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Ralph Kamps
...moreRalph Kamps
Editor CirexNews
608.345.2880
Ken Harwood
Publisher CirexNews
608.334.2174
This Weeks Articles for 5/7/2024 ...
- AI Will Probably Boost Office Demand. And CRE at Large....
- Best suburbs in Madison ...
- Off With The ‘Handcuffs’: How A Noncompete Ban Could Change CRE...
- Demand for Office Space Grows Amid Subsiding Work-from-Home Rates ...
- AT&T To Expand Into 2 More Buckhead Buildings It Previously Vacated ...
- 5 Top Tenant Amenities for 2024 and How to Choose the Right Ones...
- Former American Doll Co. FOR SALE...
- Self-Storage Slide Continues With Declining Rents, Projects Abandoned ...
- Office peacocking: What is it and why it`s trending...
- Over 45K retail stores may close in next 5 years: UBS...
- Store Expansion News: April update ...
- Termination of buyer agency agreement...
New Listing
Cirex News is emailed weekly to over 2,000 CRE Brokers/Agents and people interested in commercial real estate. Email Ralph or call 608-345-2880 to feature your business or properties in CirexNews...
My longtime friend Robert Gorsuch, the founder and chairman of Fitchburg`s Oak Bank, isn`t shy setting me straight whenever I write about the nation`s banking system, in which greed and reckless behavior seem to be a constant threat to the stability of the national economy.We`ve been witnessing the worst of that again in recent weeks with the meltdown of banks like Silicon Valley Bank and Signature Bank, and then just this past week the failure of First Republic. All of them substantial regional banks whose failures once more sent shockwaves through the economy, cost investors tons and had nervous depositors scrambling to withdraw their money...
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RSK: Just to set you at ease a bit. I have to admit, I am a shareholder from day one of Oak Bank and the service is like no other and they do take care of the community.
Madison Lifestyle Office Portfolio comprises 14 Class A properties totaling over 1.7 million square feet of leasable area and an additional 8.3 acres of development land. The portfolio is located on the west side of Madison, Wisconsin.
This less-used tool in real estate investing might serve you better than the more popular 1031 exchange.
For investors looking for a way to defer capital gains taxes when selling a real estate investment property, there are a variety of strategies to leverage depending on circumstances.
Usually, a 1031 exchange comes to mind; however, an often-underutilized tool that helps investors achieve a similar result is a 721 exchange, or umbrella partnership real estate investment trust (UPREIT). Both 1031 and 721 exchanges offer advantages and disadvantages, but ultimately the choice depends on an investor’s specific goals...
Usually, a 1031 exchange comes to mind; however, an often-underutilized tool that helps investors achieve a similar result is a 721 exchange, or umbrella partnership real estate investment trust (UPREIT). Both 1031 and 721 exchanges offer advantages and disadvantages, but ultimately the choice depends on an investor’s specific goals...
RSK: Read this...I never knew there was a 721 Tax Deferred Exchange...a good option from the 1031 for many of us.
 219 E Main St, Mount Horeb, WI |
 5955 McKee Rd, Fitchburg, WI |
 640 University Ave Madison, WI |
 704 Williamson St Madison, WI |
 5955 McKee Rd, Fitchburg, WI |
 638 University Ave Madison, WI |
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A fast casual restaurant from the owners of Harvey House will showcase chef Joe Papach’s fried and rotisserie chicken, plus cocktails on draft and bar snacks. Butterbird, set to open mid-fall at 1134 Regent St., shares a wall with a bike shop about half a mile from Camp Randall.Shaina Robbins Papach, co-owner of Harvey House, is opening Butterbird with Sean O’Hara and Kaitlin Fischer. O’Hara is currently chef de cuisine at the Harvey House and Fischer is the general manager...
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RSK: Looking forward to their opening.
 1255 Fourier Dr Madison, WI |
 8000 Excelsior Dr Madison, WI |
 918 Deming Way Madison, WI |
 8020 Excelsior Dr Madison, WI |
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The Gialamas Company`s premier development. The park has over 57 buildings containing 200+ companies, occupying over 3.0 million square feet.
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Vornado Realty VNO -0.4% Trust suspended its dividend (previously 37 cents per share per quarter, yielding about 10.2%) through the end of the year. Its stock price immediately dropped by almost 12% before quickly recovering most of its lost ground. Why would the stock price fall more than the lost yield, and why would it recover almost fully?......more
RSK: This says a lot about real estate stocks or REITS and real estate in general. Oftentimes the cash flow dwindles for a while but you are also building equity from appreciation and mortgage reduction...and let`s not forget depreciation as a return...
Caffeinated Collaboration:
Economics & Diversity in Real Estate
Wednesday, May 22, 2024 (9:00 AM - 10:00 AM) (CDT)
Description
Please join us for this FREE event where networking meets collaboration around diversity, equity & inclusion in the real estate industry. This month we are co-sponsoring the event with the Rock-Green REALTORS® Association, and the focus of our conversation will be on the impact of local ?economics and community diversity on housing, the industry, and your business...
building for lease2501 Parmenter St
Middleton, WI 53562
building for leaseGalaxie
822 E Washington Ave
Madison, W
building for saleOffice/Salon/Dentist Office for Sale
111 Depot St
Johnson Creek, WI
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Demand is robust, but fulfilling the requirements of these tenants is no easy assignment.
Over the past seven years, life science companies have been hiring at an exponential rate, creating both opportunity and unique challenges for commercial real estate brokers who want to succeed in this burgeoning practice area.
“If you look at the major economic downturns, the cycle in life sciences doesn’t necessarily match that,” Matt Gardner, head of Life Sciences, Americas at CBRE, told Commercial Property Executive. “It is different than the general economic cycle. The funding mechanisms are different and product cycles take longer.”..
“If you look at the major economic downturns, the cycle in life sciences doesn’t necessarily match that,” Matt Gardner, head of Life Sciences, Americas at CBRE, told Commercial Property Executive. “It is different than the general economic cycle. The funding mechanisms are different and product cycles take longer.”..
RSK: Madison is probably on the list for smaller markets because of UW and Research Park.
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...moreOne area of expertise for Investors Associated is first class property management. To keep our properties running smoothly, we focus on the little things with the big picture in mind. Our team is comprised of a group of individuals that oversees the day-to-day operations such tenant retention, lease negotiations and property maintenance costs. Bottom line, if you’re not happy, we’re not happy! Check out our properties today and see why you should lease with us.
In a recent investors call, a question was raised about the downward shift in the demand for the US dollar, especially the petrodollar, and the potential effects on real estate values. Joe Berko, founder and CEO of Astor Realty Capital, writes on the impact the US dollar can haveWhile the US currency is the most reliable globally and represents 90% of the world transaction volume, by comparison, the Chinese yuan currency represents nearly 1% of Global transactions and the British pound, the euro, and Japan represents combined represents the remaining 9%. Yet, the facts are that the US dollar dropped by as much as 15% compared to foreign currencies and precious metals, namely gold has jumped to $22,000 per pound representing a 20% increase...
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RSK: I think the author nailed it on this subject.
Coffee with CARW
May 8 @ 8:30 am - 9:45 pm
Join CARW for a morning Coffee Session at the Chase Tower in the first-floor conference room. The session will cover a range of topics from the state of crime in Milwaukee and what property owners and the real estate community can do to ensure tenants and customers are safe. They will also cover the timeline and details regarding the RNC Convention in Milwaukee July 15-18.
Where:
Chase Tower:
111 East Wisconsin Ave. Milwaukee, WI 53202
When:
Wednesday, May 8th, 2024
8:30 – 9:00am registration, coffee and networking
9:00 – 9:45am program with City of Milwaukee Law Enforcement and Downtown Patrol
The session is $10 to attend and proceeds support the CARW Foundation.
...moreKen Notes: Thank you Tracy Johnson President and CEO of CARW for keeping me in the loop.
2814 Perry St, Madison
1909 W Court St, Janesvile
Commerce St, Lake Delton
2202 W Badger Rd, Madison
SEE ALL LISTINGS HERE
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Prospects for the U.S. real estate market and economy changed little over the past six months, based on a survey of real estate economists. Broadly, the economy will slow in 2023 and 2024, with recovery expected to begin in 2025. The real estate market will follow suit, with flat to negative results over the next two years, followed by mostly positive news in 2025. The constancy of the forecasts can be attributed in part to the clear signaling of the Federal Reserve regarding interest rate increases, as well as the underlying strength of both the economy and real estate markets.The Real Estate Economic Forecast, produced by the ULI Center for Real Estate Economics and Capital Markets, is based on a survey conducted in April 2023 of 41 economists and analysts at 37 leading real estate organizations. The forecast is based on the median responses gathered in the survey, which reflect a wide range of views both better and worse...
RSK: Volume will fall as high rates continue , but so will prices. Market has a way of leveling itself out.
With over 350 experienced real estate professionals, Knight Barry provides exceptional support and service. Visit our website for more information about our 50+ commercial and residential offices throughout
Wisconsin, Michigan, and Minnesota.
MADISON: 2450 Rimrock Road, Suite 204, 608-255-2700
CAP SQUARE: 44 E. Mifflin Street, Suite 101, 608-255-2700
MADISON: 2450 Rimrock Road, Suite 204, 608-255-2700
CAP SQUARE: 44 E. Mifflin Street, Suite 101, 608-255-2700
Struggling commercial building owners lost upwards of 20% of their office renters during the pandemic
The shift to remote or hybrid work has created empty office buildings across the U.S. And, instead of tearing them down, some owners and investors are giving them new use.
After seeing a rise in office vacancy, Dougal Cameron owns commercial properties and designed a plan where people can work, live, and host events all inside of Houston’s Historic Esperson building...
RSK: This is not a cure all for all vacant office space. There are many hurdles and cost effectiveness involved in conversions. Basically, the less your office building is worth the better a conversion will work for you...oh, and don`t forget location.
 6504 Ronald Reagan Ave, Madison, WI |  Madison East Business Center 4602 S Biltmore Ln, Madison, WI |  4602 S Biltmore Ln Madison, WI | |
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The industry would welcome a break from increases, but continued patience is necessary, experts say.
Update: As expected, the Federal Reserve’s Open Markets Committee raised the federal funds rate 25 basis points to 5 to 5.25 percent at its meeting today. The committee will also continue to reduce its securities holdings. In terms of whether or not it would pause rate hikes, the committee said it would monitor the situation and remain committed to getting inflation back to 2 percent. “We are prepared to do more if further monetary restraint is warranted,” said Federal Reserve Chairman Jerome Powell at a press conference following the announcement.
Another 25 basis-point increase in interest rates is widely anticipated after the Federal Reserve’s Open Markets Committee meets on May 2-3. The Fed’s recent public statements, as well as its recent moves to raise rates, strongly signal one more hike to industry observers. On the heels of several major bank failures, and with an economic downturn a strong possibility, the Fed’s primary focus continues to be reducing inflation to its stated target of 2 percent....
Another 25 basis-point increase in interest rates is widely anticipated after the Federal Reserve’s Open Markets Committee meets on May 2-3. The Fed’s recent public statements, as well as its recent moves to raise rates, strongly signal one more hike to industry observers. On the heels of several major bank failures, and with an economic downturn a strong possibility, the Fed’s primary focus continues to be reducing inflation to its stated target of 2 percent....
RSK: I`m not so sure rates will pause after this hike, especially if the Feds keep printing money and the US Debt keeps increasing. A key contributor to inflation.
With the largest Real Estate Practice of any law firm in Wisconsin, Reinhart offers clients custom-tailored real estate insight.
Office space utilization spiked recently, according to separate metrics that track it, published by VTS and Kastle.
Demand for office space nationwide rose 31.3% from February to March, according to the latest VTS Office Demand Index.
The index, which ranks unique new tenant tour requirements, both in-person and virtual, of office properties in core U.S. markets, jumped 15 points to 63 in March. The index came in at 46 in December and January and 48 in February.
“The sluggish start to the year left us in limbo as to whether we’d see normal levels of spring activity return," VTS CEO Nick Romito said in a statement. "Thankfully, the office leasing market had its spring awakening — and then some.”
All of the cities tracked by VTS saw office demand increase in March, with five of the seven cities reporting office demand jumps of more than 30% month-over-month. San Francisco saw the largest jump, rising 69% from February to March. Office demand in both Boston and Los Angeles was up 42% in March...
...moreRSK: Well, that`s a welcome sign...but still a long way to go.
 75 Gasser Rd Wisconsin Dells, WI |
 4711 Farwell St McFarland, WI |
 808 Industry Rd Sauk City, WI |
 426 Gammon Pl Madison, WI |
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 7031 River Rd DeForest, WI |
 402 Gammon Pl Madison, WI |
 6730 Odana Rd Madison, WI |
 1117 River Rd DeForest, WI |
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 6808 Odana Rd Madison, WI |
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Nordstrom is planning to close both of its Downtown San Francisco stores, choosing not to renew its lease obligations at its location in the Westfield Mall. It will also close a second nearby Downtown Nordstrom Rack.The retailer confirmed the closures on Tuesday. In an email to employees, the company`s chief stores officer wrote that "the dynamics of the downtown San Francisco market have changed dramatically over the past several years, impacting customer foot traffic to our stores and our ability to operate successfully."...
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RSK: It is not just that downtown offices are fairly empty but if read between the lines, it is the unsafe conditions for customers and staff....see the graph that shows all the closures for the last few years.
Food Fight is a locally owned and operated restaurant group with an ever-growing family of unique and diverse restaurants in the greater Madison area. Founded in 1994 by Monty Schiro of Monty’s Blue Plate Diner and local real estate investor Peder Moren, Food Fight Restaurant Group combined their creative vision and business sense with a mission of providing the best possible service and experiences for the greater community.
Food Fight gift cards make a great gift for anyone
Gift cards can be redeemed at all of our restaurants for dine-in visits or call-in carryout orders, and they never expire ...more
 2 E Mifflin St Madison, WI |
 22 E Mifflin St Madison, WI |
 152 W Johnson St Madison, WI |
 1400 E Washington Ave, Madison, WI |
 10 W Mifflin St Madison, WI |
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Nation`s Biggest Mall Landlord Steps Up Efforts To Diversify, Transform Its Retail Centers
Simon Property Group, the nation`s largest mall owner, expects to spend roughly $1.5 billion building 2,000 multifamily units and hotel rooms as it looks to add density and expand some of its retail properties in new ways.
The Indianapolis-based landlord estimated it will have construction of the projects completed over a five-year span, CEO David Simon said Tuesday on a first-quarter earnings call. He discussed the real estate investment trust`s pipeline of apartments and hospitality properties while pointing to what he described as the company`s successful redevelopment of Phipps Plaza in Atlanta, a mall that now has a Nobu hotel and restaurant and Life Time fitness center on its site...
The Indianapolis-based landlord estimated it will have construction of the projects completed over a five-year span, CEO David Simon said Tuesday on a first-quarter earnings call. He discussed the real estate investment trust`s pipeline of apartments and hospitality properties while pointing to what he described as the company`s successful redevelopment of Phipps Plaza in Atlanta, a mall that now has a Nobu hotel and restaurant and Life Time fitness center on its site...
RSK: Simon is on the right path.
First Republic Bank’s sale to JP Morgan Chase added to industry angst
Another week, another bank failure.
On Monday, the Federal Deposit Insurance Corporation seized First Republic Bank and sold it to JPMorgan Chase, ending weeks of tumult that saw the institution’s stock plunge nearly 90 percent the past two months.
The sale to JPMorgan, the country’s largest bank, likely includes $103 billion in residential mortgages, some $23 billion in multifamily loans and close to $11 billion in other commercial real estate obligations...
...moreOn Monday, the Federal Deposit Insurance Corporation seized First Republic Bank and sold it to JPMorgan Chase, ending weeks of tumult that saw the institution’s stock plunge nearly 90 percent the past two months.
The sale to JPMorgan, the country’s largest bank, likely includes $103 billion in residential mortgages, some $23 billion in multifamily loans and close to $11 billion in other commercial real estate obligations...
RSK: Temper, temper now boys...take a deep breath!
A new survey by design firm SGA highlights both traditional and emerging preferences.
The top amenities currently in demand by office users are a mix of both continuing and emerging trends, including coffee shops, air-purification systems, access to outdoor space, grab-and-go/premade breakfast and lunch, and quiet lounges, a new survey by SGA has found.
SGA is a national, multi-disciplinary firm with offices in Boston and New York City and whose work spans interior design, architecture and master planning for commercial clients and life sciences, academic and mixed-use projects...
SGA is a national, multi-disciplinary firm with offices in Boston and New York City and whose work spans interior design, architecture and master planning for commercial clients and life sciences, academic and mixed-use projects...
RSK: I like this...back to basics with amenities that really matter. Pet Grooming? You can have a mobile pet groomer come to your building once a week or so and have the same service rather than dedicated grooming. People need to think what is necessary and what is just a convenient wish for a one time deal.
Question:A tenant signed a lease and failed to pay the initial rent or security deposit. The tenant is causing damage to the property, making it inconvenient for the landlord to work on the property. The tenant is extremely noncompliant and is unbearable for other tenants. Given these circumstances, what legal actions can the landlord take against the tenant? What is the process for evicting the tenant and recovering any unpaid rent or damage caused by the tenant?
Answer:
A landlord may attempt to work with the tenant to find a mutually agreeable solution regarding the situation. If no resolution is forthcoming, and a tenant is late or stops paying rent altogether, the landlord may give the tenant written notice regarding that deficiency. Review Wis. Stat. § 704.17-.19 to determine what type of notice to use and whether the tenant has the right to cure the default or must simply move out.
For a convenient chart summarizing which notice to give, how to give the notice and any applicable time frames, review the pointers for giving notice using WRA landlord/tenant forms at www.wra.org/GivingNotice. In addition, a discussion about which notice is appropriate depending on the type of tenancy and the kind of default involved is discussed on pages 5-7 of Legal Update 03.07, “Residential Rental Primer” at www.wra.org/LU0307.
Landlords should consult with an attorney before pursuing any eviction. If a person needs an attorney, they may contact the Wisconsin State Bar’s Lawyer Referral and Information Service (LRIS). When a person calls the service, they will first speak with a legal assistant who helps determine the nature of the potential dispute. The assistant will refer attorneys in the person’s area who have practice in matters related to the potential dispute. Attorneys referred through LRIS agree to provide the first consultation of up to one half-hour for free. A person can reach LRIS by phone at 800-362-9082, open Monday through Friday from 8:00 a.m. to 5:00 p.m. The online service, which permits a user to search for an attorney by geographical location and area of practice, is available 24 hours per day at www.wisbar.org/forPublic/INeedaLawyer/Pages/i-need-a-lawyer.aspx...
ABSTRACT Commercial Real Estate LLC |
The Gialamas Company, Inc. |
Artis Reit |
Key Commercial Real Estate, LLC |
Madison Commercial Real Estate LLC |
St. John Properties |
IA Management, LLC |
Wisconsin Commercial Real Estate |
Park Towne Realty LLC |
Mullins Group, LLC |
Crown |
Flad Development & Investment Corp. |
Evans Properties, LLC |
Keller Real Estate Group |
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MIG Commercial Real Estate, LLC |
First Weber Group, Inc - West Towne |
Opitz Realty, Inc. |
First Weber Group, Inc - Prairie Du Sac |
Peterson Management Company Inc. |
The Lenhart Company, Inc |
Scott Faust & Associates |
Shamrock Real Estate Services, LLC |
Targa, Inc |
Executive Management, Inc |
Stark Commercial - East |
Urban Land Interests |
Slinde Realty Company |
Assist-2-Sell/Pohlkamp & Associates |
Berkshire Hathaway Home Services Matson Real Estate |
Artisan Graham Real Estate  |
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Hovde & Hovde, Inc
Ralph Kamps
Editor CirexNews
608.345.2880
Ken Harwood
Publisher CirexNews
608.334.2174
Cirex News is emailed weekly to over 2,000 CRE Brokers/Agents and people interested in commercial real estate. It is online at CirexNews.com. All of our articles are archived and searchable. So a search for "opportunity zone" will bring up dozens of articles on the subject.
In our weekly News & Views you can promote your clients properties and your services
call 608-345-2880 for details...
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