Borrowers holding troubled CMBS loans need to know that there is no longer any "lender" for their mortgages, says Ann Hambly, co-CEO and founder of 1st Service Solutions, a CMBS borrower advocate and consultant.
An 11-story Class A office building along the South Boston waterfront is moving closer to construction now that the Boston Redevelopment Authority has approved the approximately 500,000-square-foot, $225 million project planned by AREA Property Partners and Commonwealth Ventures.
Investors can't seem to get enough of the net-lease market: An unidentified institutional investment firm beat eight others in a bidding war, acquiring a 117,600-square-foot portfolio of nine Walgreens stores on the East Coast for $68.7 million.
While U.S. home foreclosures spiked 9 percent in May - but were still down 4 percent from the year-over-year figure - housing shadow inventory fell to 1.5 million units. Jobless claims rose by 6,000 for the week ending June 9.
Metro Commercial Properties and USAA Real Estate have announced the next phase of high-rise office development in Tempe, Ariz., and the firms plan for a Class A office tower, dubbed Fountainhead Park Summit, of up to 14 stories and totaling up to 384,300 square feet.
American shoppers pulled back a bit in May: Retail sales were down 0.2 percent compared with the previous month, but up 5.3 percent when compared with May 2011. And home inventories were down in all but two of 146 tracked markets nationwide.
Ground has broken on the trophy office project at 3001-3003 Washington Blvd. in suburban Washington, D.C., and Penzance and Invesco Real Estate have just gotten their hands on $94 million in construction financing for the 280,000-square-foot destination.