Commercial Property Executive’s latest monthly poll asked readers about their planned investment alternatives, at a time of deflated transaction volumes and shortages of available capital for investments in nearly all asset classes.
Often, the deals that do take place for distressed properties include some form of longer-term investment in a redevelopment or substantial capital improvements. For their part, some distressed office assets are being converted to multifamily housing or are undergoing vast amenity-focused capital improvement projects, while many recent high-profile retail investments have included some form of redevelopment plan.
The remainder of responses were split evenly between investments in preferred equity, alongside identifying no further investment plans. Preferred equity is emerging as a viable opportunity, as owners and operators of commercial space face maturing loans, high interest rates and deflated property values. According to Steven Peterson, a partner in Alston & Bird’s Real Estate Group, the investment type is becoming lucrative in part due to the potential for stable, guaranteed returns, with a lesser risk of loss in comparison to many common equity investments.
Distressed assets stood well above all other areas of interest.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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