the Editors of Commercial Property Executive
Economy Watch: Fed Calls U.S. Growth Ho-Hum, IMF Predicts Global Performance, Copper Falls
The Fed termed U.S. economic growth “moderate” in its Beige Book, though some key indicators were up. The IMF forecast slightly slowed global economic growth. And copper prices dropped for the first time since late 2011.
Pittsburgh Public Schools Plan Sale of Closed Facilities
Pittsburgh Public Schools is considering the sale of 19 of its 20 closed buildings across the city. Only the Knoxville property at 324 Charles Street will be kept for use as a warehouse. According to the Pittsburgh Post-Gazette, the School District has selected Fourth River Development to market its portfolio.
Combined, the 20 properties have a debt of $9.15 million, as well as an annual operating cost of $681,850. The buildings with the greatest amount of debt are Northview in Northview Heights with $1.96 million; Fort Pitt in Garfield with $1.86 million; and Belmar in Homewood with $1.34 million.
Developers Kick-Start $38M Transit-Oriented Apartment Community in Orlando
A new community is set to rise in downtown Orlando, as developers Wood Partners and The Ustler Group have joined forces and started working together on a 248-unit urban apartment community called The Ivy – Residences at Health Village.
Economy Watch: Office Demand Still Stagnant Nationwide; Fannie Mae Profitable Again; Philly Fed Coincident Indexes Up
The U.S. office vacancy rate was down quarter over quarter in the first quarter of 2013 by only 0.1 percentage points. Fannie Mae, practically given up for dead during the abyss of the Great Recession, showed signs of life in 2012. And the Philly Fed reported on Tuesday that its coincident indexes increased in 45 states.
REIT Wars: ARCP vs. CCPT III
The war of words between American Realty Capital Properties and Cole Credit Property Trust III continues to get more heated with each side issuing statements detailing why their proposals about the future of CCPT III are best for stockholders.
Economy Watch: U.S. Economy Better Off; Architects Busier; Government Shutdown Less Likely
According to the Fed, the current state of the economy suggests a return to moderate economic growth. The Architecture Billings Index is strengthening, reflecting a demand in design services and eventual construction spending. And despite the recent bluster about the budget, neither the House nor the Senate has the stomach for a federal government shutdown, as in 1995.
Australian REITs Refocus
Ernst & Young’s 2012 Global REIT Report: Over the past few years, Australian REITs, or A-REITs, have restructured their balance sheets by paying down debt and selling assets worldwide.
Simple Steps on Closing CRE Escrow Fast
By Randolph T. Mason, CCIM, SIOR, Partner, Commercial Realty Specialists: In today’s fast-paced commercial real estate market, investors in CRE should be prepared to move quickly should a good opportunity present itself.
Gerald Oliver: A Case Study in Daytime Cleaning
Would cleaning a busy office property earlier in the day really make a measurable difference in energy consumption? And even if it did, how would tenants react to such an initiative? Would it inconvenience them? In spite of these concerns, we decided to give daytime cleaning a try at 10 and 120 South Riverside Plaza – a 1.4 million-square-foot, multi-building office complex built in the late 1960s in Chicago. Our innovative project represented the first multi-tenant office property in Chicago to implement a daytime cleaning program. Although the costs of launching and maintaining the program were minimal, the results were impressive. As the program name implies, we started cleaning the buildings…
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