RECENT NEWS
3 Shopping Centers Sell for $69.75Mln
Devonshire REIT Inc. has paid $69.75 million, or $128/sf, for three shopping centers with 544,946 square feet. The properties are Maple Hill Mall, a 283,551-sf power center in Kalamazoo, Mich.; the 136,942-sf Alpine Summit Shopping Center in Grand...
Mesa West Lends $116Mln Against Boston’s 10 Post Office Square
Commercial Real Estate Direct Staff Report Mesa West Capital has provided $116 million of financing against 10 Post Office Square, a 445,000-square-foot office property in Boston. The property was recently purchased by a venture of GreenOak Real Estate...
Berkadia Arranges $1.36Bln Freddie Loan on Huge Portfolio
Berkadia Commercial Mortgage has written a $1.36 billion Freddie Mac loan against a portfolio of 56 apartment properties with some 18,000 units that Lone Star Funds recently purchased. The financing that Berkadia arranged is comprised of a series...
TD, Mercantil Lend $80Mln for Construction of Miami Apartments
TD Bank has teamed with Mercantil Commercebank to provide an $80 million construction loan against a 400-unit apartment property in Miami that is scheduled to be completed in 2016. The loan was arranged by HFF. The 24-story building,...
Office-Flex Building in North Charleston, S.C., Fetches $17Mln
Commercial Real Estate Direct Staff Report Accesso Partners, a Hallandale Beach, Fla., investment manager, has paid $17 million, or about $162/sf, for a newly-built office/flex building in North Charleston, S.C. The 105,147-square-foot property, Remount II, is the second...
INITIAL PRICING: JPMorgan Chase Commercial Mortgage Securities Trust, 2014-CBM
Class Amt $mln Sub Level% Avg Life (yrs) RatingS&P RatingKroll Pricing % Final Pricing (bp) Bnch mark A 133.60 67.81 4.93 AAA AAA 100.00 +90 Libor B 48.70 56.07 4.93 AA- AA- 100.00 +140 Libor C 36.20 47.35...
MBA Sees 6 Percent Hike in Mortgage Originations This Year
The Mortgage Bankers Association is predicting that commercial mortgage originations this year will increase by 6 percent from last year, to a total of $379 billion. And next year it's predicting that volumes will climb by 8 percent,...
Cassidy Turley Adds to Cincinnati Capital Markets Team
Cassidy Turley has hired Erick Koehler as vice president of its capital markets team in Cincinnati. Koehler, who joined from the private-banking unit of JPMorgan Chase, will handle the sale of office, industrial, retail and multifamily properties. He...
CapitalSource’s John Bogler Joins Sabal as CFO
John A Bogler, the former chief financial officer of CapitalSource Inc., has been named to the same post at Sabal Financial Group, an opportunistic investor in loans and properties in Newport Beach, Calif. In his new post, Bogler...
Downtown Chicago Apartment Property Offered for Sale
Commercial Real Estate Direct Staff Report Draper and Kramer Inc. is offering for sale the Chicagoan, a 221-unit apartment property in downtown Chicago. The 14-year-old property, at 750 North Rush St. in the city's River North neighborhood, could...
Only $26Mln of Distressed CMBS Loans Were Modified in October
Commercial Real Estate Direct Staff Report Only six CMBS loans with a balance of $26 million were modified this month, marking the lowest monthly volume of loan modifications since the end of 2008, according to Morgan Stanley. The...
Winthrop to Sell Phila. Office Building for $85.3Mln
Commercial Real Estate Direct Staff Report A venture of Winthrop Realty Trust Inc. and Stockton Real Estate Advisors has struck a deal to sell the 502,000-square-foot office building at 1515 Market St. in downtown Philadelphia for $85.3 million,...
James Mead to Step Down as SL Green’s CFO
James E. Mead, who has served as chief financial officer of SL Green Realty Corp. since 2010, will be leaving the New York REIT at the beginning of next year to pursue other interests. He's being replaced by...
CMBS Loan Against One Congress Gets Shipped to CWCapital Again
Commercial Real Estate Direct Staff Report The modified CMBS loan against One Congress St., a 313,527-square-foot office and retail building in Boston, has been transferred to special servicing once again. The $190 million loan, securitized through Wachovia Bank...
Parkway Properties to Pay $157Mln for Atlanta’s One Buckhead
Parkway Properties Inc. has agreed to pay $157 million, or about $339.83/sf, for One Buckhead Plaza, a 462,000-square-foot office building in Atlanta. The Orlando, Fla., REIT is buying the property from Metzler North America, which had offered the...
TIAA to Sell San Francisco Office Building for $307Mln
Commercial Real Estate Direct Staff Report TIAA-CREF has agreed to sell the 465,360-square-foot Embarcadero West office building in downtown San Francisco for $307 million, or about $660/sf, to Rockpoint Group. TIAA had acquired the 30-story building, at 275...
Suburban Seattle Industrial Park Sells for $29.7Mln
Commercial Real Estate Direct Staff Report KBS Realty Advisors has paid Colony Realty Partners $29.7 million, or $124/sf, for the Park at Woodinville, a 239,607-square-foot industrial property in suburban Seattle. The five-building warehouse and light-manufacturing complex is...
GGP Buys Stakes in Retail Properties in Manhattan, Miami and Suburban Seattle
Commercial Real Estate Direct Staff Report General Growth Properties Inc. has paid a total of $258.1 million for stakes in three upscale retail properties in Manhattan, Miami and suburban Seattle. The Chicago REIT paid $175 million for a...
Rockefeller to Buy TA Realty, Bolstering Investment-Management Capabilities
The Rockefeller Group has struck a deal to buy a majority stake in TA Realty LLC, a Boston investment manager with some $12 billion of assets under management. Rockefeller, which did not disclose terms of its proposed acquisition,...
JPMorgan Lends $108.9Mln Against St. Louis-Area Office Complex
Commercial Real Estate Direct Staff Report JPMorgan Chase Bank has provided $108.9 million of financing against CityPlace, an 880,476-square-foot office complex in the St. Louis suburb of Creve Coeur, Mo. The property was recently purchased by a venture...
Dune Closes $960Mln Investment Fund
Dune Real Estate Partners has completed marketing for its latest investment fund, after raising $960 million of equity commitments. The New York investment manager had targeted raising $850 million for the vehicle, Dune Real Estate Fund III, when...
S&P Nears Settlement with SEC Over Wells Notice
Commercial Real Estate Direct Staff Report McGraw-Hill Financial Inc. said its Standard & Poor's Ratings Services unit was in "active discussions" with the SEC to resolve a "Wells Notice" the regulator had issued last July. The Wells Notice...
American Realty Capital Finds Accounting Flaws; CFO, Chief Accountant Step Down
Brian S. Block has stepped down as chief financial officer of American Realty Capital Properties Inc., after the company reported that it had incorrectly reported a key data point in its first-quarter financial results. Block has been...
CBRE Pays $89Mln for San Francisco Office Building
Commercial Real Estate Direct Staff Report CBRE Global Investors has paid about $89 million, or $430/sf, for the 207,000-square-foot office building at 235 Pine St. in San Francisco. The Los Angeles investment manager bought the fully-occupied property from...
21 of Pebblebrook’s Hotels Had 90 Percent-Plus Occupancy During 3Q
Commercial Real Estate Direct Staff Report Pebblebrook Hotel Trust this week reported that 21 of its 38 hotels operated at an occupancy rate of 90 percent or more during the latest quarter, contributing to its overall 90.2 percent...
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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.
