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Property, Rentals, Transactions

Pending Home Sales Lift Off in April to Over 10-Year High

Pending home sales rose for the third consecutive month in April and reached their highest level in over a decade, according to the National Association of Realtors®. All major regions saw gains in contract activity last month except for the Midwest, which saw a meager decline

KTGY-Designed Kapolei Lofts Wins Two NAIOP Hawaii Awards

International award-winning firm KTGY Architecture + Planning is pleased to announce that Kapolei Lofts in West Oahu, Hawaii, received two Awards of Excellence during the NAIOP Hawaii’s 19th Annual Kukulu Hale Awards ceremony held recently at the Royal Hawaiian Hotel in Oahu. Developed by Forest City Hawaii and designed by KTGY, Kapolei Lofts won the Green Building Award and New Project Award – Commercial/Other Over 40,000 SF. The NAIOP Hawaii’s Awards of Excellence program recognizes accomplishments in Hawaii’s commercial real estate industry, including recognition for new and renovated commercial and public projects statewide.

Just Listed: Historic Landmark Multi-Tenant Retail Center in SoCal’s Inland Empire for $28.6M

Progressive Real Estate Partners and Hanley Investment Group announced today the for-sale listing of Thomas Winery Plaza, a 99,808-square-foot historic landmark shopping center for $28.6 million ($287 psf). The center is located at the northeast corner of Foothill Blvd. (Historic Route 66) and Vineyard Avenue in Rancho Cucamonga, Calif., and is the site of California's oldest winery established in 1839.

CBRE’s Philip D. Voorhees and NRIG-West Team Complete Sale of Community Center in Tacoma, WA for $26.7 Million

CBRE Executive Vice President Philip D. Voorhees announced today that he and the National Retail Investment Group – West (NRIG-West) team completed the sale of Lincoln Plaza, an 80,922-square-foot community shopping center in the city of Tacoma, WA, leased to a complementary mix of retail, service and restaurant tenants including Big 5, Jared The Galleria Of Jewelry, Men’s Warehouse, Skechers, Starbucks, Wingstop, Sprint and others. The sale price was $26.7 million. The property was approximately 95% occupied at the time of sale.

Existing-Home Sales Rise in April for Second Straight Month

Despite ongoing inventory shortages and faster price growth, existing-home sales sustained their recent momentum and moved higher for the second consecutive month, according to the National Association of Realtors®. A surge in sales in the Midwest and a decent increase in the Northeast offset smaller declines in the South and West.

NAR Member Survey Shows More, Younger Realtors® Entering the Industry

The median age and years of experience of Realtors® has decreased as new and younger professionals enter the industry, according to the 2016 National Association of Realtors® Member Profile.

The Boulder Group Arranges Sale of Single Tenant Net Leased Walgreens in Chicago’s Bucktown Neighborhood

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 2001 Milwaukee Avenue in Chicago, IL for $11,275,000.

KTGY-Designed June Street Collection 50% Sold in 2 Weeks in South Hollywood

International award-winning firm KTGY Architecture + Planning is pleased to announce that Hollywood’s newest single-family residential community developed by Canfield Development is 50% sold out in just two weeks. Designed by KTGY, The June Street Collection is a unique collection of 10 single-family detached homes in South Hollywood’s popular SOHO neighborhood, near Hancock Park, and steps away from fine dining, shopping and entertainment. The homes, which are located at 822 N. June Street, blend contemporary styling with historic Spanish architecture.

The Boulder Group Arranges Sale of Bank of America Ground Lease

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Bank of America Ground Lease located at 1400 Waukegan Road in Glenview, IL for $6,900,000.

Make Your Rental Unit Stand Out and Bring in More Money

Now that rental property and multi-family mortgages are easier to obtain more people are choosing to become landlords. However, owning a rental unit is a completely different experience than owning your own home. Many people make the mistake of approaching a rental property as if it were a personal residence.

Millennials Changing Face of America, Heavily Impacting Homeownership, Say Experts

Millennials are bucking trends, changing the landscape of America, and sharply different from previous generations in many different ways. One of the most visible and consequential ways is through millennial homeownership numbers, according to experts on generational trends and homeownership presenting at the 2016 REALTORS® Legislative Meetings & Trade Expo.

Meridian Launches New Suburban Office Value-Add Division and Hires Industry Veteran Dan Rosenbaum as Senior Vice President

Meridian, a full service real estate developer and owner of medical real estate, announced today that industry veteran Dan Rosenbaum has been hired as senior vice president. He will spearhead the development of the company’s new division focused on the acquisition of suburban general office value-add opportunities.

Fine Balance Needed between Property Rights, Regulation of Short-term Rentals

Mobile and online technology and evolving consumer tastes are changing the dynamics of renting property, and the debate on whether the regulatory response from state and local governments clashes with individual property rights will likely continue, according to speakers at a panel discussion on the current issues surrounding short-term rentals at the 2016 REALTORS® Legislative Meetings & Trade Expo.

Lending Remains Largest Concern for Commercial Real Estate Market, Say Realtors®

Realtors® specializing in commercial real estate expressed confidence in the continued recovery seen in the market but concern over the availability of commercial financing, during a commercial economic issues and trends forum at the 2016 REALTORS® Legislative Meetings & Trade Expo.

$40M to Establish New Observatory Probing Early Universe

The Simons Foundation has given $38.4 million to establish a new astronomy facility in Chile’s Atacama Desert, adding new telescopes and detectors alongside existing instruments in order to boost ongoing studies of the evolution of the universe, from its earliest moments to today. The Heising-Simons Foundation is providing an additional $1.7 million for the project.

Hanley Investment Group Negotiates Sale of Starbucks-anchored Retail Center in Kern County for $3.2 Million

Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that Executive Vice President Bill Asher negotiated the sale of Glenwood Square, a 6,808-square-foot multi-tenant strip shopping center anchored by Starbucks in Kern County, Calif., for $3.2 million, representing a cap rate of 5.6% and $470 per square foot.

Existing-Home Sales on Course for Best Year since 2006, Student Loan Debt Slowing Prospective Buyers

Relentless supply constraints and home price growth outpacing wages are testing the patience of homebuyers this year, but existing-home sales are still on track to come in at their highest pace since 2006, according to an economic forecast forum here at the 2016 REALTORS® Legislative Meetings & Trade Expo.

Real Estate Agents, Appraisers Voice Concerns over FHA Appraisal Policies

While the Federal Housing Administration’s overhaul of its Single-Family Housing Policy Handbook last year offered loan originators more clarity on lending policies and loan underwriting standards, some changes made to the property valuation policies are causing confusion and delays, according to speakers at a real property valuation forum yesterday at the 2016 REALTORS® Legislative Meetings & Trade Expo.

RealScout Joins REach® Accelerator Class of 2016

Second Century Ventures, the strategic investment arm of the National Association of Realtors® has accepted RealScout(link is external), an agent-branded web and mobile platform, as the eighth company in its 2016 REach® accelerator class. Last month, SCV announced seven other companies had been chosen to be part of the fourth class.

HUD Secretary Castro, Panelists Discuss Housing Opportunities for Young Adults Repaying Student Debt

Struggles exist for many young adults trying to become homeowners, and the burden of repaying their student loan debt is in part delaying their ability to buy, according to speakers at a regulatory issues forum on student debt and homeownership at the 2016 REALTORS® Legislative Meetings & Trade Expo