A venture of MRP Realty and Rockpoint Group Inc. is offering for sale Bethesda Crossing, with 700,000 square feet of office space in the Washington, D.C., suburb of Bethesda, Md. The property, the largest office property in Bethesda, is being offered through Cassidy Turley and could sell for $325 million.
JPMorgan Asset Management is offering a $50 million mortgage against the Clock Tower Place, a historic 1.1 million-square-foot office complex in the Boston suburb of Maynard, Mass. The loan is performing, but that's not expected to last as one of the property's main tenants is moving out at the end of the year.
A venture of NorthStar Realty Finance and Redico has agreed to pay Koman Cos. $142 million, or about $161/sf, for the CityPlace Campus, an 884,308-square-foot office complex in the St. Louis suburb of Creve Coeur, Mo. The property backs a $112.7 million CMBS loan whose term was extended through next month as part of a loan modification.
Cantor Commercial Real Estate has provided $145 million of financing against 80-90 Maiden Lane, a 583,746-square-foot office property in lower Manhattan, allowing an $82.6 million CMBS loan to get defeased, or replaced with government securities.
KBS REIT II is in the market to sell the Pierre LaClede Center, a 581,095-square-foot office complex in Clayton, Mo., that's expected to fetch at least $170/sf, or $100 million. It's tapped HFF to offer the two-building complex, which KBS had purchased in 2010 for $74.25 million.
KBS REIT II Inc. is offering for sale the National City Tower, a 723,300-square-foot office building in downtown Louisville, Ky. The non-traded REIT had purchased the 40-story building in 2010 for $115 million. It's seen selling for $130 million.
Aegon USA Realty Advisors Inc. has struck a deal to sell the 970,368-square-foot Interstate North Office Park in Atlanta to a Chicago investor for roughly $90 million, or $93/sf. It had offered the 11-building property through Cushman & Wakefield. The Chicago investor turned in the second highest offer. Aegon, for unknown reasons, was unable to strike a deal with the top bidder.
The first of six scheduled CMBS conduit transactions priced late last week at levels that were substantially tighter than the last conduit, which priced three weeks earlier. That's despite the fact that the transaction's A-J class carried split ratings. Moody's rated it Aa1, while Fitch and Kroll gave it their AAA ratings.
Voya Investment Management has provided $105 million of financing against the Atlantic Terminal Mall, a 370,000-square-foot retail property in Brooklyn, N.Y. The fixed-rate loan matures in 2024 and replaces financing that was provided in 2005 by TIAA-CREF.
Deutsche Bank won the bidding for a portfolio of $135 million of performing commercial mortgages from Nationwide Life Insurance Co. The bank is said to have paid a price north of par for the portfolio, which included some $25 million of what have been described as subperforming loans. Eastdil Secured advised Nationwide.
Strong August REIT Performance Fueled by a healthy economic outlook, improving real estate market fundamentals, and ongoing low interest rates, REITs experienced strong growth in August. The 3.38 percent monthly gain in the FTSE NAREIT all REIT Index was not as strong as the NASDAQ (4.82 percent) or the S&P 500 (4.00 percent) and only...
REITs Set to Emerge in India in 2015 After more than five years, India is poised to become the latest country to offer REITs. The process that began in 2008, but was derailed by the financial crisis, should reach fruition in 2015. In July, India’s Finance Minister awarded tax pass-through status to REITs, exempting them from federal taxes as...
The Debut of Telecom REITs Telecommunications network assets are the latest specialized REIT category to make industry waves. In late July, Arkansas-based Windstream (WIN) received a private letter ruling from the IRS for its plan to create a REIT that will own its fiber optic and copper cables, as well as other fixed real estate assets...