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Monday, 27 May 2002

West Regional Digest (5/28/02): Forest City Cuts $400Mln Oakland Plan in Half

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May 28, 2002

Massive Oakland plan gets cut in half
San Francisco Business Times

OAKLAND, Calif. – The development firm charged with transforming Oakland's languishing Uptown neighborhood chopped its building plans by more than 50 percent, with the city citing changes in market conditions. As city officials agreed to extend Forest City's negotiating rights on the site for another year, they announced the development firm is now planning: 807 apartment and condominium units; 50,000 square feet of commercial space; student housing; and a 45,000-sf supermarket. This new proposal is significantly reduced from the original $400 million Forest City plan, which included 2,000 housing units and nearly 100,000 sf of commercial space on 12 acres bound by 17th and 21st streets and San Pablo and Telegraph avenues.

Rosche to sell site of Niketown, GameWorks at a loss
Puget Sound Business Journal (Seattle)

SEATTLE – A prospective buyer has emerged for downtown Seattle's trendy Meridian complex, home of Niketown and GameWorks, at a price at least $8 million less than the current owner paid five years ago. The owner, Rosche Meridian Interests LP, has selected a buyer from a field of competing bidders, said the real estate broker marketing the property. The price is expected to be less than $70 million, compared to the $78 million Rosche Meridian paid for the complex in 1997. The lower price is in part a result of the vacancy created by Planet Hollywood's departure from the complex last year.

Beverly Hills approves $47Mln hotel project
Los Angeles Times

BEVERLY HILLS, Calif. – City officials have approved what would be the city's first hotel in more than a decade. The developer of the Hotel Bel Jardin expects to break ground by early next year. Steven Crowe, who heads Santa Monica-based Hotel Development Group, hopes to secure financing within a few months for the 133-room hotel along the south side of Wilshire Boulevard between Maple and Palm drives. Crowe and his local partners plan to develop the hotel on a portion of the former Hillcrest Motors site just east of the city's core commercial triangle. The proposed four-story building over a two-level underground parking garage would cost about $47 million.

$25Mln redevelopment set for Phoenix building
The Business Journal of Phoenix

PHOENIX – Another Phoenix landmark is in the hands of resort developer Fred Unger, and this time it's in downtown Phoenix. Unger, who revived the Hermosa Inn and the Royal Palms Inn, and businessman Mark Doerflein are the new owners of the 12-story building at the southeast corner of Central Avenue and Monroe Street. The $3.24 million sale closed May 20. The building's new name is The Monroe. Unger said the plan is to convert the former office building, called the Professional Building, into a mixed-use structure that will include: a 56-room boutique hotel; 26 for-sale condominiums; restaurants; and retail space. The redevelopment could cost upwards of $25 million.

J St. apartment plan may stall at old hotel in Sacramento
Sacramento (Calif.) Business Journal

SACRAMENTO – Developer Dean Ingemanson wants to build a 150-unit apartment building with ground-floor retail on a half-block in downtown Sacramento that includes the Biltmore Hotel. Preservationists, however, might stand in the way. Ingemanson controls all buildings but one on the north side of J Street between 10th and 11th streets, and he wants to develop the site. His new project would be one of the biggest recent apartment developments in the central business district, rivaled only by the 200-unit apartment building he's planning a block and a half west at the Metro Place site. But the preservationists are moving to add the Biltmore to an existing historic district – something that Ingemanson thinks would make the hotel virtually undevelopable.

County eyes development of 200 Mather Field acres in Sacramento
Sacramento (Calif.) Business Journal

SACRAMENTO, Calif. – The county is preparing to open another 200 acres for development at Mather Field – enough land for a major business park or 2 million to 3 million sf of industry and offices. The county is acting because Mather Commerce Center, a business park on the north side of the old military base, is filling up, and demand for more space in the area is likely to continue. Paul Hahn, the county's economic development director, has begun a study that will look at what opening the empty 200 acres for development would mean. The site is surrounded by other planned projects, so it's almost certain to be developed too. Developers could ultimately spend $120 million to buy and build on the land, or more if the development of new offices is substantial.

First Industrial REIT buys Calif. business park for $5.8Mln
Los Angeles Times

SANTA FE SPRINGS, Calif. – First Industrial Realty Trust has purchased the seven-building, 105,000-sf Shoemaker Business Park at 14928-14948 Shoemaker Ave. for $5.8 million from Roll Properties International. Colliers Seeley International and Mike Hefner of Voit Commercial Brokerage represented the buyer and the seller. Mercado Del Rio Properties has purchased the 38,461-sf Mercado Del Rio shopping center at 22200-22290 La Palma Ave. in Yorba Linda from Mercado Del Rio Investors for $5.7 million.

Inland provides $4.3Mln bridge loan for Vegas retail center

LAS VEGAS – Inland Mortgage Corp. has provided a $4.3 million bridge loan for the purchase of the 48,100-sf Desert Inn – Pecos Shopping Center here. The 18-month loan carries two six-month extension options. Desert Inn – Pecos Shopping Center was 47 percent occupied at closing. The borrower plans to spend more than $1.4 million on facade renovations and tenant build-out to improve the center, which was originally constructed in 1986.

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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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