April 22, 2010
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A Recovery is Underway Chairman's Report:Steve Stroud, SIOR sstroud@naicarolantic.com Those of you who attended our 25th Annual Triangle Commercial Real Estate conference had the opportunity to hear the NAI Global Economist, Dr. Peter Linneman. As a service to our clients, we will be forwarding his condensed newsletter to each of you for your review. In his latest letter, he indicates we will either see sustained growth, in which case the Fed will raise artificially low interest rates, or we will continue to languish economically, like Japan over the past 20 years, in which case the Fed will keep rates low. Dr. Linneman said, "The fact that real GDP has increased over the past three quarters (presuming the first quarter of 2010 will be positive), and that early signs of job growth are appearing, support our view that a recovery is underway." We also think a recovery is underway with all the activity at our firm, especially with our Special Assets Division which was created over a year ago. This Division works with clients to maximize the value of performing and underperforming assets. We have been fortunate to assist several banks with their REO properties and invite you to contact us if we can be of assistance anywhere in the US. In addition, if you would like a free market analysis of your commercial real estate, please visit our website at www.naicarolantic.com and register to have one of our brokers complete a report for you. We look forward to working with you. Be sure to visit our blog at www.naicarolanticblog.com as we continue to share information that may be of interest to you.
As we struggle through conversations about how bad the market is, we are actually starting to see some signs of positive news. North Carolina has established a $230 million investment fund that will be managed by Credit Suisse to invest in companies with a significant presence in NC. Tourism continues to be an economic driver for our state. We ranked sixth as the most visited state, according to the Governor's office, with the tourism industry generating over 182,000 jobs and $3.9 billion in payroll in 2009. In addition, from January 1st through March 22, 2010, 106 new projects have been assigned to State Commerce with 20 projects announced, creating 3,374 jobs and a capital investment of $409.4 million. The real estate market is obviously still under great pressure and at the least a challenge. Buyers and sellers struggle with determining values, while leasing activity is minimal and we continue to see negative absorption. Opportunities do present themselves, however, and we are ready to help in any way possible. Please give us a call at 919-832-0594 or email us at questions@naicarolantic.com.
We are pleased to welcome Scott W. Hadley who joined our firm having 20+ years of experience as a commercial real estate broker. Previously serving as Manager of Leasing and Brokerage for Pinellas Corporation, Mr. Hadley is knowledgeable regarding all facets of real estate having assisted clients in the Research Triangle area as well as Eastern North Carolina and Coastal South Carolina. "We are excited to have Scott join our team and lend his expertise to our Leasing & Sales Division. His brokerage experience will be invaluable to our clients," said Steve Stroud, Chairman of NAI Carolantic Realty. Mr. Hadley has handled leasing responsibilities for an office portfolio of over 500,000 square feet of Class A & B office space and has brokered over $16 million in property/building sales. He will continue his specialization in office and industrial leasing and sales, while representing building owners and tenants. A few of his clients have included Somerset Properties, Waters Edge Properties, Hopkins Oil, Wright Law firm, Ziglar Insurance, Martin Boal Anthony & Johnson Architects, Maxim Healthcare, Triangle Restoration and Joyner Manufacturing Company. Earlier in Mr. Hadley's real estate career, he handled site acquisition work for Texaco and Amoco fueling facilities. As a developer, he also worked on public fueling sites and convenient store sites throughout Raleigh, Durham and Eastern North Carolina. Hadley started his commercial real estate career with Fonville Morisey Commercial in 1986. Heavily involved in the community, Mr. Hadley has served as the former President and Secretary of the Triangle Area Office Building Association (TRAOBA), an organization established to exert beneficial influence on matters affecting the office leasing industry, as well as promote professionalism and continuing education. He continues to be involved with numerous non-profits including the Salvation Army, Clemson University Parent's Council, and Pi Kappa Alpha Fraternity. He attends White Memorial Presbyterian Church with his wife and two sons. Mr. Hadley is a graduate of the University of North Carolina-Chapel Hill with a degree in Business Administration. NAI Global: With over 5,000 real estate professionals in over 325 offices in 55 countries worldwide, NAI Global serves corporate, institutional and government clients through its strategically located offices in major, secondary and tertiary markets. |
Visit our Blog: www.naicarolanticblog.com and sign up to stay informed of real estate issues impacting the Triangle area. If you are interested in receiving a DVD of the 25th Annual Conference, just send an email to questions@naicarolantic.com to request a free copy. Featured Properties: For Lease
This 24.59 acre multi-family land has site plan approval for 330 units. It is fully entitled and ready to build subject to construction plan approval. It is adjacent to the new Brightleaf Club, a Tim Wilkinson signature private club offering swimming, tennis and fitness. The property is only minutes away from the Research Triangle Park, RDU airport, and area universities. For additional information, please contact Steve Stroud, SIOR at sstroud@naicarolantic.com. Click to view flier. For Sale
This investment property has a total of 13,800 square feet and is situated on 1.12 acres. The price has recently been reduced to $1,323,500 at a 10% cap rate. Tenants in the building include Black Belt World who occupies 5,800sf with a lease extending until 12/2015. Papertown occupies 8,000sf and has been in this location for over ten years. For more information, please contact Jake Plotkin at jplotkin@naicarolantic.com. Click to view the flier. NAI Carolantic's Winning Team Eight NAI Carolantic brokers were recently presented awards at the 2010 Triangle Commercial Association of Realtor's Annual Frontier Awards breakfast. E. Stephen Stroud, SIOR, Chairman of the firm was given a special award for the "Sales Transaction of the Year" for the $21+ million sale of Albemarle Plantation in Hertford, NC. Kerry Saunders, Director of Marketing & Research for NAI Carolantic was given the "William P. Eyerman Award" which was established in honor of the late Bill Eyerman and is awarded to a TCAR Associate member that has made a significant impact within the commercial real estate industry. The TCAR event, held at Carolina Country Club in Raleigh, was established to recognize deal makers and community leaders. The keynote address was given by David Glenn, host for the North Carolina Sports Talk Network. The following awards were presented to NAI Carolantic brokers: Million Dollar Sales Club Million Dollar Land Sales Club Million Dollar Office Leasing Club Million Dollar Industrial Leasing Club Company Profile: NAI Carolantic is the Raleigh/Research Triangle area's leading commercial real estate firm
Established in 1972, NAI Carolantic is a member firm of NAI Global, the leading international provider of commercial real estate services and solutions.
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Local Market Update:
Broker Profile:
NAI Carolantic Realty, Inc.3605 Glenwood Avenue, Ste. 100
Raleigh, NC 27612
p: 919.832.0594