LWR Commercial
Archive for June, 2009
Even Big Players Make the Same Mistakes
Jun 18th
As Morgan Stanley is ‘fessing up to it’s commercial real estate woes, it’s lament sounds eerily like many local, Sarasota based commercial real estate investors.
•Morgan Stanley is writing down 80% of the properties in Fund V U.S. and 60% in Fund VI International.
•Two investors — the $60.5 billion New Jersey State Investment Council and the $3.86 billion Contra Costa County Employees Retirement Association — backed out of their commitments to its latest closed-end fund, the approximately $5 billion Morgan Stanley Real Estate Fund VII. Contra Costa had committed $75 million; New Jersey, $150 million. (Fund VII is closed to further commitments but is technically open to tie up loose ends, according to sources close to Morgan Stanley.)
•Its $5 billion open-end core real estate fund, the Morgan Stanley Prime Property Fund, has a line of investors asking for a total of more than $500 million in redemptions as of year-end 2008. The fund returned -19.8% for the 12 months ended March 31, underperforming the NCREIF Property index but outperforming the NCREIF Open-End Diversified Core Equity index, according to fund information provided to investors.
The truth is, everyone got swept up and believed their own hype about the market. Look to the contrarians who resisted the temptation of easy money to see the way out of this mess.
COURT DECISION SETS THE STAGE FOR BALLOT SHOWDOWN
Jun 18th
Florida Supreme Court Ruling Clarifies Fate of Extreme Ballot Measure
(ORLANDO – June 17, 2009) The Florida Supreme Court issued a ruling on Wednesday that clarifies the status of the most controversial ballot initiative in Florida history. The decision–which came as no surprise to most observers–upheld a lower court ruling that prevented petition-signers from revoking their signatures. That means the political action committee calling itself “Hometown Democracy”, which has collected virtually all of its petitions using paid gatherers, will not have to worry about losing any recent signatures to revocation. “We are not surprised by the court’s ruling, but we had naturally hoped for a different outcome,” said Ryan Houck, executive director for Floridians for Smarter Growth, the statewide campaign against Hometown Democracy. “While we’re disappointed with the decision, we are even more disappointed that Florida Hometown Democracy–a group that says it wants to empower voters–would seek to rescind the people’s right to reconsider their signature.”
Wednesday’s ruling only confirms a development for which opponents of the no-growth amendment having been preparing for months: After three failed attempts, it appears that the “Vote on Everything” amendment is finally headed for the 2010 ballot.
If passed, Hometown Democracy would require direct voter approval for thousands of technical land use amendments. The idea has already been attempted in St. Pete Beach, a small Pinellas county town that adopted a local version of the amendment in 2006. Since then, the town has become a battleground for competing special interests and endless litigation at taxpayer expense.
“This proposal would take an enormous toll on Florida’s economy,” said Houck. “If passed, it may leave our state in a permanent recession.”
Floridians for Smarter Growth leads the statewide opposition to the so-called “Hometown Democracy” amendment. Among 135 other groups that oppose the would-be amendment are the Florida Chamber of Commerce, 1000 Friends of Florida, the Florida American Planning Association and the Florida Council of Machinists and Aerospace Workers.
For more information go to: http://Florida2010.org
2620 S. Tamiami / Office Building
Jun 3rd
2620 S. Tamiami, Sarasota FL
Property Overview
Highly visible signature building on US-41 in the Hospital Area is ideal for medical, law office, or financial professionals. Lots of windows for great views and abundant natural light. First floor lobby and restrooms are recently remodeled. Building exterior recenlty painted. This is a quality building well suited to users desiring an upscale image for their business.
Great signage and US-41 frontage provides exposure to average 64,000 vehicles per day
30% of local population is above age 60
High concentration of health services in the area
Top industries in this zip code by the number of employees:
- General Medical and Surgical Hospitals
- Offices of Physicians
- Home Health Care Services
- Nursing Care Facilities
- Offices of Dentists
Approx. 8,000 sq. ft. is currently available for lease at $17.00/ sq. ft. plus CAM, minimum divisible 2,800 sq. ft.
