January 30, 2009 - Positive Signs in the Market
Philip Blumberg of Blumberg Capital Partners discusses the current positive signs in the market and his expectations in the coming years.
January 29, 2009 - Hines Makes $66.5M Purchase in Denver
Hines Real Estate Investment Trust, Inc. (Hines REIT) has acquired two Class A Colorado office/flex complexes, 345 Inverness Drive South and Arapahoe Business Park, from SVN Equities, LLC. Sperry Van Ness sold the properties for $66.5 million, or approximately $137 per square foot, according to a CoStar Group article.
The projects contain a total of 10 [...]
January 28, 2009 - US Industrial REIT II Acquires Cinram Distribution Center
US Industrial REIT II, which is owned by an affiliate of USAA Real Estate Co. and other institutional investors, has added the Cinram Distribution Center to its portfolio of large scale bulk distribution properties in the US. The REIT purchased the Chicago-area property for an undisclosed price from Cinram Distribution L.L.C., a Canada-based manufacturer of [...]
January 27, 2009 - Jefferson Building in DC Sells
The Jefferson Building, a 72,756-square-foot, eight-story office building in Washington, DC, was sold by BlackRock Realty for an undisclosed price to INVESCO Real Estate, according to a crefeed.com article. The property, which transfered hands free and clear of debt, was marketed for the seller by the the DC office of Holliday Fenoglio Fowler.
“This boutique [...]
January 26, 2009 - Foreign Investors Looking at CRE in Atlanta
Atlanta is showing signs of a renewal in commercial property interest as small foreign investors are beginning to return to the market for the first time in 15 years, according to an Atlanta Business Chronicle article. These small private firms are seeking to take advantage of the falling property values in the market and are [...]
January 23, 2009 - Competitor Mistakes
Philip Blumberg of Blumberg Capital Partners discusses taking care of your assets and why being a responsible operator is so important.
January 22, 2009 - Chicago’s Congress Center Deal Falls Through
Franklin Street Properties Corp., a Boston-based real estate investment trust, has terminated an agreement to pay $130 million for a prime downtown property in Chicago according to a CPN article. The deal, due to close by March 31, would have had Franklin pay a portion of the $130 million purchase price through the assumption of [...]
January 21, 2009 - Commentary with Blumberg of Blumberg Capital Investors
Probably the only thing the government can do – it certainly can’t stimulate lending – is to create a stimulus package to bring some employment back. For commercial real estate, whether it’s office or retail, the concept of a stimulus package that puts people to work, creating a slightly better consumer economy and giving people reason to borrow, is probably the best role that government can play right now.
January 20, 2009 - Research in Motion buys Riverside Commons in Texas
BlackBerry maker Research in Motion has acquired Riverside Commons, an office campus featuring 460,297 square feet of space and six office buildings in Las Colinas, Texas, a submarket of Irving.
The seller, Dallas-based Westmount Realty, has owned the complex since 2006 and completed a $5.7 million renovation program on campus. Occupancy was 86 percent at [...]
January 19, 2009 - Hampshire Companies Finalize New Jersey Office Deal
The Hampshire Companies, in a joint venture with Onyx Equities, have completed the acquisition of a 48,000-square-foot office building located at 85 Harristown Road in Glen Rock N.J. according to a crefeed.com report. The property was purchased from Motorola, Inc. for an undisclosed amount.
The property will undergo major renovations and upgrades throughout 2009, which will [...]
