Each
Wednesday, The Wrap presents a compilation of recent noteworthy commercial real
estate stories from a variety of publications. Below are five stories that
caught our eyes in recent days.
• “No
Bubble in Multifamily Values, According to Freddie Mac” by Mark Heschmeyer
of CoStar.
The values of multifamily properties may have soared in
recent years, but they haven’t spun out of control, according to Heschmeyer’s article.
“Despite the boom in multifamily sales
and development, Freddie Mac's latest Economic and Housing Market Outlook found
that residential property values ‘remain consistent with fundamental economic
forces in the housing market,’ and that the rate of appreciation for
multifamily property values moderated over the past year,” Heschmeyer writes.
• “Real
Estate Brokerage Marcus & Millichap Files for $103.5 Million IPO” from
Reuters.
Marcus & Millichap Inc has filed for a proposed initial
public offering of $103.5 million of common stock, Reuters reports.
The commercial real estate brokerage plans “to use the net
proceeds for general corporate purposes, including buying real estate
businesses or companies, capital expenditures and working capital to expand its
markets and services,” according to Reuters.
Marcus & Millichap reported a profit of $27.9 million in
2012, up from $13.5 million in profit in 2011, Reuters reports.
• “Developer:
$100M Mixed-Use Gwinnett Stadium Project Coming Soon” by Carla Caldwell of
the Atlanta Business Chronicle.
Brand Properties plans to break ground in the next few
months on the residential portion of a $100 million mixed-use project at the
Gwinnett Braves stadium in Gwinnett County, Ga., Caldwell reports.
The project is slated to include a 130-room hotel, 20,000
square feet of office space, 53,400 square feet of retail space and about 200
luxury residential units, Caldwell reports.
The project was approved in 2009, but was put on hold when
the economy dipped. Brand Properties CEO Brand Morgan announced his plans to
restart the project this August, Caldwell reports.
• “Google
Drinks the Gatorade in OK” by Mark Heschmeyer of CoStar.
A Google-affiliated entity has acquired a massive warehouse
property in Pryor, Okla., although Google says it has no immediate plans to
redevelop the site, Heschmeyer reports.
The warehouse, which was originally built for PepsiCo’s
Gatorade production, is next to an existing Google data center. The search
engine company already has put $700 million in the region.
• VIDEO:
“U.S. REITs Making Headway on Sustainability” from REIT.com.
In
this clip, Nils Kok, co-founder and director of Global Real Estate
Sustainability Benchmark, shares the results of the research company’s 2013
survey. Kok discusses his surprise at the “continuous uptake of sustainability
disclosure by REITs,” and hit on the U.S.’s role as a leader in reducing energy
consumption.