WASHINGTON – Despite signs that the global economic freefall may be over, conditions in the commercial real estate sector remain extremely stressed. A financing drought and declining property fundamentals are pushing up both “maturity” and “performance” defaults on commercial mortgages, threatening to undermine the economy’s longer-term ability to create jobs and grow, according to The Real Estate Roundtable’s latest quarterly survey of senior commercial real estate executives.
CHICAGO – NRC Realty & Capital Advisors LLC announced that it will be assisting Circle K Stores Inc., a subsidiary of Alimentation Couche-Tard Inc., in the sale of 87 locations under the retention agreement announced last month. The final list of properties to be divested includes 74 petroleum sites and an additional 13 commercial sites. Of the total, 60 properties are operating locations, 22 are closed stores, and five are vacant sites.
ATLANTA – QR Capital LLC announced its formation to focus on the acquisition and operation of multifamily properties throughout the southeastern United States. Launched by seasoned industry vets, QR Capital is targeting distressed acquisition opportunities created by the recent economic turmoil.
Top Story:
Top story/regional top story
TAMPA – Seeing an opportunity in the adversity facing real estate markets around the country, well-known Tampa Bay-area business leaders Bill Eshenbaugh and Lynda Keever have embarked on a new enterprise aimed at bringing relief to lending institutions with growing REO lists.
USAsset Management & Disposition Corp., the couple reports, will provide a single point of contact for all of the services necessary to rehab the “special assets” on a bank’s books and get them sold.
MIAMI BEACH – Stonemason Partners LP, a full-service commercial real estate company based in Miami specializing in acquisitions, ownership, leasing and management, announced the completion of its initial round of fundraising for Fund I.
The company has an aggressive plan to acquire more than $100 million worth of multitenant retail assets and distressed commercial property throughout the Southeastern United States and along the eastern seaboard in the next four years.
NEW YORK – The Moody’s/REAL National All Property Type Aggregate Index from Real Estate Analytics LLC measured 123.82 for June 2009, a decrease of 1% from the previous month, representing a mild decline.
The Index, which has captured price data through the end of May 2009, is now 26.9% lower than it was a year ago and 33.9% below the peak measured in October 2007. The index also indicated a 35.5% drop in prices over the past two years.
Top Story:
Top story/regional top story
FORT MYERS – The economic recession has impacted all aspects of the Florida commercial real estate industry, and as you might expect, members of the Real Estate Investment Society here are not immune.
The irony, however, is that what’s bad for the industry is often good for industry organizations like REIS as members unite to stay abreast of industry trends and prepare for the inevitable recovery.
“Actually, we’ve been doing very well. We have a closed membership at 275, and we are at our goal,” said President Sharon Jenkins-Owen.
