Week in Review for October 13 ? 19:
- In the U.S., new housing starts reach a four-year high, increasing by 15% in the month of September. This is the greatest jump in new residential projects since July 2008, reports Bloomberg. Some analysts see this as a sign of general economic and employment growth.
- In a joint venture, Vastgood Properties and Prudential Real Estate Investors buy a portfolio of seven shopping centers from Cedar Realty Trust (NYSE: CDR) for around $104 million. The properties, in Central and Eastern Pennsylvania, are mostly anchored by Giant Food Stores, says CoStar.
- According to Commercial Mortgage Alert, CMBS shops and large insurance companies are considering partnership in order to fund especially large commercial property loans. However, no such collaboration is originating CMBS loans at this time.
- ?In what?s typically one of the most coveted CRE markets?Manhattan?office REITs like SL Green (NYSE: SLG) and Boston Properties (NYSE: BXP) face cutbacks in the financial sector. Many such firms have pursued opportunities in other markets such as San Francisco.
- In Times Square, Witkoff Group and New Valley have partnered with several other firms to acquire 701 Seventh Avenue for $430 million. The team plans to tear down part of the existing structure and replace it with a 10-story, retail-anchored building and hotel tower. The facade will be wrapped in a 24,000 SF LED screen, reports CoStar.?
- Analysts view data center REITs as a major growth sector for the commercial real estate industry. The three publicly traded data center REITs?Digital Realty (NYSE: DLR), DuPont Fabros Technology (NYSE: DFT), and CoreSite (NYSE: COR)?are positioned to expand significantly, thanks to higher liquidity and lower leverage than other REITs.
- As the CMBS market continues to improve, buyers find more financing opportunities in areas well outside of gateway markets?even Detroit.
- Single-tenant, net-leased properties, such as those for drug stores and other large retailers, become increasingly scarce despite investor demand.
- ULI and PriceWaterhouseCoopers?announce their 2013 forecast?for real estate activity in the U.S.??Three Texas cities, Houston, Austin, and Dallas, were named among the top markets to watch, with Texas retaining its status as the top state for ?overall? real estate activity.
Source: http://llenrock.com/blog/commercial-real-estate-week-in-review-171/
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