News
Bucchere Buying
March 22, 2011
| Vic Bucchere recalls the good ol? days—also known as early 2010. The head of CBRE Investors Managed Accounts Group for North America recounted for us when the cap rates for core and core-plus office/industrial assets were in the high single digits. Now, the game is tougher, cap rates are compressed, but the prospects are still enticing. |
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| Last year, Vic spent $1.4B on 17 deals to buy in markets like San Francisco, New York, Boston, DC, Phoenix, and Dallas for a cap rate as high as 9.3%. The rates have been steadily declining for the stabilized assets that he's acquiring with 50% LTV financing. He's still focusing on core and core-plus but is widening his field of play somewhat to selective secondary markets, although he's still seeking infill locations. Vic says he likes Boston because Class-A space is tight in the Back Bay (6%) and the Financial District (13%). To learn more about his take on investments and financing, come to Bisnow?s Capital Markets event next week. Vic will share the stage with JP Morgan executive director Craig Theirl, CBRE Capital Markets managing director Kyle Draeger, and many more. Thursday, March 31. (Click Here for tickets!) |
