News
Off the Sidelines
June 28, 2010
| Investors are coming out of the penalty box and getting back in the game, according to Marcus & Millichap agents at their Chicagoland Investor Symposium on Thursday morning. | |
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| Steve Weinstock of the Oak Brook office reported the firm has sold 165 properties at 93% of asking prices for a total of $417M this year.We foudn him with downtown Chicago office head John Pryzbyla and O'Hare office head Greg LaBerge. Steve noted that just one major retail project is slated for completion this year, the Target-anchored Wilson Yards, and none were finished last year. He says this benefits retailers who are still trying to figure out what the retail model of the future will be. Marcus & Millichap has recently closed some sales in mixed-use retail/multifamily buildings, like the 16k SF complex at 1329-55 W. Fullerton. Greg says values on multifamily buildings have dropped, but investors are still looking for well-leased buildings in walkable neighborhoods. | |
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| Marcus & Millichap's Jim Sotos and William Hughes track the capital markets, and William says the recent multi-asset, multi-borrower $720M JP Morgan offering could set off even more CMBS offerings, including one from Goldman Sachs. Along with insurance companies and banks (also cautiously lending), this could begin to refresh the investment markets. Jim notes that more local banks are starting to lend, especially to trusted borrowers who are okay with shorter maturity times. | |
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| Other investors in the market? Phoenix Investors' Charles Wisher and David Morris grabbed some breakfast with Marcus & Millichap's Scott Niedergang. Scott recently sold two net-leased buildings, dialysis clinics leased by Fresenius in West Virginia and Tenn. |
