Toyota Kills US-Built Prius | Hybrid Cars
A auto-manufacturing plant is a huge coup for a southern state. It brings jobs, jobs, jobs both directly and in support industries and generally means long-term prosperity to a region.
A Toyota plant is even a bigger win because the product is so highly regarded and enjoys so much brand loyalty. But in this market, nothing is safe. Even with the plant nearing completion, Toyota has decided to put it all on hold.
Mississippi's Prius Plant was put on hold indefinitely. Ouch
Tuesday, December 16, 2008
Thursday, December 11, 2008
BAC Swings Ax Again
BBC NEWS | Business | Bank of America cuts 30,000 jobs
In another sign of the times... BAC cuts 30,000 jobs.
According to Jack Welch a corporation should cut the bottom 10% of the force periodically. This is about 11% of BACs worldwide force.
It will be interesting to see if this stock can recover at a faster or slower pace than the market.
In another sign of the times... BAC cuts 30,000 jobs.
According to Jack Welch a corporation should cut the bottom 10% of the force periodically. This is about 11% of BACs worldwide force.
It will be interesting to see if this stock can recover at a faster or slower pace than the market.
Thursday, December 04, 2008
"Most Admired" 1031 Exchange Accomodator Goes Under
Another Blow to Faltering 1031 Real Estate Industry - CoStar Group
Further evidence of how "low and no" regulation is rocking the US economy. The 1031 Exchange is widely used as a way to defer taxes on the sale of property. Typically the exhanger sells property and has 45 days to identify a replacement property and 180 days to close on that new property without suffering any tax consequence. The money from the sale of the first property must be held in escrow by an exchange accomodator for the 1031 exchange to be legal. Surprisingly there are NO LICENSING REQUIREMENTS TO BE an exchange accomodator. Your barber is subject to more oversight!
Now many folks risk not only losing there tax deferred treatment but losing the funds from the sales as well.
Wake up America!
exerpted:
LandAmerica Financial Group Inc., Fortune magazine’s number one Most Admired Company in the mortgage services industry in 2007, shut down operations....
Further evidence of how "low and no" regulation is rocking the US economy. The 1031 Exchange is widely used as a way to defer taxes on the sale of property. Typically the exhanger sells property and has 45 days to identify a replacement property and 180 days to close on that new property without suffering any tax consequence. The money from the sale of the first property must be held in escrow by an exchange accomodator for the 1031 exchange to be legal. Surprisingly there are NO LICENSING REQUIREMENTS TO BE an exchange accomodator. Your barber is subject to more oversight!
Now many folks risk not only losing there tax deferred treatment but losing the funds from the sales as well.
Wake up America!
exerpted:
LandAmerica Financial Group Inc., Fortune magazine’s number one Most Admired Company in the mortgage services industry in 2007, shut down operations....
DRA Sells Raleigh Multifamily for $17M - CoStar Group
DRA Sells Raleigh Multifamily for $17M - CoStar Group
exerpted:
DRA Advisors sold the Midtown Crossing apartment complex at 317 Lynn Road in Raleigh, NC, to Eliason 1031 Properties Corp. for $17.75 million, or about $78,000 per unit.
The 120,000-square-foot complex is comprised of 12 buildings and 228 units. It includes a fitness center, swimming pool, business center and car-care facility.
Blake Oakland and Dean Smith of Apartment Realty Advisors represented the seller, while the buyer was self-represented.
exerpted:
DRA Advisors sold the Midtown Crossing apartment complex at 317 Lynn Road in Raleigh, NC, to Eliason 1031 Properties Corp. for $17.75 million, or about $78,000 per unit.
The 120,000-square-foot complex is comprised of 12 buildings and 228 units. It includes a fitness center, swimming pool, business center and car-care facility.
Blake Oakland and Dean Smith of Apartment Realty Advisors represented the seller, while the buyer was self-represented.
Friday, October 31, 2008
Sandreuter Buys Land for Edison Towers
newsobserver.com | Investors buy downtown site for four-tower building
Edison Land, LLC bought 2.68 acres for $12.1M ($103/sf) across the street from Highwoods new RBC tower.
Deal Summary:
-$3.7M from Oakland Capital in Charlotte
-$5.6M debt from BAC
-$2.8M seller financing from Progress Energy
Edison Land, LLC bought 2.68 acres for $12.1M ($103/sf) across the street from Highwoods new RBC tower.
Deal Summary:
-$3.7M from Oakland Capital in Charlotte
-$5.6M debt from BAC
-$2.8M seller financing from Progress Energy
Thursday, October 16, 2008
Lafayette Village ~ North Raleigh, NC
Lafayette Village ~ North Raleigh, NC
What's this? Debt capital? The crisis has defintely hit NC but here's a sign of the bullishness that still permeats the region.
Paul Bronson and a group of "inexperienced retail developers" have secured a $15.9M loan to build out this $20M project in N Raleigh.
In Jack Hagel's N&O article Bronson talks about being selective on his tenant mix:
"It's kind of like when you have a cashmere jacket and a cheap tie," Bronson says. "It just doesn't look right. I can't have burger smell wafting through my plaza."
This may be the most gutsy development in the Triangle. Going after 73,000SF of boutigue shops with $26/SF space. That's a lot of coffee, chocolate, cafe's and hair-dos. There are tons of cheaper options for retailers not to mention the expectation that recession fears will hurt high-end retailers in 2009.
Great location, great concept, I hope they can overcome the tough timing.
What's this? Debt capital? The crisis has defintely hit NC but here's a sign of the bullishness that still permeats the region.
Paul Bronson and a group of "inexperienced retail developers" have secured a $15.9M loan to build out this $20M project in N Raleigh.
In Jack Hagel's N&O article Bronson talks about being selective on his tenant mix:
"It's kind of like when you have a cashmere jacket and a cheap tie," Bronson says. "It just doesn't look right. I can't have burger smell wafting through my plaza."
This may be the most gutsy development in the Triangle. Going after 73,000SF of boutigue shops with $26/SF space. That's a lot of coffee, chocolate, cafe's and hair-dos. There are tons of cheaper options for retailers not to mention the expectation that recession fears will hurt high-end retailers in 2009.
Great location, great concept, I hope they can overcome the tough timing.
Monday, October 13, 2008
Wall Street explodes in historic one-day surge
Wall Street explodes in historic one-day surge - Stocks & economy- msnbc.com
exerpted.
Wall Street stormed back from last week's devastating losses Monday, sending the Dow Jones industrials soaring a nearly inconceivable 936 points after major governments' plans to support the global banking system reassured distraught investors. All the major indexes rose more than 11 percent
exerpted.
Wall Street stormed back from last week's devastating losses Monday, sending the Dow Jones industrials soaring a nearly inconceivable 936 points after major governments' plans to support the global banking system reassured distraught investors. All the major indexes rose more than 11 percent
Friday, October 10, 2008
Tuesday Morning Coming to Knightdale - CoStar Group
Tuesday Morning Coming to Knightdale - CoStar Group
excerpted...
Tuesday Morning Coming to Knightdale
Retailer Takes 8,450 SF for New Store at Knightdale Crossing
Upscale closeout retailer Tuesday Morning signed a five-year lease to occupy 8,450 square feet at Knightdale Crossing in Knightdale, NC. This will be Tuesday Morning's first store in Knightdale.
The 63,547-square-foot retail center was constructed in 1986 and is anchored by Peak Fitness. It is at the southwest corner of Knightdale Blvd. and N. Smithfield Road in the Northeast Wake County submarket.
Mike Peebles of Peebles Commercial Realty represented the landlord, Income Properties of Raleigh, while Jim Clark of Equity & Investors Management represented the tenant.
excerpted...
Tuesday Morning Coming to Knightdale
Retailer Takes 8,450 SF for New Store at Knightdale Crossing
Upscale closeout retailer Tuesday Morning signed a five-year lease to occupy 8,450 square feet at Knightdale Crossing in Knightdale, NC. This will be Tuesday Morning's first store in Knightdale.
The 63,547-square-foot retail center was constructed in 1986 and is anchored by Peak Fitness. It is at the southwest corner of Knightdale Blvd. and N. Smithfield Road in the Northeast Wake County submarket.
Mike Peebles of Peebles Commercial Realty represented the landlord, Income Properties of Raleigh, while Jim Clark of Equity & Investors Management represented the tenant.
Monday, October 06, 2008
BAC: Huge News all Piled Together
Finally, Relief for Homeowners: BofA Settles Predatory Lending Suit: Tech Ticker, Yahoo! Finance
1. Agrees to $8.6B predatory lending settlement
2. Announces earnings of $0.15 (68% below estimates)
3. Announces 50% cut in dividend
4. Will issue $10B in new common stock
I knew it was too ambitious to expect them to maintain the dividend.
1. Agrees to $8.6B predatory lending settlement
2. Announces earnings of $0.15 (68% below estimates)
3. Announces 50% cut in dividend
4. Will issue $10B in new common stock
I knew it was too ambitious to expect them to maintain the dividend.
Cramer Predicts the Future
James J. Cramer on the Future of Wall Street After the Great Nationalization -- New York Magazine
Here's a great article on this bail out business by the Mad Money man Jim Cramer.
He's been calling for an 8300 DJIA and appears to be right.
Buy on the rumor, sell on the news.
Here's a great article on this bail out business by the Mad Money man Jim Cramer.
He's been calling for an 8300 DJIA and appears to be right.
Buy on the rumor, sell on the news.
Monday, September 29, 2008
Blood in the Streets Dow off 777
Bloomberg.com: Exclusive
Wachovia is sold to Citigroup in a deal brokered by the FDIC
The Dow drops over 777 points. The largest one day point loss in history as Congress rejects Paulson's 700B bail out plan.
Ironically Campbell's soup was higher.
Wachovia is sold to Citigroup in a deal brokered by the FDIC
The Dow drops over 777 points. The largest one day point loss in history as Congress rejects Paulson's 700B bail out plan.
Ironically Campbell's soup was higher.
Friday, September 26, 2008
Monday, September 22, 2008
Keystone, Bozzuto pull trigger on Centennial Campus projects
Keystone, Bozzuto pull trigger on Centennial Campus projects - Triangle Business Journal:
excerpted:
Keystone Corp. of Durham is close to signing a long-term lease with the university for a 3-acre parcel at the northwest corner of Varsity Drive and Main Campus Drive, where the company plans to build a 70,000-square-foot laboratory building.
The Bozzuto Group of Greenbelt, Md., is close to signing a lease for a 7-acre site on Main Campus Drive for up to 300 apartment units that will be marketed to the general public and not as student housing.
excerpted:
Keystone Corp. of Durham is close to signing a long-term lease with the university for a 3-acre parcel at the northwest corner of Varsity Drive and Main Campus Drive, where the company plans to build a 70,000-square-foot laboratory building.
The Bozzuto Group of Greenbelt, Md., is close to signing a lease for a 7-acre site on Main Campus Drive for up to 300 apartment units that will be marketed to the general public and not as student housing.
NCSU moving forward with $180M engineering buildings
NCSU moving forward with $180M engineering buildings - Triangle Business Journal:
excerpted:
When all the dollars are added up, the new NCSU College of Engineering will have been built for a projected $307.5 million.
Martin-Vega has identified the Georgia Institute of Technology, better known as Georgia Tech, as NCSU’s model. The engineering schools at NCSU and Georgia Tech were considered peers in the 1980s. But Georgia Tech over the years has built new facilities and added faculty to the point that it has pulled away from NCSU in national rankings,
excerpted:
When all the dollars are added up, the new NCSU College of Engineering will have been built for a projected $307.5 million.
Martin-Vega has identified the Georgia Institute of Technology, better known as Georgia Tech, as NCSU’s model. The engineering schools at NCSU and Georgia Tech were considered peers in the 1980s. But Georgia Tech over the years has built new facilities and added faculty to the point that it has pulled away from NCSU in national rankings,
Friday, September 19, 2008
The Don of Donations - WSJ.com
The Don of Donations - WSJ.com
Great WSJ article on some of the most expensive real estate in Raleigh...Carter-Finley Stadium.
"Carter-Finley Stadium in Raleigh, N.C., is a tribute to the earning power of big-time college athletics. Since 2000, the school has added over $100 million in improvements, including a four-story tower with luxury suites and a football-operations center that houses three swimming pools, a weight room and a 3,500-square-foot player lounge."
Great WSJ article on some of the most expensive real estate in Raleigh...Carter-Finley Stadium.
"Carter-Finley Stadium in Raleigh, N.C., is a tribute to the earning power of big-time college athletics. Since 2000, the school has added over $100 million in improvements, including a four-story tower with luxury suites and a football-operations center that houses three swimming pools, a weight room and a 3,500-square-foot player lounge."
Wednesday, September 17, 2008
Okay - So Greed Ain't Good
FT.com / Columnists / John Gapper - This greed was beyond irresponsible
"Warren Buffett warned in 2003 that derivatives were “financial weapons of mass destruction” and that, while the Federal Reserve system was created in part to prevent financial contagion, “there is no central bank assigned to the job of preventing the dominoes toppling in insurance or derivatives”.
AIG Financial Products arm assessed the risks of insuring CDOs. It ran all the data and decided that, in the worst case, it risked losing $2.4bn on the portfolio.
Well, $24bn of write-downs later – a mere 10 times its maximum estimate – the company has burned through its equity, spread financial chaos to all corners of the earth and humiliated the US Treasury."
"Warren Buffett warned in 2003 that derivatives were “financial weapons of mass destruction” and that, while the Federal Reserve system was created in part to prevent financial contagion, “there is no central bank assigned to the job of preventing the dominoes toppling in insurance or derivatives”.
AIG Financial Products arm assessed the risks of insuring CDOs. It ran all the data and decided that, in the worst case, it risked losing $2.4bn on the portfolio.
Well, $24bn of write-downs later – a mere 10 times its maximum estimate – the company has burned through its equity, spread financial chaos to all corners of the earth and humiliated the US Treasury."
Tuesday, September 16, 2008
BofA's "Deal of a Lifetime"
newsobserver.com | Bank of America shares dive after Merrill Lynch deal
Bank of America shares are down 20% on the announcement that they will throw a life raft to the sinking USS Merrill Lynch. Just when I thought BAC had survived this credit crisis, they take on more risk.
Bank of America shares are down 20% on the announcement that they will throw a life raft to the sinking USS Merrill Lynch. Just when I thought BAC had survived this credit crisis, they take on more risk.
Waverly Place on Hold
newsobserver.com | Credit crisis snarls Waverly Place
Todd Zapolski's plan to redevelop Waverly Place in Cary is on hold until the debt starts flowing again.
Todd Zapolski's plan to redevelop Waverly Place in Cary is on hold until the debt starts flowing again.
Tuesday, September 09, 2008
Wilmington is First in US to go Digital
newsobserver.com | Wilmington pulls plug on old-fashioned TV
-coastal city volunteers to be test market for national conversion
-rest of US will convert on 2/17/09
-only 8% of 180,000 TV households still use analog and will have to get a digital set
-gov coupons for converter boxes available at www.dtv2009.gov
-TW Cable gains flood of new customers
-coastal city volunteers to be test market for national conversion
-rest of US will convert on 2/17/09
-only 8% of 180,000 TV households still use analog and will have to get a digital set
-gov coupons for converter boxes available at www.dtv2009.gov
-TW Cable gains flood of new customers
Monday, September 08, 2008
WSJ: Dell could sell off Winston-Salem plants
WSJ: Dell could sell off Winston-Salem plants - Triangle Business Journal:
It appears $300M in incentives was not enough to make Dell successful here.
It appears $300M in incentives was not enough to make Dell successful here.
Thursday, September 04, 2008
Apartment Sales Approach Record
newsobserver.com | Investors favor apartments near jobs
Almost $900 million in Triangle apartment transactions have closed this year -- surpassing last year's total by 12 percent and en route to matching the record $1.05 billion set in 2006
Almost $900 million in Triangle apartment transactions have closed this year -- surpassing last year's total by 12 percent and en route to matching the record $1.05 billion set in 2006
Wednesday, September 03, 2008
Big Ed Lead Forum Deal
Highwoods CEO led talks in purchase of Forum complex - Triangle Business Journal:
Good summary of the Forum transaction.
Good summary of the Forum transaction.
Implus Footcare moving to Durham
newsobserver.com | Implus Footcare moving to Durham
Implus Footcare has signed a 10-year lease for a new 262,940-square-foot headquarters and distribution center at 2001 T.W. Alexander Drive in Durham.
Implus Footcare has signed a 10-year lease for a new 262,940-square-foot headquarters and distribution center at 2001 T.W. Alexander Drive in Durham.
Raleigh council gives Hillsborough developer an extension
Raleigh council gives Hillsborough developer an extension - Triangle Business Journal:
What's good for Greg is good for David.
Sorry Russell, these guys must have some awesome cred.
What's good for Greg is good for David.
Sorry Russell, these guys must have some awesome cred.
Triangle Lands Homeland Security Gigs worth over $22M
Centers to study U.S. security: RTP, UNC-CH sites hailed as putting area at front of homeland security efforts
It is a collaboration of RTI International, Duke University, UNC-Chapel Hill and the N.C. Military Foundation.
RTI - $7.5M contract studying how social science and policy-making can fight terrorism and improve homeland defense in other ways.
Duke - The new “Solutions” institute will be housed at Duke University, WRAL News was told.
UNC-CH - The Department of Homeland Security grant for that center, which will study natural disasters in coastal areas, is worth at least $2.5 million a year for six years.
"If you look around the country, there are many industrial parks, there are many universities and several research parks, but it's been my experience that no state puts it together as well as North Carolina can," he said. "We wanted the best of the best in these two cases, and we've picked very well. And these aren't short-term commitments."
It is a collaboration of RTI International, Duke University, UNC-Chapel Hill and the N.C. Military Foundation.
RTI - $7.5M contract studying how social science and policy-making can fight terrorism and improve homeland defense in other ways.
Duke - The new “Solutions” institute will be housed at Duke University, WRAL News was told.
UNC-CH - The Department of Homeland Security grant for that center, which will study natural disasters in coastal areas, is worth at least $2.5 million a year for six years.
"If you look around the country, there are many industrial parks, there are many universities and several research parks, but it's been my experience that no state puts it together as well as North Carolina can," he said. "We wanted the best of the best in these two cases, and we've picked very well. And these aren't short-term commitments."
Tuesday, September 02, 2008
Triangle apartment community sold to Louisville's NTS for $39M
Triangle apartment community sold to Louisville's NTS for $39M - Triangle Business Journal:
Highlights:
Property: Courtney Estates, 300 unit garden style apartments
Location: near RTP, I40 and I540 interchange
Buyer: NTS Realty Holdings
Seller: Courtney Estates Holdings, LLC
Price: $39M or $130K per unit
Closing: expected on 26 Oct 08
Note:
Louisville-based NTS owns 12 multifamily properties, seven office buildings and business centers and three retail properties in Indiana, Kentucky, Florida, Georgia, Tennessee, Virginia and North Carolina.
Highlights:
Property: Courtney Estates, 300 unit garden style apartments
Location: near RTP, I40 and I540 interchange
Buyer: NTS Realty Holdings
Seller: Courtney Estates Holdings, LLC
Price: $39M or $130K per unit
Closing: expected on 26 Oct 08
Note:
Louisville-based NTS owns 12 multifamily properties, seven office buildings and business centers and three retail properties in Indiana, Kentucky, Florida, Georgia, Tennessee, Virginia and North Carolina.
UNC to launch Business Incubator
UNC approves design for Carolina North's Innovation Center - Triangle Business Journal:
Alexandria will build and operate UNC's 85,000 SF business incubator.
Alexandria will build and operate UNC's 85,000 SF business incubator.
Monday, September 01, 2008
Horizon Realty buys Raleigh student apartments for $21M
Horizon Realty buys Raleigh student apartments for $21M - Triangle Business Journal:
There are 156 units in the complex. The property also includes a 4,000-square-foot clubhouse.
Reed Cos., a Florida developer of student housing, was the seller for the complex, built in 2003. According to its Web site, that company owns no other apartment properties in the Triangle.
The purchase of Village Green gives Horizon three student-housing apartment complexes in Raleigh. The company also owns sister complexes Centennial Ridge and Centennial Village, with the former located off Tryon Road and the latter at the corner of Gorman Street and Avent Ferry Road.
There are 156 units in the complex. The property also includes a 4,000-square-foot clubhouse.
Reed Cos., a Florida developer of student housing, was the seller for the complex, built in 2003. According to its Web site, that company owns no other apartment properties in the Triangle.
The purchase of Village Green gives Horizon three student-housing apartment complexes in Raleigh. The company also owns sister complexes Centennial Ridge and Centennial Village, with the former located off Tryon Road and the latter at the corner of Gorman Street and Avent Ferry Road.
Thursday, August 28, 2008
Downtown Marriott opens in Raleigh
Downtown Marriott opens in Raleigh : WRAL.com
$75M Hotel will hold grand opening at Raleigh Wide Open event.
The 16-story hotel features 400 rooms, including 20 suites, and more than 15,000 square feet of meeting space, including a 9,000-square-foot Grand Ballroom.
Owner: Atlanta based Noble Investment Group, Mitesh "Mit" Shah, President. WFU Grad.
$75M Hotel will hold grand opening at Raleigh Wide Open event.
The 16-story hotel features 400 rooms, including 20 suites, and more than 15,000 square feet of meeting space, including a 9,000-square-foot Grand Ballroom.
Owner: Atlanta based Noble Investment Group, Mitesh "Mit" Shah, President. WFU Grad.
RDU Terminal 2 to Open Oct 26
Commercial Real Estate News
$570M terminal to open to the public.
"The 550,000-square-foot first phase of Terminal 2 has been built where the old north concourse of Terminal C used to stand. The section of Terminal C being vacated Oct. 25 will be torn down and rebuilt as the south concourse of Terminal 2. The project is to be completed in 2011."
Airport authority member Rob Teer calls the opening of the terminal a monumental time in the airport's history. Addressing the complexity of the project, Teer says, "What we've done with this terminal is really kind of a miracle."
$570M terminal to open to the public.
"The 550,000-square-foot first phase of Terminal 2 has been built where the old north concourse of Terminal C used to stand. The section of Terminal C being vacated Oct. 25 will be torn down and rebuilt as the south concourse of Terminal 2. The project is to be completed in 2011."
Airport authority member Rob Teer calls the opening of the terminal a monumental time in the airport's history. Addressing the complexity of the project, Teer says, "What we've done with this terminal is really kind of a miracle."
Lorian Buys Raleigh Office for $2.7M
Lorian Buys Raleigh Office for $2.7M - CoStar Group
Address: 4109 Wake Forest Rd
Price: $2.75M ($81/SF)
Size: 34,038SF
Built: 1975
Buyer Agent: Charles Rankin of Grubb Properties
Seller Agent: Jason Stowe of Income Properties
Address: 4109 Wake Forest Rd
Price: $2.75M ($81/SF)
Size: 34,038SF
Built: 1975
Buyer Agent: Charles Rankin of Grubb Properties
Seller Agent: Jason Stowe of Income Properties
AIMCO Deals Durham Apt. Complex for $9.3M - CoStar Group
AIMCO Deals Durham Apt. Complex for $9.3M - CoStar Group
Summary:
Name: Windsor at South Square
Units: 230 (24 one bedroom apts; 138 two-bedroom apts)
Location: 3300 Shannon Rd., Durham, NC
Size: 205,500 SF on 19 acres
Price: $9.3M or $40,000/unit
Buyer: PRG Real Estate Management
Seller: AIMCO
Summary:
Name: Windsor at South Square
Units: 230 (24 one bedroom apts; 138 two-bedroom apts)
Location: 3300 Shannon Rd., Durham, NC
Size: 205,500 SF on 19 acres
Price: $9.3M or $40,000/unit
Buyer: PRG Real Estate Management
Seller: AIMCO
Wednesday, August 27, 2008
Thursday, August 21, 2008
RBC Plaza Lights Up Tonight
Raleigh Chronicle/Raleigh Downtowner
Tonight at 9pm, Big Ed Fritsch and Scott Custer will flip the switch to illuminate the RBC signs and spire atop Raleigh's tallest building.
Grand Opening is a few weeks away.
Tonight at 9pm, Big Ed Fritsch and Scott Custer will flip the switch to illuminate the RBC signs and spire atop Raleigh's tallest building.
Grand Opening is a few weeks away.
Tuesday, August 19, 2008
Sign the Apocalypse is Upon Us
The Greater Raleigh Chamber of Commerce recently announced Ben Stein as the keynote speaker for this year's annual meeting. Pretty cool, I thought, I'm in... until I read down and there's an $85 cover charge. Whoa, I dig Big Ben but that seems steep.
Then I look for a little perspective. John Mayer, whose music I have recently developed an affinity for is also in town this month. His show cost $50. By the time you figure in service charges and parking Mayer is still cheaper than Stein.
What are we coming to?
Related Links
Ben's House - The Official Ben Stein Home Page
John Mayer 2008 Summer Tour
Then I look for a little perspective. John Mayer, whose music I have recently developed an affinity for is also in town this month. His show cost $50. By the time you figure in service charges and parking Mayer is still cheaper than Stein.
What are we coming to?
Related Links
Ben's House - The Official Ben Stein Home Page
John Mayer 2008 Summer Tour
Wednesday, August 06, 2008
Hatem Given Second Extension on L-Building
The Raleigh City Council voted yesterday to give Raleigh's Downtown Redevelopment Guru Greg Hatem an extension on the L-Building Project. Hatem reports there are several financial backers looking at the deal but no one has committed so far and he needs more time. Citing Greg's positive influence on Raleigh, Mayor Meeker spoke in support of the request. City Manager Russell Allen recommended ending the contract and opening the bidding up to the public.
The L Building was originally conceived as beautifully designed 22 story tower featuring 11,000SF of retail and 110,000Sf of Class A Office wrapped around a 900+ space parking deck. This plan may change now to a smaller office and boutique hotel in order to get it financed.
This is the second such extension Hatem has received. This time the City went further and agreed to waive the development fee required to widen the road as well.
It is nice to see a relationship carry the day in this harsh economic environment. Greg has until November 1st now to line up financing. To me this speaks to just how tough it is for private developers to raise money for real estate development right now. If Greg Hatem can't get a downtown deal funded, who can?
The L Building was originally conceived as beautifully designed 22 story tower featuring 11,000SF of retail and 110,000Sf of Class A Office wrapped around a 900+ space parking deck. This plan may change now to a smaller office and boutique hotel in order to get it financed.
This is the second such extension Hatem has received. This time the City went further and agreed to waive the development fee required to widen the road as well.
It is nice to see a relationship carry the day in this harsh economic environment. Greg has until November 1st now to line up financing. To me this speaks to just how tough it is for private developers to raise money for real estate development right now. If Greg Hatem can't get a downtown deal funded, who can?
Tuesday, July 29, 2008
RBC Plaza is 95% Pre-leased
Law Firm Takes 75,000 SF at RBC Plaza - CoStar Group
This Williams Mullen lease brings the office portion of the RBC Tower to 95% pre-leased.
Nice job, John.
Highlights:
-Virginia based Williams Mullen pre-leased 75,000SF
-address 301 Fayetteville St., Raleigh, NC
-33 stories total
-8 levels of garage
-ground floor is retail
-151 residential condos on top 10 floors (are sold out)
-will be tallest tower in Raleigh (until Sandruetter's buildings pass it)
This Williams Mullen lease brings the office portion of the RBC Tower to 95% pre-leased.
Nice job, John.
Highlights:
-Virginia based Williams Mullen pre-leased 75,000SF
-address 301 Fayetteville St., Raleigh, NC
-33 stories total
-8 levels of garage
-ground floor is retail
-151 residential condos on top 10 floors (are sold out)
-will be tallest tower in Raleigh (until Sandruetter's buildings pass it)
Thursday, July 24, 2008
Westgate Facility Trades for $1.6M
Westgate Facility Trades for $1.6M - CoStar Group
Address:6241 Westgate Road
Buyer: GKS Holdings
Seller: Metal Partners, LLC
Price: $1.64M ($40 per/SF)
Building: 40,000 SF constructed in 1988
Lot: 7 acres
Sellers Broker: Collier's Pinkard - Hillman Duncan, Brad Corsmeier, Dennis Hurley and Sarah Barnhill
Address:6241 Westgate Road
Buyer: GKS Holdings
Seller: Metal Partners, LLC
Price: $1.64M ($40 per/SF)
Building: 40,000 SF constructed in 1988
Lot: 7 acres
Sellers Broker: Collier's Pinkard - Hillman Duncan, Brad Corsmeier, Dennis Hurley and Sarah Barnhill
Tuesday, July 15, 2008
More Apartments and Retail for Cameron Village
newsobserver.com | Slump doesn't derail Cameron Village plan
Crescent Resources of Jacksonville, FL presents tonight at the Raleigh City Council and Planning Meeting. They are proposing another mixed use project at Cameron Village that is sure to attract attention.
28,000SF
290 Apartments or Condos
site of the old Village Citgo and Balentines Cafeteria.
Crescent Resources of Jacksonville, FL presents tonight at the Raleigh City Council and Planning Meeting. They are proposing another mixed use project at Cameron Village that is sure to attract attention.
28,000SF
290 Apartments or Condos
site of the old Village Citgo and Balentines Cafeteria.
Friday, June 27, 2008
Damned The Torpedoes: We're Building
newsobserver.com | Ground broken on Blount Street development
Talk about insulated pockets of real estate. The contrast between our market and the rest of the world may not have been more stark yesterday.
With the stock market diving 358+ points, Bank of America announcing 7,500 lay-offs and oil hitting record highs around $140 per barrel, WE'RE BUILDING!
Two major condo projects are announced one each in Raleigh and Chapel Hill.
LNR kicked off Blount Street Commons in Raleigh despite a market that is "obviously slower than we hoped it would be."
Highlights:
21 acres
6 block area
25 homes some historical to be renovated
495 townhouses, condos and single family residences
110,000SF of retail shops on ground floor beneath the condos
First Phase is 4.7 acres bounded by Blount Peace, Person and Polk
Prices range from $200,000 to $1M+
Ram Realty Services announced 140 West Franklin in Chapel Hill. This is the only condo project they are doing right now in the country.
newsobserver.com | Betting on Condo buyers
Highlights:
140 units
1.7 acre lot at Franklin and Church Streets
26,000SF of retail shoppes on the ground floor
Coincidentally, both developers are based out of Florida.
Talk about insulated pockets of real estate. The contrast between our market and the rest of the world may not have been more stark yesterday.
With the stock market diving 358+ points, Bank of America announcing 7,500 lay-offs and oil hitting record highs around $140 per barrel, WE'RE BUILDING!
Two major condo projects are announced one each in Raleigh and Chapel Hill.
LNR kicked off Blount Street Commons in Raleigh despite a market that is "obviously slower than we hoped it would be."
Highlights:
21 acres
6 block area
25 homes some historical to be renovated
495 townhouses, condos and single family residences
110,000SF of retail shops on ground floor beneath the condos
First Phase is 4.7 acres bounded by Blount Peace, Person and Polk
Prices range from $200,000 to $1M+
Ram Realty Services announced 140 West Franklin in Chapel Hill. This is the only condo project they are doing right now in the country.
newsobserver.com | Betting on Condo buyers
Highlights:
140 units
1.7 acre lot at Franklin and Church Streets
26,000SF of retail shoppes on the ground floor
Coincidentally, both developers are based out of Florida.
Thursday, June 26, 2008
Banks Flock to Unlock Value with Sale Lease Backs
Unlocking Value: More Banks Discovering Gold in Sale-Leaseback Deals - CoStar Group:
"'The rationale for banks to consider sale-leaseback transactions of bank-owned property is straightforward,' according to Killian. 'Such a transaction could enable the bank to raise cash to meet strategic and funding needs, convert non-earning, 100%-risk-weighted assets into potentially lower risk-weighted, interest-earning assets, mitigate potential risk of decline in market value of owned real estate, monetize off-balance-sheet value into earnings over the life of the lease, and potentially bolster GAAP (Generally Accepted Accounting Principles) earnings,' Killian said."
"'The rationale for banks to consider sale-leaseback transactions of bank-owned property is straightforward,' according to Killian. 'Such a transaction could enable the bank to raise cash to meet strategic and funding needs, convert non-earning, 100%-risk-weighted assets into potentially lower risk-weighted, interest-earning assets, mitigate potential risk of decline in market value of owned real estate, monetize off-balance-sheet value into earnings over the life of the lease, and potentially bolster GAAP (Generally Accepted Accounting Principles) earnings,' Killian said."
Wednesday, June 25, 2008
We're #2! We're #2!
Best Cities to Live, Work and Play - Kiplinger.com
Okay, so Houston's got more pro sports teams but NC State had Mario Williams first before the Texan's made him rich. The College sports scene here is much better and of course, Phi Slamma Jamma Raleigh Chapter prevailed 54-52 when it counted way back in 1983.
Okay, so Houston's got more pro sports teams but NC State had Mario Williams first before the Texan's made him rich. The College sports scene here is much better and of course, Phi Slamma Jamma Raleigh Chapter prevailed 54-52 when it counted way back in 1983.
Office Condos in the Capital City's Center
newsobserver.com | Prime location with prices to match
Good article on the plans to develop 1330 St Mary's St. and market for $225/SF.
I sold 600 Wade Ave last November 2007 for about $156/SF.
Currently marketing 612 Wade Avenue
for about $159/SF.
Fantastic location, it will be interesting to see if that region will support those prices.
Good article on the plans to develop 1330 St Mary's St. and market for $225/SF.
I sold 600 Wade Ave last November 2007 for about $156/SF.
Currently marketing 612 Wade Avenue
for about $159/SF.
Fantastic location, it will be interesting to see if that region will support those prices.
Monday, May 19, 2008
TED Spread signals easing of Credit Squeeze
According to Bob Bach, Chief Economist for Grubb&Ellis the credit pinch may be showing signs of easing:
Bob's Box
TED Spread
One indicator that the credit squeeze is easing is the TED spread – the difference between interest rates on 3-month Treasury bills (“T”) and the 3-month Eurodollar futures contract (“ED”) as represented by the dollar London interbank offered rate (Libor). Treasuries are risk-free, while Libor is a proxy for the credit risk of corporate borrowers. The recent narrowing suggests that lenders are becoming more willing to take risks. At some point this easing, if it is sustained, should begin to show up in the commercial real estate capital markets.
Source: Federal Reserve, British Bankers' Association
Bob's Box
TED Spread
One indicator that the credit squeeze is easing is the TED spread – the difference between interest rates on 3-month Treasury bills (“T”) and the 3-month Eurodollar futures contract (“ED”) as represented by the dollar London interbank offered rate (Libor). Treasuries are risk-free, while Libor is a proxy for the credit risk of corporate borrowers. The recent narrowing suggests that lenders are becoming more willing to take risks. At some point this easing, if it is sustained, should begin to show up in the commercial real estate capital markets.
Source: Federal Reserve, British Bankers' Association
Thursday, May 08, 2008
Forbes: Raleigh is #5, Americas Most Recession Proof Cities.
Raleigh, N.C.
Median home price: +4%
Unemployment: 4.2% (from 3.7%)
Key growth: Professional and business Services, +7.4%; education and health, +6%
Stable home prices and growth across the different sectors of its economy have kept Raleigh strong. In the last 12 months, all industries measured by the U.S. Department of Labor have grown except for the city's small information sector.
Median home price: +4%
Unemployment: 4.2% (from 3.7%)
Key growth: Professional and business Services, +7.4%; education and health, +6%
Stable home prices and growth across the different sectors of its economy have kept Raleigh strong. In the last 12 months, all industries measured by the U.S. Department of Labor have grown except for the city's small information sector.
Crossroads Corp Park Fetches $59M
Deal Summary:
Property: Crossroads Corporate Park, Cary, NC
Price: $59M ($151/SF)
Size: 390,500 SF; 133 acres plus 4 development parcels totalling 16 acres
Buyer: MayfieldGentry
Seller: Faison & Associates, LLC
Local Broker: Jimmy Barnes of NAI Carolantic
Notes: The park consists of four low- and mid-rise office buildings along Dillard and Corning roads southwest of Raleigh, and is 97 percent leased to tenants including Capitol Broadband, Jacobs Engineering Group and Wake County Public School System, according to CoStar information.
Source: Co-Star
Property: Crossroads Corporate Park, Cary, NC
Price: $59M ($151/SF)
Size: 390,500 SF; 133 acres plus 4 development parcels totalling 16 acres
Buyer: MayfieldGentry
Seller: Faison & Associates, LLC
Local Broker: Jimmy Barnes of NAI Carolantic
Notes: The park consists of four low- and mid-rise office buildings along Dillard and Corning roads southwest of Raleigh, and is 97 percent leased to tenants including Capitol Broadband, Jacobs Engineering Group and Wake County Public School System, according to CoStar information.
Source: Co-Star
Thursday, April 24, 2008
Raleigh Named #8 Smartest Metro By Bizjournals
"The Raleigh area is known as the Research Triangle, a sign of its reliance on high technology and education. Duke, the University of North Carolina and North Carolina State are based locally. This is one of eight metros where at least 40 percent of adults hold at least a bachelor's degrees.
Education ladder
(Percentage of adults who stopped at each level)
Earned a graduate and/or professional degree: 13.6%
Earned a bachelor's degree: 27.9%
Earned an associate degree: 9.0%
Went to college, but didn't earn a degree: 18.2%
Graduated from high school: 20.2%
Dropped out of high school: 11.2%
Extremes
At least a bachelor's degree (top two rungs): 41.5%
Didn't go beyond high school (bottom two rungs): 31.4%"
Profiles of 10 smartest metros:
Education ladder
(Percentage of adults who stopped at each level)
Earned a graduate and/or professional degree: 13.6%
Earned a bachelor's degree: 27.9%
Earned an associate degree: 9.0%
Went to college, but didn't earn a degree: 18.2%
Graduated from high school: 20.2%
Dropped out of high school: 11.2%
Extremes
At least a bachelor's degree (top two rungs): 41.5%
Didn't go beyond high school (bottom two rungs): 31.4%"
Profiles of 10 smartest metros:
Raleigh-Durham Named Top U.S. Real Estate Market of 2008
Today's Financial News (TFN) cites our quality Universities, and medical centers and the fact that "Some of the highest-educated, most demanding and discerning individuals (and their families) in the world congregate here, requiring not only homes but offices, restaurants and retail enclaves."
What pushes this region to the number one spot, however, is its unique mix of foreclosures. Though not the nation’s highest (compared to 3.8% in Seattle or 4.9% in Detroit), foreclosures here represent a larger number of available properties at any given moment than in most areas.
Relatively low unemployment, property taxes, and the high overall quality of life in the Raleigh-Durham area, coupled with the lack of localization to the foreclosed properties, reveals these foreclosures to not be indicative of widespread economic distress, but rather of individual failures — and a regional banking system unwilling to carry the losses any longer than necessary.
The Top 5 U.S. Real Estate Markets of 2008
What pushes this region to the number one spot, however, is its unique mix of foreclosures. Though not the nation’s highest (compared to 3.8% in Seattle or 4.9% in Detroit), foreclosures here represent a larger number of available properties at any given moment than in most areas.
Relatively low unemployment, property taxes, and the high overall quality of life in the Raleigh-Durham area, coupled with the lack of localization to the foreclosed properties, reveals these foreclosures to not be indicative of widespread economic distress, but rather of individual failures — and a regional banking system unwilling to carry the losses any longer than necessary.
The Top 5 U.S. Real Estate Markets of 2008
Friday, April 04, 2008
Highwoods is Buying in Raleigh.
In what has to be a huge signal that the market has swung in favor of buyers, Highwoods bought The Forum. After several years of being a net seller of real estate, HIWs took advantage of softening prices, tougher lending criteria and even the weak US dollar, (by bringing in a German equity partner) and purchased the 635,000SF deal.
newsobserver.com | Highwoods buys into Forum offices
newsobserver.com | Highwoods buys into Forum offices
Wednesday, April 02, 2008
Blackstone Goes Big Again
The boys at Blackstone have never been accused of going small. Now they have raised the largest real estate "opportunity fund" ever. They are seeking 20% returns with a war chest of $10.9B. Will this help BX's miserable stock performance? Hope so.
Blackstone Closes Oppty. Fund With Record $10.9 Bil. - CoStar Group
Blackstone Closes Oppty. Fund With Record $10.9 Bil. - CoStar Group
Tuesday, April 01, 2008
Dukies buy Another Historic Property: Durham Bank Building Deal Summary
Name: Mutual Community Savings Bank Bldg
Price: $2.4M ($60/SF)
Size: 40,000SF
Address: 315 E. Chapel Hill St., Durham
Buyer: CREH Mutual,LLC
Seller: Mutual Community Savings Bank
Note: Owners plan $1.6M ($40/SF) in renovations.
The buyers, all Duke alumni are same group that purchased the Snow Building on Main St in January. Investor group includes Carey Greene, Gavin Gray, Travis Pearson and Duane Marks.
Maverick Partners represented the buyer.
Price: $2.4M ($60/SF)
Size: 40,000SF
Address: 315 E. Chapel Hill St., Durham
Buyer: CREH Mutual,LLC
Seller: Mutual Community Savings Bank
Note: Owners plan $1.6M ($40/SF) in renovations.
The buyers, all Duke alumni are same group that purchased the Snow Building on Main St in January. Investor group includes Carey Greene, Gavin Gray, Travis Pearson and Duane Marks.
Maverick Partners represented the buyer.
Monday, March 31, 2008
One Crosspointe Plaza Deal Summary
Price: $5.05 million ($123/SF)
Size: 41,000SF
Address: 5505 Creedmoor Rd. Raleigh, NC
Buyer: Asheville, NC based Crosspointe Investments
Seller: Michigan Crosspointe Plaza
Notes: Going in cap of 8.1%; sold for 19% more than Mich.-based seller paid for the three-story building in 1999.
Nice work Jim.
Size: 41,000SF
Address: 5505 Creedmoor Rd. Raleigh, NC
Buyer: Asheville, NC based Crosspointe Investments
Seller: Michigan Crosspointe Plaza
Notes: Going in cap of 8.1%; sold for 19% more than Mich.-based seller paid for the three-story building in 1999.
Nice work Jim.
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