Business Specialties
Wood Partners to Bring 22-Story Luxury Rental to Los Angeles
Wood Partners has become the latest developer to announce plans to erect a high-rise apartment building in Los Angeles, in its case a 22-story tower housing 290 units in the South Park district.
CoStar Q2 Report: Slow Improvement in Office; Retail Slides
Fundamentals in most commercial real estate sectors improved or held steady during the second quarter, as per CoStar Group’s upcoming national report. But there’s always a surprise and the last three months were no exception.
Wells Core REIT Grabs 172,000-SF Suburban Chicago Office Property
Wells Core Office Income REIT has added a second suburban Chicago asset to its portfolio with the acquisition of Four Parkway North, a 172,000-square-foot office property in Deerfield, Ill. The REIT purchased the building from The John Buck Co.’s JBC Fund III in a $40.9 million transaction.
Apartment Rent Growth Loses Momentum, Leasing Remains Healthy
Average apartment rents across the United States grew 1.2 percent in the second quarter and 4 percent from mid-2011 to mid-2012, according to a report from MPF research. These numbers represent a loss of momentum from the fourth quarter of 2011which saw a rent growth rate of 4.8 percent. The soft patch in job production seems to be part of the problem, though overall the apartment market remains healthy.
American Realty Capital Closes $235M Secured Loan
Lenders are looking favorably on some real estate companies, and American Realty Capital Trust Inc. is one of them. The company recently closed a $235 million senior secured loan through Wells Fargo Securities L.L.C.
UMKC Releases Downtown Arts Campus Studies
By Gabriel Circiog, Associate Editor The University of Missouri-Kansas City announced it has narrowed down the search for the future location of the Downtown Campus for the Arts to three potential sites. As previously reported by Commercial Property Executive, the planned downtown art campus, which is set to feature in the first stage a new […]
North Las Vegas Welcomes SpringHill Suites by Marriott
By Alex Girda, Associate Editor For North Las Vegas, any bit of good news is welcome in market that continues to struggle. Recently SunWest Commercial provided a breath of fresh air in the form of a 94-key SpringHill Suites by Marriott, the first new local hotel in more than four years. Located near Interstate 15 […]
Maturing 2007 Loans Drive CMBS Delinquency to Record 10.16%, According to Trepp
Only 28 percent of the loans originated in 2007 that were due to mature in 2012 have managed to pay off in full, according to Trepp.
LEED-ing the Way
By Jennifer Easton Commercial office has always been a dominant space type among LEED-certified projects. While commercial buildings used to be concentrated in the new construction sector, the USGBC has seen a growing ubiquity of green building retrofits and renovation projects. At the end of last year, we announced that LEED-certified existing buildings began surpassing new construction projects. This shift indicates that the stigma that green buildings must be built new is disappearing—and with good reason. With landmark projects like the Empire State Building completing successful retrofits (the project saved $2.4 million in energy costs the year following its LEED…
EverBank Financial to Buy GE’s Business Property Lending Unit for $2.51B
No debt will be assumed as part of the transaction, which includes approximately $2.44 billion of commercial loans, the origination and servicing platforms, 108 employees, and servicing rights on $3.1 billion of loans securitized by GE Capital. The transaction is expected to close in the fourth quarter.