Business Specialties Investment
DebtX to Sell $292M in Loans
Aug. 20, 2008
DebtX has announced that it will sell approximately $292 million in non-performing residential real estate loans.
Och-Ziff, Kolter in $1B Southeast Residential JV
Aug. 20, 2008
New York-based Och-Ziff Capital Management Group and Kolter Group of West Palm Beach, Fla., have announced the formation of a $1 billion joint venture that will target residential properties in the Southeast that are at any stage of development, from undeveloped, unentitled land to finished projects.
Ramco-Gershenson Adds Shopping Center to Florida JV
Aug. 19, 2008
Ramco-Gershenson Properties Trust has sold the 330,000-square-foot Plaza at Delray shopping center in Delray Beach, Fla., to its $450 million joint venture with the state of Florida, which is advised by Heitman L.L.C.
Fowler Buys 420-Unit Atlanta M-F, Plans Upgrades
Aug. 19, 2008
Conifer Crossing, a 420-unit multi-family property in Norcross, Ga., has traded hands for $31.75 million. The buyer was San Francisco-based Fowler Property Acquisitions; the seller, Denver-based Simpson Housing L.L.L.P.
Liberty Takes Class A Florida Office
Aug. 18, 2008
Liberty Property Trust is expanding its portfolio in the Sawgrass International Corporate Park in Sunrise, Fla., with the acquisition of a 107,000-square-foot Class A office building. The REIT bought the building at 13621 NW 12th St. from Real Estate Capital Partners, but did not release the purchase price. The building is fully leased by UnitedHealthcare.
Lehman May Be Selling Real Estate Holdings
Aug. 17, 2008
According to press reports, citing anonymous sources, Lehman Brothers Holdings Inc. may be in talks to unload as much as $40 billion in commercial real estate assets. The portfolio was valued at $52 billion in November of last year.
Thompson National Nabs $110M Portfolio from Storm
Aug. 15, 2008
Thompson National Properties has agreed to purchase a $110 million commercial and industrial portfolio from Storm Properties. The transaction, one of Southern California’s biggest deals in 2008, is for a total of approximately 1.5 million square feet of property.
BentleyForbes Sketches Ambitious Multi-Year Acquisition Plans
Aug. 15, 2008
Current economic woes aren't discouraging long-term planning in commercial real estate investment, not if the latest plans by privately held BentleyForbes are any indication. At the moment, the Century City, Calif.-based company owns a portfolio worth about $3 billion, including office, hotel, resort and single-tenant corporate properties. Its plan is to expand that portfolio to $12 billion by 2014.
Boston Properties' $440M Office Purchase Wraps Up Macklowe Deal
Aug. 14, 2008
Just a day after announcing the closing of two New York City office building acquisitions from Macklowe Properties totaling $705 million, Boston Properties has completed its purchase of yet another Macklowe trophy office building, 125 West 55th St. The acquisition of 125 West 55th St. was part of a $3.95 billion, four-property portfolio purchase agreement Boston Properties and partners made with debt-ridden Macklowe earlier this year.
Paramount Closes on $1.5B NYC Office
Aug. 14, 2008
Only a day after the finalization of the sale of two Macklowe Properties buildings in Manhattan to Boston Properties, Paramount Group Inc. has closed on another of the buildings Macklowe owned for a while, 1301 Avenue of the Americas. The unconfirmed transaction price, widely reported when the deal was announced early this summer, is about $1.5 billion.
REIS Considers CoStar’s Latest Merger Offer “Hostile”
Aug. 14, 2008
Having declined the first merger proposal from competitor CoStar Group Inc., in June, commercial real estate market information provider REIS has rejected the second proposal, an identical one, much more quickly — and in much stronger terms.
CVS to Acquire Longs Drugs for $2.9B
Aug. 13, 2008
In one of the year’s notable retail acquisition announcements, Longs Drug Stores Corp. has agreed to be acquired by Woonsocket, R.I.-based CVS Caremark for $2.9 billion or $71.50 per share. The purchase price includes the assumption of Longs’ outstanding debt.
Updated: RER Survey Says Commercial Real Estate Feeling the Strain
Aug. 13, 2008
Income-producing real estate is feeling the strain of persistent turmoil in the world's financial markets and the downbeat outlook for the U.S. economy, according to the latest survey of real estate executives by the Real Estate Roundtable, which was released today. Still, a majority of those surveyed expected some improvement in the not-too-distant future.
HCP Wraps Up $500M Offering
Aug. 13, 2008
Long Beach-headquartered HCP Inc. has just concluded its offering of 14.95 million shares of common stock, which, at a price of $33.50 per share, yielded the healthcare REIT an aggregate $500 million. The company originally priced the offering of just 13 million shares on August 6 with hopes of taking in $435 million. HCP plans to use the proceeds from the offering to repay part of its outstanding debut under a bridge loan facility. In other recent financial transactions, in late May, the company placed $259 million of secured debt on 21 of its nearly 300 senior housing properties. The debt, featuring a seven-year term with a fixed interest rate of 5.83 percent, was provided by Grandbridge Real Estate Capital L.L.C. and purchased by Fannie Mae.
HFF Arranges $56M Funding for $80M SFO Logistics Center Buy, Development
Aug. 13, 2008
Centrum Properties Inc. and Angelo, Gordon & Co. have secured $56.3 million in financing to acquire and reposition the SFO Logistics Center, a 572,000-square-foot warehouse-distribution center and adjacent 5.2-acre land parcel in south San Francisco that had been owned by the federal government for decades. An HFF executive who arranged the financing told CPN today the entire deal is worth $80 million.
Breaking: RER Survey Says Commercial Real Estate Feeling the Strain
Aug. 12, 2008
Income-producing real estate is feeling the strain of persistent turmoil in the world's financial markets and the downbeat outlook for the U.S. economy, according to the latest survey of real estate executives by the Real Estate Roundtable, which was released today. Still, a majority of those surveyed expected some improvement in the not-too-distant future.
Study: Credit Crunch Slashes Commercial Property Sales in Half
Aug. 12, 2008
In a stunning finding, a Real Capital Analytics Inc. study has discovered that global property sales fell by 50 percent during the first half of 2008. Sales in Germany, where the collapse was the most severe, fell by 65 percent, while sales in the United States plunged 63 percent.
Prime Takes Last of Former Crescent Office Holdings
Aug. 12, 2008
Morgan Stanley Real Estate has completed the sell-off of the former Crescent Real Estate Equities Co.’s Dallas office portfolio with the sale of Stanford Corporate Centre to Prime Income Asset Management.
JV Shells Out $40M for LA-Area Business Park
Aug. 08, 2008
The joint venture buyer has agreed to purchase College Business Park in Upland, Calif., just east of Los Angeles. The 314,000-square-foot business park sold for $39.9 million to Koll/PER, a limited liability company owned by Koll and the Public Employee Retirement System of Idaho.
Dublin Firm Enters Hotel Partnership with Oman Investment Fund
Aug. 08, 2008
A little more than a year after purchasing Jurys Inns hotel chain, Dublin-based international private equity real estate group Quinlan Private has sold a 50 percent partnership interest in the hotel chain to Oman Investment Fund, an investment arm of the Sultanate of Oman.
CBRE Investors Grabs Buckhead Office Park
Aug. 07, 2008
CB Richard Ellis Investors has purchased Northcreek Office Park in the Buckhead community of Atlanta on behalf of the company’s Strategic Partners U.S. 5 fund. The terms of the transaction were not disclosed.
Emeritus Nets $163M in Loans for Seniors Housing Buy
Aug. 06, 2008
KeyBank Real Estate Capital has secured $163 million in loans to finance the purchase of 19 senior housing properties nationwide. The package will finance Emeritus Senior Living’s purchase of the 19 properties, which range in individual price from $2.9 million to $14.7 million. Upon the completion of the purchases, Emeritus will serve as proprietor of the sites, which are located natonwide.
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