Dallas Takes Second For Commercial Property Sales
Venture Commercial Real Estate Principal John Zikos says we saw $5.8 billion in sales volume for the first quarter of this year and are well-positioned to take the top spot.
While 2020 was a rough year for almost everything including commercial property sales, it marked the first time that the Dallas market led the nation in annual commercial property sales passing both New York and Los Angeles in total sales volume.
Industrial and multifamily led the way, along with some portfolio sales propelling the market to more than $19.7 billion in commercial sales per Real Capital Analytics. The Dallas market has been moving up the national ranks claiming the 3
Churchill Real Estate’s Justin Ehrlich and Oaktree Capital’s Howard Marks
When Howard Marks’ Oaktree Capital set out to raise billions of dollars targeting troubled debt last spring, loan defaults seemed inevitable. Companies were teetering, people were hunkered inside and travel had come to a halt.
“The firewood had been stacked,” Oaktree wrote in its presentation to investors. And the coronavirus was the lighter. Billions of dollars were raised at a record rate eyeing distress opportunities.
Marks, whose memos are closely read by Warren Buffett, saw the flames of distress burn quickly. Within a few months, the Federal Reserve’s massive buying spree, combined with government stimulus, had squelched distress opportunities in real estate and elsewhere.
D-FW construction starts turned positive in the first quarter
After big 2020 building start declines because of COVID, North Texas construction activity is bouncing back.
D-FW construction starts were up 7% in the first three months of 2021.(Smiley N. Pool / Staff Photographer)
1:56 PM on Apr 29, 2021 CDT
North Texas construction starts turned the corner in the first quarter of 2021 after big declines during the worst of the pandemic.
Starts for residential and commercial buildings in the Dallas-Fort Worth area were up 7% in the first three months compared with first-quarter 2020 totals, according to the latest report by Dodge Data & Analytics.
In 2020, the D-FW area saw a 20% decline in construction activity because of COVID-19.
Preisspirale beim Wohnen: Immobilieninvestoren entdecken Wien orf.at - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from orf.at Daily Mail and Mail on Sunday newspapers.
Churchill founders Justin Ehrlich and Sorabh Maheshwari. (Churchill)
Churchill Real Estate is known in New York City for betting on distress. Over the past few years, the firm has snapped up troubled loans from overeager or desperate developers that have ended up in hot water.
But the firm is increasingly targeting a more secure product: single-family home loans. And recently, it took a big step in that direction thanks to a direct equity investment from Redwood Trust, a publicly traded REIT that focuses on lending in that sector.
Churchill co-founder Sorabh Maheshwari declined to disclose the amount of the investment. But he said the deal will provide the firm with the funds it needs to expand into new markets such as South Florida, California and possibly Texas. (It already has offices in New York City and Charlotte, North Carolina.) It also plans to expand its single-family rental business.