RECENT NEWS
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;...
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...
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...
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...
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...
Carlyle Expected to Use Considerable Mortgage Debt for $6.3Bln Manor Care Buy
Commercial Real Estate Direct Staff ReportCarlyle Group is positioned to take out considerable mortgage debt to fund its $6.3 billion purchase of Manor Care Inc.Earlier this week, the board of Manor Care accepted Carlyle's takeover offer bid of...
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...
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...
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...
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...
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...
Carlyle Expected to Use Considerable Mortgage Debt for $6.3Bln Manor Care Buy
Commercial Real Estate Direct Staff ReportCarlyle Group is positioned to take out considerable mortgage debt to fund its $6.3 billion purchase of Manor Care Inc.Earlier this week, the board of Manor Care accepted Carlyle's takeover offer bid of...
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...
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,...
Sterling, Westdale Venture Pays $156Mln for L.A. Apartments
A venture between Sterling American Property Inc. and Westdale Asset Management has paid $156 million for two suburban Los Angeles apartment buildings totaling 924 units.The venture purchased the properties from ScanlanKemperBard Cos. of Portland, Ore.The properties are Waterstone...
Triple Net Purchases Augusta, Ga., Apartment Complex
Triple Net Properties has purchased Century Hills, a 200-unit apartment complex in Augusta, Ga. The Santa Ana, Calif., real estate firm purchased the complex on behalf of tenant-in-common investors from Centennial Investment Properties. Centennial, an Atlanta multifamily firm,...
Sterling, Westdale Venture Pays $156Mln for L.A. Apartments
A venture between Sterling American Property Inc. and Westdale Asset Management has paid $156 million for two suburban Los Angeles apartment buildings totaling 924 units.The venture purchased the properties from ScanlanKemperBard Cos. of Portland, Ore.The properties are Waterstone...
Triple Net Purchases Augusta, Ga., Apartment Complex
Triple Net Properties has purchased Century Hills, a 200-unit apartment complex in Augusta, Ga. The Santa Ana, Calif., real estate firm purchased the complex on behalf of tenant-in-common investors from Centennial Investment Properties. Centennial, an Atlanta multifamily firm,...
Retired Citibank Real Estate Exec Raising Value-Add Fund
By John Covaleski, Commercial Real Estate Direct Staff Writer A group involving Michael R. Walker, retired chief operating officer of Citibank Commercial Real Estate Group, is looking to raise up to $100 million for value-add investments.The recently-formed group,...
425,000-SF Indianapolis Office Building on Sales Block
By Jeff Mordock, Commercial Real Estate Direct Staff WriterCrown Properties Inc. is offering for sale First Indiana Plaza, a 425,000-square-foot office building in downtown Indianapolis.The New York real estate firm has tapped CB Richard Ellis' Indianapolis office to...
Weingarten Pays $16Mln for Oregon Retail Property
Commercial Real Estate Direct Staff ReportWeingarten Realty Investors has acquired a 97,207-square-foot retail center in suburban Portland, Ore., for $16 million.The Houston REIT bought the property, Oak Grove Market Center in Milwaukie, Ore., from a pension fund represented...
Broadreach Pays $100Mln for San Francisco Offices
Broadreach Capital Partners has paid $100.7 million for two San Francisco office buildings totaling 413,230 square feet.The Palo Alto, Calif., real estate firm purchased the properties in separate transactions. It paid Bay Pacific Corp. $58 million for the...
425,000-SF Indianapolis Office Building on Sales Block
By Jeff Mordock, Commercial Real Estate Direct Staff WriterCrown Properties Inc. is offering for sale First Indiana Plaza, a 425,000-square-foot office building in downtown Indianapolis.The New York real estate firm has tapped CB Richard Ellis' Indianapolis office to...
About
Commercial Real Estate Direct is the only source -- in print or otherwise -- that keeps close tabs on the entire real estate capital markets industry. It provides up-to-date market intelligence on the mortgage business, equity raising, investment sales and CMBS.
