Headlines
Icahn Nabs AT&T's Dallas HQ in Sale-Leaseback
Aug. 20, 2008
Transferring its headquarters from San Antonio to Dallas, telecom giant AT&T Inc. has moved into a 37-story high-rise and sold the building in a sale-leaseback deal to Icahn Enterprises for an undisclosed amount.
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.
W.P. Carey Closes $58M Sale-Leaseback in Germany
Aug. 20, 2008
New York City-headquartered W.P. Carey, acting through its publicly held non-traded REITs CPA(R):15 and CPA(R):17 - Global, has completed a sale-leaseback transaction in Germany with U.K.-based automotive supplier Wagon Plc.
Douglas Emmett Nabs $365M Loan
Aug. 19, 2008
Douglas Emmett Inc. has announced that it has obtained a non-recourse $365 million term loan to refinance the bridge loan that was obtained in connection with the REIT's acquisition of a six-office portfolio on March 26, 2008. This new loan is secured by the six-office portfolio.
Port of Corpus Christi Opens Trade Lines to Venezuela
Aug. 19, 2008
Establishing a dedicated monthly shipping service between Texas's Port of Corpus Christi and Venezuela opens a two-way trade route that hadn’t existed at the port before. The opening of the trade route comes on the heels of the selection of Federal Development as the master developer of a $400 million project that includes the development of La Quinta Trade Gateway.
Apollo to Pursue Additional RE Debt Acquisition
Aug. 19, 2008
There's little doubt that debt, besides being the raw material of the real estate crunch, is also a pretty hot commodity in some ways, as property values decline and loan-to-value ratios shift. In recent weeks, as reported by CPN, such investors as the new Investcorp Real Estate Credit Fund L.P. and Inland American Real Estate Trust have been eager to snap up real estate debt.
Experts: Lehman RE Sale Could Be Major Opportunity
Aug. 19, 2008
Lehman Brothers Holdings Inc.’s sale of its commercial real estate assets may entice opportunity funds with the patience to wait for a positive turn in the real estate cycle, according to two real estate professionals.
Fort Meyers Chooses Acquest for Riverfront Project
Aug. 19, 2008
Downtown Fort Myers, Fla., is undergoing a renaissance and Acquest Realty Advisors Inc. will play a big role in the endeavor, now that the city council has selected the Bloomfield Hills, Mich.-based company to spearhead the development of a waterfront mixed-use project.
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.
Deferred Loan Payments Confirm Delay of Plaza Hotel in Las Vegas
Aug. 18, 2008
Groundbreaking on The Plaza Hotel in Las Vegas--would-be sibling to the landmark Manhattan hotel of the same name--has been put off till next year, in conjunction with an agreement by Goldman Sachs Group and Credit Suisse Group to give the project’s developer an additional six months to repay $625 million in loans.
Brookwood Takes Residential Respite from Chaotic Commercial Market
Aug. 18, 2008
It might appear counterintuitive for a significant private equity player, having chucked most of its commercial real estate at the height of the market, to then take refuge in the seemingly even more troubled residential market, but that’s exactly what Brookwood Financial Partners L.P. has done.
Report: Fannie, Freddie May Need Government Assist
Aug. 18, 2008
The U.S. Treasury is likely to have to recapitalize the two sagging government-sponsored enterprises, Fannie Mae and Freddie Mac, and may have to accomplish that goal with taxpayer money.
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.
Northern Virginia County Gets First LEED Gold Spec Office
Aug. 18, 2008
Construction has wrapped up for the first of two Class A office buildings that will comprise the 230,000-square-foot Atlantic Corporate Park in Sterling, Va., located about 25 miles from Washington, D.C., in Loudoun County.
Senior Living Facilities Draw More Men
Aug. 18, 2008
Senior living communities, traditionally home to populations of predominantly female residents, are now experiencing significant growth of their male populace. The trend is particularly prevalent at independent living facilities--be they dedicated independent living properties or housing units within continuing care retirement communities.
Indian Firm Buys Land for $100M HQ in Little Rock
Aug. 18, 2008
Man Industries, a pipe-manufacturing firm based in Mumbai, India, has made its first venture into the United States with the purchase of 155 acres of land in Little Rock, Ark., with plans to build a $100 million facility to serve as its North and South American headquarters. Construction will begin later this month in an existing industrial area on Greenfields. No targeted completion date was released.
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.
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