About the Deal Database

Real Estate Alert’s Deal Database tracks sales of U.S. property transactions valued at $25 million or more. It includes both single-property deals and portfolio sales, and encompasses all commercial-property types. The Database is used by the newsletter to measure transaction volume and create rankings of market participants.

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Rules for Real Estate Alert's Deal Database


The database includes completed sales of the following types of real estate assets:

  • U.S. office, flex, retail, multi-family, hotel or industrial properties.
  • A common-equity stake of at least 50% that is valued at $25 million or more (see exceptions for portfolios).

The recorded value of a transaction:

  • Excludes closing costs and any earn-out provisions.
  • Includes only the portion of the ownership interest that changes hands.

The database excludes:

  • Transactions involving properties located outside of the 50 states and Washington, DC.
  • Transactions of less than $25.0 million.
  • Transactions involving less than 50.0% equity ownership.
  • Sales of preferred-equity or “economic” interests that do not represent common-equity stakes of at least 50%.
  • Mortgage sales, unless the loan buyer is a third party who takes control of the collateral within one year via foreclosure or a negotiated settlement with the owner.
  • Mergers and acquisitions (deals involving the sale of a company’s operations).
  • Property transfers between affiliated entities that are not put out for competitive bid.
  • Acquisitions of properties that are ancillary to the operation of a business (casinos, golf courses, hospitals, assisted-living facilities, etc.).
  • Sales of uncompleted developments.
  • Sales of land or land beneath properties.
  • Transactions for which the property name, address or price is unknown.
  • Transactions prior to 2001.

Portfolio Rules:

  • Portfolio sales of more than $200 million are included, except for portfolios made up primarily of gas stations, franchise restaurants, self-storage facilities or bank branches.
  • Portfolio deals of less than $200 million are included only if at least one property is worth $25 million or more.

Rules for Distressed Transactions:

  • Foreclosures or property assumptions by original or longtime lenders are excluded.
  • Property transfers stemming from distressed loan sales are counted only if a third-party buyer pays at least $25 million and assumes at least 50% of the equity interest of the collateral within one year. The date the equity interest trades hands is recorded as the closing date.

Brokerage Credit:

  • Credit is given only to a seller’s brokerage that either (1) is awarded an exclusive listing and markets a property that is sold or (2) otherwise arranges the sale of a property and is paid a brokerage commission.
  • A brokerage is not given credit if its only role is to serve as an advisor (such as only providing leasing/local market expertise or only preparing marketing documents).
  • Dollar credit is based on the deal size recorded in the database. (So when a stake in a property is sold, credit is given only for the value of the stake.)
  • When multiple brokers share a listing, the dollar credit is divided evenly. Each brokerage is given credit for the total number of properties involved.
  • If a claim of brokerage credit on a given deal is disputed, Real Estate Alert might require the brokerage to supply verifying information in order to receive credit.

How Portfolios and Mixed-Use Properties Are Categorized:

  • If possible to determine, the property type of mixed-use properties that share a single address will be recorded as the property type that accounts for more than 50% of the space.
  • Sales of adjacent properties of the same type are counted in the database as single-property sales. Sales of adjacent properties of different types are counted as portfolios.
  • For portfolio sales of $200 million or more, the dollar volume of each deal is broken down by market. For portfolio sales of less than $200 million, if one market represents 50% or more of the total dollar amount, the deal is credited to that market. If no market is predominant, the portfolio’s location will be categorized as “multi-state.”

Fields

The database provides the following details for each transaction:

Field Example Description
PROPERTY 1515 Broadway Property name
PROPERTY2 One Astor Plaza Secondary property name
CITY New York City
STATE NY State
MARKET Midtown Manhattan Market (see list)
SALE-DATE Jun-02 Closing date
PRICE 483.5 Price (millions of dollars)
TYPE F Property type: F Office
H Hotel
M Multi-family
W Warehouse/industrial
X Flex
RC Retail: community center
RM Retail: mall
RO Retail: outlet center
RP Retail: power center
RS Retail: stand alone
STAKE 100 Stake sold (%)
SF SOLD 1,850 Size (in thousands of square feet)
TOTAL SF   Total size of property (retail only, in thousands of square feet)
PRICE/SF 261 Price per square foot ($)
UNITS   Number of units (for hotel/multi-family properties)
PRICE/UNIT    Price per unit
BROKER Goldman Sachs Seller’s broker
BROKER2   Second seller’s broker for jointly brokered deals
SELLER Equitable Life Name of seller
BUYER SL Green, SITQ Name of buyer
SLB? N Sale-leaseback deal? (Y/N)
PORT? N Portfolio transaction? (Y/N)
PROP   Number of properties (for portfolio transaction)

 

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Regions and Markets

The Database divides transactions into nine regions. Within each of these regions, properties are assigned to markets. Regions and markets are shown in the following list:

Region Market Description
Northeast Boston Area Massachusetts
Providence Area Rhode Island
Hartford Area Connecticut except for Fairfield County (Southwestern corner)
Upstate New York New York State north of Westchester-Rockland
Vermont Vermont
New Hampshire New Hampshire
Maine Maine
Metropolitan New York Midtown Manhattan Manhattan, except Downtown
Downtown Manhattan Manhattan, south of Canal Street
Northern New Jersey New Jersey except Philadelphia suburbs
Outer Boroughs Queens, Brooklyn, Bronx, Staten Island
Westchester/Fairfield Westchester-Rockland Counties in NY, Fairfield County in Conn.
Long Island Nassau-Suffolk Counties
Mid-Atlantic Philadelphia Area Phila. area, NJ suburbs and Wilmington, Del.
Pittsburgh Area Pennsylvania, except Philadelphia area
Baltimore Area Maryland, except for DC suburbs
Maryland’s DC suburbs Montgomery and Prince Georges Counties
Washington, DC District of Columbia
Northern Virginia Virginia suburbs of Washington
Richmond Area Richmond-Norfolk areas
West Virginia West Virginia
Delaware Delaware excluding Wilmington, which is in Philadelphia Area
Southeast South Florida Miami-Fort Lauderdale area
Central/Northern Florida All of Florida except South Florida
Atlanta Area Georgia
North Carolina North Carolina
South Carolina South Carolina
Midwest Chicago Chicago
Suburban Chicago Illinois except Chicago, plus Gary, Ind. Excludes East St. Louis
St. Louis Area Missouri east of KC area and East St. Louis, Ill.
Kansas City Area Kansas City, Mo., area, plus all of Kansas
Minneapolis Area Minnesota
Milwaukee Area Wisconsin
Detroit Area Michigan
Indianapolis Area Indiana except for Gary, which is in Chicago Area
Cleveland Area Northern Ohio (Cleveland-Akron-Toledo)
Cincinnati Area Southern Ohio (Cincinnati-Dayton-Columbus)
Kentucky Kentucky
Iowa Iowa
North Dakota North Dakota
South Dakota South Dakota
Nebraska Nebraska
South Dallas Area Dallas area and East Texas
Houston Area Houston area
San Antonio Area San Antonio and West Texas
Austin Area Austin area
New Orleans Area Louisiana
Oklahoma Oklahoma
Arkansas Arkansas
Tennessee Tennessee
Mississippi Mississippi
Alabama Alabama
Southwest Denver Area Colorado
Phoenix Area Arizona
Las Vegas Area Nevada
Salt Lake City Area Utah
Albuquerque Area New Mexico
Northwest Seattle Area Washington State
Portland Area Oregon
Idaho Idaho
Montana Montana
Wyoming Wyoming
Alaska Alaska
Hawaii Hawaii
California Los Angeles Area LA area (not Orange County), plus Inland Empire
Orange County Orange County
San Diego Area San Diego and suburbs
Central California Between Los Angeles Area and San Jose/Silicon Valley
San Francisco City of San Francisco
Oakland/East Bay Oakland area
San Jose/Silicon Valley San Mateo, Santa Clara and Santa Cruz Counties (plus Monterey)
Sacramento Area Sacramento areas and Northern California

 

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Database Sample