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Tuesday, 30 April 2002

Wilmorite, Alaska Permanent to Own Tysons Corner Center

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May 1, 2002

Commercial Real Estate Direct Staff Report

Wilmorite Properties Inc. has agreed to buy a stake in Tysons Corner Center, in McLean, Va., a 2 million-square-foot regional shopping mall that's widely considered among the country's top performers.

The Rochester, N.Y., company had long been rumored to be buying a piece of the property from investors advised by L&B Realty Advisors. Today, it announced that it had reached an agreement to own the property in a venture with Alaska Permanent Fund, which already owns a stake in the property.

Wilmorite, which will assume management of the upscale property, did not say how much it was paying, nor how much of a stake it was buying. However, the property is believed to have been valued at about $550 million. And Alaska Permanent's stake was formerly 56 percent, indicating that Wilmorite acquired 44 percent. If the valuation is correct, it paid about $242 million for its stake.

The word is that the venture is assuming the property's current debt – a $220 million mortgage that Metropolitan Life and the New York State Teachers Retirement System had provided about five years ago. Wilmorite has raised cash from institutional investors for its purchase. But given the value of the property, it's a good bet that Alaska Permanent and Wilmorite will soon be in the market for additional debt.

Tysons Corner Center generated sales of nearly $700 million last year. The property is anchored by Hecht's, Lord & Taylor, L.L. Bean, Bloomingdale's, Nordstrom and J.C. Penney. It has an additional 240 inline stores.

Wilmorite owns and manages 17 million sf of retail space in 13 regional malls and two open-air centers. The most notable properties are the Danbury Fair Mall in Danbury, Conn., and the Freehold Raceway Mall in Freehold, N.J.

Morgan Stanley Realty advised Wilmorite on the sale, while Eastdil Realty advised L&B on its sale.


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


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Additional Info

  • Syndicate to Realpoint: No
  • States: Virginia
  • Sector: Retail
  • Subject: Institutional Investment (INS), Property Acquisitions (ACQ)
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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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