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Monday, 25 March 2002

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

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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.


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Data Digest







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




cppichart FP



CMBS 2.0 Spreads


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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