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AMB adds L.A. industrial complex

By Inman News, Tuesday, February 24, 2004.

San Francisco-based AMB Property Corp. (NYSE: AMB) acquired Nash Logistics Center, an 85,000-square-foot freight forwarding facility in El Segundo, Calif.

The value of the transaction was not disclosed.

The single-story, concrete tilt-up building, which is located at 755 N. Nash St., was renovated in 1994 and was 100 percent leased at the time of sale to a provider of integrated logistics services for air and ocean shipments between the U.S. and Asia.  more...

Kimco buys East Coast shopping center

By Inman News, Tuesday, February 24, 2004.

Spaulding & Slye Colliers negotiated the sale of The Shops at The Pond Shopping Center, a 103,198-square-foot property located in Marlborough, Mass.

The value of the transaction was $26.5 million.

Located at the intersection of Interstates 290 and 495, the center was 100 percent occupied at the time of sale. Tenants include Best Buy, Eastern Mountain Sports, Borders Books, DSW and the Olive Garden.

The center opened in 2003 and was sold by Upper River Road LLC, a partnership including New England Development and S.R. Weiner and Co., to Kimco Realty Trust.  more...

Wells REIT II completes first major acquisition

By Inman News, Tuesday, February 24, 2004.

Wells Real Estate Investment Trust II the purchase of its first property, Weatherford Center, a 260,000-square-foot, class A office building located in Houston, Texas.

The value of the transaction was not disclosed.

The 12-story building, located at 515 Post Oak Blvd., was 100 percent occupied at the time of sale and is the headquarters of Weatherford International Ltd., a provider of equipment and services used for the drilling, completion and production of oil and natural gas wells.  more...

Prometheus unloads Hilltop Apartments

By Inman News, Tuesday, February 24, 2004.

Marcus & Millichap arranged the sale of the 342-unit Hilltop Apartments in Richmond, Calif.

The value of the transaction was $32.5 million.

Hilltop Apartments, constructed in 1975, is situated on 15.6 acres at 2300 Lancaster Drive. The property's unit mix includes 242 one-bedroom and 100 two-bedroom apartments, ranging in size from 667 to 834 square feet.

Redwood City, Calif.-based Prometheus Real Estate Group sold the property to a San Diego-based investment advisor.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.  more...

Greenspan tells Congress to act on Fannie, Freddie

By Marcie Geffner, Tuesday, February 24, 2004.

Federal Reserve Chairman Alan Greenspan today told a Congressional committee that Congress needs to take action to improve the regulatory oversight of Fannie Mae and Freddie Mac. The two giant government-sponsored entities securitize and resell or own a substantial portion of the outstanding home mortgage debt in the United States.  more...

Freddie Mac appoints Multifamily VP

By Inman News, Tuesday, February 24, 2004.

Freddie Mac today announced the promotion of Jay Catalfamo to the position of vice president, Multifamily Business Operations/Division Controller. In this position, Catalfamo will be responsible for the management of financial operations for Freddie Mac's Multifamily Division.  more...

Web developer creates real estate community

By Inman News, Tuesday, February 24, 2004.

Brendan King, COO of Point 2 Realty Solutions in Saskatoon, Canada, explains the company's mission, business model and more.

IN: How long has Point2Realty Solutions been in business?

BK: Point2 has been developing software solutions since 1996.

IN: What is your company vision?  more...

Slow start to real estate fast track

By Howard Brinton, Tuesday, February 24, 2004.

Mike Parker of Huff Realty in Kentucky earned just $6,000 from his real estate practice in 1986, the year he started. In 1987 he was up to $28,000 and he's been on a steady climb since then. With the help of his nine-member team and numerous Web sites, last year he grossed $675,000 in commissions while drastically cutting the number of hours he works.

Coaching for time management  more...

RELO sends online leads to independent brokers

By Marcie Geffner, Tuesday, February 24, 2004.

RELO has stormed onto the Internet with a national network of broker Web sites that gives home buyers access to information, generates leads for RELO-affiliated brokers and could lead to a higher public profile for RELO itself.  more...

OFHEO establishes loan-limit guidelines

By Inman News, Tuesday, February 24, 2004.

Armando Falcon Jr., director of the Office of Federal Housing Enterprise Oversight, has issued a Supervisory Guidance establishing a regulatory process for annual adjustments to the enterprises' conforming loan limit.

The guidance, which lays out procedures to be applied to computations of future conforming loan limits, follows a review of concerns raised by the 2004 loan limit calculation.  more...

Consumer confidence plummets

By Inman News, Tuesday, February 24, 2004.

The Conference Board's consumer confidence index, which had improved last month, weakened significantly in February. The index now stands at 87.3 (1985=100), down from 96.4 in January.

The expectations index fell to 96.8 from 107.8. The present situation index declined to 73.1 from 79.4.  more...

Mortgage interest rates stand pat

By Inman News, Tuesday, February 24, 2004.

Long-term mortgage interest rates were flat Monday, and the benchmark 10-year Treasury bond yield increased to 4.04 percent.

The 30-year fixed-rate average remained at 5.26 percent, and the 15-year fixed-rate was up slightly at 4.55 percent. The 1-year adjustable remained at 3.22 percent.

The 30-year Treasury bond yield rose to 4.9 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.  more...

Real estate agents aim high

By Robert Bruss, Tuesday, February 24, 2004.

If you are a real estate agent, or thinking of becoming a real estate licensee, "The Complete Idiot's Guide to Success as a Real Estate Agent" by Marilyn Sullivan is a must read. But don't be turned off by the title. I didn't like it either.

This new guidebook begins very slowly, almost boringly, but by the conclusion it evolves into a winner. The book provides a survey of what new real estate agents should expect and what experienced realty agents should aspire to become.  more...

Buyers become do-it-yourself home inspectors

By Barry Stone, Tuesday, February 24, 2004.

Dear Barry,

We're buying a new home and are on a very tight budget, so we've decided to do our own home inspection. We've already gotten some pointers from friends and would like some professional advice as well. Please let us know what important things we should look for when inspecting our new home. –Kari

Dear Kari,  more...

Real estate tip: Lack of parking hinders sale

By Inman News, Tuesday, February 24, 2004.

Parking is usually important in condominium projects, especially in major metropolitan areas. Find out if there is a garage with assigned spaces for each unit or if parking is on a first come, first served basis. Also find out if you must pay extra for it. While parking may not be important to you, it may be to the next buyer; lack of parking could affect your resale value.

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