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Sunday, 09 June 2002

West Regional Digest (6/10/02): $80Mln in Financing Provided for Denver Spec Project

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June 10, 2002

Denver's spec project gets $80Mln
The Denver Business Journal

DENVER – Denver's skyline should have a new look in May 2003 when Legacy Partners Commercial Inc. completes a 10-story building in the Central Platte Valley. The 285,000-square-foot office building will be at 1551 Wewatta St. Rent for office will start at $24/sf plus base operating costs. The plaza is being built on spec. Financing for the estimated $80 million building is being provided by Kennedy Associates.

Lake Oswego, Ore., builder unveils plans for $33.9Mln office complex
The (Portland) Oregonian

LAKE OSWEGO, Ore. – Equity Office Properties Trust plans to start construction within 30 days on a $33.9 million office complex called Kruse Way V, which is tentatively scheduled to open late next year. The building will offer 184,000 sf of Class-A office space. Leasing rates are expected to run about $28/sf, which is comparable to the top office spaces in downtown Portland.

HomeStreet Capital provides financing for Vancouver, Wash., apartments

VANCOUVER, Wash. – HomeStreet Capital has provided a 10-year loan for $8.25 million in permanent financing through its Fannie Mae Delegated Underwriting and Serving program for Sterling Heights Apartments. The 143-unit apartment complex is at 1115 S.E. Ellsworth Road in Vancouver's Cascade Park neighborhood. The project was built in 2001 by the current owners, Sterling Heights LLC, a Washington limited liability company. The project consists of 20 buildings: 12 apartment structures and eight combined apartment/garage structures. The average monthly rent is $768. Lease-up began in late September of 2001, with the project now stabilized.

Historic Portland building upgrade costs $65Mln
The (Portland) Oregonian

PORTLAND, Ore. – A technical analysis of Meier & Frank's historic downtown building concludes it would cost nearly $65 million to upgrade the building for a Meier & Frank department store and upper-level offices. The analysis assumes that Meier & Frank would continue to occupy the building's first five floors and four lower or basement levels, containing 270,000 sf of usable space. Floors six through 16 would be converted to about 283,000 sf of office and storage space.
A seismic upgrade would cost an estimated $22.2 million. Renovation of lower-level floors for Meier & Frank would run about $6.4 million, while major upgrades of upper levels for office tenants would cost about $22.6 million.

Firm to restore historic Valley Ho resort in Scottsdale, Ariz.
The Business Journal of Phoenix

SCOTTSDALE, Ariz. – The Valley Ho resort is closed in anticipation of a multimillion-dollar refurbishment that will restore its original luster. The property, built in 1956, also is under consideration to be added to Scottsdale's historic register, and it has new owners. Westroc Hospitality purchased the property in May and plans to infuse at least $10 million into the renovation. Its reopening is scheduled for fall 2003.

Work to start this summer on downtown Davis, Calif., project
Sacramento Business Journal

DAVIS, Calif. – The owners of the demolished Terminal Hotel in downtown Davis plan to start building its replacement as soon as August – a mixed-use building of stores, offices and apartments. The two-story Terminal Hotel, built in 1925, had become decrepit when it was torn down in September 2000, leaving behind a fenced-off pit on a street lined with art galleries, small shops and popular restaurants. Opponents had tried to preserve the building as prominent reminder of how downtown Davis looked for most of the 20th century. The site's owners, Grace and Lee Chen, plan to build a four-story, mixed-use building that could be the model for future redevelopment downtown. The building would have retail and restaurant space on the first floor, offices on the second, and apartments on the third and fourth floors.

Woodland council rejects Ace Hardware warehouse in Sacramento
Sacramento (Calif.) Business Journal

SACRAMENTO, Calif. –Woodland has rejected Ace Hardware's initial plan to build a 1.2 million-square-foot warehouse and office complex that would employ 300 people. The 3-1 vote by the City Council Tuesday is a sign the city's love affair with warehouses is ending. The Ace deal would have been the first project in developer Gerry Kamilos' plan to develop more than 500 acres he intends to buy from Imperial Sugar Co., which makes Spreckels Sugar and owns an unused plant just north of Woodland. But the Ace project might not be dead. After the meeting, Kamilos worked out a tentative deal with city manager Richard Kirkwood that includes planning the larger project for non-warehouse uses after the city accepts Ace.

BART looks on track for new HQ at Sears
San Francisco Business Times

SAN FRANCISCO – BART is in discussions to move its headquarters into some or all of the 200,000 sf available above Sears in downtown Oakland. Bill Cumbelich, a leasing agent for CAC Group, which represents building owners the Songy Partners Ltd., would not comment on the matter. The space in question includes floors three through six of the 1945 Broadway building located between 19th and 20th streets, which was acquired by Songy in June 2000. Sears, which takes up the first and second floors of the building, is considered an anchor tenant of Oakland's Uptown area.

Centex leases 40,572-sf office in Ariz.

SCOTTSDALE, Ariz. – Centex Homes has leased 40,572 sf of office space at the Koll Perimeter Center. The lease is valued at roughly $4.9 million. CB Richard Ellis negotiated on behalf of the landlord, Koll Development Co. Koll Perimeter Center is in North Scottsdale at 8665 E. Hartford Drive. The Class-A office complex features a pair of two-story buildings totaling 212,000 sf on 16.67 acres of land. The structures boast unobstructed views of the McDowell Mountains.


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Additional Info

  • Syndicate to Realpoint: No
  • Subject: West Regional Digest (WDIG)
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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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