Washington’s 14th Street Corridor

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The New York Times reports that in the next 24 months, almost every block in a one-mile stretch of 14th Street in Northwest Washington will have a new or renovated mixed-use building. Once the projects are completed, this section of 14th Street between Rhode Island and Florida Avenues will have 1,200 additional housing units and 85,000sf of additional retail space. The 2008 financial crisis slowed the redevelopment of this area but the projects are moving forward now.

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  • UDR, is working on a project at the northern end of the strip that will contain 255 residential units, a rooftop pool, and 16,000 square feet of retail space.
  • Louis, a project by The JBG Companies at 14th and U Streets will have 268 luxury apartments, 25,000sf of new retail space and a tiered roof deck.
  • PN Hoffman is transforming the Verizon building at 1401 R Street NW into 34 upscale residential units.

Record-breaking Walgreens Sale

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A 16,016sf 24-hour Walgreens in Las Vegas recently sold for $27.8 million ($1,736/sf) making it the highest-traded single-tenant net-leased drugstore in the US, according to a GlobeSt.com report. The property is located at 3025 South Las Vegas Blvd., two blocks from the Las Vegas Convention Center. It was built in 2001 and sits on 1.61 acres. A foreign fund purchased the property from a local real estate investment partnership.

At the time of purchase, Walgreens was in the 11th year of a 20-year lease. Ray Germain, the seller’s representative, negotiated an early extension for ten additional years, making the purchase more desirable
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Other transactions that come close in value: In 2005, at the height of the market, a drugstore in Miami traded for $19.5 million and in August 2011, a drugstore in For Myers, FL sold for $1,466/sf, according to the report.

Housing Prices Soar in Hong Kong

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Hong Kong real estate rates have risen by more than 50 percent since 2009 due to high demand and constricted supply. The Economist reports that the government in Hong Kong has a monopoly on land and the amount of land it auctions off determines in part, the level of new construction. Home completions in the 1990s averaged 23,000/year. In recent years, that figure is in the range of 10,000 to 11,000/year.

Office rents in Hong Kong are at $160/sf and new home prices are 55 percent above London rates. Vacancy rates are around 4 percent. The Economist’s quarterly home-price index compares prices in 21 economies. The March index placed Hong Kong property at 58% above “fair value” (defined as the long-run average ratio of prices to rents and incomes) making Hong Kong second only to Singapore as the most overvalued property market in the index.
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Chicago Pit

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The planned 150-story Chicago Spire remains a pit in the ground four years after construction stopped due to financing challenges and the global recession. The two-acre parcel on which the Spire was to be built is located in a coveted area along Lake Shore Drive and near the mouth of the Chicago River.

The now defunct Anglo Irish Bank Corp. filed a $77 million foreclosure lawsuit against Irish developer Garrett Kelleher claiming default. The Wall Street Journal reports that Kelleher paid $64 million in 2006 for the site. Last year, the city assessed the property to be worth $1.67 million and the market value is estimated to be $16.7 million. All in all, Kelleher invested as much as $150 million in the project.

Anglo Irish Bank Corp. was one of the Irish banks brought down by reckless lending in the property boom. Ireland’s National Asset Management Agency (NAMA) took on the Chicago Spire debt in 2010 from the nationalized Anglo Irish Bank Corp. and is now responsible for paying the property expenses (expected to be close to $3 million by the end of this year). NAMA owes about $82 million in principal and interest on this debt.
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According to the article, the foreclosure proceeding is complicated because it involves other players such as Lorig Construction, which is seeking $512,000 in repayments. In Illinois, mortgage holders like NAMA do not automatically have first priority to be repaid over lienholders such as Lorig. A trial would establish the order of claims. If a settlement deal is worked out without litigation, then NAMA could request a sale of the property. However, the property is still owned by Shelbourne Development (Kelleher’s firm), and his firm may resist the sale.

Bank Failures

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CoStar reports that banking regulators have closed six banks in the past two weeks. Commercial real estate exposure was a major cause of the failures. The six banks have total combined assets of $1.5 billion and they were holding $159 million in distressed commercial real estate assets at the end of 2011. The failures are expected to cost taxpayers $283 million.

In the first four months of 2012, the bank closure rate dropped to 5.5/month, compared with 7.7/month in 2011, according to data from Trepp, LLC. The FDIC expects 50 to 60 failures in 2012. In 2011, 92 banks failed and in 2010, 157 banks failed.

The fallen six:

  1. Palm Desert National Bank, California

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  2. Security Bank, Florida
  3. Harvest Bank, Maryland
  4. Bank of the Eastern Shore, Maryland
  5. Inter Savings Bank, Minnesota
  6. Plantation Federal Bank, South Carolina

DC Office Rents

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Office rents in Washington, DC range from 14.54/sf to 85.63/sf with the average at 50/sf. The vacancy rate is 16.5 percent and year-to-date net absorption is at These make the internet the best place to buy Kamagra. cost levitra Though this procedure is not very well known in category of pharmaceuticals. cialis rx is one tremendous helpful medication, proposed merely for whipping thwarting sexual trouble like erectile dysfunction. In most Check Prices sildenafil online purchase men, it is the result of stress and anxiety, it gives men a newfound sense of sexuality. In a similar story, there was another element amerikabulteni.com cheap cialis that factored into it. 272,305sf. The average time that a property remains available is 26.9 months.

*Data is from CoStar for 692 properties / 3,068 spaces in DC (05-09-2012).

Inaccurate CRE Appraisals

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The New York Times cites a report by KC Conway of Colliers International showing that commercial real estate appraisals are consistently inaccurate.

Of the 2,076 properties studied, 64 percent were appraised above the sale price by a total of $1.4 billion and 35.5 percent were appraised below the sale price by a total of $661 million. In 121 cases, the appraised value was more than double the sale price, and in 132 cases, the appraisal was less than 70 percent of the sale price.

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Retail Sector Growth in Southern India

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Hariharan Ganesan writes for the Jones Lang LaSalle Blog that continued development and improving transparency in the real estate markets of the southern Indian cities are propelling places such as Bangalore, Chennai and Hyderabad to a global status alongside Mumbai and Delhi.

The retail real estate stock in southern India grew from 1.6msf (million square feet) in 2003 to 13.2msf in the first quarter of 2012. Southern India’s share of India’s retail stock will rise to 36 percent by the end of 2016 from 20 percent in late 2011. The mall stock in the southern cities will pass the 40msf mark by late 2016 at which time the vacancy rate is projected to drop below the national average of 20.5 percent.
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As India continues to develop, real estate investment is trickling down from the first tier cities to second tier cities. In the south, this means that Kochi, Coimbatore, Vishakhapatnam and Mysore will continue to develop as secondary hubs.

CRE Construction Spending in 2011

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Construction spending in commercial real estate totaled $92.3 billion, increasing more than 12 percent from 2010, according to a NAIOP Research Foundation report authored by Stephen Fuller of George Mason University. The total economic impact of the development (pre-construction, construction and post-construction) added $261.6 billion to the GDP in 2011, compared to $231.7 billion in 2010. The increases in construction spending and activity led to 238.3 million square feet of new space – 2.5 percent more than in 2010. The new space has the capacity to house 610,000 jobs with an annual payroll of $26.8 billion.

Top Ten States in Spending for 2011 (2010 rank in parentheses):

  1. Texas (2)
  2. New York (1)
  3. West Virginia (48)
  4. California (3)

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  5. Arizona (14)
  6. Utah (26)
  7. Florida (4)
  8. Illinois (10)
  9. (tie) Massachusetts (21)
  10. (tie) North Carolina (7)

Data is from the report for the highest amounts of direct spending in all three phases of development across all sectors of commercial real estate.

High Returns in Self Storage

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Over the past decade, self storage companies provided the best risk-adjusted return among the 10 US real estate investment trust (REIT) indices, according to Bloomberg. Self storage had a risk-adjusted gain of 10.6 percent. Healthcare REITs provided a risk-adjusted return of 8.4 percent and regional mall REITs provided a risk-adjusted return of 7.5 percent in the 10 years through April. Warehouse REITs and hospitality REITs fared the worst with risk- adjusted returns of 0.8 percent.

The Bloomberg Riskless Return Ranking compares 10 of the 11 property index types within the Bloomberg REIT index (it excludes single-tenant REITs). Risk-adjusted return is not annualized and is calculated by dividing total return by volatility (or the degree of daily price variation) giving a measure of income per unit of risk. A higher volatility means the price of an asset can swing dramatically in a short period, increasing the possibility of unexpected losses.

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The U.S. had an estimated 50,048 self-storage facilities last year, up from 29,955 in 1999, according to the Self Storage Almanac.