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June 2015 Archives

Olive Garden owner announces strategic real estate plan

Florida-based company Darden Restaurants, which owns the Olive Garden and Longhorn Steakhouse restaurant chains, has announced plans to pay down $1 billion in debt. On June 23, the company revealed some details of a strategic plan that will include the creation of a real estate investment trust. Shares in the company rose by 5 percent in pre-market trading the day that the plan was announced.

Foreclosure activity increases reported

Florida has been a leading state in the national foreclosure crisis, continuing to post the highest rates in recent months. Although statistics indicate that foreclosures across the country during May 2015 were significantly lower than at the peak time in September 2013, these rates are greater than those reported in May 2014. In fact, lenders repossessed 58 percent more homes than one year earlier. Experts indicate that there is both good and bad news associated with these recent statistics.

Nationwide foreclosure numbers declining

The state of Florida had the highest number of foreclosures of any other state over a 12-month period ending in March 2015, according to a report by CoreLogic. However, the overall number of completed foreclosures in the United States is declining. There were 41,000 completed foreclosures in March, which represents a 15.5 percent decline from the number of foreclosures that were completed in March 2014.

Florida office towers sold for over $245 million

The sale of a prominent Florida office building was completed on June 1, and a selling price of over $245 million makes the transaction one of the largest real estate deals of the year. The Phillips Point office towers were built in 1985, and a combination of quality facilities and breathtaking views have made the buildings a popular choice for Fortune 500 companies.

REITs as investment tools in Florida

Many Florida residents may like to invest in real estate but believe they can't afford to do so. One possibility for real estate investment is investing in a real estate investment trust. Doing so is a way in which people can invest in real estate without actually purchasing property.