Maxter Healthcare Files To Build Glove Manufacturing Factory On 215-Acre Brazoria County Campus

The Texas Senate and House were set to pass respective property tax relief bills on the first day of a special session Tuesday, but are no closer to actually relieving taxes.

Gov. Greg Abbott called the special session Monday evening after the Texas Legislature failed to reach a deal to pass property tax relief during its biennial regular session that ended earlier that day. Abbott said this session will focus on property tax cuts and border security, adding there will be…

Read Full Story

The fate of the millions of square feet of office space sitting empty in downtowns across the country has the capacity to shift the landscape of the overall economy and commercial real estate. That outcome is increasingly falling into the hands of distressed asset specialists, whose job it is to facilitate the least painful result for troubled properties.

New York University professors estimate office property nationwide will lose a collective 49% of its value by 2029. Distressed sales of office space are likely, Colliers Research Director of U.S. Capital Markets Aaron Jodka told Bisnow in April, due to elevated vacancies and difficulty meeting debt service covenants. Specialists in distressed assets see “a reckoning” on the horizon. And buying, and financing, these assets won’t be easy, either.

“An investor I was talking to tells me he feels the banks are pulling out, they’re starting to view commercial real estate like crypto, that it’s very risky,” said Esther Reizes-Lowenbein, a New York-based equities connector and fund manager who started Esther Reizes & Co.

But this larger narrative will play out in thousands of smaller stories, building by building, asset by asset. As defaults look more certain, downward pressure on valuation leads to more sales, and funds to invest in distressed office assets begin to coalesce and seek buying opportunities, a wave of…

Read Full Story

In Case You Missed It...

Upheaval seems to be the new normal in the real estate industry, at least for now, and as they try to navigate the changing tides, REITs are seeking safety in numbers through mergers and acquisitions, with several major marriages taking place so far in 2023.

Five real estate income trust acquisitions totaling about $22B occurred in the first five months of this year, putting it on pace to beat 2022 in deal count, if not dollar volume, as REITs look to boost their share prices or insulate themselves from market shocks. 

“REITs aren't pleased with where their share prices are, but they can still do public-to-public mergers because those are relative value transactions,” CBRE Capital Advisors Americas leader James Scott said. “When you see one public REIT do a stock merger with…

Read Full Story