Archive for September, 2010

Updated: Commercial REO Sites

Thursday, September 23rd, 2010

Through our research, we have compiled a list of major bank and special servicer websites to monitor new commercial REO activity. Below is the list we have so far, in no particular order: Top Special Servicer Sites: 1. LNR Partners 2. Midland Loan Services 3. C-III Capital Partners 4. CWCapital Asset Management 5. Orix Capital Markets 6. ... More

REO Monitor: Metropolis, Plainfield, IN

Tuesday, September 21st, 2010

Aviv Arlon Global LTD has agreed to pay $52 million for Metropolis, a 600,000 square foot lifestyle center located in Plainfield, Indiana from a lender consortium which included Midland Loan Services and Dominion Capital Management. Currently 81% occupied, the property reportedly generates $9 million in annual gross revenue. The property was ... More

REO Monitor: Belle Meade Town Center, Nashville

Tuesday, September 21st, 2010

An affiliate of Goldman Sachs has purchased the loan backed by Belle Meade Town Center in Nashville, Tennessee. Prior to the note's sale, Wells Fargo had filed to foreclosed on the property after the developers, PGM Properties and Giarratana Development defaulted on their $23.6 million mortgage. View Larger Map Located along Harding ... More

Update: PwC Korpacz Cap Rates

Friday, September 17th, 2010

PricewaterhouseCoopers released the results to their quarterly Korpacz Real Estate Investor Survey. This publication continues to be a valuable resource, as muted sales volume continues to make it difficult to understand which direction the market is moving. Titled "Core Assets Stand Tall Among Investors", the report found that many investors have ... More

REO Monitor: Las Olas Centre, Ft. Lauderdale

Friday, September 17th, 2010

USAA Real Estate Company has acquired Las Olas Centre in downtown Fort Lauderdale, Florida for $170 million. The pricing is about a third less than the $230.9 million that the 2-building office complex sold for in 2007. USAA acquired the property from Wells Fargo, following BentleyForbes' default on its $166 ... More

REO Monitor: Highwoods Office Center – Raleigh

Friday, September 17th, 2010

A foreclosure auction in Raleigh, NC, of four office buildings acquired for $30.4 million in 2007 by Craig Davis Properties and First Point Partners has been postponed until October 15th. The original sale price equated to a cost of $118 per square foot and represented a significant discount to replacement cost ... More

NCREIF Cap Rate to Treasury Spread Update

Monday, September 6th, 2010

Several weeks ago, we posted about cap rate to treasury spreads during a discussion covering technical indicators. Bloomberg has an article along this same vein, titled "Real Estate Premium Near Record to U.S. Bonds Signals Time to Buy Property". Capitalization rates, a measure of real estate yields, averaged 7.22 percent in ... More