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

Sunday, 19 May 2002

West Regional Digest (5/20/02): Developer to Spend $100Mln for Downtown Sacramento Apartments

Written by 
Rate this item
(0 votes)
May 20, 2002

Developer seeks more downtown Sacramento apartments
Sacramento (Calif.) Business Journal

SACRAMENTO, Calif. – CIM Group intends to spend up to $100 million to build as many as 500 apartments on four locations in downtown Sacramento. Two projects have been public for a month or longer: the old Woolworth building at 1000 K Street, and Metro Place, the vacant half-block at Ninth and K Street. John Given, CIM's senior vice president of development, would not name the other sites he's looking at. Observers say he is talking with landowners on K Street in the vicinity of the Westfield Shoppingtown Downtown Plaza mall. CIM plans mixed-use projects that would add stores, restaurants and possibly more entertainment to the central city.


Mandalay Resort to resume construction on Vegas strip mall
Las Vegas Review Journal

LAS VEGAS – Mandalay Resort Group will resume construction this fall of a retail mall linking the company's Mandalay Bay and Luxor, although the new version of the project will be significantly smaller than was originally planned. Luxury retailers Louis Vuitton and Fendi have signed letters of intent to lease space in the planned 100,000-square-foot complex that is scheduled to open in fall of 2003. With 33 shops and restaurants, the project will provide the largest retail offering at the south end of the Strip, where Mandalay Resort Group has more than 11,000 hotel rooms at its Mandalay Bay, Luxor and Excalibur. Development of Mandalay Place was temporarily cancelled in 2000 after Nordstrom Inc. backed out of plans to build a 210,000-sf store in a 1.2 million-sf version of the Mandalay retail mall.


2 builders step up for Oakland City Center
San Francisco Business Times

SAN FRANCISCO – At least two developers have told Oakland they would like a shot at developing a city-owned downtown site where Shorenstein Co. wants to give up development rights. But, though Camden Development and Archstone Communities have expressed interest in taking over the property at 14th and Jefferson streets, the city will likely go instead through a request for proposals process. Oakland officials on May 21 will also consider revising their 2000 agreement with Shorenstein on two remaining city center plots, on which the developer is scheduled to build two more office towers.


Local contractor grabs piece of $141Mln fed deal
San Francisco Business Times

SAN FRANCISCO –The federal government has awarded an office building contract to Nibbi Bros. and its partner, Pittsburgh's Dick Corp. At $141.5 million, it's easily one of the largest construction contracts awarded in San Francisco in 2002. Nibbi, in a joint partnership with Dick Corp., will build the 18-story, 600,000-sf office building in San Francisco at Seventh and Mission streets. Construction will start this summer with a 2005 completion target.


Automotive center going to Lesnick Lane in San Fran
East Bay Business Times

SAN FRANCISCO – Cole European Motors will move its automotive service center to a neglected piece of property once strewn with trash and weeds near downtown Walnut Creek. The 22,000-sf industrial building on Lesnick Lane had sat empty for a year or more, but had never carried a "For Sale" sign. The owner of the 1.4-acre site is Winship Properties. The 15-year lease totals more than $7 million.


Commercial development advances in El Dorado Hills
Sacramento Business Journal

EL DORADO HILLS, Calif. – El Dorado Hills commercial activity has picked up to meet the demand of new homes in the area. Stores are coming out of the ground in Town Center East and Investment Plaza continues to fill up. Much of the commercial building is centered on El Dorado Hills Boulevard and Latrobe Road, near the Highway 50 interchange. He said many of the master-planned developments have been approved for 10 years or more, but growth in El Dorado Hills had to reach a threshold before major retailers would locate there.


Presidio to convert decaying hospital to apartment, hotel space
San Francisco Business Times

SAN FRANCISCO – The Presidio Trust plans to convert a decaying hospital into apartments and create 200,000 sf of hotel space as it steps up development and leasing efforts at the former military base. At 310,000 sf, the Public Health Hospital is the single biggest building remaining on the Presidio. It has sat vacant for a decade. Despite being fenced off, there are broken windows and other signs of vandalism. Originally, it was going to be turned into office space.


Quadrant in a hurry to shed Auburn, Wash., property
Puget Sound Business Journal (Seattle)

AUBRUN, Wash. – Quadrant Corp.'s status as a major landowner around the SuperMall in Auburn may be finally coming to an end. The company plans to auction off about 25 acres of developable land along the edges of the shopping center, most of it remnants of the property Quadrant repossessed in 1998 through a foreclosure against the mall's prior ownership group. The property to be auctioned is zoned for commercial and retail use. The largest parcel to be auctioned is a 9.5-acre site sandwiched between the east side of the mall and the neighboring Regal Cinemas 17-screen multiplex. Other parcels include large sites to the north and south of the movie theater, and a line of properties along 15th Street Southwest, at the southern border of the SuperMall.


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: West Regional Digest (WDIG)
Read 430 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