Commercial Building – Able Property Inspections http://ablepropertyinspections.com/ Wed, 10 Aug 2022 16:04:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 http://ablepropertyinspections.com/wp-content/uploads/2021/06/icon-1.png Commercial Building – Able Property Inspections http://ablepropertyinspections.com/ 32 32 Demand for industrial sites in the East soars despite economic difficulties http://ablepropertyinspections.com/demand-for-industrial-sites-in-the-east-soars-despite-economic-difficulties/ Wed, 10 Aug 2022 16:04:00 +0000 http://ablepropertyinspections.com/demand-for-industrial-sites-in-the-east-soars-despite-economic-difficulties/ Published: 17:04 August 10, 2022 Commercial estate agents in the East of England are celebrating a slew of new offers as a healthy dose of demand continues to support the market. Despite dire economic forecasts as the cost of living crisis rages, demand for industrial/warehousing units outstrips supply in Norfolk and Suffolk – and the […]]]>

Published:
17:04 August 10, 2022



Commercial estate agents in the East of England are celebrating a slew of new offers as a healthy dose of demand continues to support the market.

Despite dire economic forecasts as the cost of living crisis rages, demand for industrial/warehousing units outstrips supply in Norfolk and Suffolk – and the effects of pent-up demand that led to the recovery the office market after the pandemic last year are still being felt, according to the latest figures.

The latest EG Radius rankings for the quarter to the end of June show Bidwells topping the regional performance chart for closed business deals as it negotiated nearly 46,000 square feet of office space and nearly 138,000 square feet of industrial space. Penn Commercial of Ipswich tops the regional rankings for retail transactions at nearly 14,000 square feet.

Across all counties, Bidwells completed 11 commercial real estate transactions, followed by Arnolds Keys at 10 in Norfolk during the second quarter. In Suffolk, Penn Commercial and Fenn Wright are tied with 12 deals each in Suffolk. Fenn Wright topped the Essex table with 39 trades.

Will Jones, who leads the sales team at Bidwells Norwich office, said it was “always nice” to top the charts.

A deal in which Marsh Insurance Company took over what was Aviva’s offices at the city’s Willow House in Broadland Business Park meant a mega 62,000 square feet of office space was negotiated in one single deal earlier this year. A total of 110,000 square feet of office space had been traded in and around Norwich so far – putting the year on track for highs in 2021 when 192,000 square feet was divested.


William Jones in Bidwells Norwich office commercial property team
– Credit: Bidwells

“We are back to pre-pandemic levels, he said. Hybrid work has given a post-pandemic boost to the market which crashed in 2020 amid lockdowns.

“The industrial market in Norfolk, Suffolk and Cambridgeshire over the past two years has reached record levels with many delivery companies and online companies all wanting space,” he added. Speculative projects were hard to come by, which meant steep rents at Diamon Point in Norwich and Cranes Business Park in Ipswich after developers sold them to new owners Northwood Investors, he said.

He predicted the commercial property market may not see rents rise amid the latest economic turmoil, but added: ‘At the end of the day, people have to go about their business.

Vanessa Penn, Managing Director of Penn Commercial, said: “We have seen a slight resurgence in the office market – where we were also named third in the East of England – and the second quarter saw a number of retail transactions come to fruition.


Vanessa Penn, center, and her team at Penn Commercial in Ipswich

Vanessa Penn, center, and her team at Penn Commercial in Ipswich
– Credit: Penn Commercial

“As plans around Sizewell C begin to gain momentum, following the Government’s granting of the Development Consent Order for the project on 20e July, an increase in demand in the industrial sector is expected in the coming months.

“The project will fuel the business of contractors and ancillary services seeking warehousing, hard and off storage for the duration of the contract.”

Michael Moody, Partner at Fenn Wright, said of his company’s performance, “This is a fantastic achievement and a testament to the experience and outstanding performance of the team of professionals here at Fenn Wright. We remain focused on the success of our business throughout the Essex and Suffolk markets and will continue to provide unparalleled service to our customers”

]]>
Philly wants to know what city residents think of the Roundhouse before it’s sold http://ablepropertyinspections.com/philly-wants-to-know-what-city-residents-think-of-the-roundhouse-before-its-sold/ Sun, 07 Aug 2022 09:00:26 +0000 http://ablepropertyinspections.com/philly-wants-to-know-what-city-residents-think-of-the-roundhouse-before-its-sold/ Who wants to buy a 60-year-old, heavily used brutalist concrete carcass? That’s the question facing the city of Philadelphia as it gradually removes the former police headquarters from Seventh and Race streets, its undulating concrete outlines known as the “Roundhouse.” “When I was growing up, [people in the neighborhood knew] you don’t want anything to […]]]>

Who wants to buy a 60-year-old, heavily used brutalist concrete carcass?

That’s the question facing the city of Philadelphia as it gradually removes the former police headquarters from Seventh and Race streets, its undulating concrete outlines known as the “Roundhouse.”

“When I was growing up, [people in the neighborhood knew] you don’t want anything to do with the Roundhouse, said Luz Crespo, one of about 100 people who gathered Thursday to talk about the building’s future. “It’s the police, that’s the problem.”

The Roundhouse’s future has been uncertain since police began planning to move to a new headquarters – The Inquirer’s former building at 400 N. Broad St. – in 2017. The city was in the process of drawing up a plan for the sale of the Roundhouse in the summer of 2020.

It was always going to be tricky selling a police headquarters that inadvertently looks like a pair of handcuffs. But after the murder of George Floyd and the resulting wave of protests against police misconduct, the building’s history began to feel awfully charged.

This is why the city is embarking on a new form of community action for the site. Instead of starting with a traditional request for proposals from developers, the Planning Commission is leading a community outreach to give Philadelphians a chance to express their feelings and hopes for the building. The process is expected to take a year, with listening and engagement sessions taking place in neighborhoods across the city in the coming months.

Two consultancies, Connect the Dots and Amber Art and Design, have been selected to help lead the “Framing the Future of the Roundhouse” project. They spoke to former police officers, people locked up in the Roundhouse and groups of young people. One of the original architects, Robert Geddes, now 98, will be interviewed next week.

“A typical engagement process might go straight into what the Roundhouse should be like, as we try to spend a lot of time thinking about what it meant to people and how we can move forward” , said Marisa Denker, co-founder and president of Connecting the Dots.

On Thursday, the Planning Commission and its consultants held their first in-person public engagement session in Franklin Square, around the minou corner of the Roundhouse. Dozens of people showed up to chat with staff members, deliver speeches from a podium, and draw their dream projects on paper prints of the building’s layout.

The Roundhouse sits at the northernmost border of the clutch of institutional buildings around Independence Mall. Thursday’s intense heat highlighted the isolated, shade-free location of the former police headquarters, which is surrounded by surface parking lots and multi-lane expressways.

“I’m wrong on the historic preservation side,” said Mijuel Johnson, who works as a black history tour guide in the city. “Like most people, I’m not a big fan of brutalist architecture, let alone the brutal history that [the Roundhouse] has. But it’s a unique building, unique to Philadelphia.

The Roundhouse was designed in 1959 by the Philadelphia architectural firm Geddes, Brecher, Qualls & Cunningham. Ninety percent of the building is concrete created by an innovative Dutch architectural molding system known as Schokbeton. Originally, the ground floor was to be made of translucent glass to give an air of transparency. The concrete wall that gives the building a fortress face was added later.

The Roundhouse’s innovative design was part of a modernizing moment in Philadelphia’s history when the city charter was fresh, civil service standards were professionalized, and reformist politicians were in power.

Broader Brutalist architecture and innovative Dutch design were seen as part of this liberal trend. The same goes for the move of police headquarters from the basement of City Hall – a location seen as a holdover from the patronage era – to its own modern, freestanding building.

But the Roundhouse’s beginnings roughly coincided with a rise in crime that began in the mid-1960s and continued through the early 1990s. This fueled an increase in spending on law enforcement. law, which have become more aggressive and punitive as the war on drugs has intensified.

Locally, the building coincided with the rise to power of Frank Rizzo, the policeman-turned-mayor who would permanently end the post-war reform period of Philadelphia’s history. The building’s imposing carcass soon became associated with its aggressive political and policing style and, particularly in black and Puerto Rican neighborhoods, with an increased presence of the prison state.

“I knew a lot of people who would do bad things, and they should go to the Roundhouse,” said Crespo, who moved to Philadelphia with his family from Puerto Rico in 1956. But his feelings for the building — and the service police – are more complicated than that. “I have a brother and a sister who gave 40 years to the police, so I respect authority a lot.”

The building is not historically protected, although there is a pending designation. The most common refrain among Thursday attendees was that it should be a place of “healing,” perhaps for advocacy groups that serve marginalized groups or a nonprofit arts space.

Such plans would presumably be difficult to monetize and sell to for-profit developers to balance the $322 million the city has spent on the drawn-out process for new police headquarters. But developers say they are far from taking specific proposals.

“We have to be careful with the engagement process because the city can’t dictate what it will be,” said Denker, one of the city’s consultants. “We can’t say, oh, there should be a park here, a playground there. But so far people are generally talking about what it meant and how it should be related in the future.

Future events and online engagement can be found at Framing the future of the rotunda.

]]>
Growing challenges point to bleak economic outlook – Commercial Property Executive http://ablepropertyinspections.com/growing-challenges-point-to-bleak-economic-outlook-commercial-property-executive/ Fri, 05 Aug 2022 09:40:00 +0000 http://ablepropertyinspections.com/growing-challenges-point-to-bleak-economic-outlook-commercial-property-executive/ RICS Economist Tarrant Parsons explains what worries property markets around the world. Tarrant Parsons, Economist, RICS. Image courtesy of RICS Sentiment in real estate markets around the world is fading, after steady improvements in recent quarters. Tighter monetary policy and rising inflation are weighing on the global economic outlook. Results of Royal Institution of Chartered […]]]>

RICS Economist Tarrant Parsons explains what worries property markets around the world.

Tarrant Parsons, Economist, RICS. Image courtesy of RICS

Sentiment in real estate markets around the world is fading, after steady improvements in recent quarters. Tighter monetary policy and rising inflation are weighing on the global economic outlook.

Results of Royal Institution of Chartered Surveyors‘ The latest Global Commercial Property Survey shows that nearly half of property professionals working in different parts of the world now believe the market is in a downturn in the property cycle. This marks a significant increase from just 25% in the first quarter of the year.


READ ALSO: CRE’s outlook for the 2nd half is slowing down


“I think there is a very real risk of a recession emerging next year in several economies, said RICS economist Tarrant Parsons. commercial real estate director Editor-in-Chief Laura Calugar in the series’ latest podcast. Parsons added that tighter monetary policies are often associated with economic recessions.

However, there are pockets of optimism. Data centers, prime industrial spaces and multi-family are expected to show the strongest returns over the next 12 months.

Here’s what else Parsons talked about in this podcast episode:

  • General ideas from the report (00:45)
  • Respondents’ perceptions of their local market’s position in the cycle (1:57)
  • Overall Occupant Demand by Sector (3:10)
  • Why Investment Activity Is Slowing (4:14)
  • Real Estate Appraisals (5:24)
  • Real Estate Sentiment in Specific Regions: APAC, Europe, Middle East & Africa, North America (6:38)
  • Economic outlook: Is a global recession approaching? (12:04)

Don’t forget to follow CPE’s podcasts on Spotify and Apple Podcasts!

]]>
Despite Economic Uncertainties, Tempered Optimism Prevails for Commercial Real Estate in California, Says Allen Matkins/UCLA Anderson Forecast Summer Survey http://ablepropertyinspections.com/despite-economic-uncertainties-tempered-optimism-prevails-for-commercial-real-estate-in-california-says-allen-matkins-ucla-anderson-forecast-summer-survey/ Wed, 03 Aug 2022 09:00:00 +0000 http://ablepropertyinspections.com/despite-economic-uncertainties-tempered-optimism-prevails-for-commercial-real-estate-in-california-says-allen-matkins-ucla-anderson-forecast-summer-survey/ Industrial and multi-family housing continues to grow, the office remains stagnant and retail continues a slow comeback LOS ANGELES, August 3, 2022 /PRNewswire/ — The Allen Matkins/UCLA Anderson Forecast Summer 2022 California commercial real estate study shows there’s a lot more optimism for the next three years than the deluge of negative news about California […]]]>

Industrial and multi-family housing continues to grow, the office remains stagnant and retail continues a slow comeback

LOS ANGELES, August 3, 2022 /PRNewswire/ — The Allen Matkins/UCLA Anderson Forecast Summer 2022 California commercial real estate study shows there’s a lot more optimism for the next three years than the deluge of negative news about California commercial real estate. economy might suggest. The current survey finds that the optimism displayed in last winter’s survey for office and retail markets turning positive in the near term was premature, but the prevailing sentiment for these markets remains one of confidence. longer term. Meanwhile, optimism for industrial and multi-family markets remains, albeit at a more muted tone than six months ago.

The half-yearly survey questions a panel of California real estate professionals to project a three-year outlook for California commercial real estate sector and anticipate potential opportunities and challenges affecting the office, multi-family, retail and industrial sectors.

The Allen Matkins/UCLA Anderson Forecast Summer 2022 California Commercial Real Estate Study, infographics and related content are available for download here at August 3, 2022at 2:00 a.m. PST.

Ongoing uncertainty dampens office market sentiment

The continued persistence of the COVID-19 pandemic has reversed the office market’s previously optimistic trajectory as the return to work of many employees continues to be delayed. As investors grow more cautious amid growing uncertainty about the near-term economic outlook, optimism for the office market in the previous survey is turning into a slowdown in Southern Californiawith a more neutral vision in Northern California. Office development sentiment remained slightly optimistic in the Bay Area, although there are no plans in place yet to increase the rate of development. Although the return to the office has been delayed, there are signs that this pessimism is temporary – companies will eventually put plans in place to bring their staff back to the office, and there will eventually be a need for new office development that will accommodate this. . new office landscape.

Multi-year optimism continues for a growing industrial market

With industrial markets seeing consistently high occupancy rates and superior rental rate growth over the past few years, sentiment towards new industrial projects has been consistently positive, including in the latest survey. This is largely due to the fact that rapid industrial development has barely kept up with absorption, leaving high demand for additional supply. Consistently high occupancy rates and superior rental rate growth kept optimism high for all industrial markets. The current survey predicts more or less the same thing – that large future increases in demand will exceed expected and projected supply for 2025. This view of an even tighter market stems in part from the fact that demand in recent years pushed vacancy rates to surprisingly low levels.

Multi-factor fuel (continued)
Multi-family
Market optimism

Despite pandemic-induced demand for suburban housing and an ongoing work-from-home culture, optimism remains for the next three years, albeit down slightly from a year ago. In this survey, rental rates are projected for each market to rise faster than the rate of inflation and vacancy rates to fall by 2025. Although continued waves of the pandemic have delayed some returns to office, the reopening of city amenities, and the creative and social value derived from urban experiences are attractors that should drive the increase in multi-family living in urban areas, especially among young workers.

Two other factors are also driving new multi-family developments – the interior parts of California are experiencing growth in logistics and infrastructure construction and a series of state laws – SB8, SB9 and SB10 – replaced some local building approval processes, opened up land currently zoned for single-family homes to construction small multi-family structures, and reduced barriers to multi-family construction in transit corridors.

Retail outlook continues to slowly rebound

Despite a looming recession and lingering economic uncertainty, retail sentiment continues to rebound from the bottom of the cycle. The latest survey indicates optimism in most markets, apart from San Francisco and Los Angeles, where pessimism persists due to the fact that many people continue to work from home and the lack of foreign tourism. In other markets, a limited return to the office has increased demand for retail in the heart of each city, while the construction of new housing in California has created a demand for new businesses near these dwellings. It is also expected that there will be demand for the reconfiguration of retail establishments towards a more open-air post-COVID concept that will attract consumers to the stores. The booming housing market will continue to drive retail demand across the state, leading to a turnaround in retail development and a new cycle of retail construction that is expected to begin before the end of 2025.

About the survey

The Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey and Index surveyed a panel of California real estate professionals in the development and investment markets, on various aspects of the commercial real estate market. The survey is designed to capture the budding business of commercial real estate developers. To achieve this objective, the panel examines the markets in three years and the construction conditions over the three-year period. The survey was initiated by Allen Matkins and the UCLA Anderson Forecast in 2006, in pursuit of their interest in improving the quality of current commercial real estate information and forecasts.

About Allen Matkins

Allen Matkins, founded in 1977, is a Californialaw firm based with over 200 lawyers in four major metropolitan areas of California: Los Angeles, Orange County, San Diegoand San Francisco. The company’s areas of focus include real estate, construction, land use, environment and natural resources; corporate and securities, real estate and commercial financing, bankruptcy, restructuring and creditors’ rights, joint ventures and taxation; labor and employment; and trials, litigation, risk management and alternative dispute resolution in all of these areas. Allen Matkins can be found on the web at www.allenmatkins.com.

About UCLA Anderson Forecast

UCLA Anderson Forecast is one of the most watched and often cited economic outlook for California and the nation and was the only one to predict both the severity of the downturn of the early 1990s California and the strength of the state’s rebound since 1993. The Forecast has been credited as the first major US economic forecasting group to call the 2001 recession and, in March 2020, he was the first to declare that the recession caused by the COVID-19 pandemic had already begun. uclaforecast.com

About UCLA Anderson School of Management

UCLA Anderson School of Management is one of the world’s leading business schools, with faculty members recognized globally for their teaching excellence and research in advancing managerial thought. Situated in Los Angelesgateway to the growing economies of Latin America and Asia and a city that personifies innovation across a wide range of activities, UCLA Anderson MBA, Full Employee MBA, Executive MBA, UCLA-NUS Executive MBA, Master of Financial Engineering, Master of Science in Business Analytics, Doctoral and Executive Education programs epitomize the school. Think about the next philosophy. Each year, some 1,800 students are trained to become global leaders in pursuit of tomorrow’s business models and community solutions.
Follow us @uclaanderson

Media contacts:

Rebecca Trounson (310) 825-1348
[email protected]
UCLA Anderson School of Management

Paul Feinberg (310) 794-1215
[email protected]
UCLA Anderson School of Management

Eric Podolski (617) 694-6411
[email protected]
Allen Matkins Media Relations

SOURCE UCLA Anderson Forecast

]]>
Trace on Parkway continues to expand with commercial and residential buildings http://ablepropertyinspections.com/trace-on-parkway-continues-to-expand-with-commercial-and-residential-buildings/ Mon, 01 Aug 2022 16:26:52 +0000 http://ablepropertyinspections.com/trace-on-parkway-continues-to-expand-with-commercial-and-residential-buildings/ Plocher Construction Company, Inc. is continuing construction of additional commercial and residential buildings at The Parkway and Trace on the Parkway, located at the southeast corner of Route 157 and Governors Parkway. Several commercial buildings are under construction, as well as a third residential building with 77 new units, with leases to be signed for […]]]>

Plocher Construction Company, Inc. is continuing construction of additional commercial and residential buildings at The Parkway and Trace on the Parkway, located at the southeast corner of Route 157 and Governors Parkway. Several commercial buildings are under construction, as well as a third residential building with 77 new units, with leases to be signed for occupancy in March 2023.

When completed, Trace on the Parkway will have 191 luxury residential apartments offering residents the opportunity to live in a maintenance-free resort-style community. Residents will have access to property amenities including private balconies/patios, business center, community lounge, game room, and conference rooms. Residents will also have access to the state-of-the-art 24/7 gym, resort-style pool and spa, BBQ areas, outdoor TV lounge, outdoor seating, access to the adjacent Madison County Transit (MCT) bike path, rooftop patio, lawn, and dedicated dog park for their furry friends.

The all-inclusive rental package is a convenient alternative to traditional monthly rental contracts as it includes all utilities, internet and amenities. Trace on the Parkway offers one-, two-, and three-bedroom floor plans and one- and two-bedroom floor plans with dens. All apartments come standard with large single storey laundry rooms. Interior amenities include soft-closing cabinets, under-cabinet lighting, stainless steel appliances, and commercial-grade sinks, faucets, washers, and dryers. Additionally, Trace on the Parkway offers air-conditioned storage units, bicycle storage, and garage space for rent.

Trace on the Parkway homes offer great privacy, while providing plenty of social opportunities at the lounge, by the pool, or at one of our many resident events.


“The leasing team is ready to fill all 77 apartments as quickly as they did the first two buildings,” said Janet Moskwa, Parkway property manager. . We have beautiful apartments inside and exceptionally manicured grounds outside, which really make every day feel like you’re vacationing at an amazing resort.

The development has also brought new restaurants to Trace on the Parkway, such as Blue Violet, Oaxaca Margarita Bar and Restaurant, Doc’s Smokehouse, Goshen Coffee, Loading Bar, American Kolache, 1818 Chophouse, 1818 Butcher and Market, and Rocket Bowls. Additionally, Drunken Fish, Kimchi Guys, Nothing Bundt Cakes and Eskimo Huts are all set to open within the next year.

In addition, The Parkway also offers the following shops and services: Sunflower Dental, Water Sweets Soap Company, Willow and Mohr Photography, Boheme Boutique, Kloss Furniture, Salon Ludic, Loverly Boutique, Alliance Chiropractic and Performance and The X’Perience Barber and Beauty . Additionally, several new businesses are expected to open in the very near future, including AQ Nails, Morgan Stanley, and Edwardsville Bank, a division of St. Louis Bank.

The Kunkel Wittenauer Group manages Trace on the Parkway Apartments, Parkway Commercial and Retail Properties, and the Parkway Association. To learn more about Trace on the Parkway (including virtual home tours), visit www.traceedwardsville.com.

Tours are available by appointment, virtually, or drop-in Monday through Friday 8:30 a.m. to 5 p.m. or Saturday 9 a.m. to 1 p.m. With the third building nearing completion in early March 2023, headset tours are now available and applications are being accepted. For rental information, contact the Kunkel Wittenauer Group at 618-224-3320 or email info@traceedwardsville.com.

]]>
Liz Weston: Do ‘similar’ commercial real estate investments defer capital gains taxes? http://ablepropertyinspections.com/liz-weston-do-similar-commercial-real-estate-investments-defer-capital-gains-taxes/ Sat, 30 Jul 2022 14:00:00 +0000 http://ablepropertyinspections.com/liz-weston-do-similar-commercial-real-estate-investments-defer-capital-gains-taxes/ Dear Liz: My husband and I are selling commercial property for $600,000 and we have questions about capital gains. Our real estate agent said we have 90 days to purchase another property but suggested not making a purchase due to the state of the economy at the moment. We are looking for suggestions to reduce […]]]>

Dear Liz: My husband and I are selling commercial property for $600,000 and we have questions about capital gains. Our real estate agent said we have 90 days to purchase another property but suggested not making a purchase due to the state of the economy at the moment. We are looking for suggestions to reduce our capital gains. Do you have any suggestions we could look into or articles to read?

Answer: Your realtor is referring to what’s called a “like-kind” or Section 1031 exchange. These exchanges allow people to defer capital gains taxes when they sell commercial, rental, or investment real estate. as long as the proceeds are used to purchase a similar property.

Section 1031 exchanges happen all the time, in all sorts of economic conditions, so your real estate agent‘s attempt to dissuade you based on “the state of the economy” is a little odd. Also, similar exchanges do not have to be completed in 90 days. Owners have 45 days to identify potential replacement properties and a total of 180 days to complete the transaction. There are a number of other rules you need to follow, so you will want to use companies known as exchange facilitators who specialize in handling these transactions.

Your first step, however, should be to find a qualified tax professional. You’ve just discovered what can happen when you turn to non-tax professionals for tax advice.

While your desire to educate yourself is commendable and you can certainly find tax books at your local bookstore, there is no substitute for consulting an experienced tax professional who can give you personalized advice.

Liz Weston, Certified Financial Planner, is a personal finance columnist for Nerd Wallet. Questions can be sent to him at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or by using the “Contact” form at asklizweston.com.

]]>
Castlerock to build $49 million suburban office building for state government http://ablepropertyinspections.com/castlerock-to-build-49-million-suburban-office-building-for-state-government/ Mon, 25 Jul 2022 07:14:00 +0000 http://ablepropertyinspections.com/castlerock-to-build-49-million-suburban-office-building-for-state-government/ Frankston, a coastal suburb 41km southeast of Melbourne’s CBD, is at the center of state government investment, including the $1.1 billion redevelopment of Frankston Hospital, which began on last month and is expected to be completed in 2025. Near the new site of government offices, Melbourne developer Pace has submitted plans to build a $150 […]]]>

Frankston, a coastal suburb 41km southeast of Melbourne’s CBD, is at the center of state government investment, including the $1.1 billion redevelopment of Frankston Hospital, which began on last month and is expected to be completed in 2025.

Near the new site of government offices, Melbourne developer Pace has submitted plans to build a $150 million apartment tower on the former cinema site at 438-444 Nepean Highway.

Castlerock general manager Adam Bronts said The Australian Financial Review the fund manager had already secured pre-commitments from its pool of wealthy investors and relatives for the development of Frankston following a soft, off-market capital raise in August.

“Currently, investors in the APT2 fund are getting a return of 6.7% after fees. It’s quite attractive, Mr. Bronts said.

“We have a big backlog of investors who want to come in.”

Mr. Bronts has promised to deliver the greenest building in the Frankston CBD with a minimum energy and water rating of 5 NABERS stars.

Facilities will include “CBD-quality” end-of-trip facilities, including 50 bike slots, e-scooter parking and charging facilities, changing rooms and showers.

The design of the building comprising two wings that extend from the main entrance and an atrium is inspired by the local fauna – the great eastern egret.

Castlerock’s successful tender for the Frankston project follows raising $90 million last year to help fund the purchase of an office building in Ipswich, around 40 miles east west of Brisbane.

In 2020, Castlerock paid over $57 million for a five-storey office building in Wollongong’s CBD that houses the Australian Taxation Office, a record for the regional town.

]]>
Solving the housing crisis means building when no one is buying http://ablepropertyinspections.com/solving-the-housing-crisis-means-building-when-no-one-is-buying/ Sat, 23 Jul 2022 09:00:15 +0000 http://ablepropertyinspections.com/solving-the-housing-crisis-means-building-when-no-one-is-buying/ In other words, arrears increase during downturns due to market forces, and then persist during good times due to government-imposed limitations on construction. “It’s a chronic problem,” Mr. Khater said. “We have both market failure and government failure.” Both of these failures are on display in San Francisco, which suffers from a decades-old housing shortage. […]]]>

In other words, arrears increase during downturns due to market forces, and then persist during good times due to government-imposed limitations on construction.

“It’s a chronic problem,” Mr. Khater said. “We have both market failure and government failure.”

Both of these failures are on display in San Francisco, which suffers from a decades-old housing shortage. When interest rates were low and demand was high, developers were desperate to build, but had to spend years getting the necessary approvals and permits. Now that the market has turned, some of the projects that managed to survive this process are being canceled because developers can no longer afford to build them.

Michael Covarrubias, managing director of TMG Partners, is a residential and commercial real estate developer in the Bay Area. Mr Covarrubias said he had two projects he could legally start construction on, with around 800 condominiums between them. But they are furloughed due to rising material and funding costs.

“Real estate is basically a simple business, Mr. Covarrubias said. “You need to get a return on your costs, and it’s getting harder and harder to make the math work.”

Across the country, the ongoing housing shortage has caused a number of lawmakers to revisit an old idea: social housing. In California, Hawaii, Rhode Island, Maryland and Colorado, lawmakers have introduced or passed proposals allowing state and local governments to develop housing for a range of incomes.

“If the government goes into housing supply, we can be that countercyclical supply,” said Alex Lee, Democrat of San Jose and California State Assemblyman. This year Mr. Lee introduced a measure that would have created a new state agency to build mixed-income housing across California. It failed in committee, but Mr Lee promised to continue to seek government-built housing.

]]>
Historic Common Level Ratio Declines Should Lead Pennsylvania Business Owners to Consider Annual Valuation Calls for Tax Year 2023 | McNees Wallace & Nurick LLC http://ablepropertyinspections.com/historic-common-level-ratio-declines-should-lead-pennsylvania-business-owners-to-consider-annual-valuation-calls-for-tax-year-2023-mcnees-wallace-nurick-llc/ Thu, 21 Jul 2022 17:36:02 +0000 http://ablepropertyinspections.com/historic-common-level-ratio-declines-should-lead-pennsylvania-business-owners-to-consider-annual-valuation-calls-for-tax-year-2023-mcnees-wallace-nurick-llc/ With historic declines in common level ratios in all 67 counties of Pennsylvania from last year to this year, owners of commercial or industrial properties should review their assessed values ​​for potential reductions for the 2023 tax year. The deadline for calling the annual evaluation of August 1, 2022 for effective taxable values ​​for the […]]]>

With historic declines in common level ratios in all 67 counties of Pennsylvania from last year to this year, owners of commercial or industrial properties should review their assessed values ​​for potential reductions for the 2023 tax year.

The deadline for calling the annual evaluation of August 1, 2022 for effective taxable values ​​for the January 1, 2023 tax year is rapidly approaching for the following counties in Pennsylvania:

Adams, Bucks, Butler, Cambria, Chester, Dauphin, Erie, Fayette, Franklin, Indiana, Lackawanna, Lancaster, Lawrence, Lehigh, Lucerne, Monroe, Montgomery, Northampton and York.

The deadline for calling the annual evaluation of September 1, 2022 for effective assessed values ​​for the January 1, 2023 tax year is on the horizon for the following Pennsylvania counties:

Armstrong, Beaver, Bedford, Blair, Bradford, Cameron, Carbon, Center, Clarion, Clearfield, Clinton, Columbia, Crawford, Cumberland, Wapiti, Forest, Fulton, Greene, Huntington, Jefferson, Juniata, Lebanon, Lycoming, McKean, Mercer, Mifflin, Montour, Northumberland, Perry, Pike, Potter, Schuylkill, Snyder, Somerset, Sullivan, Susquehanna, Tioga, Union, Venango, Warren, Washington and Westmoreland.

There are a few odd counties that must be different and so the annual assessment appeal deadline for Berks County is August 15, 2022 and Wyoming County is August 31, 2022. Philadelphia County is not not a specific date, but instead the annual call deadline is the first Monday in October, which is the 3rd this year. Allegheny County is the only county that has a deadline, March 31, which is in the year you are appealing. Thus, the appeal deadline for effective assessed values ​​for the January 1, 2023 tax year in Allegheny County is March 31, 2023.

Wayne County is undergoing a county-wide reassessment, effective January 1, 2023, and as a result, all landowners in Wayne County will have 40 days to file a formal appeal with the County Council. County of Wayne’s appeal from the date the Notice of Assessment was sent. indicating the new taxable value as of January 1, 2023.

Each county has its own distinct set of local rules relating to appraisal appeals that must be gone through in order to successfully file an annual appraisal appeal. If you own or lease commercial or industrial properties in Pennsylvania, be sure to know these appeal deadlines.

]]>
You no longer need a big wallet or tons of cash to start investing in commercial real estate http://ablepropertyinspections.com/you-no-longer-need-a-big-wallet-or-tons-of-cash-to-start-investing-in-commercial-real-estate/ Tue, 19 Jul 2022 17:33:55 +0000 http://ablepropertyinspections.com/you-no-longer-need-a-big-wallet-or-tons-of-cash-to-start-investing-in-commercial-real-estate/ Economic conditions in the United States have made stock market investing a dangerous option. From an economic performance perspective, investors are looking for new opportunities that don’t include dumping money in the market. The performance of once-reliable premium technology darlings like Tesla Inc.. TSLA, Alphabet Inc. GOOGL and Apple Inc. AAPLwhich have just experienced some […]]]>

Economic conditions in the United States have made stock market investing a dangerous option.

From an economic performance perspective, investors are looking for new opportunities that don’t include dumping money in the market. The performance of once-reliable premium technology darlings like Tesla Inc.. TSLA, Alphabet Inc. GOOGL and Apple Inc. AAPLwhich have just experienced some of their biggest declines ever in the second quarter, prompting savvy investors to look elsewhere.

Real estate investment trusts (REITs), once a recession-hedging opportunity, are currently not performing well in the market. But economic performance is another matter. While many REITs are posting higher revenue and earnings per share, some have been sucked into the bear market vortex, which has proven to be fueled not by numbers but by emotion.

It’s not your father’s CRE

The commercial real estate (CRE) market has also changed drastically in recent years, affected by supply chain shortages, labor, technology and economic factors driving up inflation. . The pandemic has had a detrimental effect on many homeowners. Nevertheless, it turned out to be positive for office owners because direct CRE/RE investments are not correlated with the market. Commercial real estate has historically been an excellent hedge against inflation. Because of this, there is increasing competition for commercial real estate assets, with more investors seeking to enter the asset class.

But for all levels, from unaccredited traders to high-net-worth accredited investors, several new commercial real estate investment platforms open the door to new opportunities.

Realty Income Corp. O, a REIT that invests in stand-alone, single-tenant commercial properties, added new properties to its portfolios and increased total revenue by up to 45% year-over-year. Based in New York THE EX has initial public offerings (IPOs) for single-asset commercial real estate investments that can then be traded on the secondary market.

The company offers investors the opportunity to create more wealth without the need for a high-balance bank statement. It also allows them to sit side-by-side with owners, enjoying the benefits of their own CRE ownership such as tax-advantaged appreciation, distributions and income. In the process, LEX also offers investors access to the asset class without large minimum investment hurdles and the freedom to enter and exit positions without blocking or blocking.

LEX turns each of the individual buildings it represents into public shares and allows all economic levels of investors to open an account with the company and browse options ranging from multi-family buildings to office properties. These investors become shareholders who can earn income when the owners pay dividends and trade their shares on the LEX public market, with no lock-ups or hold periods.

Each building offered by LEX has its own stock symbol and stock chart. The company opens up direct, tax-efficient ownership in an asset class previously inaccessible to most investors.

SOLIS investment closes July 21

For example, LEX investors can take advantage of properties that would typically be well beyond the income reach of some, such as its newest property, SOLIS – Capitol Hill in Seattle. The newly constructed six-story mixed-use building centrally located at 1300 E. Pike St. is 100% leased*. The building has 34,260 square feet of rental space, including nearly 6,000 square feet of commercial space on the ground floor.

SOLIS, completed in 2020, was Passive House Certified by the Passive House Institute US (PHIUS), which also named it 2021 Best Overall and Best Multifamily Project of the Year. Designed to PHIUS building standards, SOLIS uses up to 70% less energy for heating and cooling, significantly reducing its overall carbon footprint, saving residents money on utilities.

The property’s high-performance thermal envelope and triple-glazed windows, as well as the heat pump and energy recovery technology in each unit, provide a comfortable, quiet and healthier indoor living environment. SOLIS received a perfect Energy Star rating of 100.

SOLIS retail space is leased by local businesses, each with five-year base terms, contractual annual rent tiers, and two- to five-year renewal options.

View SOLIS IPO Details

Another obvious advantage is that the property is located in one of the strongest job and housing markets in the country. Seattle’s unemployment rate is 2.1% and local median income growth has exceeded the national level by more than 25% over the past eight years. During the same period, the city’s rent has increased by 145%, far eclipsing major markets like San Francisco, Chicago and New York.

For more information about LEX-Markets, the SOLIS Seattle property, or its other portfolio investment opportunities, visit www.lex-markets.com.

*As of 07/19/2022

Review the offering circular

Prospective investors are encouraged to consult professional tax, legal and financial advisers before investing in any offering of securities. This investment may not be suitable for all investors. Distributions and Unsecured Cash. The performance of the property and the performance of the tenants of the property are not guaranteed. Diversification does not eliminate the risk of incurring an investment loss.

All investment services are offered by LEX Markets LLC, member FINRA/SIPC.

Image: SOLIS property courtesy of LEX

]]>