LBA Realty has agreed to pay Transpacific Development Corp. $159 million, or about $469/sf, for Sony Pictures Plaza, a 338,695-square-foot office building in Culver City, Calif., that's expected to lose its sole tenant, Sony Pictures Entertainment, in three years.
Clinton Towers, a three-building apartment property in the East Tremont section of the Bronx, N.Y., has been put up for sale through Marcus & Millichap. The property, which is no longer part of the Mitchell-Lama program, could sell for nearly $70 million, translating to a capitalization rate of 4 percent.
The owner of a mixed-use property in Gahanna, Ohio, has sued special servicer LNR Partners, alleging it obstructed its access to a reserve fund. As a result of what the property's owner said was LNR's refusal to give it access to the funds, it defaulted on the loan, which was securitized only six months ago.
A venture of Federal Capital Partners and Angelo, Gordon & Co. is offering for sale the Fairways at Towson, an 828-unit apartment property in the Baltimore suburb of Towson, Md. The property, at 6906 Donachie Road, could sell for about $103.5 million, or $125,000/unit. It's being offered through CBRE.
Ares Management is offering for sale Embassy Row, a 666,274-square-foot office property in Atlanta's central perimeter submarket. CBRE is marketing the complex, which could sell for about $100 million, or $150/sf.
A total of 22,514 CMBS conduit loans with a balance of $278.1 billion come due in the next three years. While a seemingly massive wall of maturities, the volume has shrunk by nearly 10 percent over the past nine months. But there's a bit of natural selection going on and many of the loans that remain could face challenges getting taken out.
Hines has agreed to sell a 206,000-square-foot industrial property that it had planned to redevelop into a mixed-use complex in Santa Monica, Calif., for $113 million, or $550/sf. The property's being purchased by a venture of Lincoln Property Co. and Clarion Partners, which will likely redevelop it into creative office use.
Nightingale Group has struck a deal to pay roughly $100 million, or $125/sf, for 1835 Market St., a 799,994-square-foot office property in Philadelphia. The New York investor is buying the 29-story building from the California State Teachers' Retirement System in a deal arranged by JLL.
Thackeray Partners is seeking $300 million of commitments for its fourth investment fund. The Dallas investment manager has so far raised $204 million of its target. The fund would be a follow-up to a vehicle that raised $225 million - more than the $200 million targeted - in 2012.
Seer Capital Management, a New York investment manager that started investing in CMBS earlier this year, was the most active buyer of B-pieces during the third quarter. The company is one of two newcomers to the market this year. For the nine months, Rialto Capital Management was the most active player.
Will Apartment REITs Continue to Outperform? A long-anticipated increase in apartment vacancies began in the third quarter, heightening concern about the outlook for apartment REITs. Apartments stand out as the best performing REIT sector during 2014 with a total return of 23.65 percent year-to-date through October 8th. Apartment REITs have significantly outperformed...
REITs Pull Back in September After experiencing strong growth in August, the FTSE NAREIT All REIT Index declined 5.63 percent during September. Monthly REIT performance was well below the DJIA (-0.32 percent), S&P 500 (-1.40 percent), and NASDAQ (-1.90 percent). During September, markets were affected by the Scottish referendum on whether to exit the UK and...