L.A. Distressed Totals at Nearly $7B
Tuesday, April 28, 2009
Source: GlobeSt
GlobeSt reports: The total value of distressed commercial properties in the greater Los Angeles region rose to $6.68 billion in Q1, according to the newest edition of the Troubled Assets Radar report from Real Capital Analytics. The figure includes $5.78 billion of LA Metro properties currently in distress and $903 million of properties whose distress has been resolved.
The regional total represents approximately 7% of the total value of distressed US commercial properties. Nonetheless, the area ranked only 24th among US markets in terms of the percentage of properties under distress. “Overall, L.A. is not one of the main areas in the country for distressed properties on a percentage basis,” observes Dan Fasulo, director of research for Real Capital. “While some of the secondary and tertiary markets have suffered, prime markets in L.A. are still extremely attractive.”
The region's troubled asset tally includes 267 properties. While the retail sector accounts for the largest number of properties with 78 assets compared to 58 office assets, 51 industrial assets and 40 apartment assets, on a dollar basis, office is number one at $1.84 billion, followed by retail at $1.81 billion, apartment at $511 million and industrial at $397 million.
View the full article on GlobeSt: L.A. Distressed Totals at Nearly $7B
Posted by: Nina Turner