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Mid-Atlantic Commercial Real Estate NewsMorningstar analyst Todd Lukasik expects a flurry of purchase activity in the commercial real estate space, starting now and then intensifying in 2011 and 2012.
It’s not so much that the commercial real estate market is healthy, but rather that there will be massive amounts of distressed properties as many property owners’ untenable debt burdens come debt.
Tags: commercial real estate, investors, Purchases
Central PA Business Journal reports that new homebuilding in Central Pennsylvania is defying the rest of the nation’s fallout, said Dave Thompson, president of the Homebuilders Association of Metropolitan Harrisburg.
The number of new house sales dropped 33 percent in May compared with April, the U.S. Commerce Department said Wednesday. Economists pointed fingers at the end of the federal first-time and second-time homebuyer tax credit program that stopped April 30 for the decline.
Click here to read the full article.
Tags: homebuilding, new construction
Central Pennsylvania Business Journal reports that a Texas real estate management and development company has its sights set on more Central Pennsylvania warehouse acquisitions, an executive said today.
Dallas-based Hillwood Investment Properties is actively surveying the market to add smaller vacant warehouses to its midstate portfolio, Senior Vice President Gary Frederick said. “It’s a very stable and consistent distribution market because of its proximity to most of the northeast population,” he said.
Click here to read the full article
Tags: commercial real estate, investors, warehouse
A southern Lancaster County retirement community plans to break ground Friday on an expansion that will nearly triple its footprint and add independent-living options.
Quarryville Presbyterian Retirement Community is beginning Great Rock, a $42 million, 36-acre project that is likely to stretch over the coming decade, said President and CEO Robert Hayward.
Click here to read entire article.
Business and civic leaders in the Harrisburg-Carlisle metropolitan area are delighted it was recently named the fifth most livable region in the nation, and all said the region must keep striving to enhance its attractiveness to businesses, residents and visitors.
Source: Central Penn Business Journal
Tags: Central PA, Harrisburg, quality of life
CNNMoney.com reports another sign that the recovery in the U.S. economy is taking hold, employers added significantly more jobs to payrolls in April, according to a government report released Friday.
There was a gain of 290,000 jobs in the month, up from a revised 230,000 jobs added in March. It was the largest number of jobs added to the labor force since March 2006.
Click here to read full article.
The results were much better than expected. Economists surveyed by Briefing.com had forecast a gain of 187,000 jobs.
Cedar Shopping Centers Inc. said on Tuesday it has entered a joint-venture agreement to purchase a shopping center in Berks County for $53 million.
The 361,000-square-foot Exeter Commons occupies 37 acres in Exeter Township. Construction was completed in 2009.
The agreement is a joint venture between Cedar and RioCan Real Estate Investment Trust, a Canadian firm. The deal, which is expected to close by Aug. 1, involves New York-based Cedar as the manager of the property.
Click here to read full article.
Tags: commercial real estate, Retail, retail shopping center
NAI Global, the world’s premier managed network of commercial real estate firms and one of the largest real estate services providers worldwide, and Chesterfield Faring Ltd., a leading real estate restructuring group, today announced a joint venture to assist clients in need of financial restructurings.
Click here to read the full article:
Tags: commercial, Lending, nai global
John Thiry provides the Lancaster, PA commercial listing brochure as a courtesy to his clients:
Lancaster PA commercial listings – 2010 Spring
Tags: commercial real estate
CoStar reports that large scale commercial property foreclosure meltdown appears unlikely:
First Quarter Bank Results: Potential for CRE Armageddon Fading
Weakness, Trouble Remain but Healthy Lenders Could Carry CRE Markets to Better Days
By Mark Heschmeyer
April 28, 2010
Although first quarter results of U.S. bank holding companies across the country are unmistakably downbeat about the short-term outlook for commercial real estate in general, and their portfolios in particular, they also hint at a growing sense that the problems are working themselves out.
For starters, banks generally reported that troubled loan assets were systematically moving through their books. For example, older construction loans on commercial developments and owner-occupied properties were being shifted to term loans, giving borrowers a chance to work through slow cash flow periods.
Read the full article: First Quarter Bank Results: Potential for CRE Armageddon Fading – CoStar Group.
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