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

Sunday, 23 January 2005

German Syndicator Buys Stake in Newark, N.J., Offices

Written by 
Rate this item
(0 votes)
January 24, 2005

Commercial Real Estate Direct Staff Report

Dr. Peters Group, a German syndicator, has paid roughly $42.6 million for an 80 percent interest in 550 Broad St., a 291,000-square-foot office building in Newark, N.J.

The interest was purchased from Heritage Management Co., a Ridgewood, N.J., real estate company. Heritage acquired the property in 2001, when it was only 50 percent leased, for $23.5 million. The building is now 90 percent leased to tenants including SBLI Insurance, American Express, MBL Life Insurance Corp. and Bank of Nova Scotia.

Dr. Peters Group's interest includes a share of a $30.25 million mortgage, with a 10-year term, that Heritage has lined up from Banc of America Securities.

The BofA loan was used to pay off a $27 million loan that Bank of New York provided in 2003.

Heritage will continue to manage the 18-story property, which was constructed in 1965 for First Fidelity Bank. The bank was acquired several years ago by what is now Wachovia Bank.

The property is in the heart of Newark's central business district. It is a block from Route 21, a major thoroughfare in the city, and close to the Gateway office complex, a major commuter rail hub, an arts center and a minor-league baseball stadium.

Heritage said the investment marked the first time a German investment entity had invested in the Newark office market. Dr. Peters Group, a Dortmund, Germany, syndicator, is advised by Oxygen Investments. It has raised more than $2.2 billion of equity from 35,000 investors since its founding in 1960. It has invested more than $4.7 billion since then.

Heritage, which owns some 2 million sf of commercial space throughout the country, was advised on the sale by Trammell Crow Co.


Comments? E-mail Orest Mandzy, or call him at (267) 247-0112, Ext. 211.


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: Newark
  • States: New Jersey
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
  • Company: TriNet Corporate Realty Trust
  • Valuation: Between $25 million and $50 million
Read 246 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