Commercial & Residential Property Blog

Carlton Advisory Services Inc. has been retained to bid more than $300 million of hospitality, multifamily, office, retail and land assets, according to Carlton Chairman Howard L. Michaels. The majority of the assets are located in Florida, with the remainder located in California, Virginia, Missouri, Minnesota, Nevada, S. Carolina and Tennessee.

A new pocket guide co-published by the National Association of Home Builders (NAHB) and the International Code Council® (ICC) provides critical answers to the most frequently asked residential construction jobsite code questions.

Capital Senior Living Corporation, one of the country’s largest operators of senior living communities, announced today that Midwest Portfolio Holdings II, LP, a joint venture in which it holds a 15% partnership interest, has entered into an agreement to sell three senior living communities to Health Care REIT, Inc. Upon closing the transaction, the Company will lease the communities from HCN. The Company currently manages the three communities in the joint venture under long-term management agreements.

Essex Property Trust, Inc. (NYSE: ESS), a fully integrated Real Estate Investment Trust (REIT) that invests in apartment communities located in highly desirable, supply-constrained markets, announced today that the Company has entered into a venture to acquire Essex Skyline at MacArthur Place, a 349-unit high rise condominium project in Santa Ana, California for $128 million.

Based General Growth Properties Inc. may be able to sidestep Simon Property Group and other unwanted suitors under a formal proposal made on Monday by Fairholme Capital Management L.L.C., one of its largest unsecured creditors, and Pershing Square Capital Management, one of GGP’s largest equity holders and a significant unsecured creditor as well. Under the terms of the deal, Fairholme and Pershing Square would commit $3.925 billion of new equity capital at a value of $15 per share to facilitate the company’s emergence from bankruptcy.

Inland Real Estate Acquisitions Inc. has completed a $424 million acquisition of 16 shopping centers comprising 3.5 million square feet. The acquisition was made from a joint venture between TIAA-CREF and Developers Diversified Realty.

With rent prices down and landlords doling out concessions, now is a wise time to literally make a move, and Peerless Industries Inc. is doing just that. The Melrose, Ill.-based audio/visual mounting solutions manufacturer will relocate its headquarters to a 307,800-square-foot warehouse facility in Aurora, Ill., under a lease agreement that allows the company to acquire the property after one year.

Venice, Calif.–Hendricks & Partners participated in the sale of an ocean front site, located at 305-309 South Ocean Front Walk in Venice, Calif. The ocean front property sold for full price and closed all-cash in 16 business days.

New York–Multifamily properties in the U.S. could begin stabilizing in certain markets later this year, according to Fitch Ratings.

The ratings agency, which has a negative outlook on the sector, predicts that multifamily vacancies are likely to peak at 8.9 percent later this year. Those markets that will be the healthiest for multifamily properties are likely to be metropolitan areas where unemployment rates are leveling off, and job formation may begin to take hold, according to Mary MacNeill, a managing director in Fitch’s CMBS group.

NEW YORK, NY – The velocity of real estate transactions is expected to improve in 2010, with property pricing to stabilize as liquidity returns to the markets and as the capital markets play a role in recapitalizing the industry, according to FTI Schonbraun McCann Group, the real estate advisory practice of FTI Consulting, Inc.