newsobserver.com Sun Life of Canada buys N. Raleigh office buildings: "Sun Life Assurance Co. of Canada paid a California investment group $34.7 million for five North Raleigh office buildings -- the latest in this year's parade of Triangle office property sales"
Castle & Cooke took advantage of the strong momentum in the Raleigh market and cashed out of 170,000 square feet.
Deal Highlights as reported by the N&O Include:
- $21.9 million, or $129 per square foot, for the 170,000-square-foot Landmark Center at 4601 Six Forks Road.
-88% occupancy
-$12.8 million, or $103 per square foot, for four buildings totaling about 124,350 square feet on Six Forks Road at Horizon Drive.
-83% occupancy
Did I mention I love Raleigh.
Thursday, November 30, 2006
Tuesday, November 28, 2006
Downtown Sheraton Sold for $42M
Hotel Industry News :: Hotel News Resource: "'At a price of approximately $118,000 per key including approximately $5 million in upgrades required by Starwood as a result of the acquisition, we felt it was a very attractive opportunity "
Innkeepers USA Trust, a publicly traded hotel REIT, announced today that it has acquired a 49% interest in the 355-room Sheraton Capital Hotel in Raleigh.
Deal highlights include:
$8.5M cash funded from an unsecured line of credit
$33.5M in debt at LIBOR plus 285 basis points that matures in Nov 09
I love Raleigh.
Innkeepers USA Trust, a publicly traded hotel REIT, announced today that it has acquired a 49% interest in the 355-room Sheraton Capital Hotel in Raleigh.
Deal highlights include:
$8.5M cash funded from an unsecured line of credit
$33.5M in debt at LIBOR plus 285 basis points that matures in Nov 09
I love Raleigh.
Monday, November 27, 2006
Highwoods Hits All-time High
newsobserver.com Deal shows hunger for REITs:
As mentioned earlier here. The recent private equity interest in commercial real estate is a very bullish signal for our local Triangle market, which by national standards is seen as a value. Investors are attracted to our competitive cap rates and they enjoy better pricing per square foot than in most tier one markets.
"'The fact that Equity Office could be taken private means no REIT is safe,' said Morningstar analyst Arthur Oduma. 'That obviously excites investors who own REITs.'"
As mentioned earlier here. The recent private equity interest in commercial real estate is a very bullish signal for our local Triangle market, which by national standards is seen as a value. Investors are attracted to our competitive cap rates and they enjoy better pricing per square foot than in most tier one markets.
"'The fact that Equity Office could be taken private means no REIT is safe,' said Morningstar analyst Arthur Oduma. 'That obviously excites investors who own REITs.'"
Wednesday, November 22, 2006
More on the Blackstone Deal
RealEstateJournal What Blackstone Bet Means For Real-Estate Investors:
Personal finance guru Clark Howard is advising to steer clear of REITs because they've become too pricey, but big private equity begs to differ. They obviously think there is more upside in at least one giant office REIT.
"despite a 29% increase in REIT shares so far this year. It also dispels the theory that some real-estate investment trusts are too big to buy out, said Keven Lindemann, real-estate group director at SNL Financial, a research outfit in Charlottesville, Va. "
This group appears to know what they are doing...
"Blackstone's office-sector buying spree is in some respects similar to one it went on in the hotel industry from May 2004 to this February. Blackstone bought into that industry's recovery, taking $8 billion of public hotel companies ($15 billion including debt) private and wagering that revenue per available room and occupancy would rise. So far, the investment has paid off. The hotel industry set a record for profitability in 2005 and is expected to do so again each year through 2008, according to projections by PricewaterhouseCoopers."
I expect this news is making shareholders of Highwoods smile.
Personal finance guru Clark Howard is advising to steer clear of REITs because they've become too pricey, but big private equity begs to differ. They obviously think there is more upside in at least one giant office REIT.
"despite a 29% increase in REIT shares so far this year. It also dispels the theory that some real-estate investment trusts are too big to buy out, said Keven Lindemann, real-estate group director at SNL Financial, a research outfit in Charlottesville, Va. "
This group appears to know what they are doing...
"Blackstone's office-sector buying spree is in some respects similar to one it went on in the hotel industry from May 2004 to this February. Blackstone bought into that industry's recovery, taking $8 billion of public hotel companies ($15 billion including debt) private and wagering that revenue per available room and occupancy would rise. So far, the investment has paid off. The hotel industry set a record for profitability in 2005 and is expected to do so again each year through 2008, according to projections by PricewaterhouseCoopers."
I expect this news is making shareholders of Highwoods smile.
Tuesday, November 21, 2006
Blackstone Deal Bodes well for Highwoods
Update -- Zell Sells For $36B - Forbes.com: "(The) transaction supports UBS' Real Estate Investment Trust thesis that current valuations seem reasonable given direct bid for real estate and relative ease of purchasing REITs at perceived discounts versus aggregating portfolios piecemeal, particularly given leverage in these types of transactions," James Feldman, an analyst at UBS Investment Research, said in a report.
Beta Center offices sell for $17.3 million
newsobserver.com Beta Center offices sell for $17.3 million: "The David Associates of West Palm Beach, Fla., paid $17.3 million, or $112 per square foot, for the Beta Center offices, at 5151 and 5171 Glenwood Ave. in northwest Raleigh."
Monday, November 20, 2006
Raleigh, Cary, Durham in Another Top 10
bizjournals: Rank for all Sunbelt metros
Yet another publication, yet another accolade. This time it's the South's Comfiest Cities.
Yet another publication, yet another accolade. This time it's the South's Comfiest Cities.
Tuesday, November 14, 2006
Local Folks Weigh in on Boone Redo
newsobserver.com Neighbors speak on Boone parcel:
"I'm either going to have to leave Hillsborough or retire"
AAC has big plans for this Raleigh suburb. I think it will be interesting to see if they over do it.
"I'm either going to have to leave Hillsborough or retire"
AAC has big plans for this Raleigh suburb. I think it will be interesting to see if they over do it.
Raleigh Ready for Roundabouts?
newsobserver.com Raleigh proposal calls for roundabouts
"We want it [Hillsborough Street] to be a place to drive to, not to drive through"
It will be interesting to see if this remedy works for Hillsborough Street. I think we all agree it needs to be improved. Some think this is a mistake, and that the streets should be widened and pedestrian traffic shifted to tunnels and bridges. What do you think?
"We want it [Hillsborough Street] to be a place to drive to, not to drive through"
It will be interesting to see if this remedy works for Hillsborough Street. I think we all agree it needs to be improved. Some think this is a mistake, and that the streets should be widened and pedestrian traffic shifted to tunnels and bridges. What do you think?
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