Commercial Building – Able Property Inspections http://ablepropertyinspections.com/ Tue, 21 Sep 2021 23:18:03 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 http://ablepropertyinspections.com/wp-content/uploads/2021/06/icon-1.png Commercial Building – Able Property Inspections http://ablepropertyinspections.com/ 32 32 North Chicago assessments confirm fears of downtown homeowners http://ablepropertyinspections.com/north-chicago-assessments-confirm-fears-of-downtown-homeowners/ http://ablepropertyinspections.com/north-chicago-assessments-confirm-fears-of-downtown-homeowners/#respond Tue, 21 Sep 2021 23:18:03 +0000 http://ablepropertyinspections.com/north-chicago-assessments-confirm-fears-of-downtown-homeowners/ It is a familiar model to anyone who has followed the office of the assessor over the past two years. It should make North Chicago owners happy, but it could drive many homeowners crazy. Through the reassessment process, Kaegi’s office reduces the property tax burden on residential taxpayers and places more on owners of apartments, […]]]>

It is a familiar model to anyone who has followed the office of the assessor over the past two years. It should make North Chicago owners happy, but it could drive many homeowners crazy.

Through the reassessment process, Kaegi’s office reduces the property tax burden on residential taxpayers and places more on owners of apartments, office buildings and other commercial properties. Residential properties now account for 38% of all estimated value in North Chicago, up from 46% in 2018. Non-residential properties represent 62%, up from 54% three years ago.

When he ran for office in 2018, Kaegi vowed to shake up the office of the assessor, which had been accused of favoring business owners – and their appeal lawyers – under his predecessor, Joe Berrios.

Claiming that Berrios produced inexplicably low valuations on commercial properties, Kaegi tried to reform the office and produce more accurate and generally higher business valuations. It annoys homeowners, who say higher property taxes will scare off investors and businesses.

A few tall buildings in downtown Chicago illustrate how Kaegi is changing the city’s property tax calculations. His office estimates that a 1.2 million square foot office tower at 353 N. Clark St. in River North is worth $ 550.6 million, up 68% from $ 327.1 million in 2020, according to the assessor’s website. Yet Kaegi’s value may still be low: the building sold for much more – $ 715 million – in 2014.

In Streeterville, Kaegi’s office valued Cityfront Place, a 480-unit apartment tower on the Chicago River, at $ 227.9 million, up 137% from 2020. That’s well above of $ 154.5 million, the property’s sale price last year.

The downtown commercial real estate market has generally thrived over the past few years, so it’s perhaps not surprising that valuations have risen since the last go-around, especially for apartments, the strongest sector. .

But Kaegi’s office has tried to adjust the ratings to account for the coronavirus pandemic, which has been particularly difficult for hotels and retail businesses. Vacancies on North Michigan Avenue have skyrocketed and the famous shopping street faces an uncertain outlook as more people shop online.

Water Tower Place, the large vertical mall at the north end of the Magnificent Mile, has lost several tenants in the past year, including Macy’s, its largest. The assessor’s office valued Water Tower at $ 240.1 million this year, down slightly from $ 241.1 million in 2018.

The Waldorf Astoria hotel on the Gold Coast also struggled. Burdened with too much debt, the hotel was sold last November to Morningstar founder Joe Mansueto for around $ 54 million, or about half the property’s sale price in 2015. Kaegi’s office valued the Waldorf Astoria at $ 59.3 million, up from $ 21 million in 2020.

Homeowners often experience sticker shock when they open a reassessment notice, fearing that they will be hit by a steep tax increase as a result. While assessments are a key variable used to calculate property taxes, they are not the only one. A contribution increase does not necessarily translate into a tax increase of the same percentage. In many cases, the tax increase is less. Sometimes a property’s valuation will go up, but its taxes will go down.

The owners also have another county office alongside them: the Cook County Board of Review. If an appeal of their appraisal to the appraiser’s office does not give a satisfactory result, they can appeal to the Board of Review, a second appeals body that has proven to be much more sympathetic to the owners.

In the northern suburb of Cook County, the review committee in 2019 and 2020 reduced the assessed value of all commercial and industrial properties by 32% of the appraiser’s total. Commercial property taxes have risen again, but not as much as many homeowners feared.

Kaegi evaluates properties on a three-year cycle, starting with the northern suburbs in 2019. His office evaluated the western and southern suburbs of Cook County last year, before moving to the city of Chicago in 2021. The Kaegi’s office has released the assessed values ​​for four of the city’s eight townships, but it has yet to tackle south Chicago, which includes the Loop.


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A pandemic space race: self-storage roars back http://ablepropertyinspections.com/a-pandemic-space-race-self-storage-roars-back/ http://ablepropertyinspections.com/a-pandemic-space-race-self-storage-roars-back/#respond Tue, 21 Sep 2021 14:10:52 +0000 http://ablepropertyinspections.com/a-pandemic-space-race-self-storage-roars-back/ Last fall, Blackstone acquired Simply Self Storage – with eight million square feet of rental space – for $ 1.2 billion, adding to the $ 300 million already invested in the industry. And in April, Public Storage completed its acquisition of ezStorage for $ 1.8 billion, adding 48 properties with 4.2 million net rentable square […]]]>

Last fall, Blackstone acquired Simply Self Storage – with eight million square feet of rental space – for $ 1.2 billion, adding to the $ 300 million already invested in the industry. And in April, Public Storage completed its acquisition of ezStorage for $ 1.8 billion, adding 48 properties with 4.2 million net rentable square feet.

With investor interest and consumer demand high, Edison Properties, owner of Manhattan Mini Storage, is reportedly considering selling its division, which has 18 locations and 3.1 million square feet, for an estimated $ 3 billion. dollars, or nearly $ 1,000 per square. foot, Bloomberg News reported.

Edison declined to discuss the sale, but the price tag is not surprising, said Mr. Sakwa of Evercore, given the generally high cost of real estate in New York City.

Growth is primarily in general units, but storage for extras like RVs and boats, as well as cold storage, has also increased.

Despite peak demand and sparkling acquisition prices, “all is not rosy under the hood,” said Stephen Clark II of the Clark Investment Group in Wichita, Kan., Which specializes in self-storage among d ‘other categories of real estate. Rental statistics that show a high occupancy rate can be misleading, he said, as they include a number of long-term tenants whose rates are below the market.

And experts don’t know how postpandemic behavior will affect the industry. For example, what happens when storage tenants move out of their parents’ home or don’t need to use their second bedroom as a makeshift office?

But with home prices escalating nationwide, so-called starter homes have become more expensive and some new owners are opting for smaller spaces. That, Mr Morales said, could translate into a constant demand for storage.


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High Point neighbors fear developer will move historic home http://ablepropertyinspections.com/high-point-neighbors-fear-developer-will-move-historic-home/ http://ablepropertyinspections.com/high-point-neighbors-fear-developer-will-move-historic-home/#respond Tue, 21 Sep 2021 00:00:37 +0000 http://ablepropertyinspections.com/high-point-neighbors-fear-developer-will-move-historic-home/ HIGH POINT, NC (WGHP) – The owners of Skeet Club Road in High Point say they don’t want a new commercial development built in their backyard. While traffic issues keep neighbors away from the idea, people are also struggling to build it next to a historic house. “Find elsewhere. Find a commercial area for your […]]]>

HIGH POINT, NC (WGHP) – The owners of Skeet Club Road in High Point say they don’t want a new commercial development built in their backyard.

While traffic issues keep neighbors away from the idea, people are also struggling to build it next to a historic house.

“Find elsewhere. Find a commercial area for your business development, ”said owner Rick Moore.

Neighbors on Skeet Club Road are trying to stop Florida-based developer Halverson Holdings from bringing a commercial building to their backyard.

“We’re just the people who are ready to stand up and fight for this,” Moore explained.

It is a fight to preserve history.

If approved, commercial property will be stuck on corner lot on Johnson Street, forcing the move of the Mendenhall-Blair House.

This historic house was once a refuge for slaves from the South, seeking freedom in the North. For Marjorie Blair, who also lives on Skeet Club Road, the matter is personal.

“This is history. He is 200 years old. If we lose this, we lose part of our history, ”she said.

Marjorie Blair married the Blair family who once lived in this house.

“There were seven boys in the family. My husband’s cousins, aunts and uncles who lived there, ”she said.

Like Blair, Moore understands the importance of a home on the State Historic Register to the region.

“Once you move a historic property, if even the smallest thing happens it could be a disaster,” Moore said.

While no official statement on what exactly will be built on the strip of land has been released, neighbors fear it will also add more traffic to an already overwhelmed area.

Some say it makes them reconsider their desire to live here.

“When you buy a house, who says to you, what’s going to happen here in 20 years?”, And where do you go to find this information? Moore said.

Blair and Moore are hoping city council leaders vote against the developer once he’s at their table.

“When people vote, they have to think of others, of voters, of the people they represent. If they want to represent us, then they have to represent us and know our feelings and see for themselves, ”Blair said.

The planning and zoning meeting is scheduled for next month.

This is where community members can voice their concerns. Based on the recommendation of this meeting, the city council will hold a final vote.

FOX8 has made several attempts to reach representatives of the potential developer, Halverson Holdings, but did not hear back on Monday.


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Apollo Commercial Real Estate Finance: Investor Presentation – September 2021 http://ablepropertyinspections.com/apollo-commercial-real-estate-finance-investor-presentation-september-2021/ http://ablepropertyinspections.com/apollo-commercial-real-estate-finance-investor-presentation-september-2021/#respond Mon, 20 Sep 2021 15:22:07 +0000 http://ablepropertyinspections.com/apollo-commercial-real-estate-finance-investor-presentation-september-2021/ Forward-looking statements and other information This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered. through the safe port provided by the same. Forward-looking statements […]]]>

Forward-looking statements and other information

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered. through the safe port provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the control of management. These forward-looking statements may include information about the possible or suspected future results of Apollo Commercial Real Estate Finance, Inc. (the “Company”, “ARI”, “we”, “us” and “our”), the situation, the liquidity, results of operations, plans and objectives. When used in this presentation, the words “believe”, “expect”, “anticipate”, “estimate”, “plan”, “continue”, “intend”, “should”, ” power ”or similar phrases are intended to identify forward-looking statements. Statements regarding the following topics, among others, may be forward-looking: the macro- and micro-economic impact of the COVID-19 pandemic; the severity and duration of the COVID-19 pandemic; measures taken by government authorities to contain the COVID-19 pandemic or address its impact; the impact of the COVID-19 pandemic on our financial condition, results of operations, liquidity and capital resources; ARI’s business and investment strategy; ARI’s operating results; ARI’s ability to secure and maintain funding agreements; the timing and amounts of future funding expected from unfunded commitments; and return on equity, return on investments and risks associated with investing in real estate assets, including changes in business conditions and the economy in general.

Forward-looking statements are based on management’s beliefs, assumptions and expectations regarding future performance, taking into account all information currently available to ARI. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations may change due to many possible events or factors, not all of which are known to ARI. Some of these factors are described in the sections “Risk Factors” and “Management’s Discussion and Analysis of the Financial Position and Results of Operations” included in ARI’s Annual Report on Form 10-K for the year ended. on December 31, 2020, the quarterly reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021 and other documents filed with the Securities and Exchange Commission (“SEC”), which are available on the website of the SEC at www.sec.gov. If any change occurs, ARI’s business, financial condition, liquidity and results of operations may differ materially from those expressed in ARI’s forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for management to predict these events or how they may affect ARI. Except as required by law, ARI is not obligated and does not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This presentation contains information concerning ARI’s financial results which are calculated and presented on the basis of methodologies other than those in accordance with accounting principles generally accepted in the United States (“GAAP”), including distributable income and distributable income. per share. Please see page 21 for a definition of “distributable income” and the reconciliation of applicable GAAP financial measures to non-GAAP financial measures set out on page 17.

This presentation may contain statistics and other data which, in some cases, have been obtained or compiled from information made available by third party service providers. ARI makes no representations or warranties, express or implied, regarding the accuracy, reasonableness or completeness of this information.

Past performance is not indicative or a guarantee of future returns.

The performance and return data of the index are presented for illustrative purposes only and have limits when used for comparison or other purposes due to, among other things, volatility, credit or other factors (such as the number and types of titles). Indices are unmanaged, charge no fees or expenses, involve reinvestment of income, and do not use special investing techniques such as leverage or short selling. No such index is indicative of the future results of an ARI investment.

Unless the context indicates otherwise, references in this presentation to “Apollo” refer to Apollo Global Management, Inc., and its subsidiaries, and references in this presentation to “Manager” refer to ACREFI Management, LLC, an indirect subsidiary of ApolloGlobal Management, Inc.

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Isanti Approves Conditional Use License for New Microbrewery Location | Local News http://ablepropertyinspections.com/isanti-approves-conditional-use-license-for-new-microbrewery-location-local-news/ http://ablepropertyinspections.com/isanti-approves-conditional-use-license-for-new-microbrewery-location-local-news/#respond Sun, 19 Sep 2021 21:22:00 +0000 http://ablepropertyinspections.com/isanti-approves-conditional-use-license-for-new-microbrewery-location-local-news/ Thunder Brothers Brewery will soon have a new home in the town of Isanti. At the Isanti City Council meeting on September 7, the council approved a conditional use permit for the Thunder Brothers brewery to move to a new location at 801 Hwy. 65 NE. Thunder Brothers Brewery was previously located on Enterprise Avenue […]]]>

Thunder Brothers Brewery will soon have a new home in the town of Isanti.

At the Isanti City Council meeting on September 7, the council approved a conditional use permit for the Thunder Brothers brewery to move to a new location at 801 Hwy. 65 NE.

Thunder Brothers Brewery was previously located on Enterprise Avenue in Isanti and is looking to bring all equipment and operations into the leased building to gain floor space and provide visibility from Highway 65. The leased building that Thunder Brothers Brewery is moving into belongs to the CBD Joint and is located just north of County Road 5 in Isanti, on the west side of Highway 65.

Due to the brewery’s move to a new location, a new liquor license application had to be filed in the city. The board approved the Sunday liquor license off-sale and on-sale in the tap room. It was noted that the police department has reviewed the request and the applicant has not been cited for any violation of liquor law at the state or locality level.

The Thunder Brothers brewery, owned by brothers Warren and Brett Thunstrom, hopes to open in its new premises in October.

Isanti Dental, commercial building

Community Development Manager Sheila Sellman explained that site plans have been submitted for a dental clinic and commercial tenant building at 401 Cherrywood Street NE.

Sellman said the Isanti Dental site plan was discussed at the Isanti planning committee meeting on August 17. layout, drive-thru lane, one-way traffic and potential commercial tenants.

Sellman said it was explained that the drive-thru lane would require a separate conditional use permit application submitted to ensure vehicle location, dimensions and stacking requirements are met.

Sellman said the conditions set by the planning commission were incorporated into the site plan drawing included in the council brief. The dental clinic and commercial space will be 4,550 square feet.

After discussion, the council approved the review of the site plan for the dental clinic and the tenants’ commercial building.

Preliminary budget 2022, levy

CFO Mike Betker explained that the proposed preliminary property tax levy for 2022 is just under $ 3.3 million and reflects a preliminary taxable market value increase for 2022 of 10.83%. The 2021 levy has been set at $ 3 million.

The city will receive updated Isanti County Property Tax values ​​in December.

The proposed preliminary property tax rate is 58.48%, which represents a decrease of 3.17% from 2021. The 15-year average tax rate from 2007 to 2021 is 67.08%.

After discussion, the board approved the setting of the final meeting of the budget and levies for 2022 at 7 p.m. on Tuesday, December 7; approved the preliminary 2022 budget for the town of Isanti at $ 4.3 million; and approved the proposed tax levy for 2021 to be collected in 2022 for the town of Isanti at just under $ 3.3 million.

As discussed in previous working sessions, other sources of general fund income not drawn have been adjusted to reflect the trends of the previous year, rates according to the fee schedule and known agreements.

Betker said general fund spending has been adjusted based on actual costs from the previous year, current year spending through June, actual maintenance agreements and contract costs. All salaries include a 3% cost of living adjustment for 2022 and include necessary step increases where applicable. Dental insurance, Workers’ Compensation, Property / Liability / Volunteer Insurance and Life / Accidental Death and Dismemberment insurance have all been adjusted to reflect premiums paid in 2021 and any necessary inflationary factors have been included. applied.

The proposed levy for 2022 is as follows:

• Drawdown from the general fund: $ 2.1 million.

• Capital maintenance tax, $ 451,900.

• Tax for the construction of streets, $ 295,000.

• Tax from the Economic Development Authority, $ 98,038.

• Abatement tax, $ 13,763.

• Debt Service Tax, $ 273,150.

• 2014 tax abatement, $ 223,821.

• General bond 2014, $ 49,329.


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What’s next for Goodman Furniture’s dilapidated building http://ablepropertyinspections.com/whats-next-for-goodman-furnitures-dilapidated-building/ http://ablepropertyinspections.com/whats-next-for-goodman-furnitures-dilapidated-building/#respond Sun, 19 Sep 2021 12:01:34 +0000 http://ablepropertyinspections.com/whats-next-for-goodman-furnitures-dilapidated-building/ Plans to rehabilitate a long ravaged south Bethlehem the construction of a mix of commercial spaces and apartments is progressing. The city’s Historic Conservation Commission is expected to review plans for the former Goodman Furniture building, 30-32 E. Third St., Monday evening. The developer plans to build an annex on vacant land and anchor the […]]]>

Plans to rehabilitate a long ravaged south Bethlehem the construction of a mix of commercial spaces and apartments is progressing.

The city’s Historic Conservation Commission is expected to review plans for the former Goodman Furniture building, 30-32 E. Third St., Monday evening. The developer plans to build an annex on vacant land and anchor the project with commercial space on the first floor and 12 apartments on the upper floors.

The high-profile East Third Street building has upset Bethlehem officials for years as the former owner, the late Lehigh University professor Alvin Kanofsky, refused to deal with a leaking roof and a crumbling mortar which caused mold and extreme deterioration of the building. At one point, Bethlehem paid $ 137,000 to repair the stucco on the building to prevent it from falling and injuring anyone.

The city declared the building ravaged in 2016 and Kanofsky appealed to Northampton County Court. After a lengthy legal battle, the city was named in January 2017 as curator of the ruined building and adjacent vacant lot that Kanofsky bought in 1986.

Collaboration 3, a partnership between D’Huy Engineering Inc., Alloy 5 Architecture and Skepton Construction, has been named the promoter of a city call for proposals. C3 now owns the property, but Bethlehem remains the curator, overseeing the rehabilitation, said Alicia Miller Karner, city director of community and economic development.

The building is now waterproof with a new roof and it is structurally stabilized, according to the developer. All mold and environmental issues are also solved. Design plans are complete and its city permit applications are under review, C3 said.

The building is located in a historic district and in the central business district of the South Side, which means that the first floor is to be used as commercial space. Its exterior is subject to historical guidelines. C3 last appeared before the Historical Commission in September 2018.

The project received $ 1 million from the state Redevelopment assistance capital program funding and has another $ 1 million request pending.

The March 2021 RACP app notes that construction costs for the project have increased 185% due to supply chain issues related to the coronavirus pandemic and labor and material shortages. As a historic building and adaptive reuse, the rehabilitation already entails higher construction costs than a typical project, notes the demand.

“Commercial spaces on the ground floor are best suited to restaurant or retail tenants,” says the RACP application. “The project will renovate a horrific building and bring a key property back to the tax roll while creating space for contractors and residents.

A key property of the South Bethlehem Arts District, the building borders the South Bethlehem Greenway and is one block from the New Street parking lot.

The existing building is expected to house commercial space with a retail outlet or restaurant on the ground floor and offices above, depending on demand.

“The all-commercial space is designed to attract creative and tech companies from Bethlehem’s proximity to Lehigh Valley colleges and universities, particularly Lehigh,” demand says.

The historical commission meets at 6 p.m. on Monday at Bethlehem Town Hall, 10 E. Church St.

Our journalism needs your support. Please subscribe today to lehighvalleylive.com.

Sara K. Satullo can be reached at ssatullo@lehighvalleylive.com.


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Daytona’s Volusia Square attracts $ 12.2 million from real estate developers http://ablepropertyinspections.com/daytonas-volusia-square-attracts-12-2-million-from-real-estate-developers/ http://ablepropertyinspections.com/daytonas-volusia-square-attracts-12-2-million-from-real-estate-developers/#respond Sat, 18 Sep 2021 00:13:39 +0000 http://ablepropertyinspections.com/daytonas-volusia-square-attracts-12-2-million-from-real-estate-developers/ DAYTONA BEACH – The sale of an aging and nearly empty shopping center on International Speedway Boulevard gives hope that “the world’s most famous beach front door” could have a well-deserved new life. Two national commercial real estate companies have joined forces to pay $ 12.2 million for the Volusia Square shopping center at the […]]]>


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Why Commercial Real Estate in Greenwood Indiana is a Great Investment for Real Estate Asset Acquisitions http://ablepropertyinspections.com/why-commercial-real-estate-in-greenwood-indiana-is-a-great-investment-for-real-estate-asset-acquisitions/ http://ablepropertyinspections.com/why-commercial-real-estate-in-greenwood-indiana-is-a-great-investment-for-real-estate-asset-acquisitions/#respond Fri, 17 Sep 2021 23:43:13 +0000 http://ablepropertyinspections.com/why-commercial-real-estate-in-greenwood-indiana-is-a-great-investment-for-real-estate-asset-acquisitions/

Why Commercial Real Estate in Greenwood Indiana is a Great Investment for Real Estate Asset Acquisitions

Commercial Real Estate in Greenwood Indiana by Merrill Property Group

Learn from Merrill Property Group why commercial real estate in Greenwood Indiana is a great overall investment for acquiring real estate assets.

If we are looking for the best types of commercial real estate in Greenwood Indiana to buy, rent or invest, you won’t have to look any further than the commercial brokers of Merrill Property Group.

Owners John Merrill and Julie Merrill are a good fit for investors looking for valuable assets in commercial real estate in the Greenwood and Indianapolis, Indiana markets.

While an investor may do their own research and make offers to brokers or property owners directly, using commercial brokers on their behalf guarantees the best deal and the best lease or investment for their type of business.

Important information like new commercial real estate in Greenwood Indiana, real estate listings and compositions are generally only available to and through commercial brokers, and following this route saves investors time and money.

Therefore, if one does not work with commercial brokers, it is unlikely that one will gain access to accurate information on commercial spaces for rent or for sale.

Working with commercial real estate brokers offers some of the most accurate and current market data.

CRE brokers are in constant communication with developers, investors, landlords and tenants who occupy or have for sale commercial real estate in Greenwood Indiana.

Merrill Property Group has the expertise and connections to know the locations and spaces that would best suit what one is looking for in commercial real estate investing.

Commercial real estate brokers use this confidential information for the benefit of their clients and by not enlisting the help of a broker, it can hamper the ability to be “smart” about a potential investment and slow down time. research and acquisition of assets.

Merrill Property Group commercial brokers, who offer commercial real estate in Greenwood Indiana and serve all of Indianapolis and neighboring cities, will not let anyone miss a potentially perfect investment opportunity to acquire a business.

Therefore, as long as you research the best brokers and top rated trading assets in Indiana, consider the benefits of working with the best brokers for commercial real estate in Greenwood Indiana, Merrill Real Estate Group.

Media contact
Company Name: Merrill Real Estate Group, LLC
Contact: John and Julie Merrill
E-mail: Send an email
Telephone: (317) 590-3046
City: Green wood
State: Indiana
Country: United States
Website: merrillpropertygroup.com/


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The Pipeline: Commercial real estate transactions for 9.17.21 http://ablepropertyinspections.com/the-pipeline-commercial-real-estate-transactions-for-9-17-21/ http://ablepropertyinspections.com/the-pipeline-commercial-real-estate-transactions-for-9-17-21/#respond Fri, 17 Sep 2021 11:00:41 +0000 http://ablepropertyinspections.com/the-pipeline-commercial-real-estate-transactions-for-9-17-21/ JLL reports the following case: Lomas Regency LLC purchased the 104-unit X @ Sloan apartment complex at 1516 and 1552 Xavier St. in Denver for $ 29.5 million from X to Sloans LLC and X2 to Sloans LLC. Robert Bratley represented the seller. Gruber Commercial Real Estate Services reports the following case: Rocky Mountain Prestain […]]]>

JLL reports the following case:

Lomas Regency LLC purchased the 104-unit X @ Sloan apartment complex at 1516 and 1552 Xavier St. in Denver for $ 29.5 million from X to Sloans LLC and X2 to Sloans LLC. Robert Bratley represented the seller.

Gruber Commercial Real Estate Services reports the following case:

Rocky Mountain Prestain purchased 25,224 industrial square feet at 6535 Franklin St. in Denver for $ 3.2 million from Seegmiller LLC. Russell Gruber represented the seller.

NorthPeak Commercial Advisors reports the following transactions:

1469 Williams LLC purchased 15 multi-family units at 1075 Clarkson St. in Denver for $ 2.48 million from Clarkson Apartments LLC. Hunt Schaefer represented the buyer and seller.

816 N Cherry St LLC purchased 20 multi-family units at 816 Cherry St. in Denver for $ 2 million from 816 Cherry Street Inc. Matt Lewallen and Kevin Calame represented the buyer.

Timothy Redetzke purchased the duplex at 2338-2340 Eliot St. in Denver for $ 700,000 from MM Investors LLC. Joe Hornstein and Scott Fetter represented the seller.

Marcus & Millichap reports the following case:

2005 Willow LLP purchased 2005 Willow St. in Denver for $ 2.09 million from The Gabby Bear LLC. Ryan Bowlby and Drew Isaac represented the seller.

Fuller Real Estate reports the following transactions:

Adams County purchased a 3.7-acre development site at 128th and Claude Street in Thornton for $ 1.2 million. Andrew Dodgen and Bob Leino were involved in the transaction.

Action Swimming Pool Service leased 3,684 industrial square feet at 5168 Parfet Street in Wheat Ridge. Mike Haley represented the tenant.

Pinnacle Real Estate Advisors reports the following transaction:

Recovery Monitoring Solutions Corp. leased 9,173 square feet of office space at the Colorado Marketing Center at 14707 E. 2nd Ave. in Aurora. Eric Shaw represented the owner.

John Propp Commercial Group reports the following case:

Lehrer’s Fireplace and Patio leased 4,800 square feet at 8700 Wadsworth Blvd., Unit F, in Arvada. Michael Honc represented the owner.


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Commercial rent control is offered again as pandemic New York retail reels – Commercial Observer http://ablepropertyinspections.com/commercial-rent-control-is-offered-again-as-pandemic-new-york-retail-reels-commercial-observer/ http://ablepropertyinspections.com/commercial-rent-control-is-offered-again-as-pandemic-new-york-retail-reels-commercial-observer/#respond Thu, 16 Sep 2021 18:50:04 +0000 http://ablepropertyinspections.com/commercial-rent-control-is-offered-again-as-pandemic-new-york-retail-reels-commercial-observer/ A proposal to put in place commercial rent controls around New York City returned nearly two years later, as the city’s retail market reeling from the COVID pandemic and record high availability rates . The law project, introduced for the first time per member of the municipal council Stephen levin in 2019, will finally get […]]]>

A proposal to put in place commercial rent controls around New York City returned nearly two years later, as the city’s retail market reeling from the COVID pandemic and record high availability rates .

The law project, introduced for the first time per member of the municipal council Stephen levin in 2019, will finally get its day before the New York City Council‘s Small Business Committee Friday.

The legislation would establish a council that would cap rent increases for small retail businesses, manufacturing premises and offices for non-chain businesses in the five boroughs, in the same way the state regulates rent-controlled apartments.

This would protect retail and professional service outposts or offices 10,000 square feet or less, as well as manufacturing companies 25,000 square feet or less, from sky-high rent increases, supporters said.

“I think it’s in the best interests of New York City, our economy, and our neighborhoods, to better balance those interests – to provide some stability for small businesses, so they can invest for the long haul. term “, member of the Council. Brad lander, co-sponsor of the bill, told Commercial Observer. “Landlords will be able to get an increase every year, but they can’t just move a tenant at the end of their lease to double the rent.

But the world has changed dramatically since the bill was introduced in 2019. Manhattan’s retail availability rate has hit an all-time high. 10-year high at 28 percent, according to a report by the brokerage firm JLL. Average commercial rents fell in 16 of Manhattan’s 17 trade corridors this spring compared to the previous year, according to a report by New York Real Estate Council.

Only four of those 17 corridors saw average asking rents stay the same or increase, compared to fall 2020 numbers. Fifth Avenue, from 49th to 59th Street, saw a 15% increase in average asking rents . West 34th Street, from 5th to 7th ave, saw an 11% increase in average asking rents, compared in fall 2020.

Lander said the bill would be more of a boon to neighborhood retail corridors which have seen rents stay constant or rise during the pandemic. In more residential areas of Brooklyn, 12 of 17 trade corridors saw year-over-year decline in asking rents in winter 2020, the latest figures available, with six increases in average asking rents since the summer. 2020, according to a REBNY report.

Compared to Manhattan, Brooklyn retail rents were more resilient, with the largest seasonal increase at 20% and the largest year-over-year increase at 10%, while Manhattan experienced its strongest seasonal increase to 15% without any corridor experiencing year after year. increase of the year. (Brooklyn’s average rents are much lower than Manhattan’s.)

But the law would affect more than the few hallways that posted average rent increases, making it ill-suited for the retail market today, REBNY senior vice president of planning said, Basha gerhard. Charged rents have fallen across town, and Gerhards has expressed concern that tax revenues will decline because landlords make less money on rent.

“I think [rent] is a very neat and clean thing to blame for the failure of a business compared to all of these other contributing things, ”said Gerhards. “If you’ve been in business for 30 years and haven’t been able to [make] a website to sell your products during the pandemic is a bit like that and the amount of the rent hardly matters… People love their local places, but people still buy from Amazon. “

But, Lander said there is no guarantee that small businesses can stay alive, even if they become profitable under the terms of their original lease, as profit-prioritizing landlords can increase their rents to a minimum. untenable amount. With more stability, retail owners could focus on growing their business rather than struggling to survive future rent increases, he added.

Brad Lander.

“The owners would like to preserve the right to charge whatever they can get, regardless of the stability of small businesses that invest their money and hard work, blood, sweat and tears in their businesses,” Lander told CO. t force donors to charge less rent… They can increase it every year, to balance landlord interests.

The proposal would establish a nine-member council appointed by the mayor that would include members representing off-chain commercial tenants, commercial owners and members of the public with experience in real estate, community development, economics or finance, according to the text of the legislation. The council, whose members would serve two-year terms, would determine the maximum rent for the commercial spaces it governs, after a series of public hearings on July 1.

Storefronts already occupied when the bill is adopted would be subject to current tenant rent ceilings, while those vacant after the bill is adopted would use the terms negotiated in a lease as the basis for future increases set by the bill. board.

Lander added that it is important to preserve the city’s small businesses as they add value to communities and attract people to neighborhoods.

“If you’re a homeowner and your ability to rent has doubled in the past five years, it’s not because of something you did,” Lander said. “It’s because of a larger set of changes underway that often small businesses in the neighborhood have done so much more to contribute to homeowners. “

The rule would not apply to chain stores, although it was not clear whether local owners of franchise stores would qualify for rent regulation under the rule. In 2020, more than 1,000 chain stores across the city closed, with the total number of chains in the Big Apple declining by 12.8%, according to Center for an Urban Future.

The legislation would also levy an annual tax of $ 100 from owners of commercial space affected by the new rent regulation to pay for the administration of the law, which is different from controlled and stabilized rent apartments, which the city collects. a market royalty. rate of landowners to pay for the administration of the Rent Guidelines Council, according to New York State Housing and Community Renewal Division.

The bill has 22 co-sponsors on city council, Lander said. If adopted by the committee, it would be up to the Chairman of the Board Corey johnson to bring it to a hearing before the full city council and possibly call for a vote, requiring the approval of at least 26 members to pass.

Then it should be signed by the mayor Bill de Blasio, who only said publicly that he was studying the bill. Johnson and de Blasio did not respond to requests for comment. In addition, Johnson, de Blasio and many supporters of the law will have a limited mandate at the end of the year, leaving his future in limbo. Eric Adams, likely the city’s next mayor, did not respond to a request for comment on his thoughts on the law.

But, despite this, the bill continues to face strong reluctance from owners and landowners as to its legality and consequences. Some argue that it is not clear whether the city even has the legal authority to adopt it.

“New York State is the ultimate ruler,” said Alexandre Lycoyannis, a lawyer with Rosenberg & Estis. “The power to independently enact rent regulations is not a power that has been delegated to New York City or any other local government under the state constitution and a number of instances. have held it over the years. “

While the state’s constitution allows local government to enact laws relating to “real estate and government matters,” courts have tended to consider that rent control should be left to the state, Lycoyannis said.

“Whoever signs this bill, I think the lawsuit is going to be filed before the ink dries up on the paper,” he said. “There will be there will be a rush to the courthouse. ”

The state adopted a form of commercial rent control from 1945 to 1963 after tenants complained about excessive rents and evictions after World War II, which ended rent increases unless a landlord and tenant reached a written agreement through arbitration or court order.

City officials pushed for him to return in the 1980s after small businesses, facing huge rent increases, continued to shut down. This bill, the Small Business Jobs Survival Act, which set up an arbitration process for lease renewals, was introduced in 1986 and has rebounded for years, most recently got a hearing in 2018.

Lycoyannis questioned the need for a return to rent regulation, given the effect of the pandemic on commercial rents.

“Right now in the city the rents have gone down,” Lycoyannis said. “Commercial rents have been completely decimated over the past two years… There is no logical reason why we should be doing it now. It’s just an idea that absolutely does not fit the situation we find ourselves in right now.

Celia Young can be reached at cyoung@commercialobserver.com.


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