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06-22-2010Qualmarkt Leases 18,030 Sq. Ft. at the Stapleton Business Center
Woodspear Properties
Qualmark (www.qualmark.com) has leased 18,030 square feet at the Stapleton Business Center for 10 years. Qualmark is the largest global manufacturer of accelerated reliability testing systems.
Qualmark leaves the Stapleton Business Center with 23,740 square feet available for immediate occupancy. Any lease inquiries should be directed to Mike Camp of CB Richard Ellis at (720) 528-6300.
05-10-2010
WOODSPEAR REFINANCES CASA LOMA APARTMENTS IN FALLBROOK, CA
Woodspear Properties
Woodspear Properties recently refinanced the Casa Loma Apartments in Fallbrook, CA through Red Mortgage Capital, Inc.. Woodspear Properties obtained a Fannie Mae loan in the amount of $1,350,000 with a term of 10 years. The loan was closed with an interest rate of 5.75% and will be amortized over a period of 30 years.
The Casa Loma Apartments consist of 48 units that were built in 1975 and is located at 218 West Clemmens Lane, Fallbrook, CA.
05-10-2010
WOODSPEAR REFINANCES MEADOWCREEK APARTMENTS IN SAN MARCOS, CA
Woodspear Properties
Woodspear Properties completed the refinancing of the Meadowcreek Apartments in San Marcos, CA. Woodspear Properties worked with Johnson Capital Group to obtain a Freddie Mac loan in the amount of $8,675,000 with a term of 10 years. The loan was originated with an interest rate of 5.31% and will be amortized over a period of 30 years.
The Meadowcreek Apartments consist of 168 units that were built in 1987 and are located at 2474 Descanso Avenue, San Marcos, CA.
07-08-2009
2810 SOUTH ROOSEVELT, TEMPE, AZ AVAILABLE NOVEMBER 2009
Woodspear Properties
2810 South Roosevelt in Tempe, Arizona will become available for lease November 2009. 2810 South Roosevelt is a 47,000 square foot industrial building located within a highly desirable business park setting in Tempe, AZ. Property features include:
- Approximately 12,000 square feet, two-story office space
- 2.33 Acre Site
- 24’ Clear Height
- Five (5) Dock High Doors with Pit Levelers
- Four (4) Grade Level Doors
- Zoning I-2, City of Tempe
- Concrete Truck Apron
- Approximately 85 Parking Spaces
- Close Proximity to Arizona State University and Sky Harbor International Airport
- 1,200 Amp Service Station, 277/480 Volt Power
For more information regarding 2810 South Roosevelt, please contact Tom Louer of Lee & Associates.
Tom Louer, SIOR
Principal, Lee & Associates
602.954.3779
07-08-2009
WOODSPEAR REFINANCES BELLWETHER APARTMENTS IN OLYMPIA, WA
Woodspear Properties
Woodspear Properties recently completed the refinancing of the Bellwether Apartments in Olympia, WA through the Johnson Capital Group. Woodspear Properties received a Freddie Mac loan in the amount of $10,250,000 with a term of 10 years. The loan was closed with an interest rate of 5.59% and will be amortized over 30 years.
The Bellwether Apartments consists of 215 units within 21 buildings covering 12.43 acres. The Bellwether Apartments were constructed in 1988 and purchased by Woodspear Properties in 1990.
03-05-2009
Economic Update—Fed Worried About Commercial Real Estate
CommercialPropertyNews.com
March 5, 2009
By: Dees Stribling, Contributing Editor
“Stay alive till ‘95” was a mantra for beleaguered commercial real estate interests back in the early ‘90s, when various noxious economic ingredients made an ill stew for the industry. What’s a good mantra for today? Hard to say, since the noxious ingredients are a little different this time, and there’s also some feeling in the industry that the other shoe has yet to drop. The Federal Reserve’s Beige Book, which was released Wednesday, attested to the uncertainty.
The report from the Sixth District (headquartered in Atlanta), for instance, noted that “commercial real estate reports were decidedly more negative than previously reported. Vacancy rates continued to rise in many parts of the District and this was putting downward pressure on rents, most notably in the retail sector.“ In other words, keep battening down those hatches—as if anyone needed to be told that. “Going forward, commercial real estate contacts anticipate that more space will become vacant in coming months and that construction will slow significantly,“ the Beige Book predicted.
The good news, such as it is, might lie in the fact that however much construction might further slow down in 2009 and beyond, in most of the country commercial construction never went quite as gangbusters in the early- to mid-2000s as it did in the late 1980s. That circumstance left many U.S. markets with severe overbuilding when the recession of the early ‘90s came.
“Confidence is lacking now, but it’ll be back eventually,“ Sheldon Gross, president & CEO of West Orange, N.J.-based Sheldon Gross Realty Inc. told CPN, speaking in particular about the office market in New Jersey. “And when it does, the good thing is that there won’t be a gigantic amount of space to be filled.“
But it will be a while till confidence returns. ADP—whose figures often don’t quite jibe with the federal government’s—said on Wednesday that the nation lost 697,000 private-sector jobs in February. Another report by Challenger, Gray & Christmas offered the consolation that planned layoffs at U.S. companies were down 23 percent in February compared with the month before. The federal government’s report on nonfarm payrolls for February will be out on Friday.
The correct name of the Obama administration’s program to stanch foreclosures is “Making Home Affordable” (Home not Homes), which doesn’t quite have the acronym value of TARP or TALF. It contains two thrusts: loan modifications and loan refinancing. Cash incentives to lenders and other parties are at the heart of the program, which contrasts with mostly incentive-free FHA Hope for Homeowners program introduced late last year, and which was about as successful as the Susan B. Anthony dollar. “Making Home Affordable” also contained a few surprises, such as a relatively high ceiling on mortgages that might qualify for help: $729,750.
After a week of stumbling downward, the equity markets stumbled upward on Wednesday—supposedly because the Chinese government is preparing for more stimulation of that nation’s economy, or maybe the price of oil. In any case, the Dow Jones Industrial Average was up nearly 150 points, or 2.23 percent. The S&P 500 was likewise up 2.38 percent, and the Nasdaq gained 2.48 percent.
03-03-2009
CRE Investors May Soon Glimpse Opportunity Amid Hazy Market
CoStar Group
Reports: Commercial Real Estate Pain Will Last for Years, But Nimble Players Could Find a Window That Will Open and Close Very Quickly This Year as Debt-Ridden Owners Unload Distressed Assets
February 25, 2009
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Call it optimistically hopeful, but federal policymakers this week said the national recession could end this year, with the beginnings of recovery possibly taking hold in 2010. A pair of recent reports suggests that all is not lost for battered commercial real estate investors as well. In fact, the reports predict that a window of opportunity will probably open up within months for shrewd and well-capitalized investors as troubled assets begin to enter the disposition pipeline.
In particular, analysts expect institutional investors to be in a good position this year to take advantage of changing conditions in a market that has swung hard over to the downside, according to a report by Prudential Investment Management (PIM), the asset management arm of Prudential Financial, Inc., titled “Turbulent Markets: Challenges and Opportunities for the Institutional Investor.“
“The dislocation in the financial markets has left institutional investors with a range of attractive investments across practically every asset class, and in every region of the world,“ Prudential Investment Management CEO Charles Lowrey said. “That creates opportunities in the long run, but also demands that [defined-benefit] plans absorb the lessons from the current crisis so they are well-positioned for a new economic reality.“
Investors will need to be more than simply well positioned with ample cash, however—they’ll also need impeccable timing, and the requisite dash of good luck won’t hurt, either. Once open, the window to grab assets at the best prices could slam shut very quickly, a new capital markets report by Jones Lang LaSalle states, noting, “once the yield ceiling is set, the crowd will invariably follow.“
Despite the cautiously upbeat pronouncements by President Obama and Federal Reserve Chairman Ben S. Bernanke on the broader economy, optimism has been in particularly short supply of late in the battered commercial property markets. Values have tumbled 20-25% in many large markets, much more in some secondary and tertiary markets. Transaction activity has remained flat and net absorption and new development will likely continue to weaken for the next six to nine months.
Bernanke said on Wednesday the recession could end this year if the various government and market interventions are successful. But earlier this week, Atlanta Federal Reserve Bank President Dennis Lockhart didn’t sound as optimistic as his boss, warning that $400 billion in commercial mortgage refinancings leave many U.S. banks “pretty heavily exposed” to woes in commercial real estate, which he described as “a domestic factor that keeps me up at night.“
Granted, trying to time investments in volatile markets and predict when real estate equity values will turn around can be a fool’s errand. Buyers—even those with the deepest pockets and strongest lenders—are likely to stay cautious throughout the year. Sellers are just beginning to come to grips with the harsh re-pricing of property, JLL’s report acknowledges. If credit markets don’t thaw, commercial transaction volume could fall another 30-40% this year, the report stated.
CB Richard Ellis wrote down $100 million in impaired real estate assets, primarily in its development and global investment management business, in 2008, hoping value declines that reached unprecedented levels in the fourth quarter have also reached a trough, Brett White, president/CEO, said earlier this month.
“Near-term prospects are tough in the development and investment management business,“ White acknowledged in reviewing the company’s 2008 financial results. “But the good news is that with the devaluations we’ve seen across the assets classes, as you look into late 2009 and 2010, there ought to be opportunities in the marketplace that we may not get a chance to look at for many years.
“Our goal for that business is to have it positioned properly to return profit, and then be ready when opportunities arise and property markets return.“
08-31-2008
Woodspear Acquires 3425 East Van Buren Street for $8.8M
Woodspear Properties
Woodspear Properties has acquired four units within the Washington Airport Center, a new industrial building in Phoenix, AZ for $8.8M. 3425 East Van Buren Street is located just north of Sky Harbor International Airport, which offers exceptional access to the main transportation routes within Phoenix.
The property is 100% occupied by the Sara Lee Bakery Group under a long-term lease and consists of 74,268 net rentable square feet.
Woodspear Properties is a self-managed, private equity real estate investment company that invests in income-producing properties in the Denver, Phoenix, San Diego and Seattle MSA’s. Woodspear Properties, along with its investors, owns a diversified portfolio consisting of 2 office properties, 2 retail properties, 10 multi-family properties and 17 industrial/flex properties.
Contact: Woodspear Properties, Craig Lessard, Acquisitions Associate
Office: 303-792-3456 x305
Email:
Recent Acquisitions
2009
Washington Airport Center
3425 East Van Buren St.
Phoenix, AZ
85008
810 Los Vallecitos Blvd., Suite 201 | San Marcos, California 92069
Phone: 760.761.4340 | Fax: 760.761.0191
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