| Manekin?s Owen Rouse agrees with the MBA bankers who say fundamentals are improving but certainty isn't—no wonder it took almost two years to sell 6801 Eastern Ave, a 96%-leased industrial property off 95 (it closed yesterday for $3.2M, financed by a $2.5M loan from Rosedale Federal Savings & Loan). Owen, who repped the seller, tells us the deal indicates a disconnect between market fundamentals and investor thinking. He believes there's less fear than last year to move capital from obligation-laden institutions like public pension funds that he says can't afford to remain idle. Small investors are wading back slowly as they become convinced of financing alternatives and continue to sort out distress on their other holdings. Because of this, Owen says we'll see decent activity in high-quality core assets favored by big players in Baltimore this year but less in the areas mid-size and small investors inhabit. |
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