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  • GGP Selling Stake in Ala Moana Valuing Property at $5.5Bln

    General Growth Properties Inc. has agreed to sell a 25 percent stake in the Ala Moana Center in Honolulu to AustralianSuper for $1.4 billion, valuing the property, which includes retail and office space, at a whopping $5.5 billion, or $2,500/sf. That valuation compares with the $2.7 billion value pegged just three years ago on the property, which is undergoing a substantial expansion.

    Written on Monday, 02 March 2015 11:03 Read more...
  • Forest City Looks to Sell Assets

    Forest City Enterprises Inc. is looking to sell a number of properties as it continues to re-focus its portfolio. The properties that the Cleveland company would be offering include the Illinois Science and Technology Park, a life-sciences project in Skokie, Ill. It's also considering selling a portfolio of 33 apartment properties and four office properties.

    Written on Monday, 02 March 2015 10:45 Read more...
  • David Werner to Buy Charlotte Plaza for $160Mln

    David Werner has struck a deal to pay roughly $160 million, or $248.06/sf, for Charlotte Plaza, a 645,000-square-foot office building at 201 South College St. in downtown Charlotte, N.C. The New York investor is buying the property from Hines Sumisei U.S. Core Office Fund.

    Written on Friday, 27 February 2015 16:56 Read more...
  • LNR Offers Distressed $94.2Mln Loan on Government-Leased Portfolio

    LNR Partners has put on the sales market a $94.2 million nonperforming loan against a portfolio of 38 office properties leased primarily to government agencies. The Miami special servicer has hired Eastdil Secured to market the loan, which is among the largest in the collateral pool of LB-UBS Commercial Mortgage Trust, 2006-C7.

    Written on Friday, 27 February 2015 16:28 Read more...
  • Blackstone Seeks up to $15Bln for Latest Real Estate Fund

    Blackstone Group is in the market to raise up to $15 billion for what would be the largest ever real estate investment fund, topping its $13.3 billion predecessor. So far, it's lined up equity commitments from the Ohio Police & Fire Pension Fund and the Maine Public Employees' Retirement System, among others.

    Written on Thursday, 26 February 2015 16:22 Read more...
  • Landesbank Lends $278Mln Against America's Square in Washington, D.C.

    Landesbank Baden-Wurttemberg has provided $278 million of fixed-rate financing against America's Square, a 461,484-square-foot office property in the Capitol Hill submarket of Washington, D.C., that was recently purchased by Jamestown Properties for $496.9 million, or $1,077/sf.

    Written on Thursday, 26 February 2015 15:54 Read more...
  • MetLife Lends $220Mln Against Cleveland-Area Mall

    Metropolitan Life Insurance Co. has provided a $220 million loan against 662,127 square feet of the 909,127-sf Beachwood Place Mall in the Cleveland suburb of Beachwood, Ohio. The loan was used by the property's owner, General Growth Properties Inc., to replace $213.4 million of debt, some of which was securitized.

    Written on Wednesday, 25 February 2015 16:55 Read more...
  • LNR Offers 3 Beverly Hills Office Buildings; $80Mln Price Tag Seen

    LNR Partners has put up for sale three office buildings in Beverly Hills, Calif., that it took by foreclosing on a $47 million CMBS loan in 2012. The three buildings, commonly referred to as the Beverly Hills Office Pool, have a total of 208,872 square feet and collectively could sell for as much as $80 million, or $383/sf.

    Written on Wednesday, 25 February 2015 16:30 Read more...
  • Columbia Property Aims to Sell 14 Office Properties

    Columbia Property Trust, the former Wells REIT II Inc., has identified 14 suburban and single-tenant properties with 3.8 million square feet that it aims to sell this year. It expects that the properties will sell for up to $600 million, which would translate to an average capitalization rate of 7 percent to 8 percent. The proposed sales are part of the REIT's ongoing plan to reposition its portfolio.

    Written on Tuesday, 24 February 2015 13:57 Read more...
  • Former Head of CubeSmart Launches Self-Storage Lending Venture

    Dean Jernigan, the former chief executive of self-storage REIT CubeSmart, has formed Jernigan Capital Inc., through which he plans to provide financing against self-storage properties. He's looking to raise public capital for his venture, which would write loans against development and stabilized properties.

    Written on Monday, 23 February 2015 15:34 Read more...

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners
Private-Label CMBS - FY2014
Inv Bank #Deals Bal $mln MktShr%
Deutsche Bank 27.1  23,479.37 26.3
JPMorgan 18.6  13,752.01 15.4
Wells Fargo 17.2  13,085.05 14.6
Goldman Sachs 9.0  7,896.25 8.8
Citigroup 9.1  7,526.97 8.4

 

 

MOODY'S/RCA CPPI

 

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Top Loan Contributors
Private-Label CMBS FY2014
Lender Vol $mln MktShr%
Deutsche Bank 14,005.13 16.0
JPMorgan 11,440.63 13.0
Wells Fargo 5,849.16 6.7
CCRE 5,750.69 6.6
Citigroup 5,604.13 6.4

 

 

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REITCafe

  • West Coast Port Slowdown and Industrial REITs
    After nine months of labor negotiations and worsening cargo congestion at West Coast Ports, U.S. Labor Secretary Thomas Perez stepped in this week to help broker a deal between the union and shippers. The work slowdown is affecting the nation’s supply chain. Honda has reported a production slowdown because of parts....
     
  • New REITs Increase Investor Choices in 2015
    Three REIT IPOs in as many weeks could indicate a strong year ahead for new REIT formation. Robust REIT returns during 2014 created momentum for IPO activity. In addition, the market’s favorable reception of the widely-watched Paramount REIT (PGRE) and STORE Capital (STOR) IPOs in late 2014 has encouraged companies to....

  • REITs Start 2015 Strong
    One month in to 2015, REITs continue to outperform the broader markets. During January, the FTSE NAREIT All REIT Index total return measured 5.59 percent, compared to -3.00 percent for the S&P 500, -3.69 percent for the DJIA, and -2.13 percent for the NASDAQ. REITs are attractive to investors for a...
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