Commercial Real Estate Direct

A private venture is offering for sale 3358 N. Cicero St., a 3.83-acre development parcel in Chicago's Portage Park neighborhood.Marcus & Millichap's Chicago office is listing the parcel, which has an asking price of $21.8 million. The parcel...

Pacific Capital Pays $23.5Mln for Las Vegas Retail Property

Pacific Capital Investments has paid $23.5 million for MonteLago Village, a 51,500-square-foot retail property in Las Vegas.The Roseville, Calif., real estate firm purchased the property from Intrawest Corp. of Vancouver, British Columbia. The MonteLago Village consists of 12...

S&P CMBS UPGRADES

Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnS&PNewRatingS&POldRatingReason for Rating ActionGMAC Commercial Mortgage Securities Inc., 2002-C1643.9710.1E8.9AA+AAIncreased subordination; defeasance (32 percent of pool.)---F12.4AAA+----G10.7A+A-----H8.9ABBB+----J14.2BBB+BBB----K12.4BBB-BB+----L5.3BB+BB----M5.3BBBB-----N8.0B+B----O3.6BB--

MOODY’S CMBS UPGRADES

Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnMoody'sNewRatingMoody'sOldRatingReason for Rating ActionCitigroup Commercial Mortgage Trust, 2006-FL2773.01,300.0C20.9AaaAa1Increased subordination---D38.8Aa1Aa2----E26.9Aa2Aa3----F26.9Aa3A1-GS Mortgage Securities Corp. II, 2006-GSFL VIII352.7661.2B30.4AaaAa2Increased subordination---C22.1Aa1Aa3----D30.8A1A2----E15.0A2A3-

Prime Group Invests $120Mln in Extended Stay Acquisition

Prime Group Realty Trust has invested $120 million in Lightstone Group's $8 billion acquisition of Extended Stay Hotels.The Chicago REIT, which was purchased by Lighstone two years ago, funded its investment in the entity that acquired Extended Stay...

First Conduit of Second Half Launched; Sees Higher Subordination

Commercial Real Estate Direct Staff ReportThe first CMBS conduit of the second half has launched. And the subordination level of its BBB bond class is 5 percent, substantially higher than the 4.03 percent average for all conduits during...

American Realty Promotes Robinson to MD

American Realty Advisors has promoted Daniel Robinson to managing director of its finance/investment consulting department. Robinson will provide consulting services to pension plans around the country, serving as a qualified professional asset manager. He will lead a consulting...

Hersha Buys Manhattan Hotel for $28Mln; Makes Other Investments

Commercial Real Estate Direct Staff ReportHersha Hospitality Trust has acquired the 70-room Hotel 373 Fifth Avenue in midtown Manhattan for $28 million from McSam Hotel Group. The deal is one of three in the New York area by...

FITCH RATINGS CMBS UPGRADES

Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnFitchNewRatingFitchOldRatingReason for Rating ActionBanc of America Large Loan Inc., 2005-MIB1804.31,260.0C51.2AAAAA+Increased subordination---D30.3AA+AA----E30.3AAAA-----F30.3AA-A+----G30.3A+A----H25.3AA--GE Commercial Mortgage Corp., 2003-C21,140.01,210.0E14.8AAAAA+Increased subordination; defeasance (22.1 percent of pool.)---F14.8AAAA-----G14.8A+A----H14.8A-BBB+-Credit Suisse First Boston Mortgage Securities Corp., 1997-C2614.11,470.0F73.3AA+AA-Increased subordination---G14.7A+A--Chase Commercial Mortgage Securities Corp., 1997-2303.6814.0F48.8AAAA+Increased subordination;...

Triple Net Buys Suburban Atlanta Apartments

Triple Net Properties has purchased the Retreat at Stonecrest, a 276-unit apartment complex in the Atlanta suburb of Lithonia, Ga.The Santa Ana, Calif., real estate firm is purchasing the property on behalf of a group of tenant-in-common investors...

DBRS CMBS UPGRADES

Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnDBRSNewRatingDBRSOldRatingReason for Rating ActionBear Stearns Commercial Mortgage Securities Inc., 2004-ESA665.52,050.0F43.0AAAAAhighDefeasance (100 percent)---G43.0AAAAA----H40.0AAAAAlow----J67.0AAAA-

GE Pension Trust Completes $200Mln Pacific Center Acquisition

GE Pension Trust has completed its $200 million acquisition of Pacific Center, a 438,960-square-foot office property in Mission Valley, Calif.The pension trust is buying the two-building complex from Maguire Properties, which marketed it through Eastdil Secured.Pacific Center, which...

Florida Office Building Sells for $24Mln

Stiles Capital Partners has paid $24 million for Southpoint Executive Center, a 137,000-square-foot office building in Maitland, Fla.The Ft. Lauderdale, Fla., real estate firm purchased the property from Younan Properties Inc. of Los Angeles. Younan marketed the building,...

Phillips Edison & Co. Buys Portland Retail Property

Phillips Edison & Co. has purchased Powell Villa, a 61,908-square-foot retail property in Portland, Ore.A purchase price was not disclosed, but retail properties in Portland are trading for $165/sf, according to data from Real Capital Analytics. That would...

Blackstone to Pay $26Bln for Hilton Hotels

The Blackstone Group has agreed to pay $26 billion for Hilton Hotels Corp., the second largest hotel chain in the country.Blackstone will pay $47.50 for each share of Hilton common stock and assume $6 billion of debt. The...

Eastdil Hires Petz as Managing Director for Boston Office

Frank Petz has joined the Boston office of Eastdil Secured as managing director. He will join James McCaffrey and Peter Joseph, who launched the Boston office of the real estate brokerage firm earlier this year. Petz joins Eastdil...

Suburban D.C. Office Building Sells for $425Mln

The Paramount Group has purchased the Waterview, a 634,000-square-foot office building under construction in Rossyln, Va. A sales price was not disclosed, but the property was said to have traded for around $425 million. The New York real...

Carlyle Expected to Use Considerable Mortgage Debt for $6.3Bln Manor Care Buy