Archive for April, 2014

17 Apr 2014

Latest CoStar Commercial Repeat Sale Analysis: Price Momentum for Commercial Real Estate Continued to Build in February

Source: Yahoo Finance

Reflecting Broad Recovery in Market Fundamentals and Pricing, Equal-Weighted CCRSI Index Posts Strongest Year-Over-Year Gain Since Beginning of Recovery

WASHINGTON, April 16, 2014 (GLOBE NEWSWIRE) -- This month's CoStar Commercial Repeat Sale Indices (CCRSI) provide the market's first look at February 2014 commercial real estate pricing. Based on 1,028 repeat sales in February 2014 and more than 125,000 repeat sales since 1996, the CCRSI offers the broadest measure of commercial real estate repeat sales activity.

FEBRUARY 2014 CCRSI National Results Highlights

  • COMMERCIAL REAL ESTATE PRICES REGISTER BROAD GAINS IN FEBRUARY: The two broadest measures of aggregate pricing for commercial properties within the CCRSI—the value-weighted U.S. Composite Index and the equal-weighted U.S. Composite Index—gained 1.1% and 1.7%, respectively, in February 2014. Both reached double-digit growth over the previous 12-month period as the pricing recovery extended to smaller markets and secondary property types.
  • VALUE-WEIGHTED U.S. COMPOSITE INDEX HAS RECOVERED TO WITHIN 5% OF ITS PRE-RECESSION PEAK: The value-weighted U.S. Composite Index is more heavily influenced by high-value trades, where pricing has skyrocketed over the last two years. As a result, this CCRSI index has reached levels not seen since early 2008. Meanwhile, the equal-weighted U.S. Composite Index, which is more heavily influenced by lower-value trades, remained 22.3% below its prior peak.
2 Apr 2014

Cook Children’s Closes on Renaissance Square Site

Source: Fort Worth Business Press

By Scott Nishimura

Cook Children’s has closed on a 1.3-acre site in the fast-growing Renaissance Square development in southeast Fort Worth, and is beginning construction this month on a 12,000-square-foot medical, dental and behavioral clinic, the hospital said Wednesday.

Kristin Peaks, spokeswoman for Cook Children’s, said the clinic expects to see its first patients “on or before” Sept. 30.

The addition of the clinic is viewed as an important addition to the long-underserved area’s health care offerings.

The $7 million facility, at the southeast corner of East Berry Street and Mitchell Boulevard, will be Cook’s sixth clinic, but the first to combine medical, dental and behavioral health. The Morris Foundation of Fort Worth made the lead gift to open the clinic.
2 Apr 2014

Renaissance Square Apartment Development Gets Boost

Source: Fort Worth Business Press  By Scott Nishimura Renaissance Square Fort Worth TX Aerial with site plan overlay May 2014 The Fort Worth Housing Finance Corp. on Tuesday approved a $1.3 million, five-year loan to aid the development of a 140-unit apartment community at the Renaissance Square development in southeast Fort Worth. The board - the full Fort Worth City Council - voted unanimously, after a motion by member Kelly Allen Gray, whose council district includes Renaissance Square. The city staff recommended approval of the loan, which carries an interest rate of the lower of 1 percent of an applicable federal rate. The loan is subordinate only to the overall permanent financing for the project, Jay Chapa, HFC’s assistant general manager, told the board. Development cost for the project, to be developed by Columbia Residential of Atlanta, is estimated at $20 million, Chapa said.