Latest CoStar Commercial Repeat-Sale Analysis: U.S. Property Price Growth Bounces Back After First Quarter Slowdown

May 25, 2016 0

WASHINGTON, May 25, 2016 (GLOBE NEWSWIRE) — This month’s CoStar Commercial Repeat Sale Indices (CCRSI) provides the market’s first look at commercial real estate pricing trends through April 2016. Based on 1,289 repeat sale pairs in April 2016 and more than 160,000 repeat sales since 1996, the CCRSI offers the broadest measure of commercial real estate repeat sales activity.

Several charts accompanying this release are available at

CCRSI National Results Highlights

  • COMMERCIAL PROPERTY PRICE GROWTH PICKED UP IN APRIL AFTER A SLOW FIRST QUARTER. Price growth among the two major CCRSI indices rebounded in the month of April 2016, with growth of 0.9% for the value-weighted U.S. Composite Index and 0.6% for the equal-weighted U.S. Composite Index. The increased property sales activity and price growth followed a slowdown in the first quarter of 2016 as investment activity throttled back amid global economic uncertainty. Quarterly growth in both U.S. Composite Indices in the first quarter of 2016 was the slowest since late 2012. However, the positive outlook for U.S. commercial real estate fundamentals suggests the asset class should continue to attract investment.

  • TRANSACTION VOLUME HAS BECOME MORE VOLATILE. Composite pair volume of $33.4 billion year-to-date through April 2016 was down 9.2% from the same period last year. The slowdown mirrored the broader financial market volatility resulting from early-year global economic concerns and particularly affected the investment-grade segment of the market. Transaction volume was down 11.2% in the investment-grade segment and 4.1% in the general commercial segment in the first four months of 2016 from the same period in 2015.  The deceleration in trading activity is likely to contribute to more modest price growth in 2016 from the record pace of the last two years.

  • OTHER CRE INVESTMENT LIQUIDITY MEASURES SHOW STRENGTH. The gap between buyers and sellers continued to narrow through April 2016. The average time on the market for for-sale properties dropped 19.7% in the 12-month period ended in April 2016. Further, the sale-price-to-asking-price ratio narrowed by 2.9 percentage points in the 12-month period ended in April 2016 to 94.3%, the highest this ratio has been since August 2006. The share of properties withdrawn from the market by discouraged sellers receded by 8.8 percentage points to 30.9% during the 12-month period ended in April 2016.

Monthly CCRSI Results, Data Through April 2016

  1 Month

1 Quarter

1 Year

Trough to

Value-Weighted U.S. Composite Index   0.9 %   0.7 %   8.2 % 91.9%1
Equal-Weighted U.S. Composite Index   0.6 %   0.3 %   8.4 % 51.1%2
U.S. Investment-Grade Index   0.6 %   0.4 %   6.2 % 65.4%3
U.S. General Commercial Index   0.7 %   0.3 %   8.7 % 40.1%4
1 Trough Date: January 2010  2 Trough Date: March 2011  3 Trough Date: March 2010  4 Trough Date: March 2011

Monthly Liquidity Indicators, Data Through April 2016

  Current 1 Month

1 Quarter

1 Year

Days on Market   309     313     319     384  
Sale-Price-to-Asking-Price Ratio   94.3 %   94.1 %   93.5 %   91.4 %
 Withdrawal Rate   30.9 %   31.5 %   31.8 %   39.7 %
Average days on market and sale-price-to-asking-price ratio are both calculated based on listings that are closed and confirmed by

CoStar’s research team. The withdrawal rate is the ratio of listings withdrawn from the market by the seller to all listings for a given


About The CoStar Commercial Repeat-Sale Indices

The CoStar Commercial Repeat-Sale Indices (CCRSI) is the most comprehensive and accurate measure of commercial real estate prices in the United States. In addition to the national Composite Index (presented in both equal-weighted and value-weighted versions), national Investment-Grade Index, and national General Commercial Index, which we report monthly, we report quarterly on 30 sub-indices in the CoStar index family. The sub-indices include breakdowns by property sector (office, industrial, retail, multifamily, hospitality, and land), by region of the country (Northeast, South, Midwest, and West), by transaction size and quality (general commercial, investment-grade), and by market size (composite index of the prime market areas in the country).

The CoStar indices are constructed using a repeat sales methodology, widely considered the most accurate measure of price changes for real estate. This methodology measures the movement in the prices of commercial properties by collecting data on actual transaction prices. When a property is sold more than once, a sales pair is created. The prices from the first and second sales are then used to calculate price movement for the property. The aggregated price changes from all of the sales pairs are used to create a price index.

More charts accompanying this release are available at

For more information about the CCRSI Indices, including the full accompanying data set and research methodology, legal notices and disclaimer, please visit


CoStar Group, Inc. (Nasdaq:CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. LoopNet is the most heavily trafficked commercial real estate marketplace online with more than 10 million registered members., and form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Through an exclusive partnership with Move, a subsidiary of News Corporation, is the exclusive provider of apartment community listings across Move’s family of websites, which include®, and  CoStar Group’s websites attracted an average of approximately 24 million unique monthly visitors in aggregate in the first quarter of 2016. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe and Canada with a staff of approximately 2,600 worldwide, including the industry’s largest professional research organization. For more information, visit                                                                                                                

This news release includes “forward-looking statements” including, without limitation, statements regarding CoStar’s expectations, beliefs, intentions or strategies regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences:  the risk that the trends represented or implied by the indices will not continue or produce the results suggested by such trends, including more modest price growth in 2016 as a result of deceleration in trading activity; the risk that, despite the positive outlook for U.S. commercial real estate fundamentals, the asset class is unable to continue to attract investment at the levels expected; and the risk that liquidity, transaction activity, investor demand, market supply, vacancy rates, absorption and commercial real estate pricing levels and growth will not continue at the levels or with the trends indicated in this release. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar’s filings from time to time with the Securities and Exchange Commission, including in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2015, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, each of which is filed with the SEC, including in the “Risk Factors” section of that filing, as well as CoStar’s other filings with the SEC available at the SEC’s website ( All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

MEDIA Contact:Keosha Burns, Director of Public Relations, CoStar Group (

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National Nonprofit Offers Rigorous Certification Program for Exclusive Buyer Agents

May 25, 2016 0

AVONDALE, Ariz., May 25, 2016 (GLOBE NEWSWIRE) — The National Association of Exclusive Buyer Agents (NAEBA), a nonprofit organization made up of real estate brokerages who only represent buyers, offers a Certified Exclusive Buyer Agent (CEBA) credentialing program. This credential is one of the most difficult to obtain in the real estate industry.

In order to qualify, applicants must work within a brokerage that does not take listings and never represents sellers, complete three education modules on topics such as ethics and financing, have been licensed for at least two years, have completed a minimum of 12 transactions as an Exclusive Buyer Agent, and pass a rigorous exam. Applicants must also agree to uphold NAEBA’s Code of Ethics and Standards of Practice, which require agents to uphold all fiduciary duties to their clients including putting their clients’ interests above their own. Unlike many other real estate certifications, the Certified Exclusive Buyer Agent credential is not earned for life. It must be renewed every three years by completing continuing education courses.


Marketing the Certified Exclusive Buyer Agent (CEBA) program is a timely decision for NAEBA. According to NAEBA President Dawn Rae, “With agents calling themselves Exclusive Buyer Agents when they don’t work with buyers exclusively, we wanted one more way for home buyers to ensure their agent is not only highly qualified to serve them, but also will truly represent them throughout the entire transaction.”


In addition to the Certified Exclusive Buyer Agent credential, agents can go on to earn the Certified Exclusive Buyer Agent – Master (CEBA-M) credential by completing additional requirements. For more information, visit



The National Association of Exclusive Buyer Agents (NAEBA), created in 1995, is an organization of companies dedicated to representing only buyers of real estate. NAEBA member brokerages do not list homes for sale and never represent sellers. This restriction to one side of the real estate transaction avoids conflicts and ensures that the interest of the home buyer is protected at all times from house-hunting and negotiation to inspection, financing and closing.

Kimberly Kahl, CAENAEBA Executive Director623-932-0098 or

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‘Farm Chic’ to Distinguish the Style at The Summit at Fritz Farm

May 24, 2016 0

LEXINGTON, Ky., May 24, 2016 (GLOBE NEWSWIRE) — When The Summit at Fritz Farms opens in March 2017 in Lexington, Kentucky ( it will be a reflection of this renowned city’s culture of thoroughbred horse breeding and Kentucky bluegrass landscapes. Located on 60 acres, the $156 million mixed-use experiential development will be authentic to the history of the property and the beauty of the region. 

“Fritz Farm dates back to the Revolutionary War and includes many beautiful artifacts on the property,” said Lindsay Bayer-Shipp, retail brand strategist for Bayer Properties.  “We feel responsible for honoring the heritage of this property and telling its story to a new generation of visitors and residents.”

To ensure authenticity in landscape design and truly create a sense of place, Bayer Properties engaged Jon Carloftis, ( an award-winning garden designer, garden writer, television guest and author whose work has been acclaimed in publications such as Garden & Gun, Southern Living, Garden Design, Better Homes & Gardens and Country Living.

“Farm chic is how we are describing the ambiance of The Summit at Fritz Farm,” said Carloftis. “To create this contemporary interpretation of farm life we are repurposing period farm implements that were found on and near the property, as well as reusing much of the old and seasoned barn wood on interiors and for accents.”

The landscaping will be engaging and whimsical, providing surprises to entertain visitors throughout their experience. The plush landscaping will be beautiful and practical incorporating as many native plants and trees as possible. The Summit at Fritz Farm will include a sustainable arbor of trees designed to provide drainage for parking, an organic garden bed for chefs to grow fresh vegetables, and pocket parks throughout the development.

“It is important that The Summit at Fritz Farm is purposeful in its design. The retailers that are coming to the property expect a sense of place. In fact, the innovative brands we are attracting such as Bonobos, Cos Bar, Shake Shack and James Beard award-winning Chef Ouita Michel have all selected The Summit at Fritz Farm because of our commitment to offering an experience that complements their brand image,” added Bayer-Shipp.

A native of Lexington, Carloftis’ more than 25-year career in gardening began in New York City where he established himself as one of America’s pioneers in rooftop/small space gardening. Carloftis has created gardens for many high profile clients including Julianne Moore, Edward Norton, Mike Myers and Google.

The Summit at Fritz Farm will include 1 million square feet of retail and chef-driven restaurants and a food hall, luxury apartments, a boutique hotel and office space.

Birmingham, Alabama-based Bayer Properties LLC specializes in developing, leasing, managing and marketing mixed-use real estate properties nationwide. For more information, visit


Gayle MacIntyre, The Wilbert Group Tel: 404-643-8222 Email:

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Greystone Closes $1 Billion in Freddie Mac Small Balance Loans

May 23, 2016 0

NEW YORK, May 23, 2016 (GLOBE NEWSWIRE) — Greystone, a real estate lending, investment and advisory company, announced it has originated and closed $1,000,000,000 in Freddie Mac Small Balance Loans since the Freddie Mac Small Balance Loan program was launched in October 2014. In that time, Greystone has closed over 350 Freddie Mac Small Balance Loan transactions from the East Coast to the West Coast.

“We applaud Greystone’s continued commitment to the small loan market and reaching this milestone,” said Steve Johnson, Freddie Mac’s senior director of small balance lending. “In serving the critical small loan market, Greystone delivers consistent service and reliable execution.”

Freddie Mac’s Small Balance Loan program includes fixed-rate and hybrid adjustable-rate mortgage loans ranging from $1 million to $5 million on multifamily acquisitions or refinancings.

“Freddie Mac’s small balance loan product continues to be our fastest-growing platform, as it addresses the specific financing needs of smaller multifamily property owners with a highly competitive product,” said Rick Wolf, Senior Managing Director and head of Greystone’s small loan lending group. “Greystone has a seamless loan application and origination process in place which covers the US, and we continue to be a leading provider of Freddie Mac small balance loans.”

The Freddie Mac Small Balance Loan Terms include:

  • Properties with at least five units
  • Partial or full term interest only available
  • Up to 80% LTV in certain markets
  • 1:25x debt service coverage ratio minimum in many markets, and 1:20x in top markets
  • 60-120 day rate lock available
  • Hybrid ARMs or fixed-rate mortgage loan
  • Highly competitive rates and low transaction costs

For more information or to contact Greystone about small balance loans, visit

About Greystone

Greystone is a commercial real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance. Our range of services includes commercial lending across a variety of platforms such as Freddie Mac, Fannie Mae, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates.



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Broadstone Net Lease Acquires $46.9 Million of Property via Two Transactions

May 19, 2016 0

ROCHESTER, N.Y., May 19, 2016 (GLOBE NEWSWIRE) — Broadstone Net Lease (BNL), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC, continues to grow its national portfolio of triple-net leased properties. Today, BNL announced the acquisition of four Austin, Texas-area Rudy’s Country Store and Bar-B-Q locations operated by K&N Management, and the acquisition of one Virginia Beach, Virginia property tenanted by BluePearl Veterinary Partners via a sale leaseback transaction. The properties were acquired for a total purchase price of approximately $46.9 million.

Rudy’s Country Store and Bar-B-Q (Rudy’s) is a popular Southwestern brand famous for offering a one stop shopping experience, complete with Texas barbeque, access to gas, and convenience store items and amenities. Rudy’s currently has 40 locations throughout the Southwestern U.S. in Texas, Oklahoma, Colorado, New Mexico, and Arizona. The acquired properties are located in Austin and Round Rock, Texas, and are tenanted by K&N Management under one master lease for an approximate remaining term of 21.5 years. K&N Management is the licensed area developer of the four Austin-area Rudy’s locations, as well as the owner and operator of Mighty Fine Burgers, Fries & Shakes.

BluePearl, a subsidiary of Mars Inc., operates emergency and specialty veterinary hospitals based in the U.S., with 53 locations in 18 states. The 12,602 square foot Virginia Beach property carries an initial 15-year lease term. BNL currently owns three BluePearl properties in three states. 

We are pleased to further diversify BNL’s portfolio of triple-net leased commercial real estate with the addition of Rudy’s Bar-B-Q as a new tenant brand. Acquiring retail assets in the Austin MSA continues to enhance the quality of our real estate portfolio. We are also pleased to continue to grow our relationship with BluePearl,” said Chris Czarnecki, President and CFO of Broadstone Real Estate. “We look forward to announcing additional acquisitions throughout the remainder of Q2 and beyond.”

Darrell Betts of Avison Young represented Rudy’s, and Josh Pardue of Stan Johnson Company represented BluePearl. Mike Nicholson and Collin Zundel of Tones Vaisey PLLC represented BNL in the Rudy’s and BluePearl transactions, respectively.

About Broadstone Net Lease:

Broadstone Net Lease invests in freestanding, single-tenant, triple-net leased properties located throughout the United States, primarily via sale and leaseback transactions. With a diversified portfolio of 354 medical, industrial and retail properties in 34 states, the REIT targets individual or portfolio acquisitions within the $10 to $200+ million range. 

There are currently nearly 1,700 shareholders in BNL, which is externally managed by Broadstone Real Estate, LLC. BNL remains open for new investment by accredited investors on a monthly basis, with a minimum investment of $500,000. Shares are offered directly by Broadstone via private placement.  Accredited investors are invited to download an investor kit:

Please see certain important disclosures regarding BNL at

Media Contact: Emma BlissMarketing CoordinatorEmma.Bliss@Broadstone.com585.287.6479

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Historic Minneapolis Warehouse Converted into Affordable Housing

May 18, 2016 0

MINNEAPOLIS, May 18, 2016 (GLOBE NEWSWIRE) — WNC, a national investor in real estate and community development initiatives, announced today the completed conversion of a 106-year-old warehouse building into The Cameron Apartments, a 44-unit affordable housing community in Minneapolis, Minn. WNC provided nearly $4 million in low-income housing tax credit (LIHTC) equity and historic tax credit (HTC) equity to fund the adaptive reuse project.   

Located at 756 N. Fourth St., The Cameron Apartments is a four-story building comprised of 23 studio, 17 one-bedroom and four two-bedroom garden-style units for families. The historic building was originally constructed in 1910.

“The Cameron Apartments conversion was a unique project that transformed a rich part of Minneapolis’ century-old history into a modern, vital addition to the community,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “We are pleased to deliver, with the help of our development partner, homes to local families in need, and to once again add to the nation’s supply of affordable housing.”

The Cameron Apartments provides residents with a fitness center, picnic/grilling area, onsite caretaker, laundry facility, elevator and bike storage. Amenities within each unit include an electric range, refrigerator, microwave oven, dishwasher, secure intercom entry, patio/balcony and central air conditioning.  A washer and dryer are standard in two-bedroom units.

SR Development LLC received the LIHTC equity to construct The Cameron Apartments. Brad Schafer and N. Christopher Richardson acted as the project developers.  

About WNC

WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $7.6 billion of assets totaling in excess of 1,290 properties in 45 states, Washington D.C., and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at

ContactJulie Leber Spotlight Marketing Communications949.427.5172 ext. 703

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Mango Capital, Inc. Appoints Nat Wasserstein to Advisory Board

May 12, 2016 0

FAR HILLS, N.J., May 12, 2016 (GLOBE NEWSWIRE) — Mango Capital, Inc. (OTC:MCAP) today announces the appointment of attorney Nat Wasserstein to the Company’s Board of Advisors. Wasserstein will assist the Company in several areas, however his initial focus will be identifying accretive and strategic acquisitions for Mango Capital.

Nat Wasserstein brings a combination of Law and Business experience to Mango. He earned his law degree from Brooklyn Law School. He is a graduate of Cornell University with an MBA from Baruch College. Mr. Wasserstein is a member of both the New York and New Jersey Bars, holds a Series 7 NASD license and is a Certified Fraud Examiner.

Nat has been on the business side also, working with small businesses as an operator, director, investor and advisor. The best kind of business lawyer doesn’t just spot issues and manage risk, he or she also identifies opportunities and the means to seize them. And, the best way for that to happen is for the lawyer to truly understand the nature of a client’s business.

“I am thrilled at the opportunity to join this great team and look forward to finding strategic acquisitions for Mango,” commented Nat Wasserstein.

Rick J. Makoujy, Jr., Mango’s President, stated “We are honored to have the opportunity to benefit from Nat’s vast legal and business experience. Mango is fortunate to share his expertise and insight. 2016 is a crucial year for Mango and executing on our aggressive growth model through acquisitions is a large part of that. Simply put, Nat is the right guy at the right time for our Company.”

About Mango Capital, Inc.

Mango Capital Inc. is a real estate holding company specializing in acquiring undervalued American land and complimentary operating businesses in promising markets. MCAP recently completed the acquisition of more than 400 real estate properties in Colorado, Arizona, Texas and New Mexico. With a motivated team, Mango will seize the opportunity to efficiently grow Mango into a major domestic land owner. Mango plans to acquire promising real property efficiently utilizing company shares as currency and intends to opportunistically sell properties for cash and/or notes.

For additional information about Mango, contact Jacqueline Palumbo, Communications Director, Mango Capital, Inc., at (845) 270-5792 or

Please visit our website

This release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. The matters discussed in this news release involve goals, forecasts, assumptions, risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.

For SmallCapVoice.comStuart T.

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