A Weekly Newsletter on Changing CRE Market Conditions, Properties, Loans and Firms
This Week’s Top Stories
Changing Office Trends Hold Major Implications for Future Office Demand
Imagine what would happen if office tenants decided to use 20% less of the nation’s $1.25 trillion current office stock. Dr. Norm G. Miller, a professor at the University of San Diego, did and tallied $250 billion in excess office capacity. Well that is just what is playing out gradually in the office markets. Miller hosted a CoStar webinar on the topic last week; then he and attendees went into depth with CoStar News on how it is currently playing out and the long-term implications for
office building owners and investors.
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Tell Your Friends
Retailers Diverting More Real Estate Dollars to IT
The days of heady real estate spending may be all but over for many retailers with established national platforms. This year many like Kohl’s, PetSmart, Big Lots and Staples are saying they’re cutting funding for remodels and renovations in favor of IT, and online infrastructure.
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Largest CMBS-Related REOs So Far This Year
A 12-building portfolio in Inland Empire and a 1.36 million-square-foot office tower in Dallas among these lead listings.
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Facility Closures & Downsizings: Boeing Consolidating Flight Training to South Florida
Also this week, YRC Freight proposes network improvements to union leadership; Planned corporate job cuts increase; and more property availability leads.
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This Week’s Headlines
Limited High-Rise Office Supply and Increased Demand To Tip Scales in 2013
MetLife to Create 2,600 Jobs in North Carolina
NYC To Sell Two City-Owned Buildings, Reduce Office Space
U.S. Banks’ Bulk Loan Sales to Grow
Walgreens Sets Goal To Build Nation’s First Net Zero Energy Retail Store
On the Market
DebtX
, on behalf of
SEBA Professional Services
, is selling a $2.9 billion portfolio of non-performing residential loans for the U.S. Department of Housing and Urban Development. The offering includes 16,500 loans many in targeted distressed areas in California, Florida, Georgia and Ohio.
CW Capital
has put the $149 mil. CMBS loan against the Tri-County Mall secured in CSFB 2005-C2 up for sale. The servicer hired
Mission Capital Advisors
to market the loan, and the firm expects to close a sale before May 2013. The 1.3 mil-SF mall is in a Cincinnati suburb. Mission Capital has also been retained to sell $3.9 mil. nonperforming commercial mortgage on a hospitality property in Arlington, TX.
CBRE Hotels
is offering for sale the Q Center, the largest conference center in the Midwest, at 1405 North Fifth Avenue in St. Charles, IL. This conference and learning facility contains more than 1,000 rooms and 150,000 square feet of meeting space.
Money To Burn
GEM Realty
in Chicago has formed a new private equity (GEM Realty Fund V) seeking to raise $750 million. During the first quarter of 2013, GEM Realty Capital formed a joint venture with
Education Realty Trust
and
Schenk Realty Group
to develop and own a new off-campus collegiate housing community at the University of Minnesota.
Keep up weekly on national news, trends and property leads with the Watch List Newsletter, a weekly pdf that includes other news and leads not found on the CoStar Group web news pages.
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