Archive for July, 2010

Hamburg Industrial Site Sells For $1M

Friday, July 30th, 2010

Grimsview Properties LLC recently paid $1M for the 88,000-square-foot Hamburg Industrial site in Buffalo, New York. The building has been closed since the previous occupant, National Envelope, ceased operations last year.

This is another positive case of a vacant building not staying vacant for very long. The Hamburg IDA approved a 15-year payment-in-lieu-of-taxes package to help finance the $1.3 million project. This will save an estimated $686,000 in various taxes during the 15-year abatement period.

To read the full article from Buffalo Business First, click here.

Posted in Complex, Eastern, Industrial & Manufacturing, Personal Property | No Comments »

Highridge Buys 255 Cal for $43M

Thursday, July 29th, 2010

 According to the San Francisco Business Times, Highridge Partners has completed an all cash acquisition of 255 California, a 173,747-square-foot office building in San Francisco, for $43 million. The building located in the North Financial District of San Francisco is approximately 64% leased to various companies including professional service and financial firms.

Over the past couple years, 255 California has undergone numerous interior renovations and system modernizations. A complete seismic retrofit should be completed in the next few months. The acquisition is the first for Highridge Partners current $500 million office investment program.

To read the full article from the San Francisco Business Times, click here.

Posted in Leased, Office, Real Property, Western | No Comments »

Early Signs of a Hotel Rebound

Wednesday, July 28th, 2010

Due in main part to the strengthening of business travel, the hotel industry overall in the United States appears to be rebounding this summer. In a recent article by the New York Times, many cities along the East Coast are staring to report gains with more expensive hotels recovering the fastest.

In a recent report it has been estimated that hotel rooms occupied by business travelers and groups would be up 6 to 7 percent higher this summer than last, while the rooms occupied by leisure travelers would rise a little less at 5 to 6 percent. Much of this can be attributed to group/conference activity accelerating which is a market that accounts for 35 to 45 percent of a full-service hotel room demand.

To learn more signs about the hotel industries start of a rebound, click here.

Posted in Eastern, Hospitality, Hotels | No Comments »

Shadow Office Space “Leased but Empty” Haunts Commercial Real Estate

Tuesday, July 27th, 2010

While office vacancies are widely reported, few factor in shadow supply, downsized companies with more leased space than they need, holding on to it hoping things will get better, or stuck in long-term leases with more space than is wanted or needed. In Mike Shedlock’s blog “Mish’s Global Economic Trend Analysis” he reports on how space that is leased or owned but largely empty and not officially listed anywhere as vacant will likely prolong the recovery of areas already struggling with high vacancy rates.

The national problem remains that subleasing is not easy to accomplish and the supply of office space just sits as rental prices drop due to lack of demand. This leads many experts to believe that the current funk that commercial real estate is in will remain for years to come.

To read the full article from Mish’s Global Economic Trend Analysis, click here.

Posted in Leased, Office, Owner Occupied, Real Property | No Comments »

Economic Recovery to Drag On For Atlanta

Monday, July 26th, 2010

Signs of improvement are showing in Atlanta and other Georgia economies, but the battle to fully recover from the recession will likely go on for years. Mark Vitner of Wells Fargo Securities shows in his mid-year report on Georgia that the state and metro area are still dealing with the effects of the recession including high unemployment and declined commercial and residential markets.

According to the Atlanta Business Chronicle, Georgia lost 347,800 jobs since employment peaked in 2008 and when it appears to have bottomed out in March 2010. The continued high unemployment and large number of foreclosures have put a strain on state and local finances causing severe budget cuts and a large number of layoffs around the state. Vitner’s report projects the modest recent improvement in employment to gain momentum over the next couple years but not likely to return to prerecession levels until 2014.

To read the full article from the Atlanta Business Chronicle, click here.

Posted in Eastern, Foreclosures, Real Property | No Comments »

Wehrle Golf Dome Up For Sale

Friday, July 23rd, 2010

According to Buffalo Business First, one of the first indoor golf practice facilities in Buffalo, New York is on the market. The 15.5 acre, 100,000-square-foot complex has an asking price of $3 million. Although it is still open and fully operational, the partnership that owns the dome decided now is the best time to sell.

The complex is being marketed locally by CB Richard Ellis as well as LoopNet who have already fielded quite a number of inquiries. Constructed in 1993, the facility features indoor and outdoor driving ranges, miniature golf, a restaurant and pro shop.

To read the full article from Buffalo Business First, click here.

Posted in Complex, Eastern, Personal Property | No Comments »

Apartment Occupancy Up, Rent Down in Jacksonville

Thursday, July 22nd, 2010

Despite the fact that apartment occupancy rates are on the rise in metro Jacksonville, Florida, the average rental rate has fallen in both quarter over quarter and year after year according to the data provider RealFacts. The Jacksonville Business Journal reports that Jacksonville was one of only eight areas of the 42 included that had a decline in rental rates from both the previous quarter and from the same period last year.

Jacksonville’s quarter-over-quarter drop of 1.2% was only second to Las Vegas, Nevada which had a 1.5% decline. Las Vegas also had the largest year-over-year drop at an extremely high 10.7%. Jacksonville’s occupancy rate rose 3.5% from last year but was still third lowest amongst the 42 metro areas.

To read the full article and get more numbers by metro area from the Jacksonville Business Journal, click here.

Posted in Apartments, Eastern, Multi Family, Real Property, Western | No Comments »

Apartments Sell Near Pittsburgh, in Moon and Peters

Wednesday, July 21st, 2010

In an excellent example of how strong the Pittsburgh, Pennsylvania multi-family market sector is performing in a time of economic turmoil, the Pittsburgh Business Times reports the sale of two apartment complexes in Peters Township and Moon Township. The sales represent the stability of a multi-family investment in the area.

The 36-unit Heritage Meadows Apartments in Peters Township sold for $2.25 million or at $62,500 a unit, while the 39-unit Sharon Hill Apartment complex in Moon Township sold for $1.85 million or at $47,435 a unit.

To read the full article from the Pittsburgh Business Times, click here.

Posted in Apartments, Eastern, Multi Family, Real Property | No Comments »

Scottrade Gets OK for $2.6M in Tax Credits

Tuesday, July 20th, 2010

According to the St. Louis Business Journal, the Missouri Development Finance Board gave the final approval of close to $2.6 million in tax credits toward Scottrade’s  $36.3 million expansion in the St. Louis suburb of Town and Country. Last September, Missouri officials gave preliminary approval to help Scottrade construct a 138,000-square-foot, 700-spot parking garage.

Some financial incentives received will be used to renovate the 25-year old building currently occupied by the firm with the majority of the tax credits being used for the parking garage. Being headquartered in St. Louis County and as one of the largest privately held companies in the area, Scottrade has promised to add over 500 local jobs in the next five years.

To read the full article from the St. Louis Business Journal, click here.

Posted in Mid America, Office, Owner Occupied, Real Property | No Comments »

Alabama Property Tax Appeal Deadlines

Tuesday, July 6th, 2010

Alabama implemented annual reappraisal in 2003. This change mandated that all real estate and personal property be reassessed annually. Most taxpayers receive an assessment notice in the mail; however, the tax assessor is not required to notify taxpayers of a change to their values unless there is an increase over the prior year’s assessment. If the value does not increase, the assessor need only publish a notice in the local paper that the year’s reappraisal work has been completed and that the tax rolls may be inspected at the courthouse.

To challenge a tax value, an appeal must be filed with the secretary of the local board of equalization within 30 days of the notice date (either the date posted in the paper or an individually mailed notice). Taxpayers who have not yet received a notice should contact their local county assessor. The appeal deadline will necessarily vary from jurisdiction to jurisdiction but usually falls between April and June of each year.

(more…)

Posted in Eastern, Personal Property, Real Property | No Comments »