Using the independently assessed GBP605 million market value for its business, the asset base would be small for an investment-grade property
company despite Pinewood Group having a financial profile commensurate with this rating level.
"This facility is an investment-grade property
that is well-maintained and conveniently located in Middlesex County, an area that continues to be in high-demand for industrial companies that are looking for flexible space with frontage on the New Jersey Turnpike," commented Scott Belfer.
Norm Miller, vice president of analytics with CoStar, said that while nationwide investment-grade property
buyers often attract more attention in the media, "average investors" -- buyers who nab strip malls and small apartment buildings rather than skyscrapers -- are a worthy set to follow.
The increasing flow of capital to real estate has created a demand for investment-grade property
. This demand has subsequently compressed operating fundamentals as capitalization rates have become more aggressive.
Williams founded Williams Appraisers, Inc., in Raleigh, N.C., in 1994, which specializes in appraising investment-grade property
throughout the United States including retail malls, multi-tenant office properties and sports arenas.
Appraisal Institute members Stanfield, Williams named president of international associations: Appraisal Institute past president Joseph Stanfield, MAI, SRA, will become the FIABCI-USA Chapter President in the spring of 2006, and Stephen Glynn (Steve) Williams, MAI, of Cary, N.C., has been elected as the 2005-06 president of the royal institution of chartered surveyors, commencing July 1, 2005
Although investors may substitute between low- and high-quality investment-grade property
of the same type and within the same market, differences in property quality can cause large variations in overall capitalization rates.
Table 1 summarizes the characteristics of each investment-grade property
The main cause of the lack of activity in investment-grade property
sales is the absence of both bank and equity financing, said Gallin, although that is abetted by the poor image of New York city itself.
Eastern Consolidated Properties, reported closing the following investment-grade property
sales transactions since March.