Vegas commercial real estate feels boom

Business has been brisk at Galaxy Theaters at Green Valley Town Center. (Elizabeth Watts/FOX5)

Established businesses in the area feel the effects, too. “We have heard from other businesses in the area that said since we’ve come in, business is up for everybody,” Carr added. A Colliers International Report shows in the first two months of 2013, more than a million square feet in commercial real estate were sold. That’s nearly double from the same time in 2012. Industrial development is really growing. “Pricing is right on the land. Our development cycle is fairly short compared to southern California. I see a lot of great things for (the) Valley over the next 12, 18, and 24 months,” Doug Roberts, Nevada partner of the Panattoni Development Company said. The company just sold a $3.4 million property and built the 130,000-square-foot U.S. Micro Corporation headquarters in Las Vegas. Roberts said more corporations are looking for industrial space in the Silver State.
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Resource Capital: A Commercial mREIT With A 12.80% Yield

Loan sizes generally range from $7M to $50M, with the minimum debt service coverage ratio being 1.10X. Resource Capital uses other metrics, such as cash flow and operating income to determine a loans feasibility. The average coupon for the loans ranges from 5% to 8%. Resource Capital funds these loans from a $250M term financing facility from Wells Fargo, with another $200M facility in the works with a different financial institution. Resource Capital targeted ROE for these loans is between 12% to 19%. Resource Capital also owns an equity portfolio which consists of multi-family properties with 1,154 units, a 179 room luxury hotel, and a 30,000 square foot office building. Resource Capital also owns a 25% stake in a portfolio of seven distressed multi-family properties, with a total investment of about $57.4M. Resource Capital is an opportunistic investor and will seek transactions which provide an adequate return and value creation. As of March, Resource Capital’s commercial real estate loan portfolio totaled about $652M, with the largest segments consisting of 88% being: retail, multi-family, hotels, and offices. (click to enlarge) Resource Capital’s commercial real estate portfolio has evolved due to the financial crisis.
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Peak Asset Solutions Reboots its Flagship Commercial Broker Opinion of Value Product Line with Silver, Gold, and Platinum Analysis Tiers

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Woodland Hills, CA (PRWEB) June 05, 2013 “It’s about choice without confusion,” states Kirk Jaffe , Executive Vice President, Valuations at Peak Asset Solutions ( ). “To meet the overwhelming demand for Commercial BOV valuations as a result of brisk activity in the commercial real estate section, we’ve undertaken an exhaustive and comprehensive process of restructuring client report options into categories that afford investors the flexibility and relevant analysis they need to complement the traditional commercial appraisal process without sacrificing time or incurring unnecessary expense,” Jaffe continues. According to a recent report released by the Urban Land Institute on April 10, 2013, commercial real estate transactions are projected to exceed $300 billion in 2013, with return on equity averaging 12 percent for the year. To maintain that level of return, buyers, lenders, and other involved parties have added Commercial BOVs as part of their evaluation strategy. Jaffe explains how Peak Asset Solutions’ realignment of reporting options meets the needs of the marketplace. “What we’ve done is to take myriad data points required to properly valuate commercial assets and package them in a format that allows clients an easy decision in choosing a level of analysis that is more closely aligned with their internal operating methodology.” Peak Asset Solution’s Commercial BOV Silver, Gold, and Platinum tiers of property valuation reports were developed by investors for investors to provide fast, accurate snapshots of property values to in-depth financial analysis for all commercial property types. Silver BOV Reports — for quick “eyes on the ground” valuation of commercial assets for pre-appraisal decisions Gold BOV Reports — for principals requiring more in-depth analysis of market values and potential returns Platinum Reports — for decisions demanding comprehensive valuation and financial analysis supported by granular interior inspections and the expertise of CCIM-certified visit the site agents Designed to meet the needs of private investors, capital partners, asset managers and commercial banks, clients may choose the level of detail they require to value performing, non-performing and newly-originated commercial properties. Kevin M. Levine, Executive Vice President of Strategic Operations for Peak Asset Solutions , positions the product restructuring as a more efficient way of delivering services. “By making the reporting levels more accessible and easier to understand to our diverse target market, we can process orders more efficiently and assign the appropriate valuation specialist for faster and more accurate reporting.” Jaffe and Levine note that this is just the first phase in overhauling the Commercial BOV product to exceed market needs. “This is just the beginning,” says Levine. “As we’ve refined our delivery channels to provide efficiency, look for the introduction of enhanced online channels in the third quarter of 2013 to capture an even larger market share with online order placement and real-time analysis results to aid our clients in making the best decisions possible on their investments.” Peak Asset Solutions is one of the entities in the Peak Corporate Network headquartered in Woodland Hills, California.
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Commercial real estate in New York City is surpassing peak valuations

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Steady commercial real-estate market forecast for rest of 2013

That boost has contributed to a 4.5% increase in B.C.’s overall exports to $7.9 billion year to date from $7.6 billion in the same period in 2012. Continued improvement in the U.S. economy should help drive continued improvement in B.C.’s forestry sector. The forecast in the report expected the world’s largest economy to grow more than 3% in 2014, contributing to overall global growth of 4%. There are, however, some worrying signs in the forecast. The report noted that while construction spending and investment have increased so far this year, the 72% drop in industrial building permits and the 22.9% drop in commercial building permits could be signalling a slowdown in commercial construction down the road. Weak consumer spending in B.C. is also a concern. So far, retail sales have declined 0.4% this year, underperforming the BCREA’s already low sales expectations. There are also worries over what impact the new office towers being built in downtown Vancouver will have on the office leasing market in the city and beyond. Will the existing office space be filled once some tenants move to the new buildings? The impact of any of these challenges will depend on whether B.C. can ride on the coattails of an improving U.S.
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Commercial Real Estate Sectors Steadily Improve

The markets with the lowest office vacancy rates presently (in the first quarter) are Washington, DC, with a vacancy rate of 9.4%; New York City, at 9.6%; and Little Rock, AR, 12.1%. Office rents should increase 2.6% in 2013 and 2.8% next year, following a 2% gain in 2012.  Net absorption of office space in the U.S., which includes the leasing of new space coming on the market as well as space in existing properties, is expected to total 34.0 million square feet this year and 42.3 million in 2014. Industrial Markets Industrial vacancy rates are likely to decline from 9.6% in the first quarter of this year to 9.2% in the first quarter of 2014. The areas with the lowest industrial vacancy rates currently are Los Angeles and Orange County, CA, each with a vacancy rate of 3.6%; Miami, 5.6%; and Seattle at 6%. Annual industrial rents are projected to rise 2.3% this year and 2.6% in 2014, after increasing 1.7% last year.  Net absorption of industrial space nationally is likely to total 121.8 million square feet in 2013 and 103.5 million next year. Retail Markets Retail vacancy rates are forecast to slide from 10.7% in the first quarter of the year to 10.4% in the first quarter of 2014. Presently, markets with the lowest retail vacancy rates include San Francisco, 3.5%; Fairfield County, CT at 4.2%; and Orange County, CA, 5.2%. Average retail rents will probably rise 1.5% in 2013 and 2.1% next year, following a 0.8% gain in 2012.  Net absorption of retail space is seen at 11.9 million square feet in 2013 and 16.4 million next year. The Commercial Real Estate Outlook is published by the NAR Research Division. The NAR commercial community includes commercial members; commercial real estate boards; commercial committees, subcommittees and forums; and the NAR commercial affiliate organizations – CCIM Institute, Institute of Real Estate Management, Realtors® Land Institute, Society of Industrial and Office Realtors®, and Counselors of Real Estate. 1Additional analyses will be posted under Economists’ Outlook in the Research blog section of . 2Beginning in the third quarter of 2011, NAR commercial forecasts have been generated based on historical data provided by REIS, Inc., and do not correspond with prior historical information from previous forecasts.  This source permits coverage of more metro areas than were previously covered.
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