/22/09 12:28 PM

  (ROSEMEAD, CA) -- The Obama Administration's push for a new source of energy has been heard loud and clear by the California Public Utilities Commission.In an unprecedented action, the Commission today approved an estimated billion-dollar-plus plan proposed by Southern California... Read More

• Arcadia Management Group Buys Yardi Portal Software to Streamline Tenant Options

  Posted by Alex Finkelstein 06/19/09 8:00 AM

  (SANTA BARBARA, CA) -- Arcadia Management Group Inc., a 23-year-old, Phoenix, AZ-based commercial property management firm, has purchased Yardi Portal™ software from Yardi Systems to expand its tenants' rent payment options and enable online work orders. Terms of the purchase... Read More

• Church's Chicken Changing Hands in Estimated $300M Deal

  Posted by Alex Finkelstein 06/18/09 9:00 AM

  (SAN FRANCISCO, CA) -- Chicken feed it's not. Church's Chicken, a 57-year-old pioneer in the quick-service sector of the  fast-food industry, is being bought by an affiliate of  Friedman Fleischer & Lowe, a private equity firm based in San Francisco.Terms of... Read More

• 

  Medical Office Market Could Need 10M SF of New Space if New Health Program Enacted, Says Marcus & Millichap

  Posted by Alex Finkelstein 06/17/09 8:00 AM

  (ENCINO, CA) -- There is an unprecedented boom in new medical office space around the corner in almost every U.S. community, ... Read More

• Coast Guard's $2.3M Cargo Wharf Project Breaks Ground in Kodiak, Alaska

  Posted by Alex Finkelstein 06/16/09 9:00 AM

  (CHESTERFIELD, MO) -- A specialized $2.3 million construction project, the largest this year in Alaska, is under way in Kodiak.Corrpro Companies, Inc., a subsidiary of Chesterfield, MO-based Insituform Technologies, Inc. (NASDAQ Global Select Market: INSU), has begun work on a... Read More

• Multifamily and Retail Loan Defaults Still Climbing

  Posted by Alex Finkelstein 06/15/09 12:27 PM

  (NEW YORK, NY) -- The projected cash streams from numerous commercial projects in the U.S. in 2007 and 2008 is not happening, causing developers and owners to continue defaulting  on loans, according to Fitch Ratings.The New York City-based agency says... Read More

• PRU Lends Weingarten $103M on 4 Retail Centers in California and New Mexico

  Posted by Alex Finkelstein 06/12/09 9:00 AM

  (NEWARK, NJ) -- If a $103 million loan is any barometer, then the commercial real estate funding spigot is gradually reopening.That's the amount Prudential Mortgage Capital Co. (NYSE:PRU) closed today on a portfolio of retail properties owned by Houston, TX-based... Read More

• Prudential Rebrands Commercial Side and Names Mike McLean to Head Affiliate Network

  Posted by Alex Finkelstein 06/12/09 9:00 AM

  (IRVINE, CA) -- What's in a name?  Big bucks, if your name happens to be Prudential.Irvine, CA-based Prudential Real Estate and Relocation Services Inc. is re-branding its commercial brokerage operation as Prudential Commercial Real Estate.The re-named division also has a... Read More

• 

  NBA Finals Make Downtown Orlando Cash Registers Jingle as Basketball Fans Loosen Purse Strings

  Posted by Alex Finkelstein 06/11/09 11:32 AM

  (ORLANDO, FL) -- For many Downtown Orlando merchants this week, the Orlando Magic-Los Angeles Lakers National Basketball Association finals were a slam dunk. Read More

• 

  CB Richard Ellis Reports Miami Commercial Real Estate Market Dynamics

  Posted by Michael Gerrity 06/10/09 1:58 PM

  (MIAMI, FL) -- CB Richard Ellis (NYSE:CBG) reports that Miami continues to be one of the most dynamic real estate markets in Florida. With a high density population, diversified economy, a natural barrier to entry, Latin American influence, and ... Read More

• General Mills Breaks Ground on 1.5M SF, $42M Distribution Center in metro Atlanta

  Posted by Alex Finkelstein 06/10/09 11:26 AM

  (ATLANTA, GA) -- The biggest industrial real estate project of the year in Georgia and one of the largest projects of its kind to be announced this year in the entire U.S., will see General Mills occupying a new 1.5... Read More

• Capital One Bank Receives $90M from New Fed Program to Help Businesses in Distressed Neighborhoods

  Posted by Alex Finkelstein 06/08/09 7:07 PM

  (MCLEAN, VA) -- Capital One Bank (COF-NYSE) has $90 million in fresh federal money in its lending coffers today - enough to continue making loans in under-served communities.The funds come from the Treasury Department's recently created New Markets Tax Credits... Read More

• Best Buy Plans 13 New Stores for 2010 at Estimated $13M Cost

  Posted by Alex Finkelstein 06/08/09 8:00 AM

  (RICHFIELD, MN) -- Sensing a consumer surge in 2010, electronics retailer Best Buy Co. Inc. plans  to open 13 new stores in fiscal 2010.  The Richfield, MN-based firm didn't disclose the size of the stores or their development cost.  Industry... Read More

• Green is New Name of Game in Future Building Materials

  Posted by Alex Finkelstein 06/05/09 9:00 AM

  (OYSTER BAY, NY) -- Cement, engineered wood and insulation products. These are three of the key commercial and residential construction materials that will probably look and feel different in the coming years.It's part of a growing worldwide movement to convince... Read More

• Prime Group Realty Trust's Continental Towers in Chicago Wins Top BOMA Award for Third Time

  Posted by Alex Finkelstein 06/05/09 9:00 AM

  (CHICAGO, IL) -- Batting close to 1,000 percent, metro Chicago-based Continental Towers  has won the 2008-2009 Outstanding Office Building of the Year Award (also known as the TOBY Award) for the five-state North Central Region from the Building Owners and... Read More

• Commercial and Multifamily Originations Down 65 Percent to $181 Billion

  Posted by Michael Gerrity 06/04/09 11:22 AM

  (WASHINGTON, DC) -- The commercial/multifamily mortgage origination volumes decreased 65 percent in 2008, with mortgage bankers closing $181.4 billion in commercial and multifamily loans; Read More

• BOMA Kicks Off Unique Scorecard Program to Grade Commercial Properties

  Posted by Alex Finkelstein 06/03/09 8:00 AM

  (WASHINGTON, DC) -- The Building Owners and Managers Association (BOMA) International has taken a leaf from academia. BOMA is going to grade commercial properties.  The higher the grade, the more perceived value the property will have.  At least, that's what... Read More

• $1 Billion REIT Buys Two Self Storage Properties in Atlanta; Pays All Cash

  Posted by Michael Gerrity 06/03/09 8:00 AM

  (ATLANTA, GA) -- Strategic Storage Trust, Inc. (SSTI) has expanded its portfolio by acquiring two self storage facilities totaling $9.6 million. The properties are located in prime suburban cities near Atlanta, GA. Read More

• 7M Square Feet of New Commercial and Retail Coming Off Drawing Boards in Metro Seattle

  Posted by Alex Finkelstein 06/02/09 3:54 PM

  (SEATTLE, WA) -- They have to be the most ambitious and most optimistic commercial and retail real estate developments in the U.S. today.Callison, a Seattle, WA-based architectural firm, says five metro Seattle projects totaling over seven million square feet  with... Read More

• American Realty Capital Trust Buying FedEx Facility in Houston for $30.9M

  Posted by Alex Finkelstein 06/02/09 3:51 PM

  (HOUSTON, TX) -- Using 50 percent borrowed money and coming up with the rest itself, New York City-based American Realty Capital Trust Inc. says it will be purchasing a newly-built, 152,640-square-foot, fully net leased FedEx Freight facility in metro Houston,... Read More

• Hit Hard by Real Estate Market, SunTrust Unveils New $1.4B Stock Sale

  Posted by Alex Finkelstein 06/02/09 3:38 PM

  (ATLANTA, GA) -- Stung by bad construction and commercial real estate loans, Atlanta-based SunTrust Banks Inc. announced plans today for a $1.4 billion stock offering.The new program cancels previous bank plans to sell shares directly into the market.  SunTrust also... Read More

• New Hampshire Firm Created to Buy Surplus Bank Branch Office Properties

  Posted by Alex Finkelstein 06/02/09 3:28 PM

  (ROCHESTER, NH) -- Talk about creative business initiatives in a depressed economy. This one is at the top of the list.BancRealty Advisors, a newly formed real estate affiliate of BrandPartners Group Inc., is offering to buy in bulk all vacant... Read More

• Maguire Properties Writes Off $40M in Transfer of Prime L.A. Office Complex

  Posted by Alex Finkelstein 06/02/09 3:06 PM

  (LOS ANGELES, CA) -- Maguire Properties, Inc. a Southern California-focused real estate investment trust, announced today it has taken a $40 million writeoff in the title transfer of City Parkway, a Class A, three-building, 458,000-square-foot office complex  in metro Los... Read More

• Lenders Continue to Favor Multifamily Over Commercial Properties, RECI Reports

  Posted by Alex Finkelstein 06/01/09 12:00 PM

  (CHICAGO, IL) -- Continuing tight credit conditions are slowing most non-residential new construction as lenders favor multifamily over commercial properties, according to the latest industry survey by Chicago-based Real Estate Capital Institute."Lower prices for commercial real estate as acquisitions are... Read More

• Highwoods Sells 3 Older Kansas City Retail Centers for $62M

  Posted by Alex Finkelstein 05/29/09 6:30 PM

  (RALEIGH, NC) -- Following a strategy of unloading older non-core assets that would need expensive improvements, Highwoods Properties Inc. today announced the $62.1 million sale of three retail centers in Kansas City, MO."Our focus remains on continuing to improve... Read More

• New Fed Loan Package Stirs Commercial Capital Markets

  Posted by Alex Finkelstein 05/26/09 2:20 PM

  (NEW YORK, NY) -- It took a while but the Federal Reserve's Term Asset-Backed Securities Loan Facility (TALF) is finally getting the attention of a few big hitters in the commercial real estate capital markets arena.Prudential Mortgage Capital and... Read More

• 

  Multifamily Builder Confidence Up From Record Lows

  Posted by Michael Gerrity 05/26/09 11:18 AM

  (WASHINGTON, D.C.) -- ecent hints of optimism in the housing industry appear to have spread to the multifamily sector, according to the latest results of Multifamily Rental Market Index (MRMI) and the Multifamily Condo Market Index (MCMI), released today by the National Association of Home Builders (NAHB). Read More

• 

  CBRE Realty Trust and Duke Realty Team Up to Buy Three Commercial Properties

  Posted by Michael Gerrity 05/20/09 5:00 PM

  (PRINCETON, NJ) -- CB Richard Ellis Realty Trust and Duke Realty Corporation (NYSE: DRE) (Duke) have completed the acquisition of three additional fully leased properties, all with long-term leases, under the joint venture agreement announced between the two companies in 2008. Read More

• Estimated $90M Office Lease Signed in Downtown Manhattan

  Posted by Alex Finkelstein 05/20/09 2:13 PM

  (NEW YORK CITY, NY) -- Mack-Cali Realty Corp. today closed one of the largest Downtown Manhattan office leases this year. Herzfeld & Rubin P.C., a full-service global law firm, signed a 20-year lease for 56,322-square feet at 125 Broad St.... Read More

• 

  Commercial Real Estate Hurt by Credit Crunch and Weak Economy

  Posted by NATIONAL ASSOCIATION OF REALTORS 05/20/09 10:01 AM

  (WASHINGTON, D.C.) -- The general economic downturn, complicated by a severe credit crunch in commercial real estate, is dampening commercial real estate activity. Read More

• MWV and The Rockefeller Group to Develop 2.7M SF of Distribution Space in Charleston, SC

  Posted by Alex Finkelstein 05/19/09 2:48 PM

  (SUMMERVILLE, SC) -- In one of the largest industrial real estate projects planned this year, MeadWestvaco Corp.'s Community Development and Land Management Group of Summerville, SC and Rockefeller Group Development Corp. of New York City have formed a joint venture... Read More

• Blumberg and Maguire See Nothing but Gloom Ahead for Commercial Real Estate Markets

  Posted by Alex Finkelstein 05/19/09 1:21 PM

  (NEW YORK, NY) -- Despite some recent highly publicized signs of economic improvement, two of the savviest commercial real estate strategists in the U.S. today see nothing but gloom ahead for the commercial real estate markets.Phillip F. Blumberg, chairman and... Read More

• Nashville Plans 1.5M-SF International Medical Trade Center

  Posted by Alex Finkelstein 05/19/09 11:27 AM

  (NASHVILLE, TN) -- Nashville, TN likes to think big.  Already calling itself the music capital of the U.S., this city of 619,626 residents now plans to build a one-of-a-kind international medical trade center.At a potential buildout of 1.5 million square... Read More

• 

  Cushman & Wakefield Handles Westchester County's largest Office Lease Transaction of 2009

  Posted by Michael Gerrity 05/18/09 1:28 PM

  (News Source: Cushman & Wakefield)(HARRISON, NY) -- Cushman & Wakefield today announced that Diversified Investment Advisors, Inc, a national investment advisory firm specializing in retirement plans, leased 115,000 square feet of office space for its corporate headquarters at 440 Mamaroneck... Read More

• Capmark and Three REITs Report Quarterly Losses

  Posted by Alex Finkelstein 05/18/09 8:00 AM

  (HORSHAM, PA) -- As expected, name financial groups and real estate investment trusts are reporting first-quarter losses.In Horsham, PA, Capmark Financial Group Inc. reported a net loss of $727.7 million for the quarter ended March 31, 2009 compared to a... Read More

• BellSouth Saves About $16M on 10-Year, $14M Office Lease Extension in Plantation, FL

  Posted by Alex Finkelstein 05/18/09 8:00 AM

  (PLANTATION, FL) -- Talk about renegotiating Class A office leases - favoring the tenant.  BellSouth Telecommunications Inc. has just saved about $16 million on a new 10-year, $14 million lease at its 133,000-square-foot South Florida building in Plantation, FL.Persons  in... Read More

• 

  Weak Economy and Lack of Credit Hobble Commercial Real Estate

  Posted by NATIONAL ASSOCIATION OF REALTORS 05/15/09 12:43 PM

  (WASHINGTON, DC) -- Credit availability and refinancing issues have seriously affected commercial real estate markets, but recent actions by the Federal Reserve may help ease the crisis, according to presentations at a commercial real estate forum today at the Realtors... Read More

• International Travelers Plan to Visit and Shop in the U.S. Over Next 12 Months

  Posted by Alex Finkelstein 05/15/09 12:11 PM

  (BLOOMFIELD HILLS, MI) -- Pep talk or not, a new study disclosed today is giving U.S. retailers some hope that long-sought rainbow over their sales-punctured industry may be near.The encouraging news is coming from some heavy hitters in the retail... Read More

• 

  Duke Realty Announces Development Of 460,000 Square Foot Outpatient Cancer Treatment Center For Baylor University

  Posted by Michael Gerrity 05/15/09 11:04 AM

  (INDIANAPOLIS, IN) -- Duke Realty Corporation (NYSE: DRE), an owner, manager and developer of industrial, office and healthcare properties throughout the United States, ... Read More

• 

  Miami's 1450 Brickell Office Tower Installs Nation's Most Wind-Resistant Glass Curtain Wall

  Posted by Michael Gerrity 05/14/09 1:23 PM

  (MIAMI, FL) -- Miami's Brickell Avenue corridor made international headlines in 2005 when Hurricanes Katrina and Wilma blew out tens of thousands of windows, exposing downtown Miami businesses to devastating winds and flooding rains. Now, developers are taking steps to ... Read More

• 

  A 25 Year History Holds Clues to Manhattan's Multifamily Future

  Posted by Robert Knakal 05/13/09 3:24 PM

  (NEW YORK, NY) -- Now that the Manhattan multifamily market is in a slump, investors and other market participants have been asking me to compare current conditions to various points in previous cycles in the past 25 years. They want to know what the market looked like in the 1980s, ... Read More

• Survey Shows Continued Slowdown of Commercial / Multifamily Mortgage Lending in First Quarter 2009

  Posted by Michael Gerrity 05/13/09 10:56 AM

  (WASHINGTON, D.C.) -- Commercial and multifamily mortgage loan originations continued to drop in the first quarter of 2009, according to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. Read More

• Lenders Give Capmark Two-Year, $1.5B Loan

  Posted by Alex Finkelstein 05/11/09 8:00 AM

  (HORSHAM, PA) -- For Capmark Financial Group Inc. today, there was light at the end of the tunnel. The Horsham, PA-based international commercial real estate lender and mortgage banker will be getting a $1.5 billion loan from an undisclosed banking... Read More

• 

  Fed's New Low-Cost Financing Plan for Bond Buyers Gets Attention of REITs and Lenders

  Posted by Alex Finkelstein 05/08/09 4:12 PM

  (NEW YORK, NY) -- TALF, the new Federal Reserve's Term Asset-Backed Securities Loan Facility, is starting to get some respect and attention in a few corners of the commercial real estate domain. Read More

• Top Purchasing and Supply Executives Provide Bleak Forecast for Rest of 2009

  Posted by Alex Finkelstein 05/05/09 4:34 PM

  (TEMPE, AZ) -- Wanna Cry?  Here's an economic forecast for the rest of 2009.It was crafted today by the nation's top purchasing and supply executives, including the senior vice president of supply management at Hilton Hotels Corp.The bad news, in... Read More

• Midwest Auctioneer Slicing For-Sale Properties in Half - And More

  Posted by Alex Finkelstein 05/05/09 4:20 PM

  (OAK BROOK, IL) -- The jury is still out on the effectiveness of public auction real estate sales but Inland Real Estate Auctions Inc. says it knows they work - especially when the prices are cut in half - and... Read More

• Post Properties and Holliday Fenoglio Fowler Announce First-Quarter Results

  Posted by Alex Finkelstein 05/05/09 11:58 AM

  (ATLANTA, GA) -- First-quarter earnings were down for two of the major players in the commercial real estate arena - Post Properties Inc. of Atlanta and Holliday Fenoglio Fowler L.P. of Pittsburgh, PA.  Both companies are traded on the New... Read More

• RECI Finally Finds Bright Spots in Capital Funding Marketplace

  Posted by Alex Finkelstein 05/01/09 4:04 PM

  (CHICAGO, IL) -- Good news  today for the commercial real estate industry.The Real Estate Capital Institute, a volunteer member, Chicago-based organization, reports bright spots in the capital funding marketplace are beginning  to appear. "More life companies, banks, pension funds and... Read More

• German Construction Giant's U.S. Subsidiary Wins $160M in New Bridge and Road Contracts

  Posted by Alex Finkelstein 05/01/09 8:00 AM

  (LONGMONT, CO) -- The bullseye bell is ringing today for Flatiron Corp., the Longmont, CO-based subsidiary of HOCHTIEF, one of the world's largest and oldest general construction companies based in Essen, Germany.Industry analysts are pondering whether Flatiron's new work means... Read More

• Marcus & Millichap Settles Suit Against Former Agents and Sperry Van Ness

  Posted by Alex Finkelstein 04/30/09 10:40 AM

  (ENCINO, CA) -- Marcus & Millichap Real Estate Investment Services says two former agents who allegedly stole proprietary and confidential documents, have settled a pending lawsuit.  So has the company they work for.The defendants are Gary Imbrie, his son, Ryan,... Read More

• Orlando's Service Center-Flex Space Market Vacancy Rockets to 19%

  Posted by Alex Finkelstein 04/28/09 4:25 PM

  (ORLANDO, FL) -- There is a war going on among metro Orlando's space-seeking small service center tenants - and the tenants are winning, reports Lyle N. Nelsen, corporate and industrial specialist at Rebman Properties Inc.  It's a war where existing... Read More

• Invesco and WL Ross Lead Mortgage-Buying Team on Planned $1B in Purchases

  Posted by Alex Finkelstein 04/27/09 1:25 PM

  (ATLANTA, GA) -- Invesco Ltd. sees good money to be made from bad mortgages.The Atlanta-based global investment management company has rounded up a team of mortgage-buying specialists that plans to shell out up to $1 billion in buying so-called toxic... Read More

• Trammell Crow and Liberty Property Trust Honored for Top Design on Residential and Office Projects

  Posted by Alex Finkelstein 04/23/09 8:00 AM

  (DALLAS, TX and PHILADELPHIA, PA) -- Two of the country's leading developers, Trammell Crow Residential and Liberty Property Trust, have been separately cited for outstanding design work on separate residential and office projects.Trammell Crow Residential's project, Alexan Fitzhugh, won the... Read More

• Banks Selecting Survivors Before Lending, According to The Real Estate Roundtable Survey

  Posted by Alex Finkelstein 04/22/09 2:00 PM

  (WASHINGTON, DC) -- The nation's top corporate real estate executives are looking for some kind of a market turnaround this year but still can't pinpoint when it will arrive, according to the newest survey completed by The Real Estate Rountable.Senior... Read More

• 

  New York State Assembly Votes to Put Thousands Out of Work

  Posted by Robert Knakal 04/21/09 5:00 PM

  (NEW YORK, NY) -- On February 2 of this year, the New York State Assembly passed a package of bills to modify and strengthen rent regulation to ... Read More

• P.F. Chang Plans 34 Restaurants in Middle East Over 10 Years

  Posted by Alex Finkelstein 04/21/09 4:49 PM

  (SCOTTSDALE, AZ) -- Publicly traded P.F. Chang's China Bistro, Inc. has struck a deal with 119-year-old, Kuwait-based M.H. Alshaya to develop 34 restaurants throughout the Middle East over the next 10 years.The development and license agreement was announced today by... Read More

• Bank of America and Wells Fargo Were Top U.S. Commercial/Multifamily Originators in 2008

  Posted by Michael Gerrity 04/21/09 10:48 AM

  (WASHINGTON, D.C.) -- Bank of America and Wells Fargo were the top commercial/multifamily originators in 2008, according to a set of listings released today by the Mortgage Bankers Association (MBA). Read More

• 

  Financial Guru John Levy Agrees With Fitch: More Commercial Defaults On Way

  Posted by Alex Finkelstein 04/20/09 12:18 PM

  (RICHMOND, VA) -- Commercial real estate investors desperately need extensions from lenders on multi-million dollars of loans maturing this year and in 2010.  Without the extensions, the commercial market will continue to dip for another two years.John Levy That's the... Read More

• Fitch Predicts More Commercial Defaults Coming

  Posted by Alex Finkelstein 04/20/09 11:51 AM

  (NEW YORK, NY) -- Commercial real estate loan delinquencies in March rose to 6.5 percent, up from 5.4 percent in February, Fitch Ratings reports today.Fitch monthly rates 35 loans and other debt obligations (CDOs) encompassing about 1,100 loans and 370... Read More

• 

  Crawling Economy Dents All Metro Retail Markets

  Posted by Alex Finkelstein 04/20/09 8:00 AM

  (WASHINGTON, D.C.) -- Unless you have been visiting an uncle on Mars for the past five years, everybody on Planet Earth knows the retail sales and investment market is in the dumpster. Read More

• General Growth's Chapter 11 Filing Called Largest in U.S. Retail Bankruptcy History

  Posted by Alex Finkelstein 04/17/09 7:55 AM

  (CHICAGO, IL) -- In what industry insiders are calling the largest retail real estate bankruptcy filing in U.S. annals, Chicago-based General Growth Properties Inc. today voluntarily filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code.Industry... Read More

• Largest Solar System on a Movie Theater in U.S. Installed in California

  Posted by Alex Finkelstein 04/15/09 3:22 PM

  (LIVERMORE, CA) -- The largest solar energy system on a movie theater in the U.S. has been installed in Livermore, CA.  SPG Solar Inc. of Novato, CA completed the 132 KW rooftop system for Livermore Cinemas.The system will produce 190,000... Read More

• 52 Shopping Centers in 20 States Valued at $1.9B Hit the Market

  Posted by Alex Finkelstein 04/14/09 4:06 PM

  (PITTSBURGH, PA) -- The biggest shopping center sale deal of the year is in play. Fifty-two properties in 20 states valued at $1.9 billion are up for grabs.  Buyers may buy all, some or individual properties, according to a joint... Read More

• Pru Brokers Record $765M FHA Loan Funded by TIAA-CREF for New NJ Hospital

  Posted by Alex Finkelstein 04/14/09 8:00 AM

  (NEWARK, NJ) -- Prudential Mortgage Capital Co. is calling it the largest construction loan in the history of the Federal Housing Administration -- $756 million for an under-construction, two-building, 237-bed hospital in Hopewell, NJ.Real Estate Channel reported the planned 968,760-square-foot... Read More

• 

  Fed's Balance Sheet Balloons but News May be Good for Commercial Real Estate Market

  Posted by Alex Finkelstein 04/13/09 3:02 PM

  (SANTA ANA, CA) -- Bob Bach, senior vice president and chief economist at Grubb & Ellis Co., rarely uses superlatives and generally is cautious in predicting a timetable for a commercial real estate turnaround. But in his periodic market comments... Read More

• 

  Orlando's Bulk Warehouse Leasing Market Plunges to Record Low of 23.46%

  Posted by Alex Finkelstein 04/13/09 2:41 PM

  (WINTER PARK, FL) -- Greg Rebman says he has grown a dozen more gray hairs in the last 90 days.  Greg Rebman The vice president of Winter Park, FL-based Rebman Properties Inc. reports Orlando's bulk warehouse leasing market plunged during... Read More

• Ingersoll-Rand Swaps Trophy Dirt in San Francisco to Settle $100M Lawsuit and Pave Way for $500M Redevelopment

  Posted by Alex Finkelstein 04/13/09 8:00 AM

  (SAN FRANCISCO, CA) -- Talk about having patience in closing deals.  This one took 10 years to complete.In what San Francisco real estate mavens are calling the best commercial real estate deal of 2008, Ingersoll-Rand Corp., owner of Schlage Lock... Read More

• 

  Fashionable Madison Avenue Hit by Hard Times

  Posted by Alex Finkelstein 04/10/09 2:18 PM

  (NEW YORK, NY) -- Hard times have hit Madison Avenue, that luxury retail strip stretching about a mile and a half from 57th Street to 86th Street in Manhattan. Read More

• 

  New York Economics, Politics and Real Estate Have Never Been More Closely Related - Q & A with Bob Knakal

  Posted by Robert Knakal 04/08/09 8:00 AM

  (NEW YORK, NY) -- "Sales volume was extraordinarily low. In 2008, volume in the under $100 million market was down 40% from 2007 levels. The over $100 million market was affected much more adversely." Read More

• Texas Realty Values Outperforming Rest of Nation, Claims Lone Star State Consultant

  Posted by Alex Finkelstein 04/07/09 2:21 PM

  (HOUSTON, TX) -- Concerned that out-of-state lenders may be cold-shouldering Texas-based existing properties or planned new developments, Houston-based Lewis Realty Advisors has gone on the offensive, assuring one and all that Texas real estate is the best game in town.Texas... Read More

• General Growth Properties Stock Price Rise Puzzles Wall Street

  Posted by Alex Finkelstein 04/07/09 2:12 PM

  (NEW YORK, NY) -- Wall Street today is grappling with its biggest little mystery in months:  What is triggering debt-loaded General Growth Properties' stock price to jump 100 percent in the last 17 days?The common stock of the nation's second... Read More

• 

  New York City Developer Offers $20,000 Prize for Artist to Paint Mural on Side of New Condo Development

  Posted by Alex Finkelstein 04/07/09 2:02 PM

  (NEW YORK, NY) -- A New York City developer has temporarily punctured the balloon of bad real estate news by announcing some offbeat cheery news. His company will pay a local artist $20,000 and related gifts for creating a jumbo-sized... Read More

• A.M. Best Paints Gloomy Picture of Title Insurance Industry

  Posted by Alex Finkelstein 04/03/09 1:25 PM

  (OLDWICK, NJ) -- Although experts generally see a gradual turnaround in the U.S. economy and the housing industry by the end of this year, A.M. Best Co., the nation's No. 1 rating authority in the title insurance field, warns buyers... Read More

• Fannie Mae and Freddie Mac Remain Key Capital Sources for Multifamily Sector, Says Fitch

  Posted by Alex Finkelstein 04/03/09 12:51 PM

  (NEW YORK, NY) -- The clock is ticking for U.S. real estate investment trusts to maintain adequate liquidity, according to a new special report from Fitch Ratings.With the unsecured bond market "closed for nearly all issuers, most REITs  will  likely ... Read More

• Multi-Billion-Dollar Mixed-Use Project in Atlanta Will be Powered by Solar Energy

  Posted by Alex Finkelstein 04/02/09 4:00 PM

  (ATLANTA, GA) -- In what insiders say could be the largest energy test of its kind to date involving a commercial real estate project, Atlanta-based Jacoby Development Co. and Suniva of Norcross, GA, plan to use solar power throughout Aerotropolis... Read More

• Tampa Industrial Market Faces Challenging Year as Vacancy Rises to 7.3%

  Posted by Alex Finkelstein 04/02/09 11:33 AM

  (TAMPA, FL) -- Like most of the other Florida industrial real estate markets, metro Tampa finds itself with rising vacancy and declining rents, reports Randy Smith, regional director of research in the Tampa, FL office of GVA Advantis.The direct vacancy... Read More

• CB Richard Ellis Confirms It's a Tenants' Office and Industrial Market in Orlando

  Posted by Alex Finkelstein 04/01/09 4:15 PM

  (ORLANDO, FL) -- CB Richard Ellis's first-quarter analysis for the area's office and industrial markets confirms what almost everybody in the industry has been noticing for months - vacancies are up, rents are down.The good news: opportunities are abundant for... Read More

• Commercial Construction Costs at New Low, Reports RECI

  Posted by Alex Finkelstein 04/01/09 4:00 PM

  (CHICAGO, IL) -- Some  good news, at last, for the nation's construction industry. Costs have fallen.  This is an opportune time to plan new projects, states The Real Estate Capital Institute of Chicago."Despite public infrastructure spending, construction costs are lower... Read More

• Two $100M Refinancings Close in Texas and D.C.

  Posted by Alex Finkelstein 04/01/09 3:53 PM

  (IRVING, TX) -- FelCor Lodging Trust Inc., which calls itself the nation's largest owner of 'upper upscale" all-suite hotels, has closed on a $120 million secured loan with Prudential Mortgage Capital Co. The new loan replaces an existing $116 million... Read More

• Skanska Wins $134M Hospital Construction Job in Hopewell, NJ

  Posted by Alex Finkelstein 03/31/09 5:20 PM

  (HOPEWELL, NJ) -- Skanska, an $18 billion international general contractor based in Stockholm, has won a $134 million contract to build a two-building, 968,760-square-foot hospital complex in Hopewell, NJ for Capital Health.Construction industry sources say it is too early to... Read More

• Logistics Space Vacancy Rises as New Construction Slows

  Posted by Alex Finkelstein 03/27/09 1:12 PM

  (SANTA ANA, CA) -- Logistics properties, the single commercial real estate category that has held up well during the country's two-year financial crisis, now faces a shrinking inventory."The construction pipeline for logistics space is emptying rapidly," reports Bob Bach, senior... Read More

• The Tower in Downtown Fort Worth, TX Gets New Owner in Multi-Million-Dollar Deal

  Posted by Alex Finkelstein 03/25/09 1:27 PM

  (FORT WORTH, TX) -- The Tower, a two-building, 182,000-square-foot office-retail-residential landmark property in Downtown Fort Worth, TX, has a new owner today.StarPoint Commercial Properties of Beverly Hills, CA purchased the 37-story asset from Chicago-based TLC Green Property Associates in a... Read More

• Fitch Sees New Wave of Retail Loan Defaults on Horizon

  Posted by Alex Finkelstein 03/25/09 1:09 PM

  (NEW YORK, NY) -- Not intending to be another gloom and doomer, Fitch Ratings, however, sees no quick turnaround in sight for the retail investment market.Retail loans are likely to trend upward for the next several years as defaults on... Read More

• 

  10 Biggest Risks Faced by Real Estate Companies

  Posted by Alex Finkelstein 03/25/09 12:04 PM

  (NEW YORK, NY) -- Unlike the Obama Administration's generally positive outlook for the financial markets, global accounting firm Ernst & Young sees no speedy improvement coming that will help the real estate industry this year. "The real estate sector has felt the tightening conditions in credit markets ... Read More

• Fourth General Growth Properties Mall Seized

  Posted by Alex Finkelstein 03/23/09 7:56 AM

  (GRETNA, LA) -- Four of General Growth Properties Inc.'s 200 shopping centers today are under court supervision. The latest property to fall from the Chicago-based developer's grip is the 1.1-million-sf Oakwood Shopping Center in the New Orleans suburb of Gretna.... Read More

• Battle for Capital Intensifies as Debt Funds Multiply

  Posted by Alex Finkelstein 03/23/09 7:54 AM

  (HOBOKEN, NJ) -- Debt  funds,  the newest players in the commercial real estate capital markets arena, are growing but most remain cautious on investments, according to a new analysis by Commercial Mortgage Alert and its affiliate, Real Estate Alert.The biggest... Read More

• 

  Silverstein Seeks Federal Aid to Rebuild Estimated $20B World Trade Center Project

  Posted by Alex Finkelstein 03/23/09 7:50 AM

  (NEW YORK, NY) -- New York developer Larry Silverstein, down to his last $1 billion of insurance proceeds, is asking the federal government for a loan to complete the delayed 16-acre World Trade Center site in lower Manhattan. Read More

• Commercial Real Estate Buying Opportunities Surfacing, Pricewaterhouse Reports

  Posted by Alex Finkelstein 03/19/09 4:29 PM

  (NEW YORK, NY) -- If you are a commercial real estate buyer, these are the best of times.  If you are a seller, these are the worst of times.  That's the gist of the first quarter 2009 PricewaterhouseCoopers Korpacz Real... Read More

• General Growth Wins Breather but Hedge Fund Manager Predicts Bankruptcy Filing Coming

  Posted by Alex Finkelstein 03/17/09 4:45 PM

  (CHICAGO, IL) -- Debt-loaded General Growth Properties Inc. said today some of its lenders have agreed to hold off calling in about 41 percent of $2.6 billion in past-due loans until Dec. 31.But the company's subsidiary, The Rouse Co., was... Read More

• 

  The Prospects of Bank Nationalization and Potential Affects on Commercial Real Estate

  Posted by Robert Knakal 03/16/09 7:00 PM

  (NEW YORK, NY) -- Nationalization of our banks has been a popular topic in newspapers and on business television for the past few months which should be no surprise. Thus far in this economic cycle, 43 banks have failed and there are an additional 200 ... Read More

• Colonial Properties Scores Passing Grade on Some Bonds; Gets Warning on Others

  Posted by Alex Finkelstein 03/16/09 9:00 AM

  (NEW YORK, NY) -- Colonial Properties Trust, one of the largest multifamily and office developers in the nation, received some good news and some not-so-good news in the mail today.Birmingham, AL-based Colonial Properties Trust and CLP, its operating partnership, have... Read More

• Clock Ticking on Bankruptcy-Saving Deal for General Growth Properties and Subsidiary

  Posted by Alex Finkelstein 03/12/09 5:13 PM

  (CHICAGO, IL) -- March 16 at 5 p.m. New York City time - that's the deadline shopping center giant General Growth Properties Inc. and its subsidiary, The Rouse Co., have given their lenders to pull back the foreclosing reins on... Read More

• 

  Hilton Signs 10-Year, 108,000-SF Lease for Estimated $20M in Fairfax County, VA

  Posted by Alex Finkelstein 03/12/09 11:41 AM

  (FAIRFAX COUNTY, VA) -- Hilton Hotels Corp. today signed a 10-year lease for about 108,000 sf of Class A office space at the 11-story, 323,000-sf Park Place II in the commercially hot Tysons Corner area of Fairfax County. The estimated... Read More

• Credit Markets and Economy Add Pressure to Commercial Mortgage Performance

  Posted by Michael Gerrity 03/12/09 10:48 AM

  (WASHINGTON, D.C.) -- The weakening economy and continued credit crunch contributed to increases in commercial/multifamily mortgage delinquencies during the fourth quarter of 2008, according to the Commercial/Multifamily Delinquency Report from the Mortgage Bankers Association (MBA). Read More

• Foreclosure Analyst Predicts Housing Rally On Way

  Posted by Alex Finkelstein 03/11/09 3:58 PM

  (SACRAMENTO, CA) -- Despite government efforts to stem the foreclosure tide, California-based housing analyst Alexis S. McGee predicts a buying rally is imminent."I see a housing rally ahead because consumers simply can't afford to sit on the sidelines any longer,"... Read More

• Self Storage Economic Summit On Tap for Dallas, April 1-3

  Posted by Alex Finkelstein 03/11/09 3:36 PM

  (ALEXANDRIA, VA) -- The $20 billion self-storage industry, a commercial real estate-related segment that normally garners few daily headlines, will be in the spotlight April 1-3 in Dallas, TX.That is where representatives of 3,000 members of the Self Storage Association... Read More

• Prime Group Realty Trust Wins Breather on $120M Loan

  Posted by Alex Finkelstein 03/11/09 3:06 PM

  (CHICAGO, IL) -- Prime Group Realty Trust, a major office building owner and hotel investor, has won a two-month extension for making a $41 million payment on a $120 million loan from Citicorp USA Inc.  The loan balance is $81.5... Read More

• One-Third of Top 30 Insurers on the Lending Sidelines

  Posted by Alex Finkelstein 03/10/09 3:05 PM

  (HOBOKEN, NJ) -- More than one-third of the top 30 largest insurance companies in the U.S. have stopped making commercial real estate loans, reports Commercial Mortgage Alert, an industry newsletter that has been covering the market since the 1980s.The list... Read More

• 

  New York Times Co. Sells Part of Headquarters Space in $225M Sale-Leaseback Deal

  Posted by Alex Finkelstein 03/09/09 3:14 PM

  (NEW YORK, NY) -- It isn't often that a big media player itself gets involved in a major real estate deal but that's what happened today in New York. The New York Times Co. sold 21 floors of its condominium office space totaling 750,000 square feet in the two-year-old, 1.5-million-square-foot headquarters building. The buyer was New York-based W.P. Carey & Co. Read More

• NorthMarq Capital Sees Chance to Grow in Down Market

  Posted by Alex Finkelstein 03/09/09 3:29 AM

  (SAN DIEGO, CA) -- Ignoring a battered commercial real estate mortgage market, NorthMarq Capital has opened its 31st regional office in San Diego, CA.The office will specialize in multifamily originations with Freddie Mac and Fannie Mae.  Bloomington, MN-based NorthMarq has... Read More

• 

  Boston's CresaPartners Enters Charlotte Office Market Despite Softening Signals

  Posted by Alex Finkelstein 03/06/09 2:28 PM

  (CHARLOTTE, NC) -- Boston-based CresaPartners, an international corporate real estate advisory firm, has entered the Charlotte, NC office market even as vacancy rates climb and sales prices decline.The firm deals exclusively with tenants. "We will offer tenants a holistic perspective... Read More

• 2 Industrial Lease Deals Totaling 787,000 SF Close in California and Florida

  Posted by Alex Finkelstein 03/04/09 1:18 PM

  (REDLANDS, CA & JACKSONVILLE, FL) -- Two of the largest industrial lease deals this year, totaling 787,000 square feet, have closed in Redlands, CA and Jacksonville, FL.Kenco Logistic Services of Chattanooga, TN has taken 517,000 square feet for five years... Read More

• 

  Central Florida Banker Says Tweaking Current Regs Could Unclog Lending Spigot

  Posted by Alex Finkelstein 03/04/09 8:48 AM

  (ALTAMONTE SPRINGS, FL) -- Longtime Central Florida banker Geof Longstaff thinks he may have the answer to rehabilitating America's banks without spending billions of additional tax dollars in bailouts.Geof Longstaff Longstaff, chairman at Mercantile Commercial Capital LLC in Altamonte Springs,... Read More

• Einstein Bagels Rolling in Dough

  Posted by Alex Finkelstein 03/03/09 2:05 PM

  (LAKEWOOD, CO) -- Talk about a recession-proof business. Bagels. Specifically, bagels made by divisions of Einstein Noah Restaurant Group.The Colorado-based company today reported 12-month gross profit of $81.8 million versus $80.9 million in 2007.Einstein's other balance-sheet numbers are also impressive.Total... Read More

• Hard-Hit Restaurateurs Need to Better Understand Customers' Wants, New Report States

  Posted by Alex Finkelstein 03/02/09 4:56 PM

  (CHICAGO, IL) -- This is starting out to be another tough year for the nation's restaurant operators, predicts The NPD Group, an industry marketer. "Much of the challenge for operators this year will be having a good understanding of what their customers want," says Bonnie Riggs, a restaurant industry analyst who compiled a new report for NPD. Read More

• 

  Utah Fund Buys $701M of FDIC Commercial Loans

  Posted by Alex Finkelstein 03/02/09 4:32 PM

  (SALT LAKE CITY, UT) -- Sorenson Group Holdings LLC, part of a 50-year-old, Salt Lake City-based real estate family,  has  purchased a structured portfolio of Federal Deposit Insurance Corp. commercial loans valued at $701 million.James Lee Sorenson Sorenson acquired the... Read More

• Most Capital Market Lenders Still Playing Defensive Role, RECI Reports

  Posted by Alex Finkelstein 03/02/09 3:59 PM

  (CHICAGO, IL) -- Once again, there is good news and not-so-good news from the chambers of The Real Estate Capital Institute in Chicago.The good news:  Many of the major commercial lenders may be returning to the market in force by... Read More

• Manhattan Apartment Loan Has More Curves Than a Chorus Girl

  Posted by Alex Finkelstein 03/01/09 2:44 PM

  (NEW YORK, NY) -- The U.S. commercial mortgage-backed securities market remains frozen as numerous victims attempt to navigate the treacherous waters, reports Commercial Mortgage Alert.The  20-year-old industry newsletter, based in Hoboken, NJ,  has been covering the CMBS market since the... Read More

• 

  The Commercial Lending Spigot Opens in Several Markets with Fannie Mae Leading the Way

  Posted by Alex Finkelstein 02/25/09 4:10 PM

  (UNIONDALE, NY) -- "Despite the perception of doom and gloom, deals are happening.". That's not coming from the White House. It is emanating from Richard E. "Rick" Barnes, Read More

• General Growth Properties' Piggy Bank is Low as Debt Piles Up

  Posted by Alex Finkelstein 02/24/09 2:33 PM

  (CHICAGO, IL) -- Think your bank checking account is sick?  Take a look at the balance sheet General Growth Properties disclosed today.The Chicago-based  owner and manager of 200 shopping centers totaling 200 million square feet in 44 states owes about... Read More

• JEMB Realty Sees Fresh Opportunities in Starting Debt Investment Arm

  Posted by Alex Finkelstein 02/24/09 12:18 PM

  (NEW YORK, NY) -- JEMB Realty Corp. sees gold in debt. The 19-year-old, Manhattan-based firm has started a debt investment division called Basis Investment Group. Rivals are expected to set up similar platforms, industry sources tell Real Estate Channel."This is... Read More

• 

  SL Green and Gramercy Sell 55 Corporate Drive in New Jersey for $230M

  Posted by Alex Finkelstein 02/22/09 10:55 PM

  (BRIDGEWATER, NJ) -- After holding onto 55 Corporate Drive for three years, New York-based partners SL Green Realty Corp. and Gramercy Capital Corp. have sold the three-building, 670,000-square-foot office property to Inland American Real Estate Trust Inc. for $230 million.55... Read More

• Circuit City Liquidation Ready to Roll on Over 5 Million SF of Inventory at 8 Sites

  Posted by Alex Finkelstein 02/20/09 8:57 AM

  (GRAND RAPIDS, MI) -- it's being billed as one of the biggest retail liquidations in recent memory - 5.5 million square feet of inventory at Circuit City's eight distribution centers, four service centers and two corporate offices.The national print and... Read More

• 

  TARP, TALF, FSP, The Stimulus Plan and How They Will Affect the Investment Property Sales Market

  Posted by Robert Knakal 02/19/09 10:13 AM

  (NEW YORK, NY) -- The alphabet soup of government intervention is enough to make your head spin. The magnitudes of the programs are enormous. What I will do today is look at each of these initiatives and try to determine... Read More

• 

  Commercial Real Estate Activity Continuing To Decline

  Posted by NATIONAL ASSOCIATION OF REALTORS 02/19/09 10:00 AM

  (WASHINGTON, DC) -- A sustained lack of credit and the economic slump will depress the commercial real estate market this year, according to a forward-looking index and forecast for the commercial real estate sectors published by the National Association of Realtors.® Read More

• Builder Sentiment Remains At Historic Lows In Feb.

  Posted by Michael Gerrity 02/17/09 2:40 PM

  (WASHINGTON, DC) -- The National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today, held in the single digits for a fourth consecutive month in February. Read More

• 

  Hotel Loan Requests Down 99% in Fourth Quarter

  Posted by Alex Finkelstein 02/16/09 7:47 AM

  (WASHINGTON, DC) -- Hotel owners in the U.S. have all but given up on asking for new loans, according to the latest data from the Mortgage Bankers Association.MBA's fourth-quarter 2008 compilations were compared to the same 2007 period and also... Read More

• 

  CBRE's Raymond Torto Sees Economic Improvement by Year End but Big Problems Still Ahead

  Posted by Alex Finkelstein 02/13/09 2:19 PM

  (BOSTON, MA)--The nation's economy should be improving by the end of this year but serious problems will continue to plague the commercial real estate, ... Read More

• 

  Lenders Still Doing Deals Despite Gloomy Forecast, Shaky Bailout Plan and Fewer Borrowers

  Posted by Alex Finkelstein 02/13/09 7:34 AM

  (PITTSBURGH, PA) -- When Concord Hospitality Enterprises of Raleigh, NC needed $13.4 million recently to build a 124-room Courtyard by Marriott hotel in Pittsburgh, ... Read More

• 

  More Liquidity Needed to Avoid Crisis in Commercial Real Estate

  Posted by NATIONAL ASSOCIATION OF REALTORS 02/10/09 1:48 PM

  (WASHINGTON, DC)--A severe lack of credit threatens commercial real estate and poses significant risks for the whole economy, according to a National Association of Realtors® work group.Organized by NAR's Realtors® Commercial Alliance, the Commercial Economic Stimulus Work Group has... Read More

• 

  New Crunch Ahead--- $171B of Non-Bank Commercial and Multifamily Loans Mature This Year

  Posted by Alex Finkelstein 02/10/09 12:47 PM

  (SAN DIEGO, CA)--A new crisis is imminent for the commercial real estate industry, reports the Mortgage Bankers Association. Read More

• 

  Cash-Ready Investors Ogle Multifamily Markets

  Posted by Alex Finkelstein 02/08/09 11:17 PM

  (NEW YORK, NY)--The nation's continuing loss of jobs, accompanied by higher vacancies in many regions, has dented the national multifamily market but investors with cash in hand are ready to re-enter the arena in many locales as prices dip even further. Read More

• Madison Marquette Lists 63 Weakest Retail Markets

  Posted by Alex Finkelstein 02/05/09 5:16 PM

   (WASHINGTON, DC) -- Looking for a good deal to buy a shopping center or other retail asset at a reduced price?  There are plenty of choices around the country these days.Walter Bialas, vice president of research at Washington, DC-based Madison... Read More

• 

  Obama's Money Plan Sidesteps Commercial Real Estate, Says Grubb & Ellis's Bach

  Posted by Alex Finkelstein 02/03/09 4:44 PM

  (SANTA ANA, CA) -- President Barack Obama's proposed $900 billion plan to quickly turn around the economy will help the construction industry but won't play an immediate role in propping up the country's commercial real estate markets.That's the latest opinion... Read More

• 

  Post Properties Raises $202M at 5.99% Via 5 New Bank Loans

  Posted by Alex Finkelstein 02/02/09 9:00 AM

  (ATLANTA, GA) -- Who says the banks aren't lending? Don't tell that to Atlanta-based Post Properties Inc. The 37-year-old multifamily development firm locked up five loans totaling $202.2 million... Read More

• 

  Developer Alan Ojeda Takes Calculated Risk With $140M Downtown Miami Office Tower

  Posted by Alex Finkelstein 01/29/09 2:44 PM

  (MIAMI, FL) -- Developer Alan Ojeda is topping off his $140 million, 586,000-square-foot, 35-story 1450 Brickell office tower tomorrow (Jan. 30), even as Class A vacancy rates in metro Miami are forecast to hover in ... Read More

• 

  Senior Housing and Healthcare Developers Maintain Demand for Loans

  Posted by Alex Finkelstein 01/29/09 11:25 AM

  (CHICAGO, IL) -- Senior housing and health care facilities developers continue to keep up demand for FHA-insured loans and other funding vehicles, reports Chicago-based Cambridge Realty Capital Cos."In a year in which stocks imploded and the credit markets lost their... Read More

• 

  Déjà Vu - All Over Again, Volume of Sales Nears Historic Low

  Posted by Robert Knakal 01/28/09 1:40 PM

  The sales volume of investment properties in New York City in the under $100,000,000 market is approaching its all-time low level. The two metrics we watch most closely are prices and the number of properties sold. This commentary will address the current trend in the volume of sales. Read More

• 

  RECI Offers Tips on How Investors Can Price Properties Under New Lending Guidelines

  Posted by Alex Finkelstein 01/28/09 12:25 PM

  (CHICAGO, IL) -- New mortgage metrics are redefining capital markets today, reports The Real Estate Capital Institute. "Mortgage availability is emerging as the key funding variable," says RECI Research Director Nat Zvislo.  "Starting more than a year ago, dramatic re-pricing... Read More

• 

  Orlando Bulk Warehouse Leasing Market Plunges

  Posted by Alex Finkelstein 01/27/09 2:42 PM

  (WINTER PARK, FL) -- Metro Orlando's 17-million-square-foot bulk warehouse leasing market is hurting.  Vacancy today stands at 16.75 percent, the highest since fourth quarter 1993. The new level rose from13.76 percent in third quarter 2008. Greg Rebman"The market is expected... Read More

• Office & Industrial Construction Down but New Deliveries Will Still Raise Vacancy

  Posted by Alex Finkelstein 01/27/09 12:04 PM

  (SANTA ANA, CA) -- Although the pace of new office and industrial construction in 2008 was down from preceding periods, deliveries this year and in 2010 will increase vacancy in both markets, estimates Bob Bach, senior vice president and chief... Read More

• 

  Big Chunk of Detroit's Oldest Mall Sold for $31M

  Posted by Alex Finkelstein 01/26/09 9:00 AM

  Northland Center Mall (DETROIT, MI)--Almost half of the 1.7-million-square-foot Northland Center, reputed to be the oldest mall in the U.S. and one of metro Detroit's largest retail centers, is under new ownership today. New York City-based Ashkenazy Acquisitions Corp.... Read More

• 

  Clock Ticking on Tishman Speyer's $4.5B Loan Payments

  Posted by Alex Finkelstein 01/26/09 9:00 AM

  Peter Cooper Village and Stuyvesant Town (NEW YORK, NY)--One of the biggest Manhattan real estate loan defaults this year could arrive in June when Tishman Speyer runs out of cash for payments on six loans totaling $4.5 billion for... Read More

• 

  Atlanta Multifamily Developer and Philadelphia Financiers Form $250M Joint Venture

  Posted by Alex Finkelstein 01/21/09 12:40 PM

  (ATLANTA, GA) -- A big-name Atlanta developer and two prominent Philadelphia-based financiers have formed a $250 million joint venture to acquire multifamily properties in the Southeast and the Southwest. George Lane, Dean Adler, and Ira Lubert They are George Lane,... Read More

• 

  Real Estate Professionals Urge Obama to Re-start the Lending Machine - Their No.1 Priority

  Posted by Alex Finkelstein 01/20/09 8:30 AM

  (ORLANDO, FL) -- If most real estate professionals had only 60 seconds to chat with President Barack Obama today, they would urge him to re-start the lending machine, the industry's lifeblood and their No. 1 priority. Read More

• 

  Grubb & Ellis's Bach Sees 2009 Office Market in 'Orderly Retreat' - Not a Rout

  Posted by Alex Finkelstein 01/19/09 9:00 AM

  (SANTA ANA, CA) -- Bob Bach, senior vice president and chief economist, Grubb & Ellis Co., expects office vacancies to rise again in 2009 but doesn't think the situation will be as dark as in 2004.Here is his forecast:Bob Bach... Read More

• Lenders Using 'Black Box' Mortgage Underwriting Formulas

  Posted by Alex Finkelstein 01/15/09 2:33 PM

  (CHICAGO, IL) -- If you are thinking of refinancing your project, or even attempting to find funding for a new undertaking, better learn the new guidelines most lenders are using these days, advises The Real Estate Capital Institute. "Lenders are... Read More

• 

  Holliday Fenoglio Fowler Closes $115.5M in Refinancing Deals on 4 Properties

  Posted by Alex Finkelstein 01/14/09 9:00 AM

  (NEW YORK, NY) -- The New York, Dallas and Hartford, CT offices of Holliday Fenoglio Fowler were in high gear today, closing two refinancing deals totaling $115.5 million in two states. Riverbank WestIn Manhattan, the 44-story, 418-unit, 97-percent leased Riverbank... Read More

  Video Enhanced Story

• 

  Orlando Shopping Center Sells for Premium $363/SF

  Posted by Alex Finkelstein 01/12/09 9:00 AM

  (ORLANDO, FL) -- MetroWest Shoppes, a two-year-old, 32,908-square-foot retail center in southwest Orlando, has traded hands for $11.95 million or $363 per square foot, considered a premium price for comparable properties.MetroWest Shoppes Funding details were not disclosed.  An entity affiliated... Read More

• 

  Marcus & Millichap Closes 2 Deals Totaling $21.5M

  Posted by Alex Finkelstein 01/09/09 3:53 PM

  (DETROIT, MI) -- Marcus & Millichap brokers in Detroit and New York closed two deals today totaling $21.5 million.  A $9.9 million transaction involved a 10-property, single-tenant, net-leased portfolio in Michigan, Ohio and New York. Multifamily product continued its popularity... Read More

• 

  Vista Host Unloads 3 Hampton Inns in Multi-Million-Dollar Deal

  Posted by Alex Finkelstein 01/09/09 3:25 PM

  (ATLANTA, GA) -- The predicted sale of hotel properties nationwide is under way.Houston, TX-based Vista Host has sold three Hampton Inns in Pittsburgh, PA, Fort Lauderdale, FL and Jackson, TN to an undisclosed buyer. The Atlanta-based broker in the deal,... Read More

• Grubb & Ellis Names C. Michael Kojaian Chairman

  Posted by Alex Finkelstein 01/08/09 9:10 PM

  (SANTA ANA, CA) -- Grubb & Ellis Co. has named C. Michael Kojaian non-executive chairman, replacing Glenn L. Carpenter who remains on the board as an independent director.The board's vote was unanimous. Kojaian has been a member of the Grubb... Read More

• 

  Builders Converge On Capitol Hill To Urge Housing Stimulus

  Posted by Michael Gerrity 01/08/09 6:12 PM

  (Washington DC) -- Less than 24 hours after members of the 111th Congress were sworn into office, the National Association of Home Builders (NAHB) launched an all-out effort to make housing a centerpiece of the massive economic stimulus package that lawmakers are expected to complete by mid-February. Read More

• 

  Holliday Fenoglio Fowler Brokers Loans Totaling $450M

  Posted by Alex Finkelstein 01/08/09 8:59 AM

  (PITTSBURGH, PA) -- Holliday Fenoglio Fowler, with 18 offices nationwide, kicked off the new year by brokering a total $450 million in new loans.Ashton Pointe In Pittsburgh, PA, through its Loan Sale Advisory services, HFF closed large-balance loan sales totaling... Read More

• SPECIAL REPORT: New Grubb & Ellis Data Show Office Tenants in Driver's Seat While Rest of Markets Wait and Watch

  Posted by Alex Finkelstein 01/06/09 6:45 PM

  (SANTA ANA, CA) -- Office tenants will be calling the shots in 2009 as sublease space grows and landlords agonize over empty units.The industrial market is in the best position for a quick recovery.The investment market, already recovering, is expected... Read More

• 

  1031 Exchange Deal Nets Buyer 154% Increased Return on Original Investments

  Posted by Alex Finkelstein 01/06/09 4:59 PM

  (HUNTSVILLE, AL) -- Persistence and patience pays off in today's confusing capital markets environment, San Diego, CA brokers Joshua Volen, Andrew Slade and Chad O'Connor proved today after closing a $15.89 million office sale in Huntsville, AL.After canvassing 13 banks... Read More

• 

  A Recap of 2008 and Outlook for 2009

  Posted by Michael Gerrity 01/06/09 12:00 AM

  As 2008 draws to a close, we sat down for our quarterly conversation with Massey Knakal Chairman, Robert Knakal to discuss his views on the economy the implications for our local NYC building sales market. Read More

• 

  Key Real Estate Trend for 2009: Refinancing

  Posted by Alex Finkelstein 01/02/09 12:49 PM

  (CHICAGO, IL) -- Refinancing will be the name of the game in 2009 for most real estate deals."Since the market remains illiquid with sellers and buyers quite far apart on bid-ask sale negotiations, refinancing is the only option for generating... Read More

• Grubb & Ellis' Bob Bach Predicts Market Turnaround by End of 2009

  Posted by Alex Finkelstein 12/30/08 1:13 PM

  (SANTA ANA, CA) -- Bob Bach, Senior Vice President, Chief Economist, Grubb & Ellis Co., wears no rose-tinted eyeglasses but still forecasts a market turnaround by the end of 2009.He cites these positive contributing factors: "Barely detectable interest rates, low... Read More

• 

  Blumberg Capital Partners Chief Spotted the Crash and Exited Two Years Ago

  Posted by Alex Finkelstein 12/26/08 10:53 PM

  (CORAL GABLES, FL) -- Philip F. Blumberg may not have a crystal ball on his desk but says he spotted the current commercial real estate price drops two years ago and yanked his Blumberg Capital Partners company off the playing... Read More

• 

  Grubb-Ellis Rings in Holiday Season With Deals Totaling 693,000 SF

  Posted by Alex Finkelstein 12/24/08 10:21 PM

  (SANTA ANA, CA) -- Santa came early this year to the home of Grubb & Ellis Co.The Santa Ana, CA-based real estate services and investment firm participated in a total 693,000 square feet of transactions over the past 30 days.In... Read More

• 

  General Growth Properties Dumps 3 Trophy Retail Centers in Public Marketplace

  Posted by Alex Finkelstein 12/22/08 6:12 PM

  (CHICAGO, IL) -- Three of the best-known shopping centers in the U.S. are up for sale today, the first time trophy retail products of this stature have been offered publicly instead of privately, according to persons in a position to... Read More

• 

  SPECIAL REPORT: Commercial Loans Still Out There -- If You Look Hard Enough

  Posted by Alex Finkelstein 12/22/08 9:00 AM

  (ORLANDO, FL) -- 'Follow the money' has been a legendary private investigator's mantra, but now commercial real estate brokers are also copying the technique -- and closing deals around the country, according to an informal market survey by Real Estate Channel. Read More

• 

  Commercial Real Estate Outlook Dampened

  Posted by NATIONAL ASSOCIATION OF REALTORS 12/17/08 10:40 AM

  (WASHINGTON, DC) -- With the exception of cash transactions, investment activity in commercial real estate sectors is nearly at a standstill because commercial lending has essentially halted, while job losses are curtailing the demand for space, according to the latest... Read More

• 

  New Downtown Orlando Theater Will Create 100 Jobs and Pump Estimated $12M Annually into Local Economy

  Posted by Alex Finkelstein 12/16/08 10:10 PM

  (ORLANDO, FL) -- After eight years of dreams and plans, Downtown Orlando is finally about to welcome its first 12-screen, 57,000-square-foot movie theater. The project is at Orange Avenue and Church Street in the heart of the city's major business,... Read More

• 

  Fed Cuts Benchmark Interest Rate to Record Low

  Posted by Alex Finkelstein 12/16/08 4:32 PM

  (WASHINGTON, DC) -- The 10-member board of governors at the Federal Reserve Bank stunned financial analysts and market watchers today by lowering the benchmark interest rate to zero to one-quarter percent.  The previous record low rate was 1 percent.The rates... Read More

• 

  More Bank Failures Coming, Warns FDIC Chairman

  Posted by Alex Finkelstein 12/15/08 1:48 PM

  (WASHINGTON, DC) -- Sheila C. Bair, chairman, Federal Deposit Insurance Corp., warns more bank failures are on the horizon, despite the Fed's $700 billion approved bailout for this country's financial institutions.Sheila C. Bair Writing in the December issue of AARP... Read More

• 

  S&P Says Fed Funds Rate to Banks Could Drop to Zero Tomorrow

  Posted by Alex Finkelstein 12/15/08 1:17 PM

  (NEW YORK, NY) -- In their boldest forecast yet, Standard & Poor's top economists David Wyss and Beth Ann Bovino say the Federal Reserve Bank tomorrow could cut the overnight lending rate used by banks from the current 1 percent... Read More

• 

  Financial Markets Will Have a New Look after Economy Improves, Says S&P

  Posted by Alex Finkelstein 12/15/08 10:52 AM

  (NEW YORK, NY) -- Deregulation is out and stricter oversight will be in when the world's financial markets return to normal, forecasts Standard & Poor's Ratings Services.Here is what S&P economists envision, according to their new report, How Today's Turmoil... Read More

• 

  Creative Brokers Using Joint Ventures to Fund Deals

  Posted by Alex Finkelstein 12/15/08 10:11 AM

  (OCALA, FL) -- Commercial real estate brokers such as Michael A. Mele are looking more and more to private investors to finance their clients' deals these days.Michael A. Mele "Market conditions are proving more of these types of deals may... Read More

• 

  Stalled Development Projects in Orlando Could be Facing Foreclosures

  Posted by Alex Finkelstein 12/15/08 9:52 AM

  (ORLANDO, FL) -- Although Central Florida has staved off bulk foreclosures on major commercial real estate properties to date, several uncompleted projects in Orlando could be facing financial crunches in 2009, forecasts George Livingston, chairman of NAI Realvest in Maitland,... Read More

• 

  Private Investors Gobbling Up Distressed Properties

  Posted by Alex Finkelstein 12/15/08 9:39 AM

  (ATLANTA, GA) -- A major wave of distressed commercial property sales is predicted to hit the market in 2009 and private investors are emerging as the big players, says Bernard J. Haddigan, senior vice president and managing director of Marcus... Read More

• 

  Worst Unemployment Rate Since 1974 is Not Creating High Returns for Buyers

  Posted by Robert Knakal 12/10/08 10:48 PM

  (NEW YORK, NY) -- At least five times a day I receive calls from investors looking to buy distressed assets at good yields in New York City. The result of these conversations often leaves buyers frustrated with my answer that,... Read More

• RECI Forecasts Commercial Mortgage Gridlock Staying for Two More Years

  Posted by Alex Finkelstein 12/10/08 9:45 PM

  (CHICAGO, IL) -- Commercial real estate capital markets won't return to a normal cycle until at least 2011, forecasts The Real Estate Capital Institute, a Chicago-based research organization whose corporate members track daily debt and equity rate data. RECI Research Director... Read More

• 

  MBA Says Commercial and Multifamily Mortgage Delinquencies Not as Bad as Other Groups

  Posted by Alex Finkelstein 12/10/08 9:32 PM

  (WASHINGTON, DC) -- If it's any consolation to commercial and multifamily investors, their group's mortgage delinquency rates are lower than most other real estate groups, according to a new analysis by the Mortgage Bankers Association."Delinquency rates continued to tick up... Read More

• 

  Grubb & Ellis Closes Biggest Investment Sale in Tucson This Year

  Posted by Alex Finkelstein 12/10/08 9:18 PM

  (TUCSON, AZ) -- In the largest investment sale completed in Tucson so far this year, Boston-based Intercontinental Real Estate Corp. purchased a six-building, 606,027-square-foot industrial and R&D portfolio for $46.3 million or $73.40 per square foot.The seller was a joint... Read More

• 

  What Does the Latest Job Data Mean to Commercial Real Estate Industry?

  Posted by Alex Finkelstein 12/07/08 1:27 PM

  (SANTA ANA, CA) - Bob Bach of Grubb-Ellis Co. says the impact of unemployment and mortgage delinquencies on the commercial real estate industry is "troubling." Read More

• S&P Worries 5 Major Mortgage Insurers May Go Down

  Posted by Alex Finkelstein 12/07/08 12:45 PM

  (NEW YORK, NY) - Old Republic, PMI, MGIC, Radian and Genworth, all major U.S. mortgage insurers and their subsidiaries, have been placed on Standard & Poor's Watch Negative because of poor operating results.Standard & Poor's also placed its ratings on... Read More

  Video Enhanced Story

• 

  New Unemployment Rate of 6.7% Worse Than Expected

  Posted by Alex Finkelstein 12/05/08 12:58 PM

  (WASHINGTON, DC) -- The U.S. Bureau of Labor Statistics today reported the country's unemployment rate in November jumped to 6.7% from 6.5% in October 2008.Thousands of jobs in the commercial, residential and leisure real estate sectors, as well as the... Read More

• 

  Tanger Founder Passes Top Post to Son

  Posted by Alex Finkelstein 12/03/08 3:08 PM

  (GREENSBORO, NC) - Stanley K. Tanger, founder of a retail chain that boasts 10.2 million sf of ownership and management in 2,200 coast-to-coast stores in 22 states, is handing the company's top leadership role to son Steven B. Tanger on... Read More

• 

  Three CNL Execs Form Legacy Hotel Advisors in Orlando

  Posted by Alex Finkelstein 12/01/08 9:11 PM

  (ORLANDO, FL) - Disregarding the current downturn in both the economy and the lodging industry, three big names in national commercial real estate circles have formed Legacy Hotel Advisors in Orlando.Jay Berlinsky The company principals are Thomas J. Hutchison III,... Read More

• 

  Finally, A Little Good News for Commercial Real Estate Industry

  Posted by Alex Finkelstein 12/01/08 8:46 PM

  (CHICAGO, IL) - That silver lining commercial real estate players have been looking for may be in the works, according to newest data today from The Real Estate Capital Institute of Chicago."The Fed's aggressive action of pumping more liquidity into... Read More

• 

  Office Markets in Tampa, FL and Richmond, VA Still Looking for Silver Lining

  Posted by Alex Finkelstein 11/25/08 6:40 PM

  (TAMPA, FL and RICHMOND, VA) - The office leasing and investment  markets in Tampa, FL and Richmond, VA remain weak but not demoralized, according to two separate GVA Advantis reports today.In Tampa, vacancy has risen a full percentage point to... Read More

• 

  Maintaining Separation of Banking and Commerce is Critical, Say Realtors

  Posted by NATIONAL ASSOCIATION OF REALTORS 11/25/08 4:43 PM

  (WASHINGTON, DC) - The National Association of Realtors® in a letter to Federal Reserve Board Chairman Ben Bernanke has expressed deep concern over GMAC's application for bank holding company status."NAR continues to support the separation of banking and commerce," said... Read More

• 

  Grubb & Ellis Readies for Control Battle With Tony Thompson

  Posted by Alex Finkelstein 11/25/08 9:02 AM

  (SANTA ANA, CA) - Grubb & Ellis Co., anticipating a hostile takeover, has alerted stockholders to a coming control battle with Irvine, CA-based Thompson National Properties. The stockholders meet Dec. 3. Stuart Tanz Grubb & Ellis is asking them to... Read More

• 

  Commercial Real Estate Index Shows Slowing Activity Expected

  Posted by NATIONAL ASSOCIATION OF REALTORS 11/20/08 5:03 PM

  (WASHINGTON, DC) - The economic downturn will slow commercial real estate markets into 2009, according to a forward-looking index for the commercial real estate sectors published by the National Association of Realtors. Lawrence Yun Lawrence Yun, NAR chief economist, said... Read More

• 

  Bankrupt Yellowstone Club Gets Short-Term Loan Approval

  Posted by Scott Kauffman 11/19/08 11:30 PM

  (BIG SKY, MT)  - The ultra-exclusive Yellowstone Club, which filed for Chapter 11 bankruptcy protection Nov. 10, received a credit lifeline to stay open through the winter season. The lifeline, in the form of a $4.5 million loan, was... Read More

• 

  Banker-Developer Sees Community Banks Playing Crucial Role in Economic Recovery

  Posted by Alex Finkelstein 11/19/08 11:34 AM

  (ORLANDO, FL) - The nation's 8,500 independent community banks, not the big-name major financial institutions, will be the first to lead the country out of its financial quagmire, says longtime area banker and real estate developer Geof Longstaff.Geof Longstaff "Community... Read More

• 

  Weingarten and Hines Doing $271 Million Deal

  Posted by Alex Finkelstein 11/18/08 9:36 AM

  (HOUSTON, TX) - Weingarten Realty Investors and Hines Real Estate Investment Trust Inc., two of the biggest names in commercial real estate circles and both based in Houston, have completed the first half of a joint venture deal that will... Read More

• 

  Largest Privately-Owned Airport in US Could Evolve as Huge Real Estate Development Project

  Posted by Alex Finkelstein 11/15/08 7:09 PM

  (WILMINGTON, OH) - The 2,200-acre Wilmington AirPark, largest privately-owned airport in the U.S., could be transformed into a huge commercial, industrial or residential real estate project over the next several years. Read More

• 

  Grubb & Ellis Sees Continued Softening in Commercial Leasing Markets

  Posted by Alex Finkelstein 11/12/08 2:30 PM

  (SANTA ANA, CA) - The word from Bob Bach today isn't good.Robert Bach "Expect commercial real estate leasing market fundamentals to soften through 2009," predicts the senior vice president and chief economist at Grubb & Ellis Co. headquarters in Santa... Read More

• 

  Regency Centers Reports Higher FFO and Net Income

  Posted by Alex Finkelstein 11/11/08 10:17 PM

  (JACKSONVILLE, FL) - National retail developer Regency Centers Corp. has outflanked the global economic turndown by reporting higher funds from operations and net income in its third-quarter report to shareholders.(Regency Centers Corp. executive team, seated, Bruce Johnson and Brian Smith.... Read More

• 

  New York Shubert Affiliate Buys Retail Ground Lease for $14.9 Million

  Posted by Alex Finkelstein 11/09/08 10:25 PM

  (MANAHAWKIN, NJ) - The Shubert Organization, a New York City theatrical legend, has purchased a ground lease on a prime 14-acre tract currently housing an active BJ Wholesale Club retail operation. The price was $14.9 million. The seller was SP... Read More

• USPS Leases 138,000 SF at Chicago's O'Hare Express Center

  Posted by Alex Finkelstein 11/09/08 9:56 PM

  (CHICAGO, IL) - In one of the area's largest fourth-quarter industrial leases, the United States Postal Service has taken 138,000 square feet to expand its space at O'Hare Express Center to 300,000 square feet."The location is ideal for the post... Read More

• Grubb & Ellis Reports Third Quarter Net Loss of $44 Million

  Posted by Alex Finkelstein 11/06/08 1:53 PM

  (SANTA ANA, CA) - Grubb & Ellis Co. today reported a third-quarter net loss of $44 million or a loss of 69 cents per share. For the first nine months of this year, the net loss was $55 million or... Read More

• RECI Says 80% of Conventional Lenders Out of Market

  Posted by Alex Finkelstein 11/06/08 1:37 PM

  (CHICAGO, IL) - The Real Estate Capital Institute today estimated about 80 percent of conventional lenders are out of the market with funding products. However, "spot" funds sporadically surface as life companies receive small allocations from time to time.In his... Read More

• 

  Cousins Properties Corrects AP on Goldman Sachs Research

  Posted by Alex Finkelstein 11/01/08 4:50 PM

  (ATLANTA, GA) - Cousins Properties Inc., a publicly-traded, 50-year-old Atlanta-based developer, is in good financial health and wants the Associated Press and Goldman Sachs to know it.Cousins today issued a nationally-distributed correction on AP's Oct. 29 article which summarized a... Read More

• 

  Grubb & Ellis Principal Jeff Sweeney Bucks the Doom-and-Gloomers by Predicting Upturn in Commercial Market by End of 2009

  Posted by Alex Finkelstein 10/31/08 8:55 AM

  (ORLANDO, FL) - Jeffrey S. Sweeney, a Central Florida commercial real estate professional for 25 years, is sticking his brokerage neck out and predicting the state's plunging office, industrial and retail markets will be bouncing back by the end of... Read More

• 

  American Home Mortgage Servicing Leases 76,075 SF at Liberty Property Trust's Butler Plaza in Jacksonville, FL

  Posted by Alex Finkelstein 10/29/08 3:53 PM

  (JACKSONVILLE, FL) - In the largest Jacksonville, FL industrial lease since the banking industry turmoil began a month ago, American Home Mortgage Servicing Inc. of Irving, TX has leased 76,075 square feet at the newly-constructed, 100-percent leased Butler Plaza III,... Read More

• 

  Washington, DC REIT Closes $100M Loan in Biggest Deal Since Wall Street Meltdown

  Posted by Alex Finkelstein 10/28/08 10:57 PM

  (WASHINGTON, DC) - In the largest loan deal since Wall Street's meltdown three weeks ago, a low-key REIT, DuPont Fabros Technology Inc., has closed on a $100 million secured loan with a syndicate of lenders led by Cleveland, OH-based KeyBank.Real... Read More

• 

  S&P Predicts Flat Retail Finale as Customers Count Pennies

  Posted by Alex Finkelstein 10/28/08 7:19 PM

  (NEW YORK, NY) - Standard  & Poor's credit analyst Gerald A. Hirshberg is calling for a cool retail 2008 finale with total sales expected to only match last year's $255 billion number."The end of 2008 is shaping up to be... Read More

• 

  RECI Predicts Cap Rates for Sellers of 8% in 2008, 9% in 2009 and 10% in 2010 as Accurate Property Valuation Nearly Impossible

  Posted by Alex Finkelstein 10/26/08 9:40 PM

  (CHICAGO, IL) - Where are cap rates heading? Even the usually knowledgeable Real Estate Capital Institute, based in Chicago, isn't sure."The start of the mortgage meltdown over a year ago continues wrecking havoc on the real estate capital markets," says... Read More

• 

  CBRE Orlando Closes $75M in Back-to-Back Sales on Two Apartment Communities

  Posted by Alex Finkelstein 10/19/08 5:13 PM

  (ORLANDO, FL) - CB Richard Ellis Co.'s Central Florida Multi-Housing Group has closed sales totaling $75 million on two metro Orlando properties. Read More

• 

  7% is the New Mortgage Rate Benchmark for Income Properties, RECI Reports

  Posted by Alex Finkelstein 10/17/08 2:53 PM

  (CHICAGO, IL) - Current conditions are expected to prevail until the end of the year, as many lenders have already reached their funding goals and objectives. Read More

• 

  AutoNation Leases 105,000 SF for 12 Years at 200 Las Olas Circle in Fort Lauderdale, FL

  Posted by Alex Finkelstein 10/16/08 1:09 PM

  (FORT LAUDERDALE, FL)--Downtown Fort Lauderdale has the elements in place for a world-class downtown - from business, government and culture, to retail and residential. Read More

• 

  Rebman Reports Existing Warehouses Doing Better Than New Construction

  Posted by Alex Finkelstein 10/15/08 2:44 PM

  (WINTER PARK, FL) - Tenants are in a "wait-and-see" mode as a result of the volatility and uncertainty in the financial markets. Read More

• 

  CBRE Reports Few New Retail Tenants Signing Deals in Jacksonville, FL

  Posted by Alex Finkelstein 10/14/08 5:11 PM

  (JACKSONVILLE, FL) - During these challenging times, many national, regional and local tenants are scaling back as landlords are offering concessions as tenants' renewals occur. Read More

• 

  RECI Says 'Mission Money' Keeping Commercial Realty Markets Afloat

  Posted by Alex Finkelstein 10/12/08 6:01 PM

  (CHICAGO, IL) - Mission Money will remain a reliable source of funds for developers, investors and others. Read More

• 

  Glimcher REIT Loans $40M on West Virginia Mall and Plans to Close Shortly on another $40M Mortgage

  Posted by Alex Finkelstein 10/11/08 1:22 AM

  (COLUMBUS, OH) - Closing financing in such a turbulent market is a testament to the quality of the asset and the sponsorship behind the transaction. Read More

• 

  Commercial And Residential Financing Deals Still Being Made But The Ground Rules Often Change From Month To Month

  Posted by Alex Finkelstein 10/04/08 11:32 PM

  (CHICAGO, IL) - Until funding sources are more comfortable with financial market stability, debt and equity players will stay close to the sidelines. Read More

• 

  Big Real Estate Players Meet the Big City

  Posted by Trisha Ocona 09/29/08 10:47 PM

  (NEW YORK, NY) - There is plenty of upside coming to both the lower Manhattan and Brooklyn market in the years to come. Read More

  Video Enhanced Story

• Credit Markets, Budget Deficits And Government Spending - Their Affect On Our Real Estate Market

  Posted by Robert Knakal 09/29/08 10:34 PM

  (NEW YORK, NY) - There is such a lack of confidence in the markets that banks and funds aren't extending credit to customers even for a few hours during the day, as they typically do. Read More

• New York City Building Sales Market Shows Some Positive Signs...Relatively Speaking

  Posted by Robert Knakal 09/22/08 10:29 PM

  (NEW YORK, NY) - The midsized property sale market has been a significant beneficiary of the recent financing environment. Read More

• Has American Capitalism Seen Its Last Days? I Don't Think So.

  Posted by Robert Knakal 09/22/08 10:24 PM

  (NEW YORK, NY) - Gone is the conviction that the free market is the most efficient route to prosperity. Read More

• 

  National Office Absorption Turns Negative With More Dark Clouds On Horizon

  Posted by Alex Finkelstein 09/21/08 12:10 PM

  (SANTA ANA, CA) - More office job losses may be coming. Read More

• My Most Frequently Asked Question: When Will This Market Get Back on Track?

  Posted by Robert Knakal 09/15/08 10:16 PM

  (NEW YORK, NY) - It is generally expected that we have quite a way to go before unemployment levels out. Read More