12 Insane (But Completely True) Real Estate Facts and Events

by Seth Williams | BiggerPockets.com

1. When the Eiffel Tower was constructed, the designer included a secret apartment for himself at the very top.

2. Mark Zuckerberg purchased four houses next to his home in Palo Alto and leased them back to the families that lived there. He did it to avoid the houses from being marketed as “next door to Mark Zuckerberg.”

3. Monica’s apartment from the hit TV show Friends is estimated to be worth $3.5 million.

4. Since the Empire State Building was opened during the Great Depression, much of its space initially went unrented. As a result, many New Yorkers referred to the building as the “Empty State Building.”

5. In Tunisia, Africa, you can book an overnight stay in Luke Skywalker’s boyhood home for only $10.

6. Adolf Hitler once owned a Hollywood mansion that he never stepped foot in.

7. Despite its free market image, all the land in Singapore is owned by the government, and 85% of housing is provided by a government-owned housing corporation.

8. MS The World is the largest privately owned residential yacht on earth. It has 165 private residences and is constantly traveling around the world.

9. Mike Ilitch (owner of Little Caesars and the Detroit Tigers) quietly paid Rosa Park’s rent for more than a decade after she was robbed in her home and forced to move to a safer, but more expensive part of Detroit.

10. In Japan, most houses depreciate in value. Half of all houses are demolished within 38 years, and there is virtually no market for pre-owned homes. Per capita, there are nearly four times as many architects and more than twice as many construction workers in Japan as the United States.

11. In several major cities like London, Toronto, New York, and elsewhere around the world, there are entire buildings and developments that exist solely for the purpose of hiding vent shafts, utilities, cell phone towers, railways, and simply to give off the “illusion of occupation.”

12. From 1908-1940, Sears, Roebuck and Co. sold about 70,000-75,000 mail-order houses. They arrived as a kit and came with most modern conveniences (some of them still exist today).

Source: https://www.biggerpockets.com/renewsblog/12-insane-real-estate-facts/

Closed: Norfolk Waterside Marriott



Richmond, VA —  November 17, 2017  — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the acquisition of the Norfolk Waterside Marriott in downtown Norfolk, Virginia.  The premium branded full-service hotel and conference center includes 405 rooms, nearly 70,000 SF of meeting/conference center space and will immediately undergo a comprehensive $25 million dollar renovation throughout the property.

Norfolk Waterside Marriott is located at the corner of Waterside Drive and East Main Street along the Elizabeth River in the heart of downtown. In the immediate proximity is the recently redeveloped Waterside LIVE!, a $60 million mixed use retail and entertainment development by the Cordish Companies, over 1,500 new luxury multi-family units, the Granby Street retail and restaurant corridor, the newly delivered office of Automatic Data Processing (NASDAQ: ADP) which will house over 1,800 employees, and MacArthur Mall which offers 1.2 million square feet of shopping, restaurants and entertainment.

Commonwealth Lodging Management, the company’s hotel management affiliate, will operate the hotel.


Lingerfelt CommonWealth Partners, headquartered in Richmond, VA, is a vertically integrated, full service real estate investment management firm with additional offices in Charlotte, NC, Greensboro, NC, Greenville, SC, Hampton Roads, VA, Jacksonville, FL, Nashville TN, Raleigh, NC, Reading, PA, and Tampa, FL. Together with its predecessors in the private sector and public REIT sector, its partners have built, acquired and managed nearly 20 million square feet of commercial real estate valued at approximately $2 billion across the Mid-Atlantic and Southeast. Learn more at www.lingerfeltcommonwealth.com

Panelists: U.S. economy remains strong but could slow down in the next couple of years


As values of commercial properties skyrocketed in large cities, investors turned their attention — and dollars — to cities such as Richmond, Charlotte, N.C., Raleigh, N.C., and Nashville, Tenn., according to three panelists who spoke Wednesday at the Eighth Annual Commercial Real Estate Forum hosted by Commonwealth Commercial, a commercial real estate firm in Henrico County.


“Secondary markets are showing great returns on a risk-adjusted basis,” said panelist Ronald Lamontagne, managing director of Partners Group Inc., a Switzerland-based global private markets investment manager.


Small cities such as Richmond offer a low cost of living, which is attractive to companies that want to do business in those cities, said Lamontagne, who works in New York.


About 300 people in the commercial real estate industry attended the afternoon session on “Commercial real estate investing — where are we/where are we heading” at The Westin Richmond hotel in Henrico County.


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