10 Must Reads for the CRE Industry Today (February 13, 2015)

10 Must Reads for the CRE Industry Today (February 13, 2015)

 

  1. Delinquent CMBS Loans Continue to Decline “With mountains of real estate debt coming due in the next three years, borrowers appear to be taking advantage of favorable market conditions to prepay loans tied to commercial mortgage-backed securities (CMBS).” (REIT.com)
  2. Dallas-Based Fund Acquires $1.5B Portfolio “Dallas-based Lone Star Real Estate Fund III has entered into an off-market agreement with U.K.-based Moorfield Real Estate Fund (MREF) and Moorfield Real Estate Fund II (MREFII) to purchase a $1.5 billion (1 million pound) diversified real estate investment portfolio. The portfolio comprises both retail and office as well as hotels, residential and student housing.” (GlobeSt.)
  3. Bellevue’s Civica Commons Sold for $205 Million “Global real-estate firm Hines bought downtown Bellevue’s Civica Commons on Thursday for $205.1 million, records show. The 323,562-square-foot office complex, which consists of two buildings connected by an atrium, was last bought in 2006 for $175.7 million by a real-estate partnership managed by New York private equity firm Brickman.” (The Seattle Times)
  4. Investor Litt Strikes for Change at Underperforming REITs “Litt hasn't had any difficulties finding laggards. In 2014, he pushed for changes at a trio of companies: Pennsylvania REIT (PREIT), a smaller REIT based in Philadelphia; Edison, N.J.–based Mack-Cali Realty Corp.; and, in a move that caught the attention of the multifamily business, Associated Estates Corp. (AEC), headquartered in Richmond Heights, Ohio.” (Multifamily Executive)
  5. 5 Cities Poised to Be the Next Silicon Valley Tech Hub “With record-high prices in Silicon Valley, opportunities to profit from real estate are slim. There are, however, emerging Tech hubs with characteristics similar to Silicon Valley before its real estate boom.” (Forbes)
  6. AON Center Sale Could Bring in $650 Million—and Condo Dwellers “The 80-story Aon Center will go up for sale soon, its owner, Piedmont Office Realty Trust, confirmed in a recent conference call with analysts. The 2.7 million-square-foot tower overlooking Millennium Park could attract bids in the range of $650 million, or more than $240 per square foot, according to people familiar with the property.” (Crain’s Chicago Business)
  7. Has Twitter Outgrown its New Home? “Twitter, the social-media phenom, is already looking for more office space, just as it is getting ready to move into the hugely-expanded headquarters it leased just last year, according to two separate sources.” (Crain’s New York Business)
  8. Another SkyHouse Joins Houston Skyline “The SkyHouse development partnership has broken ground on SkyHouse Main, a mirror-image of SkyHouse Houston located directly to the south on Main Street in downtown Houston. The new 24 story tower at 1725 Main Street will feature 336 residences and 7,200 square feet of street-level retail space.” (Commercial Property Executive)
  9. Equus Trades Office Complex in Scottsdale “Equus Capital Partners has made a return on investment from one of its Scottsdale properties, and is now passing the buck to a new owner. The private-equity real estate manager has sold Lincoln Towne Centre, a 226,112-square-foot, two-building property at N. Drinkwater Blvd. in downtown Scottsdale to Transwestern Strategic Partners for $58.8 million.” (Commercial Property Executive)
  10. Why it’s Crucial to Rethink Poor Perceptions of Real Estate Investors “When you hear the word ‘investors’ in the context of real estate, what image do you conjure up in your mind? Chances are, you envision a bottom-feeding foreclosure vulture who just finished attending a seminar on getting rich quick and wants to use the two nickels he has to become a millionaire by midday.” (Inman.com)
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