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New York

Portfolio deals declining

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Commercial brokers say portfolio deals are declining. Pete Culliney, director of global research for Real Capital Analytics, found just one portfolio transaction so far this year, a sale of three apartment buildings for $14.5 million in January. In contrast, January 2008 saw four portfolio transactions ranging from $10 million to $311 million each. Some building portfolios are being broken up in order to sell. “The reason why the properties are being sold separately in all cases today is because financing is readily available today for small to mid-size properties,” said Robert Knakal, chairman of Massey Knakal Realty Services. Massey Knakal is marketing a 17-building portfolio belonging to Westbrook Partners, but is marketing the buildings as individual assets.