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Grubb & Ellis Healthcare REIT to Buy South Carolina Portfolio

Tue, 27 Oct 2009 16:08:35 UTC

Grubb & Ellis Healthcare REIT Inc. agreed to purchase a 16-building portfolio from Greenville Hospital System of Greenville, S.C., including approximately 855,000 square feet of medical office and related space, for $161.7 million. The hospital system is among the largest healthcare service providers in the state and will� continue to occupy 83 percent of the portfolio, most of which is on or adjacent to its hospital campuses, under a long-term lease agreement arrangement.

Economic Update - CMBS Delinquencies Spike

Tue, 27 Oct 2009 16:08:35 UTC

U.S. Commercial mortgage-backed securities delinquencies grew in June by a record $2.2 billion, according to Fitch Ratings. Last month there was a 2.6 percent delinquency rate among U.S. CMBS, up 48 basis points from the previous month. In June, at least, problems in retail properties and the hospitality industry inspired much of the upward bounce in delinquencies. But there's more to come, especially in the beleaguered hotel sector.

Economic Update - Tesco Completes Sale-Leaseback, CMBS Deals

Tue, 27 Oct 2009 16:08:35 UTC

British retailer Tesco Plc. inked a sale-leaseback of 14 properties. The sale-leaseback followed on the heels of the company's successful completion of the sale of commercial mortgage-backed securities. The offering by Tesco may mark the glimmering beginnings of a new, simpler CMBS market.

NBA Renewal Marks Big Win for Midtown Manhattan

Tue, 27 Oct 2009 16:08:35 UTC

Multiple landlords attempted to lure NBA Properties to other locations in Manhattan and across the Hudson River but Olympic Tower Associates� signed NBA Properties Inc. to a 10-year, 153,000-square-foot renewal at 645 Fifth Avenue.

ProLogis Announces Full Occupancy at 531,000-SF Houston Distrib Park

Tue, 27 Oct 2009 16:08:35 UTC

ProLogis announced today full occupancy at ProLogis NorthPark, a recently developed, four-building, 531,000- square-foot distribution park located in Houston.

M-F Mortgage Delinquencies Increase in Q1, Says MBA

Tue, 27 Oct 2009 16:08:35 UTC

The weakening economy and continued credit crunch led to increases incommercial/multifamily mortgage delinquencies during the first quarter of 2009, according to the latest Commercial/Multifamily DelinquencyReport, released by the Mortgage Bankers Association.

Moody's: Outlook for M-F REITs Stable for Now

Tue, 27 Oct 2009 16:08:35 UTC

During the fourth quarter of 2008 and first quarter of 2009, the fundamentals of the apartment industry steadily eroded, and the forecast for rental demand remains uncertain. Still, the overall outlook for the multi-family REIT sector is stable, according to a report by Moody's.

In Slow Central Valley Market, 685,000-SF Sale Makes Splash

Tue, 27 Oct 2009 16:08:35 UTC

Industrial property sales in San Joaquin County in California's Central Valley have been practically nonexistent this year, but USAA Real Estate Co. just broke the monotony with the acquisition of a 658,000-square-foot distribution facility in the city of Tracy, about an hour east of San Francisco.

Economic Update - Legacy CMBS Now Under TALF

Tue, 27 Oct 2009 16:08:35 UTC

In a major expansion of the Term Asset Backed Securities Loan Facility (TALF), the Federal Reserve said on Tuesday that investors will be able to buy existing securities backed by commercial real estate loans--so-called "legacy" CMBS. The commercial real estate industry has been pushing for this for some time, and it will at last be possible starting in July.

Pocketing $387M, SL Green Becomes Latest REIT to Raise Equity Via Public Offering

Tue, 27 Oct 2009 16:08:35 UTC

SL Green Realty Corp. has jumped on the bandwagon of REITs that, facing credit markets that are frozen like a block of ice, have opted to raise funds through public offerings. The company, which is still New York City's largest office landlord, just walked away with net proceeds of approximately $387.4 million after selling 19.55 million shares of common stock.

Economic Update - Spooked by Economy, Consumers Consume Less

Tue, 27 Oct 2009 16:08:35 UTC

The U.S. Department of Commerce reported that retail sales dropped by 0.4 percent in April, compared with the previous month. The decline was a little more than expected, but less than the revised March drop of 1.3 percent. The recent two months of decline followed unexpected increases in consumer spending in January and February.

Economic Update - AIG Unloads Choice Tokyo Property for $1.2B

Tue, 27 Oct 2009 16:08:35 UTC

American International Group is finally in the news for something other than being a multibillion-dollar black hole for the U.S. Treasury; namely, a property sale. The beleaguered insurer has inked a deal to sell the AIG Otemachi Building and a one-acre site in Tokyo to Nippon Life Insurance Co.

Economic Update - Corporate RE Plays New Role in Tough Times

Tue, 27 Oct 2009 16:08:35 UTC

It's a whole new world for corporate real estate owners, according to the 2009 State of the Industry Report by CoreNet Global, which was released Monday. The report distilled the views and opinions of more than 60 corporate real estate executives from around the world, along with information gleaned from various corporate real estate case studies.

Economic Update - Economists Call for Downsizing Financial Companies

Tue, 27 Oct 2009 16:08:35 UTC

If some esteemed economists testifying before the Joint Economic Committee of Congress Tuesday had their way, "too big to fail" would be a phrase of historical interest only--applying especially to that period of history just before 2008.