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Commercial Real Estate Investing

CalPERS Taking A Walk In Portland

August 20, 2009

Tweet CalPERS is demonstrating why we are still a ways off from seeing the bottom of this “thing”. After joint venturing with Commonwealth Partners LLC to acquire the 355,000 square feet of Class A office space in Portland’s Koin Center building in 2007, the duo have defaulted on the loan and CalPers has made the […]

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Unemployment Driving More Foreclosures Than Subprime

August 19, 2009

Tweet Subprime lending standards are being outflanked by unemployment as the driving force in residential foreclosures. Economists estimate that 1.8 million borrowers will lose their homes this year, up from 1.4 million last year, according to Moody’s Economy.com. And the government, which has already committed billions of dollars to foreclosure-prevention efforts, has found it far […]

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Manhattan Deal Volume Scarce; Cap Rates In The 7′s

August 18, 2009

Tweet In the first half of the year, there were three sales greater than $30M in Manhattan, representing 10% of what is normally transacted. The so-called capitalization rate, or a property‚Äôs net operating income divided by purchase price, may have risen to about 7 percent for stable, prime Manhattan office buildings, CB Richard Ellis said. […]

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Hines to Raise $3.5B in IPO

August 15, 2009

Tweet Following on the heals of the IPO which raised $800M for Starwood, Hines has announced its intentions to raise some $3.5B through a public offering. The company intends on using the proceeds to acquire both property and debt on both US and international property. It will be interesting to see how the money will […]

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Retail Comp in Burlingame

August 12, 2009

Tweet Another retail deal has closed locally, and that is 1348 Burlingame Avenue in Burlingame. The 6,000 SF retail site located on 7,200 SF parcel in Burlingame is leased 2/3 to Verizon Wireless and a Pea in the Pod. The property was listed for $6.5M and closed at $5.9M, representing a 7.5% cap rate for […]

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Keys Being Handed Back to Lenders on Southern California Portfolio

August 12, 2009

Tweet In an effort to eliminate drag, Maguire Properties has decided to walk away from seven Southern California properties. The debt on the properties total some $1 Billion. Four of the properties were acquired from Equity Office in 2007, which is not surprising since the properties were acquired at the peak of the market. In […]

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JP Morgan Looking to Unload 7M SF of Office Properties

August 12, 2009

Tweet After going on an acquisition spree, JP Morgan has began marketing 23 office properties for sale. The properties span 8 different states, and total some 21,000,000 square feet. The WSJ is estimating that the portfolio sale could fetch north of $1B, a far cry from what the assets would have garnered 2-years ago. The […]

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Starwood Capital To Raise Up to $800M in IPO

August 11, 2009

Tweet Starwood Capital originally planned to raise up to $500M in an IPO to acquire commercial real estate assets, but has now decided to increase the size of the offering to $800M. This is interesting for two reasons. The first is that it signals that the big players are getting ready to come off the […]

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CMBS Delinquency Forecast At 5%+ By End of Year

August 10, 2009

Tweet According to Fitch, CMBS delinquencies are increasing at a rate of $2 Billion per month. July delinquencies stood at 3.04%, the highest since 2001 when they began being tracked by Fitch. At the current clip, the delinquency rate could be at 5% by the end of the year, and into the six’s in 2010. […]

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7.2% Cap Rate on Union Square Retail

August 7, 2009

Tweet The Business Times is reporting on a sale to occur in San Francisco’s Union Square area. The sale of the 11,000 SF mixed-use 239 Grant Avenue took place at $8.5M ($773 psf), representing a 7.2% capitalization rate. The buyer was Peter Tso, the seller Frances Chen. Sales have been few and far between, but […]

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