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Thursday, 23 May 2002

West Regional Digest (5/24/02): Macerich Purchases Denver-area Malls

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May 24, 2002

Macerich purchases Denver-area malls
Denver Rocky Mountain News

DENVER – Macerich Co. beat out at least six competitors to buy Arizona-based Westcor, which owns the nearby FlatIron Crossing mall in Broomfield, according to unnamed sources quoted by Bloomberg News. FlatIron accounts for almost 10 percent of the 12.2 million square feet in regional malls that Westcor owns. Westcor owns 19 strip shopping centers with 14.7 million sf, including the mostly empty Crossroads Mall in Boulder.


New $225Mln, 1,125-unit hotel planned in Vegas
Las Vegas Review-Journal

LAS VEGAS – Mandalay Resort Group plans to begin building a $225 million, 1,125-suite hotel tower on the northwest corner of its Mandalay Bay megaresort. Construction of the 41-story tower is set to begin in September, with its opening slated for October 2003. But Mandalay's new tower will carry a separate name, a moniker Mandalay executives are still working on.


Ski resorts facing foreclosure action
Denver Post

DENVER – American Skiing Co. has warned that its real estate development subsidiary could lose prime resort parcels in Colorado, Utah and Vermont to lenders. American Skiing faces possible foreclosure from Fleet National Bank and other lenders that are owed $63.4 million, the Maine company said in a filing with the SEC. The company said it was trying to renegotiate terms of its loans, but that it couldn't guarantee a compromise. The subsidiary has pledged all of the developable real estate in The Canyons resort in Park City, Utah, and some parcels at Killington, Vt., and Steamboat ski resort as collateral. The Denver Rocky Mountain News also carried the news.


Federal agency to lease Colorado Springs, Colo., office space
Colorado Springs Gazette

COLORADO SPRINGS – The federal Joint Personal Property Shipping Office will lease the 23,000 sf, or the eighth floor, of the Plaza of the Rockies south tower in downtown. Because the agency found space to lease, the GSA has shelved plans to build a 90,000-sf tower in downtown for several agencies. The Shipping Office will move its Springs office in July from leased space on the city's east side to the Plaza of the Rockies south tower, southeast of Colorado Avenue and Tejon Street. The Plaza of the Rockies south tower, which opened in early 2001, is about 40 percent vacant.


Small San Jose, Calif., apartments fetch $136,904/unit

SAN JOSE, Calif. – A San Jose-based private investor has sold the 84-unit, Class-B Glen Willow Apartments for $11.5 million, or $136,904/unit. Michael Henshaw of Marcus & Millichap's Palo Alto, Calif., office and Mary Driedger, a principal with San Jose-based Associated Capital Consultants Inc., arranged the sale. The sale was part of seven other concurrent or subsequent apartment exchange transactions that Henshaw and Driedger managed for the seller. Henshaw and Driedger had represented the prior seller of the property when it sold in July 2000 for $9.8 million. Built in 1970, the property at 877 Willow St. is comprised of 66 one-bedroom/one-bath units and 18 two-bedroom/one-bath floor plans, ranging in size from 625 to 800 sf. Rental rates range from $944 to $1,700 per month. It is 95 percent occupied.


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


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  • Subject: 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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