Jun 23, 2009 - CRE News
Talks to sell Manhattan's Worldwide Plaza have fallen apart, according to a statement by Eastdil Secured, which is advising the property's lender on the sale. The 1.7 million-square-foot building was to have been sold to a venture led by George Comfort & Sons and RCG Longview. The property's lender, Deutsche Bank, was to retain an equity interest in the property at 825 Fifth Ave., in exchange for restructuring $880 million of pre-existing debt on the asset into $165 million of equity and an unknown amount of debt.
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Jun 23, 2009 - CRE News
Mecklenburg County, N.C., issued 11 building permits for office and retail projects last month, down from 19 a month earlier and 90 percent from the same time last year. The value of the permits issued totaled $4.8 million, a paltry sum compared to the $271.5 million worth of permits during the same time a year earlier.
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Jun 23, 2009 - CRE News
ProLogis has sold a portfolio of 33.2 million square feet of industrial space in Portland, Ore. A joint venture of the Teachers Retirement System of Texas and Stockbridge Real Estate Funds of San Francisco bought the portfolio for an undisclosed price. But the Denver industrial REIT publicly valued the offering at $1.43 billion, or $43/sf.
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Jun 22, 2009 - CRE News
Weakening fundamentals for the downtown Phoenix office market have forced landlords to offer up to 15 months of free rent to tenants that sign 10-year leases. The market's 13 percent vacancy rate for class-A space has nearly doubled in the last few years and will increase further as a result of two projects that are nearing their completion.
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Jun 22, 2009 - CRE News
Professional football legend Joe Montana is in a partnership that has proposed developing a $300 million mixed-use complex in Hayward, Calif. The partnership, which also includes Kurt Wittek of Blackrock Realty and Eden Housing Inc., plans to develop 788 housing units, retail space and a parking garage on 12 acres at 28601 Dixon St.
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Jun 22, 2009 - CRE News
In a sign that sellers are capitulating to buyers' demands, commercial property pricing dropped 8.6 percent in April, according to the Moody's/Real Commercial Property Price Indices, or CPPI. The April drop is the largest recorded this investment cycle by the all-property component of CPPI.that tracks repeat sales of properties.
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Jun 22, 2009 - CRE News
In a sign that sellers are capitulating to buyers' demands, commercial property pricing dropped 8.6 percent in April, according to the Moody's/Real Commercial Property Price Indices, or CPPI. The April drop is the largest recorded this investment cycle by the all-property component of CPPI.
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Jun 22, 2009 - CRE News
The country's 50 largest equity REITs as of the end of the first quarter faced the maturity of $14.2 billion of debt this year. That's down from $20.3 billion of maturities at the end of last year and shows that despite the market challenges facing property companies, publicly traded REITs have managed to refinance or extend maturing debt.
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Jun 22, 2009 - The Birmingham Business Journal
by Lauren B. Cooper
Harbert Realty Services said a Southern California-based franchise operator tapped the company to provide lease administration services for its multiple restaurant brands.
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Jun 22, 2009 - Phoenix Business Journal
Sherman Residential of Deerfield, Ill., purchased a fairly new luxury apartment complex in Peoria for $21.5 million.
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