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

Tuesday, 21 November 2017

Griffin Capital Selling DreamWorks Studio in Glendale, Calif., for $290Mln

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Griffin Capital Essential Asset REIT Inc. has struck a deal to sell the 459,770-square-foot DreamWorks Animation SKG Studio in Glendale, Calif., for $290 million, or $630.75/sf, to Hana Asset Management.

Griffin Capital, an El Segundo, Calif., non-traded REIT, had purchased the five-building office/studio property, at 1000 Flower St., just more than two years ago for $215 million. Its sale will be structured as part of a tax-deferred exchange - the REIT will effectively use proceeds to fund the purchase of other, potentially higher yielding properties. It was represented in the transaction by NKF Capital Markets' Shannon team.

When the REIT had purchased the property, it was fully leased to DreamWorks, a producer of animated films, which had signed a 20-year triple-net lease for its space. It has options to extend its lease by up to four additional five-year terms.

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“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: Los Angeles
  • States: California
  • Sector: Industrial, Office, Other
  • Subject: Property Acquisitions (ACQ)
  • Valuation: More than $150 million
  • Private: Yes
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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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

 

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CMBS 2.0 Spreads

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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

 

 

 

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