Los Angeles Basin Week In Review

Phase III of NoHo Commons One Step Closer to Completion
Bomel Construction Company just completed a 766-space, cast-in-place parking structure for Phase III of NoHo Commons, a crucial step indeed for the much anticipated mixed use development at Lankershim Blvd. and Weddington St.John DeGrinis, Patrick DuRoss and Jeff Abraham of Colliers International represented the lessor, ARKA Properties Group and Black Equities Group. Jeff Myers of CBRE represented Quest Diagnostics in the deal. Quest plans to use the space for its logistical service center operations.
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Southern California's vital signs are improving
Signs are increasing that an economic turnaround has begun in Southern California, even as residents and businesses continue to struggle in the worst downturn in decades.The state's exports are growing as overseas consumers, especially those in Asia, are demanding computers, electronics and agricultural products from California. Tourists are starting to return to the region's hotels and beaches. And home prices appear to be stabilizing in some of the Southland's hardest-hit markets.
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PwC Survey: Defaults Could Jump-Start Stalled Distressed Buying Opportunities
Despite rapid deterioration of commercial real estate fundamentals, equity investors have been frustrated with the lack of distressed buying opportunities. However, according to the third-quarter PricewaterhouseCoopers' Korpacz Real Estate Investor Survey, investors anticipate near-term defaults combined with looming due dates on commercial mortgage-backed securities (CMBS) maturities to jump-start distressed buying opportunities during the next year.While some investors are looking to the $153 billion of CMBS loans due in 2012 to spur buying opportunities, commercial banks account for a much greater percentage of the total looming debt and could provide distressed sales sooner than 2012.Click for More

Commercial Real Estate Delinquency Rates Climb
Delinquency rates for commercial real estate loans continued to rise in the second quarter, the Mortgage Bankers Association (MBA) says in a new report.The delinquency rate on loans held in commercial mortgage-backed securities (CMBS) and at least 30 days past due rose from 1.85% to 3.89% between the first and second quarters. Meanwhile, the delinquency rate on loans held or insured by Fannie Mae and at least 60 days past due rose from 0.34% to 0.51%, MBA notes.
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