the Editors of Commercial Property Executive
Enterprise Provides Carbon Offset Funds for Green Mixed-Income Housing in Albuquerque
Albuquerque, N.M.–Enterprise Community Partners has chosen the first phase of Silver Gardens, a 119-unit green, transit-oriented, mixed-income housing community, as the first in the nation to receive funding from the newly formed Enterprise Green Communities Offset Fund, an initiative to counter developments’ carbon emissions.”The Green Communities Offset Fund is something we’ve been working on ever since we launched Green Communities,” Dana Bourland, senior director of Enterprise’s Green Communities, tells MHN. “We realized that each of the projects we’re getting developed will have significant environmental benefits, including reducing CO2 emissions.”Through the fund, Enterprise raises contributions from organizations, individuals and events to…
Global Hotel Sales Down 76 Percent from 2007: Report
Jones Lang LaSalle Inc. Hotels has announced results of its study showing that global hotel sales have dropped 76 percent from a record high established in 2007.The firm reported that $13.9 billion worth of hotels have been traded globally in 2008. The region experiencing the largest drop in sales was the Americas, which dropped 81 percent from last year, yet remained the most liquid region, with $6 billion in sales in the first half of 2008. Other regions experiencing major decreases in sales include Asia Pacific, which lost 67 percent of sales, and Europe, Middles East and Africa, which lost…
Six Mistakes Real Leaders Avoid
I recently had a reader ask: “Is there a simple test that can be used to quickly determine an executive’s leadership ability?” The short answer is yes. There are, in fact, a great number of tests that can quickly assess leadership ability. Something as simple as a 360 review, or as complex as a deep psychological profile (both with weighted emphasis on leadership aptitude) can point out an individuals’ leadership capabilities. Our firm (as do many other firms) offers a broad array of skill specific assessments and profiles which can be implemented, but for purposes of answering the specific question…
Starwood Capital Forms JV to Acquire, Develop M-F
Sarasota, Fla.-based Starwood Land Ventures L.L.C., an affiliate of Starwood Capital Group Global L.L.C., has established a joint venture with Vienna, Va.-headquartered The Penrose Group to acquire, develop and hold multi-family properties in key Mid-Atlantic markets. Penrose brings to the table 20 years of experience as a leading real estate force in the Metropolitan Washington, D.C. While Starwood Land and Penrose have not disclosed further specifics of their planned activities, the Metro D.C. multi-family market is still fertile ground for potentially lucrative investments. The region–encompassing the District, as well as Northern Virginia and neighboring Maryland suburbs–continues to hold its position…
AEW Takes Florida Tower from J.P. Morgan
After four months of negotiations, Cushman & Wakefield in Florida has reported the finalization of the sale of an office tower in Coral Gables to the Boston-based institutional pension fund advisor, AEW Capital Management. Cushman & Wakefield represented the former owner of the property, J.P. Morgan Investment Management. The property is a Class A office building at 355 Alhambra Circle. No terms were made public. However, sources say it was a cash equity transaction of $87 million, making it $387 a square foot. That price is competitive with recent deals in the area. About a month ago, the highest sales…
Premium Australian Beachfront Resort Trades in $120M Deal
Seahaven Resort on Noosa Beach in Brisbane, Queensland, has just come under new ownership, courtesy of a $120 million deal. With the assistance of real estates services firm CB Richard Ellis Inc., entities associated with Melbourne, Australia’s Carter Group and Michael Callaghan of Sydney sold the property to a group involving Brisbane’s Consolidated Properties, London-based BlueSky Capital and an international consortium of investors. Seahaven Resort is the last substantial freehold property on popular Noosa Main Beach. Seahaven, which has operated under the same ownership for the last three decades, sits along Hastings St. in one of the most coveted shopping…
What’s New?
As the September launch date for CPN’s promised redesign approaches, we are hard at work finalizing our products. Keep an eye out: The new size accommodates a very different look from what you’ve grown accustomed to. You will find an exciting array of new columns, as well as new contributors and a fresh approach to the business of commercial real estate.Meanwhile, in this month’s issue, look for the second installment in our quarterly retail-research partnership with powerhouse demographic data provider and sister company Claritas Inc. We have teamed up to examine the revitalization of older shopping centers. What consumer groups…
Standard Practices
If there is one positive trend to take away from the current credit crunch, it is that the real estate industry has truly become globalized. The U.S. housing market’s poor performance has impacted markets around the world, demonstrating the interconnected nature of real estate markets everywhere and driving home the value of international standards.Today’s global marketplace has also drastically altered the real estate landscape, requiring professionals to have a greater understanding of international economies and practices. Technology has made it possible to move capital around the globe instantaneously and to transport people and materials rapidly and inexpensively. Crossborder dealings have…
Federal Fortitude
It’s not easy being the United States’ largest public real estate organization and space user. Nor is it easy to serve such an entity. But the General Services Administration’s Public Buildings Service is striving to make its processes for service providers and landlords smoother and its space more cost efficient.That is no small task. The GSA oversees 352 million square feet of workspace that houses more than 1 million federal employees in 2,100 communities. About half is owned and half leased, some within multi-tenant buildings and some as a single occupant. Properties include office, industrial, laboratory and courthouse properties and…
Dallas Office Checks Its Brakes
A rise in space available for sublease and a large development pipeline are curbing the Dallas office market’s enthusiasm.“We’re not seeing gloom and doom. Dallas’ economy is holding its own,” said Dale Ray, managing director for Jones Lang LaSalle Inc.’s Dallas office. Still, he noticed an uptick in sublease space from the middle of May to the middle of June. Cushman & Wakefield Inc. confirmed his observation in a midyear report, recording an increase of 25 percent from the second quarter of 2007 to the second quarter of 2008. Executive director Susan Gwin attributed the jump to a rise in…