Tales from the industrial boom

first_imgShare via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Eastview Commerce Center in Miami, formerly a golf courseA former Miami golf course turned into an industrial park. A Hollywood warehouse chopped up into six smaller offerings. And a bidding war over industrial space in East Hialeah. Commercial brokers recount these tales in South Florida, a market with high demand for warehouses but not enough industrial-zoned land for new development. Industrial experts must turn to creative problem-solving, as a reluctance to visit brick-and-mortar stores has led to a boom in online shopping and a burgeoning need to store appliances, food and other goods. Miami-Dade County may only have about 500 acres of developable industrial land left, mostly controlled by institutional developers and real estate investment trusts. New, desirable, Class A warehouses take up about 10 acres each, said Jonathan Kingsley, an executive managing director at Colliers International’s local office. That available land translates to 9 million square feet of warehouse space in a year that Amazon has leased or bought about 2 million square feet and Home Depot has leased another 1.1 million square feet, said Steve Medwin, Newmark’s executive managing director and co-lead of the South Florida Industrial Services division. E-commerce companies want warehouses as large as 100,000 square feet with 32-foot-high clear ceilings. The land constraint worsens northward: Broward County might only have about 400 acres of developable land left, and Palm Beach County might have 250 acres, Medwin said. South Florida’s land shortage puts it on par with the industrial markets of Los Angeles and Northern New Jersey. In Seattle and New York, developers take inspiration from Asia and plan for mega multistory warehouses, an asset that is still five to 10 years away in South Florida, brokers say. Some real estate professionals see signs of a bubble in the nationwide industrial boom. According to real estate research firm Real Capital Analytics, values for industrial properties rose 8.5 percent in the past year, while retail real estate values fell 5.2 percent and offices stayed steady. JLL’s third quarter report identified weakness in the South Florida market, ranking Miami-Dade and Broward counties No. 2 and 3 nationwide for the amount of industrial space that returned to the market year to date. Palm Beach County ranked No. 6. But brokers say that when tenants vacate an industrial space for larger and newer warehouses, it can take at least six months for a new tenant to move in. The brokers expect South Florida’s fourth quarter results to show high absorption rates from new move-ins. Meanwhile, South Florida’s third quarter industrial vacancy rates were below 10 percent, according to JLL. Miami’s vacancy rate was 7.6 percent with an asking rent of $7.43 per square foot. Broward had a 9 percent vacancy rate and an $8.50 per square foot average asking rent. Palm Beach’s vacancy rate was 5.2 percent with an average asking rent of $9.40 per square foot. In the third quarter, almost 3 million square feet of industrial space was under construction in Miami, among 4.5 million square feet under construction in the tri-county area. In the land of scarce land availability, developers and investors do what they can with what they have, said Medwin of Newmark. Among the properties his team markets is 800,000 square feet of spec industrial space at Eastview Commerce Center at the southern half of the former Westview Country Club near Opa-locka.The developer, Panattoni Development Company, bought the land from a former country club member and was prepared to invest millions in remediation and reconfiguring the golf course. It took three years for the lengthy zoning process and to address the environmental impact, Medwin said. The zoning delay is par for the course for newcomers to South Florida, he said. In the end, Panattoni’s bet paid off. The $100 million business park at Northwest 24th Avenue and Northwest 119th Street was completed in January and is currently 98 percent leased. Rents at the park are more than $8.50 a square foot triple net with tenants including Caterpillar and produce distributor Mr. Greens. Panattoni has moved on to another redevelopment project. Last year it paid $24.3 million for a 20-acre dairy farm nearby with plans to build another spec warehouse project. “The only way to own industrial land in South Florida is to get creative,” Medwin said. “If you’re an institutional developer who wants industrial property in this thriving port market, you have to go through this pain.” Sometimes, overbidding is also required. Starting this summer, Kingsley of Colliers helped a longtime client look for overflow warehouse space in Miami-Dade County. The client, a third-party logistics company, toured four spots in four weeks. By the end of that period, three of them were snatched up. The company now has an offer for a 40,000-square-foot, second-generation warehouse built in the 1960s in East Hialeah. To get the space, the client will likely have to pay more than the landlord is asking. For this property in a place like East Hialeah, rates range from $6 per square foot to $8 a square foot, Kingsley said. The bidding process is expected in a constrained land market, Kingsley said. It existed even before Covid-19, and it will outlive the pandemic, he added. Creativity in the industrial market can come in many forms, brokers say. After more than 40 years in South Florida real estate, Alan Levy considers a Hollywood warehouse among his most complicated deals. Levy and his son, Josh, at Levy Realty Advisors, had a client with a dilapidated 30,000-square-foot Hollywood building that had cycled through various uses over the years, including as the site of defunct toy store chain Lionel Playworld. But the property near the intersection of State Road 7 and Pembroke Road had a mixed-use zoning that allowed for redevelopment. “I saw a diamond in the rough,” said Levy, who works with private equity firms and family offices to find long-term real estate investments. “I saw the potential.” Levy and his team entertained offers for his client to either sell the property or lease it to one tenant. Instead, Levy spent nine months and $1.7 million for work on the building, subdividing it into five units. The building is now fully leased to tenants that were looking for 24-foot clear ceilings, a little shorter than the height e-commerce tenants demand. The space is leased at an average of $12.50 per square foot triple net. “In South Florida, you cannot buy this kind of land,” Levy said. “You could never accomplish what we did for what we put into it.”last_img read more

These were the largest Manhattan real estate loans in April

first_img Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink Tags ManhattanMortgagesReal Estate Finance From left: 909 Third Avenue, 79 Fifth Avenue, 240 West 37th Street and 27 East 62nd Street (VNO, Cercone Exterior Restoration, Google Maps)The 10 largest Manhattan real estate loans recorded in April totaled about $790 million, less than half of March’s total.Once again, the commercial mortgage-backed securities market produced the month’s largest loan: a refinancing for a Midtown office tower on top of a USPS warehouse. It was also the month’s only loan of more than $100 million.Here were the borough’s largest real estate loans in April:1) You’ve got mail | $350 millionVornado Realty Trust secured a $350 million refinancing for 909 Third Avenue from Citi Real Estate Funding, Bank of America and BMO Harris. The property has a 490,000-square-foot warehouse at its base, which serves as the United States Postal Service’s main mail processing facility in New York City. Major tenants in the office tower include advertising firm IPG DXTRA, pharmaceutical company Forest Laboratories and wealth management firm Geller & Company.2) Flatiron funds | $62 millionCitibank provided a $62 million refinancing for 79 Fifth Avenue, an 18-story office building in the Flatiron District owned by A&R Kalimian Realty. Tenants at the property include French consulting firm Capgemini and the New School. The financing replaces $45 million in debt held by Wells Fargo and adds a $17 million gap mortgage.3) (tie) Signature move | $60 millionRay Yadidi’s Sioni Group refinanced the 10-story office building at 240 West 37th Street in the Garment District with $60 million from Signature Bank. The building’s tenants include the German intelligence platform Atheneum Partners and digital marketing agency Likeable Media. Isaac Chetrit reportedly owns a stake in the property as well, having teamed up with Yadidi to buy it in 2007 to avoid a bidding war.3) (tie) MacAndrews mortgage | $60 millionBank of America provided $60 million to refinance the office building at 27 East 62nd Street in Lenox Hill, owned by Ron Perelman’s MacAndrews & Forbes. The former 30-unit rental building was converted into offices in 2018, and received a $110 million loan from Citibank that year. Perelman’s firm also sold two properties on the same block to the Chapman Group for $35 million last month.5) Escape ladder | $51 millionR&B Realty Group staved off the foreclosure of two Midtown office buildings at 28 West 36th Street and 32 West 39th Street with a $50.8 million loan from Ladder Capital. The financing paid off two defaulted loans that Signature Bank had sold to Maverick Real Estate Partners, which were the subject of a lawsuit in February. According to the suit, rent collections at the properties had fallen below 40 percent due to the pandemic.6) Canaan collateral | $48 millionOrix Real Estate Capital provided a $48 million loan to Avenal Development & Construction for the Canaan IV Towers at 95 Lenox Avenue in Harlem, a 322-unit family low-income apartment complex subsidized by HUD. Signature Bank previously provided a $11 million loan for the property in 2014.7) Condo cash | $48 millionTegor Property S.A., a Swiss corporation that owns unit #ST76 at the Time Warner Center, refinanced the residential condo with $47.8 million from Citibank. The société anonyme acquired the unit for $43 million in 2003, according to property records, and received a $37.5 million mortgage from JPMorgan Chase in 2011.8) Cathay construction | $43 millionCalifornia-based Cathay Bank provided $43 million in construction financing for Eastern Star Development’s 80-unit condo project at 300 West 30th Street in Chelsea. The Flushing-based developer, led by Anthony Hu, acquired the former Chelsea Riff Hotel for $27.5 million in 2018. The firm is also behind the 182-unit Star Tower condo project in Long Island City, where closings began in 2019.9) Friedman finance | $39 millionRobert Friedman’s Friedman Management secured a $38.5 million refinancing from Sterling National Bank for a portfolio that includes a 121-unit co-op at 50 East 8th Street in Greenwich Village, a 57-unit rental building at 401 West 22nd Street in Chelsea, a 48-unit rental property at 404 East 75th Street on the Upper East Side, and the non-residential portion of a 16-story mixed-use property at 360 West 22nd Street in Chelsea.10) Carter conversion | $33 millionRaith Capital Partners provided a $33 million financing package to Jason Carter’s Carter Management for a condo conversion project at 305 East 61st Street in Lenox Hill. Carter acquired the former storage facility out of bankruptcy for $51.4 million last fall. The prior owner, Mitchell Marks, had targeted a total sellout of $105 million for the eight-unit condominium.last_img read more

Identification and correlation of distal tephra layers in deep-sea sediment cores, Scotia Sea, Antarctica

first_imgQuaternary deposits in six sediment cores from the Scotia Sea, Antarctica, were examined for the presence of volcanic ash layers. The cores were recovered from water depths of 3369-4025 m. Altogether, 23 ash layers were found, 18 of which have been investigated by electron-probe microanalysis. Deception Island is identified as the sourceof all the ash layers analyzed. The upper ash layer in each core can be correlated across all six cores, over a distance of 400 km, on the basis of its unusual bimodal composition, major oxide geochemistry and strati graphic position. Two other ash layers can also be correlatedbetween several of the cores.last_img read more

How isolated is Antarctica?

first_imgThe traditional view of Antarctica and the surrounding Southern Ocean as an isolated system is now being challenged by the recent discovery at the Antarctic Peninsula of adult spider crabs Hyas areneus from the North Atlantic and of larvae of subpolar marine invertebrates. These observations question whether the well described biogeographical similarities between the benthic fauna of the Antarctic Peninsula and the Magellan region of South America result from history (the two regions were once contiguous), or from a previously unrecognized low level of faunal exchange. Such exchange might be influenced by regional climate change, and also exacerbated by changes in human impact.last_img read more

The impact of a changing Southern Hemisphere Annular Mode on Antarctic Peninsula summer temperatures

first_imgSince the mid-1960s, rapid regional summer warming has occurred on the east coast of the northern Antarctic Peninsula, with near-surface temperatures increasing by more than 2°C. This warming has contributed significantly to the collapse of the northern sections of the Larsen Ice Shelf. Coincident with this warming, the summer Southern Hemisphere Annular Mode (SAM) has exhibited a marked trend, suggested by modeling studies to be predominantly a response to anthropogenic forcing, resulting in increased westerlies across the northern peninsula. Observations and reanalysis data are utilized to demonstrate that the changing SAM has played a key role in driving this local summer warming. It is proposed that the stronger summer westerly winds reduce the blocking effect of the Antarctic Peninsula and lead to a higher frequency of air masses being advected eastward over the orographic barrier of the northern Antarctic Peninsula. When this occurs, a combination of a climatological temperature gradient across the barrier and the formation of a föhn wind on the lee side typically results in a summer near-surface temperature sensitivity to the SAM that is 3 times greater on the eastern side of the peninsula than on the west. SAM variability is also shown to play a less important role in determining summer temperatures at stations west of the barrier in the northern peninsula (62°S), both at the surface and throughout the troposphere. This is in contrast to a station farther south (65°S) where the SAM exerts little influence.last_img read more

Seasonal variation in the white muscle biochemical composition of deep-sea macrourids in the North-east Atlantic

first_imgThe foremost temporal signal to the deep benthos, where temperature and light conditions are relatively constant, is a seasonal pulse of organic carbon sinking from the photic layer. In the Porcupine Seabight region of the NE Atlantic this flux begins during late spring and early summer, although the timing and intensity of the peak varies annually. A rapid response to this nutrient input is most apparent amongst bacteria and benthic meiofauna which can directly utilize the carbon. The question remains as to whether the seasonal influx of carbon to the deep Atlantic may affect, and possibly entrain, aspects of the life cycles of generalist scavengers near the top of the trophic hierarchy, such as macrourid fish. Biochemical analyses of the white muscle of three macrourid species indicate a slight seasonal effect. White muscle protein content in Coryphaenoides rupestris is twofold higher in autumn than spring, RNA content and RNA to protein ratio increased in C. guentheri in autumn, and protein, RNA, and RNA to protein ratio all are higher during autumn than spring in shallow living C. armatus (2,500 m). Changes in RNA to protein ratio in the white muscle of C. armatus, relative to depth of capture, appear to reflect expected patterns in specific growth rate. Significantly higher RNA to protein ratios are apparent in shallow than deep living C. armatus in both seasons. There is no significant decline in white muscle protein content with depth of capture in these three taxonomically related species. Data were collected over several successive years and the possibility of interannual variability complicates the interpretation of seasonal patterns. Despite these limitations this study does indicate a slight seasonal difference in the growth rate of C. rupestris, C. guentheri and C. armatus in the deep Northeast Atlantic.last_img read more

The Zn abundance and isotopic composition of diatom frustules, a proxy for Zn availability in ocean surface seawater

first_imgWe have developed cleaning methods for extracting diatomopal from bulk marine sediment samples, for measurement of both zinc (Zn) abundance and isotope composition. This cleaning technique was then applied to a set of Holocene core-top samples from the Southern Ocean. The measured δ66Zn (reported relative to the JMCLyon standard) and Zn/Si ratios from the Southern Ocean diatomopal samples range from 0.7 to 1.5‰, and from 14 to 0.9 μmol/mol, respectively. The Zn abundance and isotope composition data show a clear correlation with opal burial rates and other oceanographic parameters. In common with previous work, we interpret the systematic changes in the Zn/Si ratio to be linked to the variability in the concentrations of bioavailable Zn in the ambient surface seawater where the diatom opal is formed. This variability is likely to be primarily controlled by the degree to which Zn is taken up into phytoplankton biomass. The observed systematic pattern in the δ66Zn compositions of the diatomopal core-top samples is, similarly, likely to reflect changes in the δ66Zn composition of the ambient Zn in the surface waters above the core-top sites, which is progressively driven towards isotopically heavier values by preferential incorporation of the lighter isotopes into phytoplankton organic material. Thus, the systematic relationship between Zn isotopes and abundance observed in the core-top diatomopal samples suggests a potential tool for investigating the biogeochemical cycling of Zn in the past surface ocean for down-core diatomopal material. In this respect, it may be possible to test hypotheses that attribute variations in atmospheric CO2 on glacial–interglacial timescales to the degree to which trace metals limited primary productivity in HNLC zones.last_img read more

Circumpolar overview and spatial heterogeneity of Antarctic macrobenthic communities

first_imgThe geographical coverage of a comprehensive dataset on Antarctic macrobenthic communities is provided for the first time. Since the sampling methods applied since the 1950s vary considerably, a robust analysis was carried out. The results show firstly, that all main types of communities, especially suspension and mobile or infaunal deposit feeders, can occur everywhere. Thus, their biogeography is hardly predictable and assumed to be shaped by complex biological interactions. Secondly, the often-mentioned dominance of communities composed of suspension feeders and associated fauna can be confirmed.last_img read more

Empirical predictive models of daily relativistic electron flux at geostationary orbit: Multiple regression analysis

first_imgThe daily maximum relativistic electron flux at geostationary orbit can be predicted well with a set of daily averaged predictor variables including previous day’s flux, seed electron flux, solar wind velocity and number density, AE index, IMF Bz, Dst, and ULF and VLF wave power. As predictor variables are intercorrelated, we used multiple regression analyses to determine which are the most predictive of flux when other variables are controlled. Empirical models produced from regressions of flux on measured predictors from 1 day previous were reasonably effective at predicting novel observations. Adding previous flux to the parameter set improves the prediction of the peak of the increases but delays its anticipation of an event. Previous day’s solar wind number density and velocity, AE index, and ULF wave activity are the most significant explanatory variables; however, the AE index, measuring substorm processes, shows a negative correlation with flux when other parameters are controlled. This may be due to the triggering of electromagnetic ion cyclotron waves by substorms that cause electron precipitation. VLF waves show lower, but significant, influence. The combined effect of ULF and VLF waves shows a synergistic interaction, where each increases the influence of the other on flux enhancement. Correlations between observations and predictions for this 1 day lag model ranged from 0.71 to 0.89 (average: 0.78). A path analysis of correlations between predictors suggests that solar wind and IMF parameters affect flux through intermediate processes such as ring current (Dst), AE, and wave activity.last_img read more

Serena Williams dominates in first round of Australian Open

first_img Written by January 15, 2019 /Sports News – National Serena Williams dominates in first round of Australian Open Beau Lundcenter_img FacebookTwitterLinkedInEmailMark Kolbe/Getty Images(MELBOURNE, Australia) — Serena Williams cruised to a first round victory in the Australian Open on Tuesday.In her first appearance at the Grand Slam tournament since winning the title in 2017 while pregnant, Williams, 37, defeated Germany’s Tatjana Maria 6-0, 6-2. The match took just 49 minutes.Williams will now face Canada’s Eugenie Bouchard in the second round of the Australian Open on Wednesday.Copyright © 2019, ABC Radio. All rights reserved.last_img read more