LEASED: 1,365 SF Office and In…
Written on May 18, 2012, by Norris and Stevens.
LEASED: 1,365 SF Office and Industrial space at 8536 SW St Helens Dr, Ste B, Wilsonville, OR. http://t.co/LhTMYAlu #CRE #LEASE
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Portland’s Industrial Vacancy Drops to 7.7% #CRE
Written on May 17, 2012, by Norris and Stevens.
The Portland Industrial market ended the first quarter 2012 with a vacancy rate of 7.7%.
The vacancy rate was down over the previous quarter, with net absorption totaling positive 708,634 square feet in the first quarter. Vacant sublease space decreased in the quarter, ending the quarter at 248,830 square feet.
Tenants moving into large blocks of space in 2012 include: Solopower, Inc moving into 225,250 square feet at Marine Drive Distribution Center – Bldg 1, IFCO North America Inc moving into 87,979 square feet at North Upland Distribution – Building 3, and Lite Solar Corp moving into 81,196 square feet at 8811 SE Herbert Ct.
Rental rates ended the first quarter at $6.03, an increase over the previous quarter.
A total of 11 buildings delivered to the market in the quarter totaling 292,230 square feet, with 2,216,077 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. national industrial vacancy rate, which decreased to 9.3% from the previous quarter, with net absorption positive 30.71 million square feet in the first quarter.
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Source: CoStar
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Portland Creates $169M Urban Renewal Area Around PSU
Written on May 16, 2012, by Norris and Stevens.
Portland city commissioners on Wednesday voted 3-1 to create a $169 million urban renewal area around Portland State University.
The new urban renewal area could revitalize the sleepy south side of downtown. Portland State officials say it’s also critical for the university’s effort to keep pace with its rapid growth.
“Portlanders will look back on this day as a real watershed moment, a turning point in making a good university great,” said MayorSam Adams, a longtime supporter of the proposal. “And I would say to NYU, New York University, ‘Look out,’ cause that’s PSU close on your heels in becoming the best urban university in North America.”
Adams and commissioners Randy Leonard and Nick Fish voted in favor of the proposal.
“This is a testament to the partnership we have with the city and the county,” said Portland State President Wim Wiewel, in a statement. “They recognize that a great city needs a great university and today the Council cast their votes to help make that happen. This is a long-term investment in education and economic development. I look forward to working with city council, PDC, and the county commissioners in continuing to serve the growing needs of our region.”
Commissioner Amanda Fritz voted against the measure, saying the area isn’t blighted, a legal requirement for urban renewal areas. The League of Women Voters also raised that concern during a public hearing last week. The new district includes significant corporate offices, including the headquarters of The Regence Group, the state’s biggest health insurer.
Fritz said the city of Portland also shouldn’t be responsible for funding urban renewal areas that benefit the entire region.
When the city creates an urban renewal area, it essentially draws an imaginary line around an area that it wants to improve. When property taxes in the area rise, the new property tax revenue is redirected to capital projects in the district.
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Full Story: Here
Source: Portland Business Journal
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RE Capital Firm Offering Construction Loans for #CRE Properties Nationwide
Written on May 16, 2012, by Norris and Stevens.
Clopton Capital, a secondary market commercial real estate lender which provides commercial loans for income producing properties nationwide, is announcing the expansion and addition of loan options for developers of commercial properties.
The real estate capital firm is currently seeking construction funding opportunities for commercial projects nationwide. “We have a large pool of construction capital available to offer and are looking for viable funding opportunities in which we can assist.” Says Jake Clopton, founder, “We are specifically targeting these lending scenarios due to very attractive loan options which we can provide.” Clopton Capital sees tremendous opportunities for execution in the construction lending sector and is actively seeking borrowers and developers of multifamily, retail, and hospitality properties with whom to work with. The best way to find out more information about this program is to contact the company directly.
Clopton Capital ranks as one of the most active and dynamic commercial real estate finance firms providing lending options nationwide for income producing properties. Offering commercial mortgages, construction loans, bridge loans, and CMBS loans to borrowers for a diverse range of property types and ownership structures, Clopton Capital has the capability to meet almost any lending needs of property owners and managers.
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Full Story: Here
Source: PRWeb
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#CRE Mending, But Still Vulnerable to Ongoing Economic, Political Risks, Survey Shows
Written on May 11, 2012, by Norris and Stevens.
Without Stronger Job Creation, More Stable Policies from Washington, CRE Markets Likely to Bump Along at Low Level, Especially in Non-Gateway Areas
Commercial real estate executives participating in The Real Estate Roundtable’s latest quarterly Sentiment Survey generally said market conditions have improved since a year ago, but signaled a lack of confidence in the outlook for the coming year, citing global economic risks, Washington’s ability to deal with looming budget and tax issues, ongoing Euro zone turmoil, and the vast amount of commercial mortgages maturing this year and beyond.
“Although more respondents in our Q2 survey see current conditions, asset values and capital availability as being better than a year ago, anecdotal responses continue to show a high level of uncertainty about economic conditions here and abroad, as well as tremendous concern about the array of policy issues awaiting action or clarification by U.S. policymakers,” said Roundtable President and CEO Jeffrey DeBoer. “Add to that growing concern over borrowers’ ability to refinance vast amounts of maturing commercial mortgage debt, and it’s no surprise that expectations for the year ahead are relatively flat,” he added.
The survey’s “Overall Index” now stands at 70 (up slightly from 68 in Q1), indicating that respondents see the commercial real estate industry on a generally favorable slope and expect slightly improved market conditions during the coming year. Although the Overall Index is not back up to where it was in the first half of 2011 — a reading of 77 — it has recovered significantly from its nosedive to 59 in the 4th quarter of 2011 (a reflection of last summer’s unprecedented U.S. debt downgrade, European debt woes and renewed fears of recession in the U.S.)
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Full Story: Here
Source: Marketwatch
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Target Lease in Place, Sale of Portland’s Galleria Expected to Draw Big-Time Buyer #CRE
Written on May 10, 2012, by Norris and Stevens.
If the Bill Naito Co. landed a big fish by wooing Target to its Galleria building in downtown Portland, the decision to sell the building is a sign the city is becoming a bigger pond.
With the ink barely dry on the retailer’s 15-year lease, the Galleria has vaulted from a sleepy shopping and office building to a retail trophy that’s attracting the attention — and deep pockets — of institutional real estate investors.
With the former department store’s sudden change in fortune, it’s no surprise its owners have opted to shop for a buyer. And if it pays off, other local owners of prominent buildings may be tempted to cash in, too.
The Bill Naito Co.’s representatives, from the San Francisco office ofCassidy Turley Real Estate Services, have circulated an offering to a small group of potential buyers.
A summary of the confidential offering says there is no asking price, but that a buyer should pay in cash. It says the Galleria is valued “substantially below” the $84 million it would cost to replace the building.
It touts the Target lease, which brings the building’s occupancy to 99 percent. Other tenants include a Brooks Brothers store and Career Education Corp., a for-profit higher education company that operates Le Cordon Bleu culinary school and Sanford-Brown College.
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Full Story: Here
Source: OregonLive
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REITs Back on Track in April #CRE
Written on May 9, 2012, by Norris and Stevens.
US REITs outperformed the broader stock market in April, as well as for the first four months of 2012 and for the 12 months ended April 30, reassuring investors after a less-than-stellar Q1.
On a total return basis, the FTSE NAREIT All REITs Index gained 2.80% in April. The FTSE NAREIT All Equity REITs Index gained 2.67%. That compares with a 0.63% loss for the S&P 500.
Year-to-date through April 30, the total return of the FTSE NAREIT All REITs Index was up 13.50% and the FTSE NAREIT All Equity REITs Index was up 13.44%. For the same period, the S&P 500 posted a gain of 11.88%.
On a 12-month basis through April 30, the total return of the All REITs Index was up 8.69% and the All Equity REITs Index was up 8.71%. The S&P 500 gained 4.76%
All in all, it was a reasonably good month for REITs, NAREIT vice president of research and industry information Calvin Schnure tells GlobeSt.com. “The S&P struggled a bit on macroeconomic news,” he says. “It is not surprising, though, that REITs would do better: commercial property, by its nature, is a long-lived asset and is not as reactive to short-term economic events.”
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Full Story: Here
Source: GlobeSt.com
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LEASED: 3,093 SF Office space …
Written on May 8, 2012, by Norris and Stevens.
LEASED: 3,093 SF Office space at Jefferson Office Park, 2120 SW Jefferson St, B300, Portland, OR, 97201. http://t.co/jpTb2jrY #CRE #LEASE
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Tackling Tech in #CRE
Written on May 8, 2012, by Norris and Stevens.
One of the firms partnering with Globest.com during the month of May leading up to the RECon show is Houston-based ARGUS Software (booth #809 in the Marketplace Mall), one of the most familiar names in commercial real estate technology solutions. The firm is launching a new product around the time of RECon that will help retail real estate owners and tenants better manage their lease structures and other aspects of their business. Demetrios Louziotis, ARGUS’ SVP, Global Real Estate Solutions, recently spoke with GlobeSt.com about his expectations for the RECon show, the specific technology challenges that face retail real estate and some of the solutions his firm is providing.
GlobeSt.com: Are there challenges the retail sector poses to your firm that you don’t face with other sectors?
Louziotis: If you compare retail to industrial, such as larger retail properties and regional or super-regional malls, there are very distinct differences. Even a large industrial property may have a simple lease structure, often triple-net. Retail properties, particularly larger ones, have a lot of expense reimbursements in the form of CAM and real estate tax recoveries. The recovery terms and structures may change over time. Different tenant types will also require different types of recovery structures. I’ve seen malls with 30 to 50 different types of recovery structures for CAM pools and, similarly, for real-estate tax recoveries. Obviously, it’s a lot more complex in terms of how that needs to be modeled for it to accurately reflect the property’s cash flow. But for us, it’s what we have been doing for 25-plus years. We have a release scheduled for the end of May ofARGUS Enterprise, our next generation cash flow analysis and asset management solution,which will bring in that full retail capability.
GlobeSt.com: What can retail owners expect from the new software you are putting out?
Louziotis: We’re bringing in the full structuring capability. With the initial release of ARGUS Enterprise, we had the basic lease structures, and now we’re layering in the complexity for the different property types and lease structures found in different markets around the world. In this newest release, which is ARGUS Enterprise 8.5, you’ll have the capability to do everything from a very basic retail property to a very complex mall, as well as office, industrial and apartments. The 9.0 release in Q4 of this year will add hospitality capabilities.
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Full Story: Here
Source: GlobeSt.com
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#CRE Hindered by Tight Credit
Written on May 8, 2012, by Norris and Stevens.
A “major portion” of small commercial-property deals in the U.S. have fallen through because of stricter lending standards, according to a National Association of Realtors survey.
While the commercial real estate market showed signs of recovery in 2011, credit tightened in the past year for small businesses, the group said today in a report. Two out of three agents helping clients buy properties for less than $2 million said the purchases were scuttled because of a lack of capital, according to the survey.
Small-business transactions relied heavily on regional and local banks, and 30 percent of the purchases of properties such as apartments, offices, warehouses, land, shopping centers and restaurants were made with cash, according to the survey.
“This is very much a tale of two markets,” Lawrence Yun, the association’s chief economist, said in the report. “There have been notable improvements in capital for large commercial transactions valued at $2.5 million or higher, but there remain significant challenges for small businesses.”
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