Lancaster PA Commercial Real Estate

Mark Heschmeyer of CoStar reports that: “Distressed CRE Assets Jump 15% at Nation’s Banks”

The amount of distressed commercial real estate assets on the books of the nation’s banks and thrifts approached $60 billion as of year-end 2009. That is up from $52 billion just three months earlier, a 15% increase.  The $59.9 billion includes loans on multifamily and nonresidential income producing-properties that were 90 or more days past due, or in nonaccrual or foreclosure status.

Read the entire report at Distressed CRE Assets Jump 15% at Nation’s Banks – CoStar Group.

Recent news from Loopnet indicating bullish sentiment, contradicting gloomy news from other quarters:

Mar 16, 2010 – CRE News

Investor’s confidence that commercial real estate markets will rebound are on the rise, and capitalization rates for property transactions are declining.

So says the latest Korpacz Real Estate Investor Survey, which gauges the sentiments of REITs, pension funds, mortgage bankers, developers, insurers and other institutional investors.

The survey, conducted by PricewaterhouseCoopers, found a general sense that sales activity this year will be greater than in 2009, but remain below the levels in the years immediately before the recession. Property fundamentals, meanwhile, will not improve significantly, but the deterioration in occupancy levels and rental rates will ease throughout the year.

read the rest of the story at Commercial Real Estate News.

Rachel Irving from CoStar reports:  The Shoppes at Landis Valley to Break Ground in the Fall

LMS Commercial Real Estate purchased 9.2 acres in Lancaster, PA, for $5.45 million, or $587,000 per acre, for redevelopment. BJP Associates Inc. sold the property, located at 2363 Oregon Pike, after being under contract for approximately 18 months.

The new project, known as The Shoppes at Landis Valley will consist of three retail outparcels and more than 30,000 square feet of office and retail space.  The property currently contains a former Quality Inn and Suites, which is scheduled to be demolished.  New construction is slated to begin in the fall.

Both parties were represented in-house in the deal.

Please refer to CoStar COMPS # 1874678 for more information on this transaction.

via LMS Commercial Plans Redevelopment in Lancaster – CoStar Group.

NAI Global climbed from 7 to 4 in the 2010 Lipsey Commercial Real Estate Top Brands Survey.
Lipsey Brand Survey 2010