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Tuesday, 11 July 2000

Mid-Atlantic Regional Digest (7/12/00): PSEG jumping into real estate development

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July 12, 2000

PSEG jumping into real estate development
The Star-Ledger (Newark, N.J.), July 12

NEWARK, N.J. – Public Service Enterprise Group, the parent of the New Jersey's largest and oldest utility, has decided to enter the real estate business through an unregulated subsidiary called PSEG Area Development. The company, which is restructuring its economic development arm to cut expenses, will establish its own network of brokers. The company is changing its focus because deregulation is bringing more competition to the energy business. The utility for years has been convincing companies to set up shop in New Jersey. It would then hand off hot prospects to a local real estate broker who negotiated a deal and earned a commission. But now, in order to collect real estate commissions, PSEG has formed a subsidiary called PSEG SiteFinders, a licensed real state brokerage. PSEG appointed Ronald Kraft, a partner at Allied Realty in Fairfield, as a non-salaried vice president. PSEG is seeking proposals from real estate brokers who want to be a part of its network.

Tenants become instant owners in D.C.
The Washington Post, July 12

WASHINGTON – Kenneth J. Welch and his son Patrick Welch have two years to sell their 11 multifamily buildings in the city. As part of a deal struck yesterday in court, the landlords, who were charged with hundreds of housing code violations, can never again own or hold an interest in residential rental property in the District. Under the deal struck yesterday, tenants of a 28-unit apartment building at 1418 W St. NW became sudden owners of the Columbia Heights apartment building. The Welches sold the property to the tenant association for $1 and will pay $275,000 toward repairs to the property and $30,000 for relocation while repairs are made as well as $25,000 in tenant legal fees.


Plan to spare buildings may kill concept for retail complex in Baltimore
The Baltimore Sun, July 12

BALTIMORE – The Weinberg Foundation's plan to build a huge retail center at the corner of West Lexington Street and Park Avenue is facing an uncertain future now that the mayor has endorsed a proposal to save 262 of the more than 500 buildings in a 26-block area largely targeted for condemnation. The developers proposed 400,000-sf Howard Street USA retail building would be part of Baltimore's $350 million project to rebuild the West Side of downtown. But the plan calls for demolition of two nearly century-old buildings, at 201-219 W. Lexington St.


Stumpy Lake land deal carries caveat
The Virginian-Pilot, July 12

NORFOLK, Va. – The City Council is allowing the sale of 1,400 acres around Stumpy Lake to Transamerica Services Inc. despite a declaration from Virginia Beach council members to forbid development on the wildlife area. Transamerica has an option to buy about 1,400 acres of land around the lake, including the city-owned Stumpy Lake Golf Course. Norfolk is under contract to sell Transamerica the surrounding land for $6 million up front and as much as $8 million more if the development proceeds.


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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Subject: Mid-Atlantic Regional Digest (MADIG)
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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