Connect with us

Real Estate News

People in Real Estate | Realty News Report

Avatar photo

Published

on

DALLAS – (Realty News Report) – Partners Real Estate, one of the largest independent commercial real estate firms in Texas and the company formerly known as NAI Partners has hired commercial real estate industry veteran Jerod Hangartner as Managing Director of its DFW office, filling a critical leadership role in Partners’ newest geographical location. “We are thrilled to finally see our long-term goal of expansion into all of Texas’ largest cities finally come to fruition. Bringing Jerod on board is a testament to our dedication to bringing the very best Partners has to offer to our North Texas clients,” said Jon Silberman, Managing Partner of Partners. Previously, Hangartner was Vice President of Asset Management at Entrada Partners.

HOUSTON- Christian Vestal has been named director, development and acquisitions, in the new Houston office of Provident Realty Advisors. Previously, she was with Vigavi Realty and Avera Companies.

HOUSTON- Michelle Moudry Joined NewQuest Properties as Managing Director in the company’s newly formed Asset Management division. Previously, she was with Hines, where she managed retail portfolios.

Ching Ting Wang.
People in real estate

DALLAS- Ching Ting Wang has joined Newmark as Regional Director of Texas and Southeast Research. She will lead Newmark’s research teams in Texas, Florida, Georgia, North Carolina, Oklahoma, South Carolina and Tennessee. Wang has held senior research positions across varied markets—California, Texas, Virginia, Washington DC and the United Kingdom—with Cushman & Wakefield, CoStar Group and NPV Advisors.

SALT LAKE CITY – JLL has hired Alison Flynn Gaffney as Division President, Healthcare, to lead and evolve JLL’s healthcare business to meet the needs of health systems, hospitals, ambulatory networks and other healthcare providers into the future. Flynn Gaffney most recently served as the interim Chief Operating Officer with the University of Utah Health, Hospitals & Clinics.

NASHVILLE – JLL expanded its Southeast healthcare practice with the appointment of David Cripe as Senior Vice President of Project and Development Services in the firm’s Nashville office. Prior to joining JLL, Cripe served in leading roles with GHP, Skanska and Yale University.

ATLANTA – Westmount Realty Capital, LLC of Dallas has hired Sharon Kristel other Joe Hinkson to positions in the firm’s Atlanta office. Westmount owns and operates over 30 buildings in seven business parks in the Atlanta metro area.

DALLAS – KAI announced the hiring of Kate Pertzsch as Senior Interior Designer at his Dallas-Fort Worth office.

CALGARY, Canada- Lee & Associates has opened an office in Calgary. It will be led by Jon C Mook.

DENVER Cushman & Wakefield announced that Mark LodmillMAI has joined the firm’s Valuation & Advisory Living Sectors practice in Denver as an Executive Director.

Nov 16, 2022 Realty News Report Copyright 2022

Photo credit: Ralph Bivins, Realty News Report Copyright 2022

THE RALPH BIVINS PROJECT PODCAST

LISTEN: The RALPH BIVINS PROJECT podcast with Ryan LeVasseur of Rice Management

LISTEN_ THE RALPH BIVINS PROJECT podcast with Gregg Logan of RCLCO.

LISTEN: THE RALPH BIVINS PROJECT podcast with Cameron Colvill of Whitebox Real Estate

LISTEN: THE RALPH BIVINS PROJECT podcast with Carlos Bujosa of Transwestern

LISTEN: THE RALPH BIVINS PROJECT podcast with Kris Larson of Central Houston Inc.

File: People in Real Estate

People in real estate

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Real Estate News

Advice today on leasing commercial real estate might surprise you – Orange County Register

Avatar photo

Published

on

Like the strong weather patterns of late, much can be said for the headwinds in our commercial real estate market this year.

Shaking off the cobwebs of a post-pandemic hangover, 2022 started with great momentum only to be cooled mid-year.

We received some decent economic news of late with the consumer price index not increasing as fast and some major retailers posting better earnings than expected. But our path forward still remains murky.

So what advice are we giving to tenants, investors and occupants who own? Allow me to categorize each.

tenants

Faced with a lease expiration at the end of this year, we recently recommended a client of ours renew for a short period of time, just six months, to gauge the market trajectory.

We’ve been watching what property has become available for several months. His options to relocate were limited and we’d even created a Plan B to stay put if we didn’t see some loosening in the market.

Lo and behold, we noticed a trick of new buildings hitting the market in October. Now it’s running about three a week. If you’re looking for space, this is a vast improvement vs. six months ago when we were lucky to see one every three weeks.

Another interesting metric is the asking rates have declined. Gone are the days when a newly available property was swept up before it was widely marketed. Every new deal was a new high. Not anymore.

Our advice centers around the belief in a future market softening. Tenants are becoming valuable again, especially if they pay on time and are easy on the building.

What’s causing the increase in supply? Some businesses faced with the new rent structure are headed out of state or out of business. What’s left in their wake are vacancies.

Investors

We see two sets of motivations these days: to defer taxes or not. Unless motivated by tax reasons, it might be wise to put your money in short-term treasuries—say, two years—and wait for the right opportunity to come along.

Institutional capital is largely sidelined and occupants are priced out. Private investors rule. If rents are softening in the face of rising interest rates, values ​​can only decline. Will there be better deals in mid-2023 vs. today? Our opinion is yes.

Certainly, if your investment is dictated by tax-deferred timeframes, you either transact or pay the capital gains taxes. But remember, the impetus of those buys was a sale. Our sense is they’ll be fewer equity sales as values ​​have declined or the market’s evaporated, leading to fewer tax-fueled purchases.

Occupants who own

We saw a voracious appetite from institutional capital targeting properties. Their pitch was a sky-high purchase price in return for a leaseback of two-10 years. This activity peaked in June.

With the uncertainty of recession, inflation and rising rates, these deals weren’t as attractive.

With more lease deals hitting, our prediction is some of these owners will need to sell, especially if faced with a refinance bullet or a shortage of dollars necessary to refurbish the building into rent-ready condition.

Once again, patience is key.

Allen C. Buchanan, SIOR, is a principal with Lee & Associates Commercial Real Estate Services in Orange. He can be reached at abuchanan@lee-associates.com or 714.564.7104.

Continue Reading

Real Estate News

Rotman grad pursues social impact in real estate development

Avatar photo

Published

on

If anyone had told Fatima Saya four years ago that she’d work in real estate development after completing her MBA at the Rotman School of Management, she probably wouldn’t have believed them.

With a passion for building community, creating social and global impact and advancing equity, diversity and inclusion (EDI) wherever she goes, Saya was recognized in her second year for creating and leading a diversity education program for the incoming MBA class in partnership with the school’s Office of Student Engagement and her peers.

Today, she is a senior manager of social impact at The Daniels Corporation, a Toronto-based real estate development company – and says the link between the two is not as unusual as it might initially sound.

“Without cultural, economic or social infrastructure, buildings are just buildings,” says Saya. “State-of-the-art construction is a big part of what we do at Daniels, but what we’re really focused on is building inclusive and sustainable communities through real estate development.”

Saya’s work falls under three main categories: social infrastructure development, local economic development and community engagement. One of the largest projects she’s involved in is the Regent Park revitalization project, where Daniels has been the development partner for its first three phases since 2006.

Since the project began, the physical infrastructure in Regent Park has been completely transformed for its residents, including the building of a new youth centre, community arts and culture hub and award-winning athletic facilities. The revitalization project has also helped to connect more than 1,600 people with employment opportunities through the new Regent Park Employment Centre.

“No two days are the same in my world,” says Saya. “One day, I might meet with the employment community group in Regent Park about creating new jobs for residents, then I might meet with Artscape on creative placemaking that we’re trying to bring to one of the communities.”

The Daniels Corporation has been a development partner for three phases of the Regent Park revitalization project (photo by Steve Russell/Toronto Star via Getty Images)

A typical afternoon involves meeting with the College of Carpenters and Allied Trades and the YMCA about CRAFT, the youth employment program Daniels runs in Regent Park and Scarborough. And to cap off the day, an internal meeting on EDI – another key portfolio in her role.

“I’m consistently juggling about two dozen projects, and they’re all different,” says Saya. “I became used to that at Rotman, and it has also been a common thread throughout my academic experience and now at work – I’m always looking for that multidisciplinary approach.”

After working in the education sector in Montreal following her undergraduate studies, Saya recalls noticing a management gap in the non-profit sector. Coming from an international development and political science background, she figured business school would be largely uncharted territory, but took the plunge anyway.

“I wanted to gain those management skills and challenge myself in a new way,” she says. “I like to pull from different disciplines when seeking out solutions to problems, so I was drawn to how inherently interdisciplinary the MBA program was. That’s also why I pursued a dual-degree program, completing my master of global affairs degree from the Munk School of Global Affairs [& Public Policy] at the same time.”

Following her graduation, Saya searched for a role that would allow her to apply her MBA skills in the social sector, with a focus on EDI. In the meantime, she worked as a freelance consultant using the skills she gained from working at NeXus Consulting Group during her second year. NeXus is an in-house consulting firm comprising Rotman MBA students and not-for-profit organizations, which merged with the Impact Consulting Group at Rotman in 2022.

“I was looking for something very specific, and I was comfortable with the reality that it was going to take some time to find whatever that is,” she says.

Now in her ideal role, she says the best part is getting to use her diverse skills on projects that impact thousands of people in the Greater Toronto Area.

“At the end of the day, real estate development is inevitable as we grow rapidly as a city and a country,” says Saya. “It gives me hope that more people are embracing that development can happen in ways that build the social, cultural and economic infrastructure of our cities and our communities.”

Continue Reading

Real Estate News

Home flippers getting burned by the US housing downturn are now slashing prices to cut losses — here are the 2 big reasons why

Avatar photo

Published

on

‘Not the time to get greedy’: Home flippers getting burned by the US housing downturn are now slashing prices to cut losses — here are the 2 big reasons why

Home flippers who pounced on recent drops in home prices now face some major hurdles — and potentially major losses.

It’s a story few could have foreseen: After home-flipping reached record heights as 2022 kicked off, the bubble seems to have burst. The one-in-10 home flipping/conventional sales ratio has dropped as the overall real estate market hits the brakes.

Home sales fell for the ninth month in a row in October, and dipped an astounding 28.4% from October 2021, according to the National Association of Realtors. It’s now causing many property investors to dump their inventory, and fast.

“Anybody that’s flipping right now needs to be looking closely at pricing of property: Price it to sell. Today is not the time to get greedy,” Noah Brocious, president of Capital Fund I, a hard-money lender that does business in Phoenix, Colorado and Texas, told Bloomberg News in October.

It’s true that elsewhere — in the stock market, for example — low prices and selloffs reveal golden opportunities to buy. But for those eagerly eyeing the housing market, it’s time to think again.

Don’t miss

  • Chances are good you’re overpaying for home insurance. Here’s how to spend less on peace of mind

  • Black Friday has come early! Save on gifts now with these 20 Amazon deals you don’t want to miss

  • A TikToker paid off $17,000 in credit card debt by cash stuffing — can it work for you?

Slumping demand

Home flippers must face facts: The skyrocketing demand we saw earlier this year may not return for years, if ever. First, housing inventory reached a 10-year low back in January 2022, according to Trading Economics, with just 860,000 single family and condo units for sale in the United States.

About 115,000 single-family homes and condos were “flipped” in the US during the second quarter of 2022, according to real estate data curator ATTOM. This made up about 8.2% of all home sales in the quarter, or up to one in 12 transactions. It indicated that any economic cooldown had not yet manifested in the broader market.

Story continues

“The total number of properties flipped was the second-highest total we’ve recorded in the past 22 years, and the median sales price of a flipped property — $328,000 — was the highest ever,” said Rick Sharga, executive vice president of market intelligence for ATTOM.

read more: Trade up while the market is down: Here are the best investing apps to pounce on ‘once-in-a-generation’ opportunities (even if you’re a beginner)

“The big question is whether the fix-and-flip market will begin to lose steam as overall home sales have declined dramatically over the past few months, and the cost of financing has virtually doubled over the past year.”

Inventory of homes for sale peaked in July at 1.31 million homes. While that came down to 1.22 million homes in October, a general rise has continued even as demand continues to fall.

Rising rates

Now for the second issue facing home flippers, the one that’s making everyone groan: higher interest rates. That means costlier mortgages, which have socked flippers with massive increases in their loans.

As property investors usually invest in several homes at once, it’s no wonder that many now want to get them off their hands. But with prospective buyers also turned off by high rates, it’s turning into a Hail Mary play.

The federal funds rate rose 0.5% at the start of 2022, and now sits between 3.75% and 4%. Yet it’s likely to climb higher before the year is out, as the Fed has hinted at a slew of hikes to come, which could tip the country into a recession.

With that in mind, many property investors will want to wait before they get greedy over home prices. Today, a great deal on a home is counterbalanced by a mortgage with a far higher interest rate compared to this time last year.

There is some hope on the horizon, though, according to the ATTOM report. After six straight periods of losses, profit margins rose during the latest quarter. The gross profit on a typical transaction hit $73,700, up 10% year-over-year and 10% quarter-over-quarter.

What’s next, then? Americans should have more information on forward-looking trends when the next housing reports come out at the end of December.

Meanwhile, bear this in mind: As home flipping tends to mirror the rest of the market, property investors should brace for further drops — stomach drops included.

A better way to buy property?

Of course, flipping single-family homes and condos isn’t the only way to invest in real estate.

Amid hot inflation and the uncertain economy, real estate moguls are still finding ways to effectively invest their millions.

Prime commercial real estate, for example, has outperformed the S&P 500 over a 25-year period. With the help of new platforms, these kinds of opportunities are now available to retail investors. Not just the ultra rich.

With a single investment, investors can own institutional-quality properties leased by brands like CVS, Kroger and Walmart — and collect stable grocery store-anchored income on a quarterly basis.

This article provides information only and should not be constructed as advice. It is provided without warranty of any kind.

Continue Reading
Advertisement

Trending