NAI

Economic Headwinds Slow Post-Pandemic Recovery for Select-Service Hotels

by Sarah Daniels December 15, 2022

For a little more than a year now, Americans have gone on a collective road trip, making up for time stolen during the lockdowns. In turn, that has fueled a rebound in the hotel industry, which was decimated in 2020 and much of 2021. Revenue per available room (RevPAR), a key measure of hotel profitability, is expected to end 2022 at an average of $93, up nearly 8 percent versus 2019, according to a hotel forecast update in late November by STR, a hospitality research organization based in Hendersonville, Kentucky. Meanwhile, the projected average occupancy of 62.7 percent will mark an increase of 5.1 percentage points over 2021, and the estimated average daily rate (ADR) of $148 will best last year’s number by $23, STR reports. Select service lodging properties in particular are helping to lead the recovery, says Steven J. Martens, chairman of NAI Martens, a Wichita-based commercial real estate brokerage that is one of five brands under the Martens Companies umbrella. “The majority of the midscale and upper midscale assets are very dependent upon leisure travel, and they are seeing a rebound throughout the country,” he adds. “Most good operators with strong hotel brands have seen very healthy …

December 15, 2022

Acquisitions Industrial Midwest Minnesota NAI

NAI Arranges $2.4M Sale of Industrial Building in Rogers, Minnesota

by Kristin Harlow November 30, 2022

ROGERS, MINN. — NAI Legacy and NAI Sioux Falls have arranged the $2.4 million sale of a 40,656-square-foot industrial building in Rogers, a northwest suburb of Minneapolis. The multi-tenant property is located at 21040 Commerce Blvd. and sits on three acres. Michael Houge of NAI Legacy and Troy Fawcett of NAI Sioux Falls brokered the transaction. Buyer and seller information was not provided. The existing tenants are now governed by a master lease.

November 30, 2022

Content Partner Features Industrial Leasing Activity Loans Midwest Multifamily NAI Northeast Office Retail Southeast Texas Western

Experts Turn to Opportunistic Moves, Lending During Uncertainty of Economic Downturn

by Sarah Daniels November 7, 2022

As we shift through economic uncertainty and changes in the market, commercial real estate businesses are planning for a range of scenarios — and looking to historical trends to make predictions. REBusinessOnline sat down with two industry experts to talk about how this period of uncertainty compares to previous eras and where there may be benefits and opportunities in the current landscape. Jay Olshonsky, president and CEO, and Cliff Moskowitz, executive vice president, at NAI Global spoke about the commercial real estate outlook and the challenges it is likely to face in the immediate future. REBusiness: Looking at the current environment, how does it compare to previous periods of uncertainty? What might be the impacts on commercial real estate? Olshonsky: To start with, we are in a recession. We’ve already had two quarters of negative GDP growth. I think the most fundamental difference between this cycle and a lot of other cycles is that we have extremely low unemployment, differentiating this moment from others, for example, 2009. Even though the most recent job numbers were lower, they were still fairly strong. Jobs create the demand for commercial real estate at all levels, but especially at the services level. We do …

November 7, 2022

Industrial Leasing Activity NAI New Jersey Northeast

NAI Hanson Negotiates 406,437 SF Industrial Lease Renewal in Carteret, New Jersey

by Taylor Williams October 20, 2022

CARTERET, N.J. — NAI James E. Hanson has negotiated a 406,437-square-foot industrial lease renewal in the Northern New Jersey community of Carteret. Coffee distributor Continental Terminals will continue to occupy the entirety of the building at 200 Middlesex Ave. Scott Perkins, Chris Todd, Andrew Somple, Greg James and Justin Allessio of NAI Hanson represented the landlord, an undisclosed institutional investment firm, in the lease negotiations. Tom Carragher, Steve Korfiatis, Craig Engelhardt and Chris Carragher of Newmark represented the tenant.

October 20, 2022

Acquisitions Illinois Midwest NAI Retail

NAI Miami Arranges $4M Sale of Former Midas Total Car Care Center in Chicago

by Kristin Harlow October 3, 2022

CHICAGO — NAI Miami has arranged the sale of a former Midas Total Car Care center located at 158 W. Grand Ave. in Chicago for $4 million. Jeremy Larkin and Joseph Gallaher of NAI Miami, along with Elan Rasansky and Al Rodenbostel of ARC Real Estate Group, represented the seller, TBC Corp. The buyer, Friedman Properties Ltd., developed the adjacent Moxy Hotel. The sales price equates to roughly $470 per square foot.

October 3, 2022

Acquisitions Healthcare NAI New Jersey Northeast

NAI Hanson Brokers Sale of 63,000 SF Medical Office Building in Clifton, New Jersey

by Taylor Williams September 28, 2022

CLIFTON, N.J. — NAI James E. Hanson has brokered the sale of a 63,000-square-foot medical office building in the Northern New Jersey community of Clifton. Darren Lizzack and Randy Horning of NAI Hanson represented the undisclosed buyer in the transaction. The seller was an entity doing business as Bliss Valley Associates LLC. The buyer plans to build an outpatient surgery center on the top floor of the four-story building and lease the remaining space.

September 28, 2022

NAI property management Elizabeth Barnes

Content Partner Features Leasing Activity Midwest NAI Northeast Office Retail Southeast Texas Western

Property Management Post-COVID? It’s All About Taking Care of the Client

by Sarah Daniels September 27, 2022

Elizabeth Barnes, COO of NAI Plotkin, knows property management is always a labor- and people-intensive profession, no matter the day or time of year. In that regard, the pandemic did not change the best practices for the Springfield, Mass.-based full-service brokerage and management company. “The number-one best practice has always been — and remains to this day — to manage the property as if you own it, with the awareness that you don’t,” Barnes says. Treat the Asset as Your Own For Barnes, this means focusing on the asset’s value at all times. “Common area maintenance (CAM) reconciliation, capital planning, value engineering options — they need to be front and center,” she continues. “It’s not just about cutting expenses. Look at how you can add value or reduce upfront costs.” All this should be done, she states, with the owner’s goals for the property in mind. Those goals may differ based on whether the owner is, for example, looking to divest the asset. Or if the tenant’s space has gone dark. Or if a pandemic is occurring. “There is a definite focus on health and safety now, regardless of the product type,” Barnes says. “Many owners wanted HVAC and air-handling …

September 27, 2022

Company News NAI Texas

Partners Announces Split From NAI Global Affiliation, Will Open New Dallas Office

by Taylor Williams September 15, 2022

HOUSTON — The Houston-based brokerage and advisory firm formerly known as NAI Partners has elected not to renew its affiliation with NAI Global and has rebranded the entire organization as Partners. All of the organization’s business lines, including brokerage services, investor services and valuation, will operate under this brand, as will Partners Capital, the company’s commercial investment arm. In addition, Partners, which already has additional offices in Austin and San Antonio, will open a new office in Dallas in the coming months.

September 15, 2022

Acquisitions Arizona NAI Retail Western

NAI Horizon Arranges Sale of 30,040 SF Olive Crossing Retail Building in Glendale, Arizona

by Amy Works September 7, 2022

GLENDALE, ARIZ. — NAI Horizon has negotiated the sale of Olive Crossing, a retail building located at 9250 N. 43rd Ave. in Glendale. Arizona MSK and Garvin Holdings acquired the 30,040-square-foot property from 43rd Ave LLC for $3.9 million. Matt Harper of NAI Horizon represented the seller and buyer in the transaction.

September 7, 2022

Industrial Leasing Activity NAI Northeast Pennsylvania

NAI Summit Negotiates 52,800 SF Industrial Lease in Blakeslee, Pennsylvania

by Taylor Williams September 2, 2022

BLAKESLEE, PA. — NAI Summit has negotiated a 52,800-square-foot industrial lease at 196 Commercial Blvd. in Blakeslee, located roughly midway between Scranton and Allentown. According to LoopNet Inc., the property comprises three buildings on an 8.3-acre site. Mike Adams and Sarah Finney Miller of NAI Summit represented the tenant, international freight firm Ally Global Logistics, in the lease negotiations. The duo also represented the landlord, an entity doing business as 196 Commercial LLC.

September 2, 2022

Newer Posts

Older Posts