NHI buys five facilities
Posted on November 20, 2009 at 8:08 amNational Health Investors has acquired four assisted-living centers in Michigan and another in Illinois for about $28 million. The seller, Kansas-based Bickford Senior Living, is leasing back the buildings for 15 years. NHI (Ticker: NHI) has shelled out nearly $90 million on acquisitions so far this year.
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Local firm in on Birmingham apartments acquisition
Posted on November 19, 2009 at 10:50 am
Low-profile investment firm Carter-Haston has partnered with an Ohio company to acquire a 414-unit apartment complex on the south side of Birmingham. The two companies paid Colonial Properties Trust almost $25 million for the 15-year-old property.
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Tower’s alternative
Posted on November 18, 2009 at 4:49 pmThe largest property owner in the footprint of the planned Music City Center has unveiled its plans for integrating a hotel and office space into the $585 million project.
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Ky. lawmakers scramble to save USPS center
Posted on at 11:40 amThe appropriations committee of Kentucky’s General Assembly is throwing its weight behind Bowling Green officials’ efforts to stop a Postal Service processing center there from being merged into Nashville’s facility.
SEE ALSO: Postal processing center may move here
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Central Parking wins Chicago deal
Posted on at 8:08 am
A joint venture between Nashville’s Central Parking and a Chicago company has won a contract to manage almost 4,000 parking spots in the Windy City. The companies expect to start the job — which had been Standard Parking — before the end of the year.
SEE ALSO: Central Parking Corporation Partnership Selected for Chicago Skyway Toll Road System from way back in 2005
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Two local firms in Knoxville apartment deal
Posted on November 17, 2009 at 12:31 pm
Josh Flory reports that First Management Services has paid fellow Nashville development company Covenant Capital more than $6 million to buy out its stake in a West Knoxville apartment complex.
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Catching up to the medical mart race
Posted on at 10:55 amMedCity News pulls together the various threads shaping the efforts in Nashville, Cleveland and the Big Apple to open massive medical convention spaces. The synopsis: New York has the tenants, Cleveland thought it had the land and Nashville thinks it’s going to get state incentives.
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Nossi set to grow
Posted on at 9:29 amOfficials at Nossi College of Art will break ground Wednesday on their new building that is scheduled to open late next summer. The $6.5 million campus, which is being constructed by Solomon Builders, will include state-of-the-art design and TV studios along with a Frisbee golf course, yoga studio and other amenities.
Another wave of CRE handwringing
Posted on at 8:00 amIf you’re looking for even the slightest bit of optimism on the commercial real estate sector, you’re very much in the wrong spot. Fitch Ratings says the delinquency rate on office-building loans rose by a fifth in October.
“Though longer leases on office properties have historically mitigated sharp changes in performance, continued job losses are expected to increase pressure on the office sector,” said Managing Director and U.S. CMBS group head, Susan Merrick. “With the looming possibility of leases expiring on space under-utilized by companies that have downsized, office performance may not reach a trough for a few years.”
A page from First Horizon’s recently updated investor presentation provides a microcosmic view of how the property market is getting sicker. (Go to page 19.)
Worryingly, regional banks as a whole have a lot more CRE loans on their books as a percentage of their capital — although many bankers contend that this statistic is skewed by the inclusion of owner-occupied property loans, which they treat as more conventional C&I holdings.
SEE ALSO: Clusterstock’s concise, but detailed account of how we got here. For all the doom and gloom, it ends on a hopeful note (that I think isn’t meant to be ironic.)
Fortunately, this time around we have an advantage. We know how a contained credit problem can morph into a monster that destroys financial institutions and cripples the economy. Living through the housing bust may make us better able to cope with the commercial real estate bust. At least, it’s pretty to think so.
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It’s a bird, it’s a plane …
Posted on November 16, 2009 at 2:51 pm
Not to beat the superhero thing to death, but there will be something flying through the Nashville skyline Sunday.
The sign for The Pinnacle, SoBro’s 29-story, 417-foot skyscraper, will be airlifted into place Sunday morning. Guidelines from the Federal Aviation Administration will force brief evacuations from portions of a handful of downtown buildings during the operation, which is scheduled for 7:30 to 9 a.m. There will be limited street access in the area as well.
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Zut alors, Chauve-souris Homme!
Posted on at 2:43 pm
French business mag Journal du Net named Nashville’s iconic AT&T Building — née The BellSouth Tower — as one of the world’s 12 most original office buildings.
The Web site’s description asks if the Earl Swensson Associates-designed building — rendered en Francais as La Bat Tower — is indeed the home of célèbre homme d’affaires Bruce Wayne.
Also on Journals du Net’s douze are innovative buildings in Amsterdam, Mumbai and Shanghai.
‘Boro developer planning Chattanooga apartments
Posted on at 11:19 am
The arrival of Volkswagen and Wacker Chemie in the Chattanooga area has Tim Keach optimistic about the city’s growth path. His TDK Construction will build a 199-unit luxury apartment complex there worth about $16 million.
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‘The perfect scenario for our dear friends, the vulture funds’
Posted on at 9:40 am
Prism Hotels & Resorts CEO Steve Van sees regulators’ extend-and-pretend policies producing only one outcome — “and hotel loans are the lead cow.”
Smart money will wait at the end of the canyon and have a historic feast of cheap hotel asset buys. Most of us will just keep our heads down and try to do the best we can as owners holding on to our hotels or as lenders working out loans.
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Medical trade center site ‘kind of finalized’
Posted on at 7:51 am
David Osborn, who’s helping Crow Holdings and Market Center Management Co. develop their plans for a Nashville medical trade center, tells Milt Capps the location and basic design of the massive facility is a month away.
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Hayes Pipe Supply buys new branch facility
Posted on November 11, 2009 at 7:29 amFrom the Real Estate Channel:
Josh Tarkow, associate, negotiated the purchase of three industrial buildings totaling 12,731sf on a 6.3 acre site in Tampa for $1.213 Million.Tarkow negotiated the on behalf Nashville-based Hayes Pipe Supply who purchased the property at 9416 E. Martin Luther King Jr. Blvd. for its new branch facility. Hayes has eight locations in the US. Rockdale Pipeline of Conyers, Ga. is the seller.
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