NORTH LAS VEGAS, NEV. — Newport Beach, Calif.-based CapRock Partners has started construction on CapRock Tropical Logistics, a two-building logistics complex in North Las Vegas.
Located at 5802 and 5902 E. Tropical Parkway, CapRock Tropical Logistics is situated on an 83-acre site that CapRock assembled through the acquisition of 24 parcels from 13 owners in first-quarter 2020.
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Lenders granting forbearance periods to struggling borrowers continued to bring the CMBS delinquency rate down in October, according to Trepp LLC. The firm estimated the overall CMBS delinquency rate in the U.S. market averaged 8.28 percent—64 basis down compared to September. While high, that was still below the peak reached in July 2012 at 10.34 percent.
Loans that were 30+ days delinquent averaged 1 percent of the total U.S. CMBS universe, those that were 60+ days delinquent were at 0.78 percent and loans that were 90+ days delinquent averaged 3.72 percent.
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Far more office tenants reduced their office space usage than leased space nationwide in Q3, resulting in massive negative net absorption for the quarter. The drop followed a similar slump in the second quarter. Different companies calculate the total differently, but they all point downward in a big way.
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Amongst a global pandemic, social and political unrest and wide-scale economic disruption, 2020 has been a roller coaster of a year that many real estate investors would like to forget. It may be difficult to recall, but it didn’t start out this way.
The beginning of 2020 was a favorable environment for borrowers. Lenders had lofty production goals and were actively competing for deals, leading to compressed spreads. At one point—in February until the beginning of March—borrowers could secure loans with interest rates in the mid-2 percent range given the sizable dip in the 10-year Treasury.
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(Bloomberg)—Federal Reserve officials kept monetary policy in a holding pattern, leaving interest rates near zero and making no change to asset purchases, as the final results of U.S. presidential and congressional elections remain uncertain.
“Economic activity and employment have continued to recover but remain well below their levels at the beginning of the year,” the Federal Open Market Committee said in a statement Thursday following a two-day meeting, largely repeating language on the economy they’ve employed since July. That marked only a slight tweak from the previous statement saying the economy and jobs had “picked up in recent months.”
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Lingering uncertainty still surrounds the 2020 presidential election as the day after the election draws to a close, but Democratic candidate Joe Biden is within a few electoral votes of being the unofficial winner of the contest, with news outlets varying between reporting 253 and 264 Electoral College votes for Biden out of the 270 required to win.
Even if he achieves that, questions remain about the finality of the outcome, as President Donald Trump has demanded recounts in close states and kicked off legal challenges. By Wednesday night, the Trump campaign had filed three lawsuits, one each in Pennsylvania, Michigan and Georgia, contesting the process for counting ballots, joining lawsuits that Republicans had already filed in Pennsylvania and Nevada.
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As remote work becomes a more permanent experience for a large part of the U.S. workforce, as many as 23 million people might move in the near future because they now can work anywhere, according to a new survey by Upwork.
Most of them would be leaving large metro areas for less-expensive smaller places.
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(Bloomberg)—MGM Growth Properties LLC is willing to acquire a big Las Vegas Strip casino such as the Venetian -- which Las Vegas Sands Corp. recently put on the block -- if the company can find the right partner to operate it.
“We would definitely be interested,” James Stewart, MGM Growth’s chief executive officer, told investors on a conference call Monday. “If we can go to bed at night without having anything keep us up over worrying about -- is the rent going to get paid? It’s absolutely a deal that we would do.”
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In an era when retirement pensions are practically non-existent, tax-deferred Individual Retirement Arrangements (IRAs) provide workers with a way to save for their retirement years. But in today’s uncertain economy, individuals concerned by the stock market’s volatility can gain greater control over their retirement funds by opening a self-directed IRA (SDIRA). One of the advantages of an SDIRA is that it provides access to alternative investment opportunities, including income-producing real estate.
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