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CARRIERS FIGHT TO RETAIN HOSPITALS
Midwest Medical Insurance Co. (MMIC)adds the option of occurrence coverage for hospital insureds in Wisconsin. Lexington Insurance Co. pilots a product targeted to hospitals, and works on two additional products. ProMutual Group decides to hold rates steady for its Maine hospital insureds.
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LAND PRICES SEE SHARP DECLINEDeclining NOI and expanding caps indirectly cause downward pressure on land values. Gables Residential and Annandale Equity LLC to sell land parcels at heavy discounts. Buyers like American Campus Communities and Sousa Realty to bait these discounted parcels for future development.
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AVIATION RATES HEADING UP AFTER PLANE GOES DOWNPreferred Aviation Underwriters, which uses Chubb and AIU Holdings, buys a huge book of business. W. Brown & Associates’ new deal with Catlin gives it a new capability. The Maplewood Group, which also uses AIU, competes for business in this class.
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LIFE COMPANIES GO BIGJohn Hancock Real Estate Finance, Pacific Life Real Estate Finance, Allianz of America, Northwestern Mutual and New York Life, like the big deals.
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Is The Tax Credit Stimulating Enough?Homebuilders feel that while the $8,000 federal tax credit gives sales a slight boost, buyers could definitely do with more help from the government. Streetman Homes, Antares Homes, Ideal Homes, Lee Homes, Taylor Morrison and Brookfield Homes notice the spring in the step in many of their first-time prospects, but concur that there needs to be something more that will give a homebuyer that extra push.
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Concepts Look To Malls, AirportsNontraditional units provide smaller, cheaper and quicker development options. Church's Chicken, Smoothie King Franchise Inc., The Taco Maker and Manchu Wok expand into mall food courts this year, while Sonoma Chicken Coop and Vino Volo look toward airports.
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HIGH-END HEALTH CLUBS HATCH PLANS24 Hour Fitness trends toward larger, more lavish centers, including signature clubs named after professional athletes. Town Sports International operates 164 centers up and down the East Coast under the banners Boston Sports Club, New York Sports Club, Philadelphia Sports Club and Washington Sports Club.
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COMPANIES ADAPT TO LIFESTYLE CHANGESLifestyle centers undergo a transformation, as developers get creative with its definition. Robert B. Aikens & Associates LLC has a couple of projects in the pipeline, including one with Colonial Properties Trust. Nationwide Realty Investors sets aside 80 acres for a $500M development.
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FULL-SERVICE ACQUISITIONS START TO MATERIALIZESunstone Hotel Investors Inc. sells a Marriott. Lafayette Hotels Group acquires a Holiday Inn. Newport Hospitality Group Inc. buys the land for an approved Candlewood Suites development.
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A FRACTION OF THE URBAN LIFESTYLEAffinity Development and Bella Development open sales and set to break ground on Chicago’s first fractional development. Companies such as Resort Equities deal with a sluggish sales pace. Millennium Partners and JMA Ventures offer up rentals and long-term leasing
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CASH HEAVY APARTMENT BUYERS WADE IN
Cash-laden opportunistic players aren’t worried by an apartment market rife with declining values and occupancies. Waterton Associates focuses on paper and plans to strike its first deal of the year in a couple of weeks. Virtú Investments gets closer to sealing its first deal of the year after shopping for assets in Dallas, Houston, Seattle and the San Francisco Bay Area. Raintree Partners strikes its first purchase with $300M for acquisitions nationwide. Boston Capital wants new deals: it hasn’t yet acquired market-rate units this year.
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