Archive for September, 2010
Thursday, September 30th, 2010
While results won’t be dramatic, an improving employment picture and a more positive outlook by private-sector employers will boost the North Texas commercial real estate market in 2011. According to the Dallas Business Journal, office leasing will increase next year due to the fact that many tenants’ leases are rolling. On top of that, many relocating corporations will choose Dallas-Fort Worth for their headquarters at an increased pace.
Occupancy and lease rate should see a modest increase in North Texas office areas in 2011. The most gain will occur in the Uptown areas of Dallas, Preston Center and Far North Dallas. 2011 should bring even more of an increase in sales activity than 2010 brought in the areas of office, industrial, apartment and retail buildings as financing for investors slowly becomes more available and interest rates remain low.
To read the full article from the Dallas Business Journal, click here.
Posted in Apartments, Industrial, Leased, Mid America, Multi Family, Office, Owner Occupied, Real Property, Retail | No Comments »
Wednesday, September 29th, 2010
Hilton Worldwide recently bought the Hilton at Walt Disney World Resort for $127.2 million from Tishman Hotel & Realty LP. According to the Orlando Business Journal, the hotel has 814 rooms, 74,000 square feet of space and is located across from downtown Disney. The structure was built in the 1980′s and has been managed and branded by Hilton.
Competition along the same road includes the 323-room Holiday Inn in the Walt Disney World Resort, 394-room Royal Plaza and the 229-room Doubletree Guest Suites. The purchase confirms the hotels confidence and commitment to the Central Florida and greater Orlando area.
To read the full article from the Orlando Business Journal, click here.
Posted in Eastern, Hospitality, Hotels, Real Property | No Comments »
Tuesday, September 28th, 2010
Within the next two weeks, Marion County (Indianapolis) is expected to begin sending out March 1, 2010 (payable in 2011) real property Assessment Notices. Property owners should take note that as the County continues its efforts to “catch up” its valuation records, notices will generally only be sent for properties where values have changed. Should you receive an assessment notice reflecting a changed value, your opportunity to appeal its new value will exist for 45 days following the notice’s mailing date (anticipated to be early-mid November). If you do not receive an assessment notice by late September/early-mid October, it is likely that your property value will not change. In that case, the 45 day appeal deadline will be triggered by the mailing of your spring tax bill in 2011.
In addition to Marion County, a number of other counties around the state have also indicated that they will be sending assessment notices in the coming weeks.
If you receive a new Indiana Assessment Notice indicating a value change in the coming weeks, please don’t hesitate to contact Paradigm by emailing us here.
Posted in Mid America, Paradigm Info, Real Property | No Comments »
Monday, September 27th, 2010
San Diego, California-based BioMed Realty Trust Inc. has signed an agreement to buy two life science campuses in San Francisco from Chamberlin Associates for $298 million. The first campus, 205,000-square-foot Oyster Point is comprised of two new office and laboratory facilities occupied by Elan Corp. with leases that expire in 2024 and 2025. Elan is also the main tenant at the second campus, the six-building Gateway complex which is 100% occupied with Elan Corp. taking up 215,000 square feet and FedEx Corp and Genetech Inc. taking up the remaining 69,000 square-feet.
As part of the acquisition, GlobeSt.com reports that BioMed expects to assume a development agreement with South San Francisco that would permit redevelopment of the campus to add about 950,000 square feet. With the purchase, BioMed will have 2.6 million of possible development space.
Posted in Leased, Office, Real Property, Western | No Comments »
Friday, September 24th, 2010
Kansas City, Missouri-area Meadowbrook Golf & Country Club Inc. has been sold to Caymus Real Estate LLC which will keep it open as a full-service private club. The deal was closed rapidly, about five to six weeks, and no sales price has been disclosed. Initial plans are to stabilize the club and take a look at further development as the opportunity presents itself.
A rezoning was approved back in 2006 to add 96 condos to the middle of the course along with a senior housing component but plans fell through. With the current economy, plans will most likely change with Caymus leaving plenty of green space. No immediate plans have been announced.
To read the full article from the Kansas City Business Journal, click here.
Posted in Country Clubs, Golf Courses, Hospitality, Mid America, Real Property | No Comments »
Thursday, September 23rd, 2010
Dallas, Texas-based Blockbuster has filed for Chapter 11 bankruptcy in order to secure $125 million in debtor-in-possession financing to help the company maintain operations through the reorganization process. According to the Dallas Business Journal, the reorganization plan will reduce Blockbusters’ debt from $1 billion to $100 million or less.
All stores, DVD vending kiosks, franchise-operated stores and by-mail and digital businesses are up and operating but Dallas commercial real estate professionals believe the Chapter 11 filing will result in more store closings, leaving commercial real estate available in prime suburban neighborhoods. All 3,000 stores in the United States will remain open, but Blockbuster will be reviewing its store portfolio to enhance profitability.
To read the full article from the Dallas Business Journal, click here.
Posted in Bankruptcies, Financial Services, Real Property, Retail, Store Chains, Strip Centers | No Comments »
Wednesday, September 22nd, 2010
Since the $48 billion office investment sales market height of 2007, New York City has steadily decreased in office sales up to hitting an historic low point last year. Good news is, according to GlobeSt.com, the $6.8 billion in sales year to date are on pace to double or even triple the 2009 total of $3.5 billion. The general consensus amongst experts is that raising debt and equity this year is now an easier proposition than a year-and-a-half ago.
The overall number of $100 million-plus office sales in Manhattan alone has increased from seven recorded in 2009 to almost 20 year-to-date. Some of the most active buyers so far this year include SL Green Realty Corp, RXR Realty, and Savanna Real Estate Fund.
Posted in Eastern, Office, Real Property | No Comments »
Tuesday, September 21st, 2010
A joint venture between Colorado-based Archstone and New York-based Bluerock Real Estate LLC has developed a 256-unit luxury apartment complex in North Austin, Texas. According to the Austin Business Journal, the complex is set to open up on October 6. The property was developed between the two companies for an undisclosed amount and its construction was financed through U.S. Bank. Archstone will manage the property.
The one- and two-bedroom units are listed between $711 and $1,077 a month. Archstone now owns or participates in about 422 communities’ nationwide and Bluerock has invested in about $3 billion worth of real estate covering about 25 million square feet.
To read the full article from the Austin Business Journal, click here.
Posted in Apartments, Mid America, Multi Family, Real Property | No Comments »
Monday, September 20th, 2010
Newport Beach, California-based KBS Real Estate Investment Trust II has acquired the 627,334-square-foot office tower Union Bank Plaza in LA for $208 million. According to GlobeSt.com, the transaction increases KBS-affiliated companies commercial real estate acquired for the year to 4.4 million square feet. The 40-story Union Bank Plaza is one of downtown LA’s most sought after properties and currently stands at more than 96% occupied.
KBS arranged financing of $119.3 million for five years, interest only, $105 million of which was funded at close at a fixed rate of 3.445%. The downtown building is predominantly an office tower but also consists of a two-level, 19,817-square-foot retail plaza and a 914-space, four-level parking structure.
To read the full article from GlobeSt.com, click here.
Posted in Leased, Office, Real Property, Retail, Western | No Comments »
Friday, September 17th, 2010
Breckenridge Edison Development, owner of the Sheraton St. Louis City, Missouri Center Hotel & Suites, filed for Chapter 11 bankruptcy. According to the St. Louis Business Journal, the move put off a foreclosure auction that was scheduled for hours later after the bankruptcy was filed. The 228-room hotel lists assets of about $14 million and liabilities of $33 million.
Breckenridge was overdue by 90 days on a $26 million outstanding mortgage-backed securities loan. Despite the filing, the Sheraton will operate business as usual. About $117 million in local mortgage-based securities loans on 17 properties were delinquent on payments by 60 days or more, a number up from 14 properties that were delinquent on $111.6 million a year ago.
To read the full article from the St. Louis Business Journal, click here.
Posted in Bankruptcies, Financial Services, Hospitality, Hotels, Mid America, Real Property | No Comments »
