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Thursday, 11 August 2011

Legacy Sells Brookfield Stake in 6 West Coast Properties

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Commercial Real Estate Direct Staff Report

Legacy Partners sold a stake in six West Coast properties with 915,000 square feet to Brookfield Asset Management.

Their venture also bought the debt against the portfolio of five office buildings and one industrial facility and obtained a new $90 million loan from an investment fund managed by Mesa West Capital of Los Angeles. The fresh debt is a short-term loan that the venture could draw on to help stabilize the portfolio, which is about 70 percent occupied.

Legacy, a Foster City, Calif., investment manager, in 2007 acquired the properties on behalf of its Legacy Partners Realty Fund II for more than $200 million in separate deals.

The office properties include the 138,025-sf San Mateo Plaza office complex that Legacy acquired for $48.5 million, and the Seattle Post-Intelligencer Building, with 100,000 sf in Seattle that was purchased for $40 million.

The other office properties are the 367,416-sf Stanford Place III building, at 4582 South Ulster St. in Denver, and 11121 and 11241 Willows Road N.E., with a combined 130,972 sf in the Quadrant Willows business park in Redmond, Wash.

The Mesa fund that provided the portfolio's fresh debt is Mesa West Real Estate Income Fund II, which raised more than $614.5 million of equity commitments last year and is still in its investment phase.

Comments? E-mail John Covaleski or call him at (267) 247-0112, Ext. 208.



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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Industrial, Office
  • Subject: Property Acquisitions (ACQ)
  • Company: Brookfield Properties
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Data Digest

 

CMBS Deliquency Volume

dqdataFP1

 

CMBS Special Servicing Volume

sschartfp

Top Bookrunners
Private-Label CMBS

1H2014

Investment Bank

#Deal

Bal $mln

Mkt
Shr%

Deutsche Bank

16.0

12,761.50

32.44

JPMorgan

6.10

4,856.29

12.35

Wells Fargo

8.11

4,790.00

12.18

Citigroup

4.33

3,750.65

9.54

Goldman Sachs

4.00

3,722.62

9.46

 

Moody’s/RCA CPPI

cppichartAFP

 

CMBS Pricing Matrix (Legacy AAA Spreads)

AAAspreadsFPa

 

Top Loan Contributors
Domestic, Private-Label CMBS - 1H2014

Lender

Vol $mln

Mkt
Shr%

Deutsche Bank

8,118.01

20.87

JPMorgan

4,486.83

11.53

CCRE

3,064.41

7.88

Citigroup

2,779.70

7.15

Goldman Sachs

2,604.85

6.70

 

 

 

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