Sunday, October 23, 2011
o Vacancy in Chicago’s CBD decreased 60 basis points to 16 percent in the third quarter. Five leases were signed for more than 100,000 square feet in the CBD during the same time period.
The market recorded nearly 2 million square feet of positive net absorption, bringing the year-to-date total to more than 2.6 million square feet absorbed.
The only submarket to post negative net absorption was North Michigan Avenue, where 75,782 square feet of space was put back on the market.
Asking rental rates for Class A space averaged $29.23 per square foot in the third quarter, down $0.02 from the previous quarter. During the same time, asking rental rates for Class B space declined $0.30 to $23.98 per square foot.
(O'Hare International Airport lower left photo)
Approximately 5.9 million square feet of sublease space remained available in the region at the end of the quarter, a 600,500-square-foot reduction from the second quarter.
Key transactions of the third quarter include Fifth Third Bank’s renewal and expansion for a total of 218,135 square feet at 222 S. Riverside Plaza.
Additionally, State Farm Insurance renewed its lease of 132,520 square feet at 1400 Opus Place in Downers Grove.
Analysis and Forecast:
National economic concerns, an increase in the state and local unemployment rates and layoff announcements have caused concerned in the Chicago area. Local unemployment increased 70 basis points to 10.4 percent between April and August.
As a result of this uncertainty, the local office market is expected to see a setback in improvement into 2012. Asking rental rates will likely remain flat as the layoffs remain a concern. Companies with large office space requirements are expected to support the CBD and suburban leasing market throughout 2011.
To access the full Chicago Metro Trends reports and other Grubb & Ellis research publications, visit www.grubb-ellis.com/research.
For more information or to speak with one of the company’s local market experts, please contact Damon Elder at 714.975.2659 or via email at email@example.com.
“We are delighted to introduce the Westin brand to Xian! The location of this hotel in one of the most important cities in Chinese history (Xian has often been lauded the national history museum of China) also reinforces Westin's positioning around personal renewal by offering guests the services, products and amenities that allow them to relax and rejuvenate during their stay,” said Magdy Anis, General Manager of The Westin Xian.
Hwee Peng Yeo
Director of Asian Markets
Glodow Nead Communications
Level 21, Centennial Tower
3 Temasek Avenue
The cross dock loading facility is planned for LEED® certification with the U.S. Green Building Council and will include a minimum of a 32-foot clear height, 75 dock-high doors and two ground-level doors.
The property spans 18.7 acres of land within the 142-acre Chino South Business Park and currently offers 100 trailer parking positions with the ability to expand to accommodate an additional 90 trailers. The project broke ground in early September and is scheduled for completion first quarter 2012.
“This is one of the first speculative industrial developments in the western Inland Empire for quite some time,” said Kegans. “It offers users an opportunity to locate to a new facility located within a well-developed business park.”
For leasing information, call 909.605.1100, or contact Kegans at firstname.lastname@example.org, or Washle at email@example.com.
Media Contact: Julia McCartney, Phone: 714.975.2230
The dividend of $0.484375 per share, or $1.9375 on an annualized basis, is payable November 15, 2011, to Series A preferred stockholders of record on November 1, 2011.
The Board of Directors has also declared a regular quarterly cash dividend on its Series B Cumulative Redeemable Preferred Stock. The dividend of $0.46875 per share, or $1.875 on an annualized basis, is payable November 15, 2011, to Series B preferred stockholders of record on November 1, 2011.
The Company also announced that it expects to declare its regular quarterly common dividend in mid-November 2011, to be paid in late December 2011. The timing of the fourth quarter 2011 common dividend is consistent with the Companyâ€™s historic practice for all cash dividends.
Contact: Cameron Golden, 404-407-1984
Director of Investor Relations and Corporate Communications
Southern Commercial recently completed transactions with Signature Brands for 120,400 SF, Barr Display for 56,125 SF, Standard Register for 36,700 SF, Alpha Logistics for 28,000 SF, Melco for 22,508 SF, Johnson Wholesale Floors for 18,000 SF, and STAT Imaging for 17,568 SF to name a few.
Media Contact: Celeste MacKenzie, 321-281-8503, firstname.lastname@example.org
NEW YORK, NY--Many specially serviced U.S. CMBS loans are returning to performing status without current financial data, leaving investors in the dark over the property’s performance, according to Fitch Ratings in its latest U.S. CMBS newsletter.
Fitch reviewed a slew of loans that returned to master servicing in July
and August and found limited financial reporting since prior to the loan
transferring to special servicing. Fitch also found that approximately 60%
of the loans in special servicing classified as current on debt service
payments have not reported year-end 2010 financial data.
'That special servicers are not collecting operating statements on
specially serviced loans and reporting them through the master servicer is
disconcerting,' said Adam Fox, Senior Director.
Fitch has asked several of the larger special servicers to provide business plans for a sample of recently corrected loans where recent financials were not reported.
Additional information is available in Fitch's weekly e-newsletter, 'U.S. CMBS Market Trends', which also contains recent rating actions and an overview of newly released CMBS research, including Fitch presales and Focus reports. The link below enables market participants to sign up to receive future issues of the E-newsletter:
Fitch, Inc., One State Street Plaza, New York, NY 10004
Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278:
Additional information is available at http://www.fitchratings.com/
OCEANSIDE, CA– Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has negotiated the sale of Canyon Heights Apartments (top left photo), an 81,400-square foot multifamily community in Oceanside. The terms of the sale were not disclosed.
IPA’s Stewart Weston (middle right photo), a senior vice presidents investments in Long Beach and Chris Zorbas, a vice president investments in San Diego office of Marcus & Millichap, represented the seller. The buyer, San Francisco-based Fowler Property Acquisitions, was also represented by Weston and Zorbas. IPA is a division of Marcus & Millichap Real Estate Investment Services.
“There is tremendous demand for larger multifamily assets in San Diego County, and these opportunities are rare in this supply constrained market” says Weston. “Canyon Heights Apartments is just minutes from the beach, providing an affordable living option for this coastal community.”
“The low cost of capital has brought a number of out-of-area buyers to the market,” adds Zorbas. “The rental market has tightened recently, and as a result, concessions are leaving the market.”
Located at 180 Canyon Drive, just off Mission Avenue, the property is easily accessible from Interstate 5 and California state routes 76 and 78.
Canyon Heights Apartments has a unit mix of 20 one-bedroom units and 80 two-bedroom apartments. The property features a resort-style swimming pool, a playground, controlled access and on-site laundry facilities.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716 www.InstitutionalPropertyAdvisors.com
- Covington Commons, 154 units, Fort Wayne (top left photo)
Mark Myers (middle right photo), a senior vice president investments in Marcus & Millichap’s Chicago office, Christopher Hyldahl, a senior associate in the firm’s West Los Angeles office, and Joshua Jandris, a seniors housing property specialist in Chicago, represented the seller, BAI of Indiana, and the buyer, Five Star Quality Care Inc.
Joshua Caruana (lower left photo), of Marcus & Millichap’s Indianapolis office, is the firm’s broker of record in Indiana.
“These properties are institutional-quality real estate with strong existing cash flows,” says Myers. “Their acuity levels, physical makeup and locations are uniquely positioned to maximize demand and value within their respective upper-middle class markets. Each property has sustained occupancy levels greater than 90 percent,” adds Myers.
Forest Creek Commons is a single-story apartment building located on the south side of Indianapolis on U.S. Highway 31, south of Interstate 465. The property serves St. Francis Hospital’s Indianapolis campuses and Community Hospital South. The facility has 56 studios, 28 one-bedroom apartments and 38 two-bedroom apartments. The assisted-living portion of the property was constructed in 1995 and an addition was built in 2006. The garden homes were constructed in phases from 1996 to 1998.
North Woods Commons is a single-story apartment building located on the northwest side of Kokomo next to the Howard Regional Health Specialty Hospital and is within one-half mile of the St. Joseph Hospital campus. The property features 50 studios, 42 one-bedroom units and 22 garden homes on an approximately five-acre campus. The assisted living section was constructed in 1997 and added on to in 1998. The garden homes were built in two phases in 1998 and 2005.
Covington Commons features 64 studios, 24 one-bedroom units and 48 two bedroom garden homes on an approximately 12-acre campus. The single-story apartment building is located on the southwest side of Fort Wayne, just east of Interstate 69, near the new Lutheran Hospital campus. The facility serves the south and west sides of greater Fort Wayne.
The three apartment communities all provide a full range of congregate services, including restaurant-style all-day meal service, transportation, housekeeping, flat linen service, activities and common area amenities. The apartment units address the needs of seniors who don’t require full-time skilled nursing care, but do require assistance with dining, dressing, bathing, medication setup and reminders and other daily activities.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716