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MILLER-VALENTINE BREAKS GROUND ON DISTRIBUTION FACILITY

by admin June 29, 2009

COLUMBIA, S.C. — The Home Depot will open a 465,000-square-foot rapid deployment center, meant to serve as a distribution point for 150 stores in the Southeast, in Columbia next January. Located in the Lexington County Industrial Park, plans call for 171 dock doors and 18,000 square feet of office space. Columbia-based Miller-Valentine Group has broken ground on the project, which will be constructed in 28 weeks. The facility is part of the home improvement retailer’s plan to move from a decentralized retailer system — every store carrying a large amount of goods — to a regional system. “In the past, they’ve kept a lot of on-hand stock in the stores,” says Kurt Eyring of Miller-Valentine. The new warehouse will also allow The Home Depot to expand its product line, he says. When completed, approximately 300 workers will find employment in the new center. But judging from other deployment centers that have been built throughout the country, Chuck Salley of Colliers Keenan’s Columbia office says he doesn’t expect the project to generate more development. “In other markets that really hasn’t been the case,” Salley says. “It will be a nice job creator.” The Home Depot considered a number of locations for …

June 29, 2009

NAI MLG COMPLETES FOUR INDUSTRIAL SALES

by admin June 24, 2009

MILWAUKEE — Milwaukee-based NAI MLG Commercial has completed four Wisconsin industrial sales. In the first transaction, David Stock sold a 12,000-square-foot property, located at 3206 Menasha Ave. in Manitowoc, to Factory Ride Off Road. NAI’s Brett Garceau and Curt Pitzen represented both parties. In Delafield, Creekside Builders sold a 11,490-square-foot property, located at 350 Austin Circle, to 5 Alarm Fire & Safety Equipment. NAI’s Stephen Provancher represented both parties. In Fond du Lac, K&S Acquisitions sold a 9,216-square-foot property, located at 62 N. Meadows Dr., to FQ Wholesale. NAI’s Ross Fuller represented the seller. Finally, Claudia and David Gehl sold a 6,400-square-foot property, located at 8634 W. Kaul Ave. in Milwaukee, to Four-Way LLC. Pitzen and Collin Schaible, also of NAI, represented both parties. The acquisition prices were not disclosed.

June 24, 2009

Market Reports Massachusetts Northeast Market Reports

Weakness in financial services undermines Boston office market.

by admin June 12, 2009

Job cuts among financial and professional services firms will cause office fundamentals to weaken in Boston this year, but modest amounts of new construction will temper the supply and demand imbalance. With layoffs at State Street Bank, Bank of America, Merrill Lynch and Fidelity Investments projected to total in the thousands, a resulting decline in office space demand will drive up vacancy for the second consecutive year. In the CBD, negative net absorption of approximately 550,000 square feet will raise the average vacancy rate nearly 200 basis points to the high-11 percent range. While tenant demand across the metro will wane in the near term, tighter construction financing and lingering economic concerns have reined in development activity. Completions in 2009 will drop off from last year and will represent only a 0.6 percent expansion of metrowide inventory, helping to offset reduced employment-generated demand. Weakening fundamentals and an uncertain economic outlook will underpin conservative buyer expectations this year. As a result, deals will be underwritten assuming higher vacancy rates and rent declines, elevating cap rates metrowide. Currently, initial yields are averaging in the high-6 percent to mid-7 percent range, up about 25 basis points to 50 basis points over the past …

June 12, 2009

Northeast

STARWOOD CAPITAL GROUP FORMS PUBLIC REIT

by admin June 9, 2009

GREENWICH, CONN. — Greenwich-based Starwood Capital Group has filed plans to create Starwood Property Trust, a Maryland-based real estate investment trust that will focus on commercial real estate investments. The new corporation primarily will originate, finance, manage and invest in commercial mortgage-backed securities, with the potential to invest in residential mortgage loans and residential mortgage-backed securities in the future. The REIT plans to finance its investments initially through the U.S. government’s Public-Private Investment Program (PPIP) and the Term Asset-Backed Securities Loan Facility (TALF) programs. The REIT plans to make an initial public offering in the near future, but the price of the stock has not been set.

June 9, 2009

FELDMAN SEEKS FORBEARANCE FOR GOLDEN TRIANGLE MALL

by admin June 8, 2009

DENTON, TEXAS — Feldman Mall Properties is currently negotiating with its lender for a forbearance on a loan that is partially secured by Denton’s Golden Triangle Mall. According to a release from the Great Neck, N.Y.-based shopping mall owner, the company has a $30 million line of credit, which is secured by some of its properties up to $24.6 million, and a guarantee by one of the company’s direct subsidiaries for any outstanding balance over that amount. The company states that its current outstanding balance is $27.8 million and it has also violated certain financial covenants. It is looking for a forbearance through the end of this year. Last year, Feldman attempted to complete a deal with Inland American Real Estate Trust in which Feldman would repurchase 2 million shares of preferred stock from Inland and receive $9.25 million from the company in exchange for Inland receiving the titles to Golden Triangle Mall; Stratford Square Mall, located in Bloomingdale, Ill.; and Northgate Mall, located in Cincinnati. Inland terminated the agreement in January 2009. At the time, Feldman state that it would need to find another way to raise the capital to retire $28.5 million in secured and unsecured, fixed and …

June 8, 2009

Texas

AMREIT RELOCATES TO MARYLAND

by admin June 3, 2009

HOUSTON — AmREIT has completed the next phase of its Vision 2010 repositioning plan by approving the relocation of the company’s headquarters from Houston to Maryland. In addition, the company has entered into an agreement with its advised non-traded REIT affiliate, REITPlus, that will merge the two companies. The combined company will be known as AmREIT; H. Kerr Taylor, the current president and CEO of AmREIT, will remain chairman of the newly combined board of directors. The relocation has already occurred and the merger is expected to close in September. The first phase of AmREIT’s Vision 2010 plan, which was completed late last year, included simplifying the company’s operating platform and delisting its Class A stock in order to privatize.

June 3, 2009

Healthcare Southeast

GEORGIA MEDICAL OFFICE SPACE CHANGES HANDS

by admin June 2, 2009

STOCKBRIDGE, GA. — Tri County Pediatrics has purchased a 7,500-square-foot medical office condominium from SFA Enterprises for $1.5 million. Located at 193 N. Park Trail in Stockbridge, the condominium is part of a 15,000 square foot, Class A medical building. Edward Jones of Atlanta-based Bull Realty brokered the transaction.

June 2, 2009

Florida Market Reports Southeast Market Reports

Miami retail sector stymied by decrease in spending.

by admin May 29, 2009

Retail properties in Miami-Dade County recorded negative net absorption in the first quarter as accumulating job losses stymied retail spending and forced merchants to vacate the market. Additional increases in vacancy are expected through the end of 2009 as more tenants close and others reduce planned store openings. Higher vacancy will induce a further decline in rents, which dropped for the second successive quarter in the first 3 months of this year, and a slowdown in new store openings will undermine support for marketwide rent growth in the months ahead. In addition, tenants seem to be gaining the upper hand in negotiations on lease extensions or renewals. As a result, concessions will rise over the remainder of the year as owners attempt to retain traffic-generating merchants. While the demand side is decidedly weaker than it has been recently, a decrease in construction will mitigate the extent of the projected rise in vacancy and set the stage for a steady recovery in property fundamentals. A look at the numbers indicates that employment in Dade County will decrease by 43,000 jobs (4.2 percent) in 2009, compared with a loss of 36,400 positions last year. Due to the decline in employment, retail spending …

May 29, 2009

Industrial Western

COLLIERS INTERNATIONAL BROKERS TWO INDUSTRIAL SALES

by admin May 28, 2009

HAYWARD AND TRACY, CALIF. — Colliers International has completed the transactions of two industrial properties in California. In the first transaction, Mill Valley, Calif.-based GSI Realty has acquired an 113,000-square-foot distribution building in North Hayward for an undisclosed price. Sean Sabarese and Joe Yamin of Colliers’ Oakland, Calif., office represented the buyer; Greig Lagomarsino, also of Colliers Oakland, represented the undisclosed seller in the transaction. In the second transaction, San Francisco-based Lowenberg Corp. purchased a 264,687-square-foot, three-building industrial park in Tracy. A Denver-based REIT sold the Class A multi-tenant property sold for an undisclosed price. Lagomarsino, along with Michael Goldstein and Greg O’Leary of Colliers’ Stockton, Calif., office, brokered the transaction.

May 28, 2009

Features

FIDUCIARY DUTIES OF PUBLIC REITS

by admin May 14, 2009

Michael S. Schimmel Although, historically investors view real estate investment trusts (“REITs”) as relatively constant, the downward trend of the real estate market and the decimation of nearly 50 percent of the value of the stock exchange over the past year has drastically impacted even fundamentally sound companies. The combination of market uncertainty and lack of consumer confidence, coupled with the fact that some believe the United States has officially been in a recession since December of 2007, helps to demonstrate the vulnerability of every aspect of the real estate sector. This article briefly explores certain basic fiduciary duties that directors and trustees of public REITs owe to the company. While many consider the concept of fiduciary duties straightforward and simple, it is quite the contrary. In fact, this aspect of corporate governance has an extensive body of case law, countless volumes of secondary sources and treatises, and most notably, a highly complex intricate web of both federal and state statutory laws. Since REITs acquire, manage and/or invest in real estate assets or loans that are secured by real estate and simultaneously issue shares in these investments to shareholders, various duties and responsibilities attach to the individuals managing and overseeing …

May 14, 2009

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