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Tuesday, 01 August 2000

West Regional Digest (08/02/00): Benvenuti buys West Sacramento properties from Spieker

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August 2, 2000



Benvenuti buys West Sacramento properties from Spieker
The Sacramento Bee, August 2

SACRAMENTO, Calif. – Sacramento developer Joe Benvenuti's JB Co. closed on the purchase of five buildings in West Sacramento from Spieker Properties Inc. No prices were revealed for the Spieker portfolio, but industry sources said JB Co. probably is paying about $50 million. The sale of the buildings – three in the Riverside Business Center near Reed Avenue and Interstate 80 and the two-building Seaport Industrial Park near the Port of Sacramento – is the first of several deals with Spieker that will total 12 buildings and about 1.1 million sf. Benvenuti is buying the package with proceeds from the recent sale of Renaissance Tower in downtown Sacramento for a reported $51 million.


Sacramento's Governor's Square apartments sold again
The Sacramento Bee, August 2

SACRAMENTO, Calif. – Watt Property Management Inc. has purchased the Governor's Square apartments in downtown for a reported $29.5 million. This is the second time in two years that the 302-unit complex has changed hands. Avalon Bay Communities bought Governor's Square in 1997 for $24.7 million from ACF Property Management of Sherman Oaks. Charles DeLoney of CB Richard Ellis said Governor's Square would cost $140,000/unit to build anew. The property is 30 years old.


Silicon Valley landlords take, give back
The Wall Street Journal, August 2

SAN CARLOS, Calif. – With Silicon Valley office rents skyrocketing, some landlords are willing to take back leased space with no penalties to the tenant. By taking back the space, especially from cash-strapped dot-coms, building owners can re-lease it for a lot more money. In some cases, landlords are even willing to cut the old tenant in on some of the profit. Recently, Spieker Properties cancelled InsWeb Corp.'s lease for 160,000 sf in the REIT's Skyway Landing office project in San Carlos. Spieker now has that space on the market for about $80/sf – more than double what the Internet insurance firm agreed to pay last year. If Spieker succeeds in re-leasing the space, InsWeb gets to share in the profit for a limited period of time. The dot-com is moving to less expensive space in Sacramento, after it passed on an option to sublease the space itself and keeping all the profit.


The boom is back at Hawaiian hotels
The Wall Street Journal, August 2

MAUNA LANI, Hawaii – After a decade-long tourism drought, Hawaii's high-end hotels are brimming with customers. Occupancy rates are up statewide to about 76 percent, from 72 percent in 1999, according to Smith Travel Research, and they are up to nearly 83 percent on the island of Maui. Spurred by these attractive statistics, developers are dusting off long-shelved expansion plans. Hilton Hotels Corp. is adding another tower and selling new timeshares at its Hawaiian Village resort, where business is up around 50 percent in 2000. Starwood Hotels & Resorts Inc. is spending $50 million to refurbish some properties and recently opened a hip W hotel in Honolulu.


L.A. looks to limit telco hotels
The Wall Street Journal, August 2

LOS ANGELES – City officials are mulling ordinances that would limit the spread of telco or carrier hotels. Though the facilities in downtown Los Angeles have helped raise overall office leasing in 1999 to 1.69 million sf – of which two-thirds came from carrier hotels – from 721,000 sf in 1998, some people are worried that more carrier hotel space could transform downtown into a warehouse district. They fear that the facilities threaten to create little ghost towns, where buildings are inhabited by machines instead of people – a reality that would scuttle the city's goal of creating a vibrant downtown where people live and work.


Commercial Real Estate Direct provides links to full stories where available.




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  • Subject: Property Acquisitions (ACQ), West Regional Digest (WDIG)
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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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