Latest news with #commercialproperties
Yahoo
15-07-2025
- Business
- Yahoo
Bernalillo County properties see increase in value
BERNALILLO COUNTY, N.M. (KRQE) – Some Bernalillo County property owners could be in for sticker shock when they get their tax bills this year. This, as the county assessor catches up on years of uncompleted property assessments. 'On average, we had about a 76% increase in the values of our commercial properties,' says the owner of Alien Sigman Real Estate Group, Lance Sigman. He is one of the many commercial property owners who have seen an increase in the value of their properties, and high values can mean higher taxes. 'There's a trickle-down effect that's not just property taxes, but all these other costs that I've mentioned, they all build up. They all multiply to then impact the small business, which in turn impacts the consumer,' says Sigman. Increases to some taxes and fees in New Mexico go into effect on July 1 These higher property values come as counties in New Mexico kick up efforts to evaluate all properties accurately. 'We're doing a better job than was previously done before,' says Bernalillo County assessor Damian Lara. He says it may seem like a dramatic change, but it's the result of their office following state law to calculate values. 'So we knew that many non-residential, particularly commercial properties had been undervalued for over 10 years,' Lara says. His office, prioritized residential assessments over commercial properties, as they dealt with years of staffing shortages. But now, with the office finally at full staff, Lara says they're catching up. Albuquerque City Councilors approve tax abatements for two redevelopments sites He says of the 20,000 commercial properties they assessed, a little less than half saw an increase in value. But NAIOP New Mexico, which represents commercial real estate owners, says some of those amounts were shocking. 'There's a lot of folks who are deeply concerned and frustrated when they get a letter that says their property has gone up 704%. That is not something that can be absorbed in a single year,' says Rhiannon Samuel, Executive Director of NAIOP New Mexico. Assessor Lara says while property valuation is one factor in determining property taxes, a value increase does not always lead to a tax increase, and there are other factors as well. 'If the state, the county, all of the municipalities, the school board, all of the other taxing authorities, they typically ask for a little bit more money each year than they did last year,' says Lara. For residential properties, there is a cap preventing property taxes from increasing more than 3% per year. Commercial properties do not have any such cap. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Bloomberg
07-07-2025
- Business
- Bloomberg
BlackRock to Buy Real Estate Firm With $7.3 Billion in Assets
BlackRock Inc. agreed to buy real estate firm ElmTree Funds, which leases built-to-suit commercial properties to single-tenant renters, adding an investor with $7.3 billion in total assets under management. ElmTree will be integrated into Private Financing Solutions, the new platform created through BlackRock's $12 billion purchase of credit firm HPS Investment Partners last year. Payment for ElmTree will be primarily in stock, with the potential for additional consideration based on ElmTree's performance over the next five years, BlackRock said in a statement Monday. The purchase price and other financial details weren't disclosed.
Yahoo
22-06-2025
- Business
- Yahoo
An investor who built a multimillion-dollar real estate portfolio by buying 'pigs' explains how he finds overlooked properties
Jeremy Barker started buying real estate when his startup needed a bigger headquarters. He's scaled to more than 30 properties that bring in seven figures in annual rental income. Barker's strategy involves finding and buying overlooked properties. Jeremy Barker stumbled into real estate investing when his startup outgrew its original space, prompting him to look into large commercial properties. He bought a bigger space than he needed, leased nearly 80% of it to tenants, and started generating rental income from his new headquarters. What's more, he said the building has more than quadrupled in value within the past decade. From there, "I just rinsed and repeated," Barker told Business Insider. The entrepreneur, who started his business Murphy Door to supplement his $1,600 a month firefighter paycheck, has grown to more than 30 commercial and residential properties that generate seven figures in annual rental income. BI confirmed his property ownership by reviewing his 2024 property tax notices and lease agreements between him and his tenants. One key to his real estate strategy is buying overlooked properties. That's how he scores deals and, ultimately, sees millions of dollars in appreciation. Barker is looking at buildings that most people aren't. "I like to look for pigs," he said — meaning, something that's dilapidated or doesn't look nice, but has potential. "We could put lipstick on it and make it look really pretty." For example, while driving through his market in Utah, he noticed a 90,000-square-foot call center right off the highway. The old office space, which was still littered with desks, chairs, and servers, had been empty for a couple of years. "The property is just dilapidated," he recalled. "The outside's ugly, the landscape's overgrown, the trees are too big, the inside looks really overwhelming because it's a lot of square footage with a lot of stuff." While most investors wouldn't even do a walkthrough, Barker saw an opportunity. "Coming from a construction background, I'm like, I could cut down the big trees, get the yard cleaned up, paint the exterior for cheap, put new LED on the outside, gut all the cubicles, sell those for some kind of money, and then I can do new flooring," he said. He knew he had leverage, since the building had been sitting on the market for years. It was listed for about $3.4 million, and Barker said he initially offered $2 million: "It came back to $2.9 million, and then I found about $500,000 or $600,000 worth of deferred maintenance issues that they credited me at close, so I ended up buying this for $2.4 million." Before closing, he put a "for lease" sign up outside the building and landed his first tenants before even putting any money down. Within 12 months of purchasing the property, it was fully leased. Barker isn't just looking for dilapidated buildings that have potential. He has specific location criteria. "I tell my realtor, 'Find me something that is in a good spot. It doesn't have to be the best spot. It just has to have some lower vacancy rates in the area. It has to be pretty accessible to business, so good highways next to it.'" Barker has two tried-and-true strategies that help him land deals. "First and foremost, the secret is: How long has it been on the market? How desperate are these guys?" he said. "The long market tells are important to me." Chances are, he'll have more negotiating power on a building that's been vacant for more than a year than one that just came on the market. Next, he's looking for companies that are moving out of their office space. "This is kind of my secret recipe: If I can find companies that are selling their main office. Usually, it's single-tenant occupants held by the corporation that are now moving to a different headquarters." This type of seller is usually not looking to lease the space — they just want to sell, explained Barker: "If you can find a single company that's leaving, they put it for sale only and it sits there for four or five years because everybody sees the building for sale, but it never says 'for lease.' Most people aren't going to buy the whole big building." That's where he'll come in, sign a purchase and sale agreement that allows him to immediately put up a 'for lease' sign before closing, and "all of a sudden, your phone starts blowing up," he said. "So if you can get it to where you're the future lessor, and you get the calls when the sign transfers from 'for sale' to 'for lease,' now you can see demand." Read the original article on Business Insider
South China Morning Post
12-06-2025
- Business
- South China Morning Post
China's Seazen markets first dollar-bond offering by a private builder since 2023
Seazen Group, one of the few major private-sector Chinese developers yet to default, started marketing a dollar bond that would be the first of its kind in more than two years. Once ranked among China's top 10 developers by contracted sales, the company set the initial price target for the three-year notes at 13.25 per cent, a person familiar with the matter said. If the issuance were successfully priced, Seazen would be the first privately owned local builder to tap the publicly syndicated US-currency bond market since early 2023. The securities can be called and put after two years. There has been a drought of dollar bond issuance by Chinese developers since the country became mired in a years-long real estate crisis, suppressing appetite for such debt. Dalian Wanda Group's property-management arm was the last major privately held property firm to sell dollar bonds, pricing two such notes in early 2023. Seazen has managed to withstand the headwinds in the sector and still operates an extensive line of shopping centres in smaller cities. Last year, rental income from commercial properties grew 13 per cent. It has also benefited from measures introduced by the government to broaden access to some commercial loans, putting up some of its properties as collateral to generate fresh funding. The new bond offered a slight premium over the company's existing 4.5 per cent note due in May 2026, which currently yielded 12.9 per cent, according to Bloomberg Intelligence analysts Daniel Fan and Hui Yen Tay. 'If printed, we expect this to attract more investors, both regional and global, to return to China high-yield dollar bonds,' said Zerlina Zeng, the head of Asian strategy at Creditsights Singapore. Seazen's liquidity was better than most high-yield Chinese developers, so it could probably obtain cheaper funding onshore by pledging its commercial real estate assets, she added.
Globe and Mail
19-05-2025
- Business
- Globe and Mail
SL Green Realty Corp. Announces Common Stock Dividend
NEW YORK, May 19, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), Manhattan's largest office landlord, today announced that its board of directors has declared a monthly ordinary dividend of $0.2575 per share of common stock, which is the equivalent of an annualized dividend of $3.09 per share. The dividend is payable in cash on June 16, 2025 to shareholders of record at the close of business on May 30, 2025. About SL Green Realty Corp. SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of March 31, 2025, SL Green held interests in 55 buildings totaling 30.8 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments. Forward Looking Statement This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms. Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
