Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Wednesday, 13 October 1999

Carlyle Buys Newly Built Phoenix Office Building

Written by 
Rate this item
(0 votes)
October 14, 1999

NEWPORT BEACH, Calif. – Carlyle Realty paid $22 million for a newly constructed, 140,000-square-foot office building in the Gainey Center, a complex that is being developed in Scottsdale, Ariz.

Carlyle bought the building from Opus West Corp. of Phoenix, which is planning to develop a total of 280,000 sf at Gainey Center. The complex comprises the office component of Gainey Village, a mixed-use project that will include a high-end retail center, a luxury housing development and a residential/resort lodging facility.

Carlyle, a Washington-based investment firm, has already signed up four tenants to long-term leases covering 90,000 sf of the building. The leases are valued at nearly $23 million.

The four tenants are: Wells Fargo Bank (44,400 sf), Kutak Rock (23,000 sf), Saleslogix (17,000 sf) and Realty Executives (5,000 sf). The leases were arranged by Joseph Collura of ZKS Real Estate Partners.

Gainey Center I is Carlyle's second major investment in the Phoenix market in the past three months. In August, it bought the Airport Technology Center, a 196,000 sf building at 4127 East Van Buren.

Carlyle currently owns more than 8 million sf of office space, 10 million sf of industrial space and 5 million sf of retail space, as well as raw land and hotels.


weekly-call-to-action

“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Cities: Phoenix
  • States: Arizona
  • Sector: Office
  • Subject: Leases (LSE), Property Acquisitions (ACQ)
  • Valuation: Between $10 million and $25 million
Read 601 times

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
warehouse-backstage