I was pleased to see this article from Reuters reporting how Colombia’s agricultural future is improving and within a decade could become a small agro-industrial power. With the FARC beaten back and the Colombian government able to wrest control of most of the countryside, the land can now be returned to a more benign and productive use. According to the article, at least 41 million acres (16.5 million hectares) of agricultural land could be brought on-line. Colombia’s successful track record in generating domestic investment, combined with its ability to attract international investment, this sector should be booming in the not too distant future. More >
In June 2010, I analyzed CoStar Group (CoStar) data on industrial, office, retail and multi-family auction sales over a 17 month period. I recently reached out to our friends at CoStar to check out the recent 10 month period, July 2010 through April 2011. The research provided by CoStar reflects auction sales of only those properties listed with CoStar.
So, what has occurred since then? What sectors are hot? More >
NAI Global is offering approximately 38 properties via sealed bid in its fourth Commercial Property PowerSale™. The deadline for bids is April 14. The online sealed-bid sale is managed by NRC Realty & Capital Advisors, NAI Global’s alliance partner for online sealed-bid sales.
The Commercial Property PowerSale™ is an accelerated marketing program developed by NAI Global to match motivated sellers with investors and owner/users searching for prime investment opportunities. This unique marketing program gives sellers the opportunity to sell their asset quickly, reducing their holding costs and securing true market value for the property.
Interested buyers will have an opportunity to bid on industrial and retail/restaurant properties in 10 states. Large industrial properties include a 416,000 SF former Lenox plant on 56 acres in Galloway, NJ, near Atlantic City; a 238,000 SF industrial property on 40.6 acres near Chattanooga, TN; a 217,000 SF industrial facility in Salem, IN; and a fully entitled 300-acre mixed-use development opportunity in North Port, FL, between Sarasota and Ft. Myers.
The PowerSale™ also features 34 closed restaurants in Delaware, Florida, Georgia, North Carolina, Ohio, Pennsylvania and South Carolina, offered by a national lender. Building square footage ranges from 1,200 to 9,300 SF and includes former Wendy’s, Hardee’s, Boston Market, Golden Corral, Chevy’s, Waffle House, Roadhouse Grill, Pizza Hut, Sonic, El Pollo Loco, Popeye’s, Bennigan’s, Church’s, Papa John’s and more.
Prospective buyers and sellers interested in learning more about the Commercial Property PowerSale™ should visit NRC.com/PowerSale or call +1 800 747 3342 x102.
NAI Global, the world’s premier managed network of commercial real estate firms and one of the largest real estate services providers worldwide, today announced Hayim Mizrachi, CCIM has been promoted to Managing Director and will become the Broker of Record at NAI Las Vegas. Mizrachi joined the firm in 2010.
“Hayim brings a new energy and leadership to the Las Vegas office,” said Jeffrey M. Finn, NAI Global President and CEO. “Since joining the firm, Hayim has raised NAI’s profile among owners, investors and tenants across the market. He has the vision and experience to lead the Las Vegas brokerage team to even greater success as the region recovers from the downturn.”
“This is an exciting time for a broker,” said Mizrachi. “Las Vegas is on sale, and there are tremendous opportunities for investors and corporate space users interested in owner/operator, in all product types. Las Vegas was hit the hardest during the economic downturn, but now prices have come down and in many locations overcorrected, leaving opportunities for savvy buyers.”
Mizrachi joined NAI Las Vegas as First Vice President and Business Manager in 2010 and was responsible for driving the business development and broker recruitment process for the office. Prior to joining the firm, he served as a commercial real estate specialist for Prudential | IPG Commercial Real Estate, and previously worked with Mizrachi Development as Operations Manager. He is a graduate of the University of Nevada, Las Vegas, where he earned a degree in business administration and marketing.
NAI Las Vegas is located at 840 Grier Drive, Suite 340 in Las Vegas. For more information, visit www.nailasvegas.com.
The Great Recession continues to influence the raw land market as valuations deteriorate from an abundance of distressed sales transactions. During the first quarter of 2010, southern Nevada witnessed 526.7 acres change hands with traditional sales taking a backseat to lender-involved trustee sales, which accounted for 391.6 acres or 74.3% of all vacant land deals. Over the last five quarters, traditional sales have averaged only 20.9% of all raw land transactions and downward pressure on pricing will continue as long as these levels remain. More >