Lancaster PA Commercial Real Estate

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.
To read the entire article, click here.

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.

To read the entire article, click here.

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.

To read the full article, click here

Commercial Real Estate Acquisitions Expected to Increase through 2012

thiryj — Wed, 14 Jul 2010 14:09:37 +0000

Morningstar 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.

Click here to read the entire article.

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.

Click here to read the full article.

Texas Investors Survey Central PA for Warehouse Space

thiryj — Thu, 01 Jul 2010 14:57:24 +0000

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

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.

Click here to read entire article.

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.

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.