Commercial Real Estate Investing
Golden State Portfolio Hits The Market
March 2, 2010
Tweet Back in December, CBRE won the pony show to sell off a 7 million square feet portfolio of our property. It’s officially hit the market and just in time for IOU’s.
Read More >>San Jose Update
March 1, 2010
Tweet The Redevelopment Agency has issued its monthly report and while activity at downtown San Jose condos seems to be improving, sales continue to be extremely slow: 360 Residences – 0/213 Units Closed Escrow (but they are getting a Subway on the ground floor!) Axis – 86/329U Closed Escrow City Heights – 95/124 Units Closed [...]
Read More >>Moodys’ Commercial Property Price Index Increases 4.1% In December
February 22, 2010
Tweet Moody’s CPPI registered another gain for December. The index rose by 4.1% in December, following a 1% increase in November, marking the second consecutive month of increases. Despite transaction volumes up dramatically over previous lows, and prices beginning to rise, Moody’s remains cautious on the future, citing in its report that “it would be [...]
Read More >>Creditors Push For Auction of Whistler on Friday
February 18, 2010
Tweet The site of the 2010 Winter Olympics may be headed for auction on Friday. Apparently investors in the resort are back on payments on a $524M loan the used to acquire Whistler and other resorts and creditors are pushing for a sale to happen as soon as Friday. The story begins in the distant [...]
Read More >>2010 Silicon Valley Index Released
February 17, 2010
Tweet Joint Venture Silicon Valley Network has released its comprehensive Silicon Valley Index for 2010. The 76-page report covers everything Silicon Valley, from governance, to economy and society. The full report can be downloaded from here. We’ll also link to it from our link bar. [via Joint Venture]
Read More >>Prudential Takes Back Torre Plaza
February 16, 2010
Tweet It was imminent, but Prudential has taken back Torre Plaza from RREEF/Snell in a non-judicial foreclosure action. The building was taken back on a credit bid of about $17.6M or $187 psf, which it is not worth. We first wrote up a post about the default back in October. This ended up being a [...]
Read More >>Sheraton in Pleasanton Sold for $12.3M
February 11, 2010
Tweet About a year ago we reported on the default of the Sheraton in Pleasanton. The hotel has now changed hands to a group of investors for $12.3M, or $72K per key (170 rooms). The buyers, a partnership of Sethi Enterprises and Kapoor Enterprises expects to dump an additional $2m into the asset to upgrade [...]
Read More >>Head of Apollo Predicts Bonanza in CRE
February 10, 2010
Tweet The founder of Apollo Management, Leon Black, has predicted that there will be a bonanza in commercial real estate opportunities in a Financial Times article. “I think a lot of the traditional holders of this real estate are going to be forced to sell as things are marked down,” he said. “Commercial real estate [...]
Read More >>Closing Up: Ritz Carlton Las Vegas Shutting Doors May 2nd
February 10, 2010
Tweet The Ritz Carlton Las Vegas is set to close on May 2nd as a result of lax demand. The hotel is a bit out of the way, but is certainly a very nice resort. The owner of the property is an arm of Deutsche Bank, which has decided to stop funding the resort effective [...]
Read More >>The Good Old Days Are Back
February 9, 2010
Tweet A 612-unit apartment complex in Granite Bay has changed hands for $54M. The property went from hitting the market to sold in 48 days. Part of the reason why this was possible is the agency debt available for apartment purchases. The best part of the deal was the due diligence. According to John Adair, [...]
Read More >>