Oct 26, 2024
McGarvey Development Company, a comprehensive construction and real estate firm, sold Centerlinks Business, which includes nine industrial warehouses. Totaling 453,940 square feet on 41 acres, the park is located at 16770 Oriole Road in Fort Myers. The business park sold for $92.5 million. The property was purchased by EQT Exeter, a company with over 30 years in the industry and a portfolio exceeding $30 billion in managed real estate assets. The private equity company has now broken Lee County’s industrial sales record.
Oct 12, 2024
1. Multifamily loans are experiencing a surge as office deals decline, highlighted by the Bank of Montreal’s upcoming multiborrower commercial mortgage-backed securities deal, which features over half of its $960 million in multifamily loans. This marks a significant increase from previous years, as multifamily loans typically comprised only 21% of such offerings this year.
2. Meanwhile, the Hyatt Regency St. Louis is facing financial difficulties, with a $93.4 million loan entering special servicing due to declining net cash flow and occupancy rates.
3. Additionally, One Worldwide Plaza in New York has also moved to special servicing following the exit of a major tenant, Cravath, which has lowered occupancy from 90% to 65%. Overall, the office sector is struggling, with a significant drop in office loans and rising vacancy rates exacerbated by corporate relocations.
Oct 2, 2024
As climate change continues to impact coastal regions, Florida is taking steps to protect homeowners and buyers. The Sunshine State’s latest legislative effort, CS/SB 484: Flood Disclosure in the Sale of Real Property, aims to bring more transparency to the real estate market when it comes to flood risks. This new bill could significantly change how properties are bought and sold in Florida, a state known for its beautiful beaches and occasional hurricanes.
For Buyers
This bill is good news for people looking to buy a home in Florida. Here’s what it means for you:
- You’ll get more information about flood risks before you buy a house.
- The seller must tell you if the house has ever had flood damage.
- You’ll know if the house is in a flood zone.
- The seller has to share if they have flood insurance.
This information can help you make a smarter choice when buying a home.
For Sellers
If you’re selling a house in Florida, this bill means you’ll need to do a few new things:
- You must tell buyers about any past flood damage to the house.
- You have to share if the house is in a flood zone.
- You need to let buyers know if you have flood insurance.
- You must give this information to buyers before they sign a contract.
These new rules mean you’ll need to be more open about flood risks when selling your home.
Aug 30, 2024
Steward Health Care System, once the largest for-profit private U.S. hospital network, is embroiled in a legal dispute with its largest landlord, Medical Properties Trust (MPT), over unpaid rent. MPT, which owns nearly all of Steward’s U.S. hospitals, has demanded that Steward either pay rent or vacate the properties, as Steward navigates Chapter 11 bankruptcy. The dispute, which has sparked legislative debate and led to severe maintenance issues at some hospitals, highlights the financial struggles of both entities. Steward seeks to sell its operations, but MPT claims that Steward is unfairly trying to shift real estate value to its own benefit. The conflict has stalled hospital sales and has broader implications for hospital ownership and real estate investment in healthcare.
Aug 28, 2024
U.S. house prices hit a record high in June 2024, marking the fourth consecutive month of increases, with the S&P CoreLogic Case-Shiller Index showing a 5.4% annual rise. Despite the historical peak, the growth in home prices has slowed for the third consecutive month, as seen in both national and metropolitan indices. Economists suggest that while inflation and housing have decelerated, home prices remain significantly above historical norms. The Federal Housing Finance Agency’s data also indicates a slowdown in house price growth, likely influenced by increasing housing inventory and high mortgage rates. The effects of recent interest rate cuts by the Federal Reserve may be reflected in future reports.
Aug 20, 2024
Florida’s multifamily markets, especially in Palm Beach and Tampa, have seen significant rent growth over the past five years due to rapid population increases, which drove vacancies to historic lows. However, a surge in new apartment construction, particularly in luxury developments, has led to an oversupply, outpacing renter demand. As a result, vacancy rates have risen, and landlords have had to offer significant concessions, such as free rent, to attract tenants, causing rents to decline. This trend is expected to continue as more units come online, keeping pressure on rent growth.
