Vintage Wine Trust is Liquidating

Back in August, I noticed Vintage Wine Trust as a REIT focused on the wine grape industry. According to a story by Chris Rauber of the San Francisco Business Times, Vintage Wine Trust Selling Off Its Holdings and Shutting Down.

[T]he REIT's "big problem was we didn't buy enough properties," noting it was trickier than expected to find profitable properties that fit the company's REIT framework. "I still think the concept could work. We just needed more time."

Disclaimer

Looking ahead to 2008

According to the Urban Land Institutes's Emerging Trends Report it will be A Not So Great 2008, as reported in the National Real Estate Investor.

This report is a poll of 600 real estate experts. 78% thought there would be more stringent underwriting standards ahead (only 78%?) and there will be rising capitalization rates. They still expect the commercial real estate market to outperform the return from stocks and bonds.

The report also targets the top markets to watch:

• New York. Ranked as the hottest commercial real estate market in the country. Low vacancy rates and skyrocketing pricing.
• Seattle. Growth controls and geographic barriers have led to concentrated high-density, mixed-use development, which has drawn residents to new downtown neighborhoods. Seattle has become a 24-hour city on Asian commerce routes. It has a highly diversified economy.
• Washington D.C. The government never stops and provides a cushion for real estate owners against abrupt downturns.
• Los Angeles. High prices have driven some business and residents to seek shelter in lower cost states. The Orange County office market has softened. The office market in West LA has never been better. LA/Long Beach remains the nation’s top port, but transportation routes are clogged, creating a hindrance to trade.
• San Francisco. Technology businesses are thriving and taking up lots of space. View space is once again commanding over $100 per square foot, even as supply creeps upward.
• Boston. As the greater Boston market rebounds from the “tech wreck” of the early 2000s, it is seeing resurgence in its offices. New industries, such as professional services firms and bio-tech companies, are beginning to recycle space left vacant by corporate headquarter departures in the recent past. But questions remain about the depth of Boston’s tenant population, causing investors to keep a close and wary eye on the market.
• San Diego. San Diego is a leading indicator for a market correction. Office turnover and out-migration of prime business centers to Del Mar and Oceanside have left San Diego’s downtown looking for new growth opportunities.
• Denver. The only non-coastal city in the top tier, Denver has retooled its downtown to create an “urban burb,” a hip and exciting urban core in the midst of a sprawling suburban area, connected to downtown via a light-rail transit.

Merideth & Grew Restructuring

From a press release that came out today:

Meredith & Grew announced today that it has completed the sale of an 80% interest in the firm to FirstService Corporation, a NASDAQ-listed, diversified property services company headquartered in Toronto, Ontario. The transaction is effective September 1, 2007. The existing Meredith & Grew shareholders in the firm will retain a 20% interest. The terms of the transaction were not disclosed.

...

Meredith & Grew also announced that effective immediately, Thomas J. Hynes, Jr. and Kevin C. Phelan have been appointed Chairman, and President of the firm, respectively. Additionally, Ronald K. Perry has been named Head of Meredith & Grew’s Brokerage Group, which includes the Boston Brokerage, Suburban Brokerage and Retail Brokerage teams.

Vintage Wine Trust

I just ran across this real estate company: Vintage Wine Trust. They are the only Real Estate Investment Trust to focus solely on the wine grape industry. They work with vineyard and winery owners to structure sale-leaseback financing of their real estate.

Interesting to see a sale leaseback company focused on a specific industry.