Lancaster PA Commercial Real Estate » Universal

New Lease Accounting Rules May Affect Tenants and Landlords

thiryj — Sat, 04 Sep 2010 03:19:34 +0000

The CoStar Group reports that Northrop Grumman Corp.’s decision in July to relocate its corporate headquarters from Los Angeles to a 14-story, 334,385-square-foot building it acquired in Falls Church, VA, was a huge economic development victory for Fairfax County and the state of Virginia. But the defense contractor’s decision to buy rather than lease its headquarters building at 2980 Fairview Park Drive has also drawn renewed attention to a major international proposal that could effectively end off-balance-sheet treatment of leases.
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Lennox International Inc. plans to open a distribution center in Middletown.

thiryj — Wed, 25 Aug 2010 18:38:35 +0000

Central Pennsylvania Business Journals reports that Dallas-based Lennox International Inc. will open a distribution center in Middletown, adding 31 jobs over three years, Gov. Ed Rendell announced today.

Lennox, which manufactures and services heating, air-conditioning, refrigeration and ventilation equipment, will lease a 130,000-square-foot facility to support its operations in the northeast, the state said.Pennsylvania provided Lennox with $181,950 in incentives, including money for job training and tax credits.

Troubled commercial loan volume shrinks

thiryj — Tue, 24 Aug 2010 17:16:10 +0000

CRE news reports – The volume of loans in special servicing fell in July, for the first time in more than two years, to $88B from $88.4B in June, according to Realpoint.

But because the overall CMBS universe shrunk, the percentage of loans that are in special servicing grew to 12.75% of the universe from 12.69% in June.

A net total of 113 loans with a balance of $348.3M were removed from the special servicing rolls in July, leaving 4,585 loans in the hands of the 19 companies that specialize in working out troubled CMBS loans. While some loans were transferred to special servicing, a larger amount were resolved or worked out and transferred back to master servicing.

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Co Star’s Commercial Repeat-Sale Indices Indicates a Pause in Investing

thiryj — Fri, 06 Aug 2010 13:48:43 +0000

Commercial real estate pricing has been a tale of two worlds, with the largest metropolitan markets attracting significant institutional capital and forcing prices upward over the first two quarters of 2010, while the broader market has continued to soften, according to the first monthly CoStar Commercial Repeat-Sale Indices (CCRSI), produced by CoStar Group, Inc.

This divergence may soon change, however, with the indices, compiled over the last 10 months, now indicating a pause and softening in overall investor activity, even within the primary markets for investment- or institutional-grade property.

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New Homebuilding in Central PA Defies National Trends

thiryj — Thu, 01 Jul 2010 15:04:30 +0000

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.

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Quarryville Retirement Community Announces Expansion Plans

thiryj — Tue, 08 Jun 2010 10:09:10 +0000

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.

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Harrisburg Ranks #5 – Most Livable City by Forbes!

thiryj — Fri, 21 May 2010 11:33:41 +0000

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

April Jobs Report Show Best Gain in Four Years!

thiryj — Fri, 21 May 2010 11:30:18 +0000

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.

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The results were much better than expected. Economists surveyed by Briefing.com had forecast a gain of 187,000 jobs.

Local REIT Invests Big in Area Retail Center

thiryj — Wed, 19 May 2010 18:45:39 +0000

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.

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NAI Global Expands Loan Restructuring Capability to Assist Clients

thiryj — Sat, 08 May 2010 12:04:48 +0000

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.

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