Right now, downtown vacancy is a snapshot of extremes: Class A space just 8 percent vacant; Class B at 14.9 percent vacant; but Class C, dominated by the long troubled 1 million-square-foot First National Center, at 51.5 percent vacant.
“This really tells the tale of downtown right now. ... The Class A and B buildings are doing quite well. The older Class C properties, the oldest of which is obviously First National Center, where we really have some challenges, some solutions need to be found. It will be very interesting to see what happens between now and the May 27 refinancing deadline for First National Center.”
Last year saw 110 industrial property sales totaling 2.32 million square feet for a combined $100.9 million dollars, compared with 114 sales in 2010 totaling 2.71 million square feet for $67.5 million, and 115 sales in 2009 totaling 2.5 million square feet for $66.9 million.
The “banner year” was 2008, with 168 sales totaling 9 million square feet for $220 million, Price said, but “the fact that 2011 had the same number of transactions as '09 and 2010 but the total sales volume was roughly $30 million higher, I think, is a testament that property sales are, in fact, rising.”
In multifamily sales, in 2006-2008 “an amazing amount of capital came
Transactions fell in 2009-2011, with 88 sales involving 12,830 units for a combined $384.3 million. So far in 2012, about 2,000 units have changed hands, most recently the 708-unit Lincoln at Central Park, which developer Gardner Tanenbaum Group sold to Philadelphia-based GoldOller Real Estate Investments for $77 million.