May 19, 2011
This week’s OBP Perspective is provided by Jim O’Connell:
Summer is just around the corner, and for a lot of us in the business it’s not just the weather that is finally heating up. From the principals’ perspective, there’s a significant increase in the amount of product coming to market. That product ranges from the truly distressed assets searching for fresh capital and expertise to help chart a new and profitable course, to the high quality, highly desirable core offerings in the best submarkets with credit-rated tenants. And for much of that product, we’re finding that it isn’t just a fishing expedition with sellers looking to the market to set value. We are seeing those sellers working to make deals at market pricing.
As for our investment team, we have been busy working on assets all over the country since the middle of last year, but much of that early activity was spent helping owners determine market conditions and whether or not the time was right to sell. Now, we are as busy as we’ve ever been and the majority of our time on that activity is spent bringing offerings to the market and working through the deal process.
So as we see it, the remainder of 2011 is going be HOT, due to a high degree of activity in terms of sale transactions being put together and completed.