In December 2010, ProLogis announced it had entered into an agreement to sell a group of U.S. retail, mixed-use and ground lease assets from its Catellus Development Corp. portfolio to affiliates of TPG Capital for approximately $505 million, and now the first phase of the deal has closed. The total consideration for the first tranche was $353 million.
ProLogis CEO Walter Rakowich noted that the Catellus assets are high-quality with good long-term prospects, but are not in keeping with corporate strategy of concentrating on core industrial properties.
As per the agreement, ProLogis will retain a preferred equity interest in Catellus–which the global distribution facilities provider acquired in 2005 in a $5.5 billion merger–totaling approximately $70 million; $55 million of that total was included in the recent closing. The Read Article…
Extreme sports fisherman and TV presenter Matt Watson, the man who shot to fame catching a marlin with his bare hands and went on to establish a popular TV show, is putting the home where it all began on the market.
The three bedroom Bay of Islands home is being marketed by Bayleys – with an auction for the property taking place on Wednesday March 25.
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New delinquencies and foreclosure starts continued to fall in January, but increases in foreclosure processing and sales were not enough to offset swelling foreclosure inventories or lengthening foreclosure timelines.
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The high number of properties under residential and land foreclosure listings in Mecklenburg County, North Carolina, had a huge impact on real estate sales in the region in 2010. Despite the decline in the percentage of real estate sales accounted for by distressed properties last year, the figure remained high.
Properties under listing of foreclosure in Charlotte and in the rest of Mecklenburg accounted for 17% of the total number of residential properties sold in the area in 2010. A total of 2,160 foreclosed homes were purchased by buyers last year in the county, with the average selling price of foreclosures in the region pegged at $135,956.
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Q: What are the pro and cons to purchasing condos versus co-ops? – Anonymous A: The difference between a co-op and a condo is that with a condo, you own that specific piece of property and you do not need anyone’s permission to buy it. With a co-op, you own a percentage of the building – kind of like shares of stock in a company. More important, co-ops are more exclusive. Potential owners have to be voted into the building before they can buy. The pro is that you can pick your neighbors. The con is that when you go to sell, the board has to approve the new buyer, which can delay the sale of your co-op.
A: Condo Pros – sense of community and safety, interaction w/neighbors, association which manages some of the building repairs/maintenance. Condo C
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The National Association of Realtors has released its latest Commercial Real Estate Outlook report, and the organization anticipates increasing improvement across the board for the national commercial real estate market.
There was overbuilding in just about every sector of commercial real estate in the few years leading up to the market’s peak in 2007, but construction activity has long since tapered off, which is making all the difference. NAR chief economist Lawrence Yun noted that very limited commercial construction over the past few years has fixed the supply of available space, meaning vacancy rates could tumble quickly.
Among the office, industrial, retail and multi-family sectors, the office sector is presently suffering the most. W Read Article…