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

Monday, 25 March 2002

West Regional Digest (3/26/02): Palladium Abandons San Jose, Calif., Project

Written by 
Rate this item
(0 votes)
March 26, 2002

Palladium abandons San Jose, Calif., project
San Jose (Calif.) Mercury News

SAN JOSE, Calif. – Palladium Co. has abandoned plans to build a $1 billion retail, entertainment and residential project because of the softened economy. Whatever project comes next is bound to be significantly smaller than the mammoth development Palladium had planned. The company wanted to build 500,000 square feet of retail space, a 350-room hotel, 350,000 sf of office space and more than 1,000 residential units on five city blocks.


4 real estate veterans form JV
Los Angeles Times

ALISO VIEJO, Calif. – Four experienced Southern California real estate developers have formed a venture that plans to invest as much as $75 million a year in each of the next two years to turn around underperforming office and industrial properties. The venture, called Parker Hansen, is led by John Parker of Parker Properties and Erik Hansen, formerly managing partner of the Southern California region for Legacy Partners Commercial. The two other partners are Russell Parker and Lee Redmond, both executives at Parker Properties. The new venture will focus on deals ranging from $5 million to $50 million.


Denver apartment complex fetches $40.3Mln
Denver Rocky Mountain News

THORNTON, Colo. – Baron Properties paid $40.3 million for a luxury apartment community, the most paid for an apartment complex so far this year. Its purchase of the 384-unit Red Hawk Ranch Apartments at 12150 Washington Center Parkway marks its third buy, for a total of $87 million. Monthly rents run from $850 to $1,250.


La Paz Office Plaza purchased
Los Angeles Times

LAGUNA HILLS, Calif. – Tomlinson Family Trust bought the 180,000-sf La Paz Office Plaza at 25200-25431 Cabot Road from Prime Real Estate Equities I. Terms of the deal were not disclosed, but industry sources believe the selling price was about $26 million. Grubb & Ellis represented the buyer. CB Richard Ellis represented the seller. Meanwhile, Regency Centers sold its 127,132-sf Plaza de Hacienda shopping center in La Puente to Plaza de Hacienda LLC for $18.1 million. CB Richard Ellis represented the buyer and the seller.


ARCS arranges $16.5Mln through Fannie Mae DUS for Calif. apartments

HUNTINGTON BEACH, Calif. – ARCS Commercial Mortgage Co. has arranged a $16.5 million loan through its Fannie Mae Delegated Underwriting and Servicing program for the 277-unit Seawind Village Apartments. The 25-year loan amortizes over 30 years and carries a 7.4 percent interest rate.


Industry news: Mission Viejo retail center purchased for $14.8Mln
Los Angeles Times

MISSION VIEJO, Calif. – Birtcher Properties has purchased the 98,171-sf Market on the Lake retail center at Marguerite Parkway and Vista del Lago from the estate of James Campbell of Hawaii for nearly $14.8 million. Grubb & Ellis represented the buyer and the seller. In addition, JH Real Estate Partners bought the 253-unit Carreon Villa apartment complex at 82-165 Doctor Carreon Blvd. in Indio for nearly $12.8 million from 7709 Lankershim Ltd. Marcus & Millichap represented the buyer and the seller


$3Mln provided for Hollywood apartments

LOS ANGELES – Marcus & Millichap has arranged $3 million of fixed-rate financing on Rodeo Apartments, a 93-unit garden-style apartment complex. The building is one block south of Sunset Boulevard and just east of Highland Avenue on Leland Way. The complex was built in 1987. A Fannie Mae lender originated the refinance at a 7.08 percent interest rate, with a 15-year amortization. The financing was arranged through the firm's Ontario, Calif., office.


Northrop moving to Candle building
Los Angeles Times

EL SEGUNDO, Calif. – Northrop Grumman Corp. will move its Joint Strike Fighter engineering group into an 85,000-sf floor of an El Segundo office building that also serves as headquarters for software specialist Candle Corp. The Candle building is one of the options being considered for a larger JSF facility, which ultimately could house 1,000-plus employees in 300,000 sf or more of offices. Northrop has been using a small office in the Candle building as an employment center, and engineering personnel will begin taking over the four-story building's third floor in early April.


Sacramento office complex sells for $7Mln
Sacramento (Calif.) Bee

SACRAMENTO, Calif. – Meadowview Limited Partners paid nearly $7 million for the 40,000-sf, two-story Riley Professional Center office complex in central Folsom.


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


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
  • Subject: Property Acquisitions (ACQ), West Regional Digest (WDIG)
Read 636 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