Prudential CRE US Quarterly Update

Prudential has recently put out its quarterly update on US real estate. On debt markets:

At commercial banks…

Commercial banks, which represent about half of the $3.5 trillion commercial-mortgage market, remain largely stuck in the “extend-and-pretend” mode. Some banks are originating loans for balance sheets, but the capacity and appetite for such deals is limited. Many banks are working [...]

Prudential on Life After Debt and The Funding Gap

At the NAIOP Capital Markets event last week, one of the overriding themes was the shortfall in debt markets that would occur in the absence of a meaningful recovery of the CMBS market. The CMBS markets will eventually return, but it will be a much-tamed reincarnation of itself – and even then there will be a significant [...]

Spear Street Picks Up Murphy Ranch Tech Park

Spear Street Capital closed escrow on May 27 on Murphy Ranch Technology Park in Milpitas. The 363,000 SF business park is fully leased and home to the headquarters of Phoenix Technologies and Intersil, as well as Avaya. The buildings are two-story steel frame.
Late last year, Avaya decided to shed the ~140,000 SF it occupies within [...]