E-Commerce Is Driving Industrial Development to Record Highs

U.S. industrial real estate development hit an all-time high in 2017, with more than 208 million sq. ft. completed so far, and another 277 million sq. ft. currently under construction, according to research firm CoStar. Real estate services firm JLL is seeing similar trends, according to Mason Mularoni, JLL senior research analyst. Last year, a total of about 164 million …

Why Retail Landlords Are Turning to Apartments to Shore Up Malls

Construction has started on a 23-story upscale apartment tower at Westfield UTC, a one-million-sq.-ft. outdoor center in San Diego, but the project is much more than the redevelopment of an upscale retail center owned by the Sydney, Australia-based Westfield. Combined with a renovation that will be completed this fall, the rebirth of Westfield UTC suggests that relying less on brick-and-mortar …

10 Years After the Recession, Boom Times Are Back in Real Estate

As anniversaries go, it’s a nerve-racking but inescapable one: It’s been 10 long years since the widespread real estate crash that precipitated the Great Recession, and all the misery that followed in its wake. So it seems like the perfect time to take a giant step back, peruse and analyze all of the data, and assess what has really happened to the American housing market …

Integrated Properties to Convert Medical Center to Self Storage in Birmingham AL

Real estate developer Ed Drummond of Integrated Properties LLC received zoning approval on Tuesday to convert a former medical center to self-storage in the Crestwood South neighborhood of Birmingham, Ala. The city council agreed to rezone the 4.7-acre site at 720 Montclair Road from a health and institutional district to general business. Drummond is under contract to purchase the 50,000-square-foot …

Nuvo Development Builds 5 Story Self Storage Facility in Jacksonville FL

Nuvo Development LLC is building a five-story self-storage building in the Brooklyn neighborhood in Jacksonville, Fla. The company paid $1 million for the .73-acre parcel at the northwest corner of Myrtle Avenue and Elder Street on which to construct a 91,700-square-foot facility. Jacksonville Self Storage will resemble an office building and include a small parking area with a “drop-off and …

Banks Remain Stingy With Construction Dollars

Via nreionline.com Beth Mattson-Teig | Nov 01, 2017 Securing bank construction loans has become a tough nut for developers to crack. Some banks have pulled back on allocations to new development, while banks across the board have become more conservative in deploying that capital. Over the past two years, banks wary of taking on construction risk have lowered leverage, increased …

2017 Top Property Managers

Via nreionline.com   NREI’s ranking of the top property managers is based on total square footage of space managed globally. It includes space that is both owned and third party managed. Companies were asked to exclude properties that they only provide facilities management services for from their numbers. CBRE Group Colliers International Cushman & Wakefield Newmark Grubb Knight Frank Blackstone …

Self Storage REITs Release Financial Results for Third Quarter 2017

Via insideselfstorage.com   The five largest publicly traded, U.S.-based self-storage real estate investment trusts (REITs)—CubeSmart, Extra Space Storage Inc., Life Storage Inc., National Storage Affiliates Trust and Public Storage Inc.—have released financial statements for the quarter that ended Sept. 30, 2017. In general, the companies showed gains in key areas, particularly funds from operations (FFO) and net operating income (NOI), …

Jernigan Capital Comments on New Self Storage Supply in Top 50 US Markets

Via insideselfstorage.com Officials at Jernigan Capital Inc., a merchant bank and advisory firm serving the self-storage industry, believe the current rate of new facility supply coming to market has been largely overstated in terms of projects expected to follow through to completion this year and in 2018. The company forecasts development activity will peak between this year and the end …

Department Stores Have One Thing Left to Sell: Real Estate

Via racked.com In 1914, legacy department store Lord & Taylor opened a giant flagship on Fifth Avenue. The building was the work of celebrated interior design firm Starrett & Van Vleck and featured a men’s-only entrance, three dining rooms, and an equestrian section equipped with a mechanical horse on which shoppers could test the merchandise. The extravagance of the New …

Wood Construction Gains Ground in U.S. Commercial Buildings

nreionline.com Mary Diduch | Nov 01, 2017 Wood has been a staple in building single-family homes and apartment complexes of up to 85 feet in height for decades. But the developer of one mixed-use building in Portland, Ore. is looking to change that as part of a burgeoning trend among developers and designers across the U.S. to bring the use …

Charleston County marks record year for economic development

Via postandcourier.com Steve Dykes wasn’t entirely sold on the idea in the beginning, but Charleston County’s economic development director admits he’s grown fond of the ringing sound he hears with each new industrial announcement. About a year ago, his staffers installed a brass bell in the lobby of the group’s North Charleston headquarters. It rings every time a new manufacturer …