Property Management News

Top 10 Office Markets See Modest Gains

CPN News - Thu, 11/20/2008 - 06:23
While prices across commercial real estate are down from a year ago, they increased in September up 2.5 percent from the month before, according to an Associated Press report on Moody's/REAL Commercial Property Price Indices. The top 10 markets showed modest gains in all property sectors in the third quarter, Moody's said.

Flagler Inks Tenant to 240,000-SF Lease at Florida Biz Park

CPN News - Thu, 11/20/2008 - 04:32
Flagler Development Group has signed paper products firm Lagasse Sweet to a 240,000-square-foot lease in a build-to-suit facility at Flagler Station, South Florida’s largest business park.

JV to Develop 162,000-SF Office Building near Chicago

CPN News - Thu, 11/20/2008 - 04:14
Bridge Development Partners L.L.C. in partnership with Globe Corp. will develop 555 Corporate Center, a 162,000-square-foot, four-story speculative office building at 555 Aptakisic Road in Lincolnshire, Ill.  Plans call for the Class A office facility to be LEED certified by the U.S. Green Building Council.

New CBRE Group Rides to the Rescue of Distressed Assets

CPN News - Thu, 11/20/2008 - 04:11
CB Richard Ellis Group Inc. has just kicked off its restructuring services group to provide one-stop shopping for clients in need of services to address the growing pool of distressed commercial real estate assets.

$700M Houston-Area Mixed-Use Project Expands

CPN News - Thu, 11/20/2008 - 00:43
A huge mixed-use development in a Houston suburb has recently both broken ground and potentially added another major component. The 150-acre WaterLights project, being developed by Historic Real Estate Inc., is under way in the growing Houston suburb of Pearland.

Conference Report: Investors Move Cautiously in Nation’s Capital

CPN News - Thu, 11/20/2008 - 00:22
You know it’s a tough market when even Washington, D.C., is affected. Yes, even the long recession-resistant center of government has seen a reduction in real estate investment sales, as speakers affirmed during the investment panel at CPN’s Washington, D.C. Property Opportunities conference on Nov. 18.

Financial Market Update-More Grim News on Employment Front

CPN News - Thu, 11/20/2008 - 00:16
Jobless claims are at their highest level in 16 years, according to the U.S. Department of Labor. For the week ended Nov. 15, initial claims for state unemployment insurance benefits were 542,000. The four-week moving average of new jobless claims also rose, from 490,750 last week to 506,500, which was the highest in 25 years.

$334M in Commercial Mortgages are Likely to Default, Bank of America Buys Stake in China Construction

CPN News - Wed, 11/19/2008 - 06:11
While Wall Street rebounded Tuesday in another turbulent session as investors rushed back into the market after the Standard & Poor's 500 index tested a 2003 low, the market for debt used to finance hotels, offices and shopping malls tumbled Tuesday on worries that the long-feared rise in defaults for commercial mortgage-backed securities had begun, possibly ushering in the next phase of the financial crisis, according to the Wall Street Journal.

Gaylord Nixes Plans for $1B San Diego-Area Resort

CPN News - Wed, 11/19/2008 - 05:04
Tennessee-based Gaylord Entertainment has pulled out of a plan to develop a $1 billion resort in Chula Vista, Calif., but the firm claims the project’s abandonment was not caused by the frozen debt markets that have wreaked havoc on developments across the nation.

Boston Properties Closes $375M Financing of Four Embarcadero Center

CPN News - Wed, 11/19/2008 - 04:29
Using the proceeds to pay down its unsecured line of credit, Boston Properties Inc. has closed on an eight-year, $375 million loan secured by Four Embarcadero Center in San Francisco. The loan was provided by a syndicate of life insurance companies and bears interest at a fixed rate of 6.10 percent annum.

STAG Capital Kicks Off Industrial Fund with Anticipated $1.3B Buying Power

CPN News - Wed, 11/19/2008 - 04:24
Boston-based STAG Capital Partners has initiated STAG Investments V L.P., a fund targeting commitments of $400 million for the acquisition of predominantly high-yield single-tenant industrial properties across the country.

FDIC to Open Temp Office to Handle Resolutions, Receivership Operations

CPN News - Wed, 11/19/2008 - 00:26
The Federal Deposit Insurance Co. is temporarily taking 200,000 square feet of office space at 40 Pacifica Place in Irvine, Calif., to manage receiverships and to liquidate assets from failed financial institutions, mostly in the Western United States.

Guardian to Buy 4,000 Apartment Units from Atherton-Newport

CPN News - Tue, 11/18/2008 - 23:31
Guardian Management L.L.C. has agreed in principle to acquire a 4,000-unit multi-family portfolio from Atherton-Newport Investments (ANI), a firm that filed for Chapter 11 reorganization in January. Guardian will carry out the acquisition through one of its investment funds.

Financial Market Update-Big 3 Continue to Angle for Aid

CPN News - Tue, 11/18/2008 - 23:08
The bosses of the Big Three automakers, who are facing the prospect of being bosses of the Not-So-Big-Three anymore, came before Congress today to beg, "Please, sir, can I have some more?" As in more loans to stay afloat, besides the $25 billion already committed to retool to build fuel-efficient cars.

Target Reduces Capital Spending by $1B, Cuts Back on New Store Openings

CPN News - Tue, 11/18/2008 - 05:55
Just when it seems the latest financial news has hit rock bottom and things surely have to be looking up, another round of bad news sends the market spiraling downward again. News of trendy bargain retailer, Target, stemming new store openings won’t make the commercial property world happy either.

Redevelopment Authority Approves 4 Boston Projects

CPN News - Tue, 11/18/2008 - 04:47
Boston Mayor Thomas Menino announced that four projects totaling more than $75 million in private investment have received approvals from the Boston redevelopment authority’s board of directors.

City Commission OKs Zoning for 25-Acre Miami Worldcenter

CPN News - Tue, 11/18/2008 - 04:41
The Miami City commission has approved special district zoning for Miami Worldcenter, a nine-block mixed-use development situated north of the city's Central Business District. 
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