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The list of real estate debt investors daunted by the frosty lending climate is a long one, but New York City-based RCG Longview is not one of them. The real estate opportunity manager has closed RCG Longview Debt Fund IV L.P., having raised $602.5 million in equity. Like the previous three investment vehicles, Fund IV will target a variety of real estate transactions ranging from bridge loans and mezzanine loans to bridge mortgages and preferred equity opportunities across the country. In terms of leverage for purchasing, given that RCG Longview typically plays a mezzanine role, which is usually 10 to 15…

While the commercial real estate industry as a whole has suffered a major downturn as of late, the Northern New Jersey region may be bucking that trend. The past few weeks have seen a spate of activity in the region, with the sales, investment and leasing markets all seeing some action. In the latest move, Inland American Real Estate Trust has acquired a three-building office property in Bridgewater in a $230 million deal. The complex, 55 Corporate Drive (pictured), serves as the headquarters for sanofi-aventis USA Inc., one of the world’s largest pharmaceutical firms, which occupies the entire property under…

As the economy continues to struggle, commercial real estate prices remain on a downslope. 2008 saw negative price growth across all indices, the first time on record dating back to January 2001, according to the latest report from the Moody’s/REAL National All Property Type Aggregate Index from Real Estate Analytics L.L.C., the latest in a series of worrisome idicators for the industry released over the past week.The report’s index measures 164.00 for November–a decrease of 3.4 percent over the previous month–making it the second largest monthly decline in the history of the index. Representing a decline of 14.5 percent over…

On Friday, the U.S. Department of Labor reported that nearly 600,000 people lost their jobs in January, the most since the slumping economy of 1974. That report is expected to give further impetus for federal invention in the economy, and this week’s events aren’t likely to disappoint in that regard. First, there’s TARP II: The Obama Administration’s Turn on the horizon, which has been in the works since the election. Official word on the direction of the second tier of last fall’s bailout package will come on Tuesday, and as ever, banks are hopeful that more money will come their…

Is it good news when things aren’t getting worse any faster? When it comes to retail sales in the United States and the retail real estate industry that depends on it–both of which have taken terrific beatings lately–maybe so. According to the most recent survey of 40 major U.S. retailers by consultancy TNS Retail Forward, January same-store sales declined 1.4 percent, a bit better than the 1.5 percent decline the company reported in December and down from the 1 percent gain reported in January 2008. “It isn’t an improvement–it would be too soon to expect that–but the rate of decline…

As the world economy continues to slump, commercial real estate assets are likely to see rents fall and vacancies rise throughout 2009, according to a new report issued by NAI Global. At a conference on Thursday morning to discuss the report, Jeffrey Finn, NAI Global’s president & CEO, said vacancy across all product types worldwide could increase by 150 to 200 basis points as the year progresses, with rental rates falling in the 10 to 20 percent range. “It will be late 2009 to 2010 before we are going to see the beginning of a resurgence,” Finn said. In a…

With retailers across the country closing stores and filing for bankruptcy in the face of a weakening economy, CVS pharmacy is among the few bucking that trend. The firm is making plans to accommodate growing distribution demands with the development of a new 750,000-square-foot facility in Chemung, N.Y. The project carries a price tag of $90 million to $100 million. Circuit City, KB Toys, Linens ’n Things and Mervyns are among the many retail companies that have had to shut their doors as the economy continues its tailspin. As per a report by Marcus & Millichap Real Estate Investment Services,…

While the recession continues to advance, some real estate companies are finding opportunities to do business. Most recently, HEI Hotels & Resorts, identifying some softening in hotel prices, has thrown its hat into the ring, with plans to shell out billion of dollars this year on acquisitions and developments.HEI Hospitality Fund III L.P., a fund of HEI Hotels & Resorts, has approximately $500 million in equity, and in spite of the gloomy economy, plans to purchase and build between $1.5 billion and $2 billion in hotels and resorts over the next two years.Steve Mendell, HEI’s executive vice president of acquisitions…

As evidence of the declining commercial property values continues to mount, the Massachusetts Institute of Technology’s Center for Real Estate has unveiled a new survey detailing just how far pricing has plummeted. The report, the work of the center’s Commercial Real Estate Data Laboratory Initiative, discovered a 10.6 percent decline in prices in 4Q08 compared to the previous quarter for properties sold from the National Council of Real Estate Investment Fiduciaries database, placing the price index 21.9 percent below its 2007 second quarter peak. The demand-side index also continued to fall by 10.3 percent to 30.9 percent below that same…

A grim economy and internal financial challenges have not prevented ProLogis from reeling in the tenants. The behemoth distribution facilities provider recently wrapped up just over 1 million square feet in lease agreements in and around Louisville, Ky. At the 1.2 million-square-foot ProLogis Park 65 in Brooks, ProLogis signed a pharmaceutical services provider to 273,000 square feet of new distribution space, and shaved off an additional 273,000 square feet with a lease by a third-party logistics provider that specializes in the pharmaceutical industry. A top industrial controls manufacturer inked a deal for 300,000 square feet at the 420,000-square-foot Riverport Distribution…