Grimsview Properties LLC recently paid $1M for the 88,000-square-foot Hamburg Industrial site in Buffalo, New York. The building has been closed since the previous occupant, National Envelope, ceased operations last year.
According to the San Francisco Business Times, Highridge Partners has completed an all cash acquisition of 255 California, a 173,747-square-foot office building in San Francisco, for $43 million. The building located in the North Financial District of San Francisco is approximately 64% leased to various companies including professional service and financial firms.
Due in main part to the strengthening of business travel, the hotel industry overall in the United States appears to be rebounding this summer. In a recent article by the New York Times, many cities along the East Coast are staring to report gains with more expensive hotels recovering the fastest.
While office vacancies are widely reported, few factor in shadow supply, downsized companies with more leased space than they need, holding on to it hoping things will get better, or stuck in long-term leases with more space than is wanted or needed. In Mike Shedlock's blog "Mish's Global Economic Trend Analysis" he reports on how space that is leased or owned but largely empty and not officially listed anywhere as vacant will likely prolong the recovery of areas already struggling with high vacancy rates.
Signs of improvement are showing in Atlanta and other Georgia economies, but the battle to fully recover from the recession will likely go on for years. Mark Vitner of Wells Fargo Securities shows in his mid-year report on Georgia that the state and metro area are still dealing with the effects of the recession including high unemployment and declined commercial and residential markets.
According to Buffalo Business First, one of the first indoor golf practice facilities in Buffalo, New York is on the market. The 15.5 acre, 100,000-square-foot complex has an asking price of $3 million. Although it is still open and fully operational, the partnership that owns the dome decided now is the best time to sell.
Despite the fact that apartment occupancy rates are on the rise in metro Jacksonville, Florida, the average rental rate has fallen in both quarter over quarter and year after year according to the data provider RealFacts. The Jacksonville Business Journal reports that Jacksonville was one of only eight areas of the 42 included that had a decline in rental rates from both the previous quarter and from the same period last year.
In an excellent example of how strong the Pittsburgh, Pennsylvania multi-family market sector is performing in a time of economic turmoil, the Pittsburgh Business Times reports the sale of two apartment complexes in Peters Township and Moon Township. The sales represent the stability of a multi-family investment in the area.
According to the St. Louis Business Journal, the Missouri Development Finance Board gave the final approval of close to $2.6 million in tax credits toward Scottrade's $36.3 million expansion in the St. Louis suburb of Town and Country. Last September, Missouri officials gave preliminary approval to help Scottrade construct a 138,000-square-foot, 700-spot parking garage.
Alabama implemented annual reappraisal in 2003. This change mandated that all real estate and personal property be reassessed annually. Most taxpayers receive an assessment notice in the mail; however, the tax assessor is not required to notify taxpayers of a change to their values unless there is an increase over the prior year’s assessment. If the value does not increase, the assessor need only publish a notice in the local paper that the year’s reappraisal work has been completed and that the tax rolls may be inspected at the courthouse.
To challenge a tax value, an appeal must be filed with the secretary of the local board of equalization within 30 days of the notice date (either the date posted in the paper or an individually mailed notice). Taxpayers who have not yet received a notice should contact their local county assessor. The appeal deadline will necessarily vary from jurisdiction to jurisdiction but usually falls between April and June of each year.