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Sunday, 07 July 2002

West Regional Digest (7/8/02): Giant Project Planned for Silicon Valley

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July 8, 2002

Giant project planned for Silicon Valley
Silicon Valley/ San Jose Business Journal

SAN JOSE, Calif. – San Jose Land Co., the real estate arm owned by the same corporation as the San Jose Water Co., wants to convert nine downtown acres of blacktop parking lots across from Compaq Center into a gigantic project of 1.2 million square feet of office, retail and housing. The company has applied to the city of San Jose for the right to develop as many as four high-rise towers on the two adjacent tracts. Plan call for an L-shaped, 325-unit residential tower on the western property, and three commercial towers on the eastern property.


Impac Logistic Services leases building at Watson Industrial Center South

CARSON, Calif. – Watson Land Co. has leased a 128,140-sf building in Watson Industrial Center South to Impac Logistic Services. Impac has signed a five-year lease valued at roughly $3.5 million. For the past year, Impac, a garment distribution firm, has operated in an adjacent 60,000-sf space in Watson Industrial Center South. Brett Dedeaux and James Abbott of Binswanger represented Impac in the deal, while Watson Land was represented in-house by Kirk Johnson and Lance Ryan.


Industry news: ATEL leases space in San Francisco
San Francisco Business Times

SAN FRANCISCO – ATEL Capital Group has signed a 10-year lease for nearly 20,000 sf at 600 California in a deal that includes a year's free rent and $50/sf in tenant allowances. ATEL, which is relocating from 235 Pine, was represented by Grubb & Ellis' Rob Dumas. Nick Slonek of CB Richard Ellis represented the landlord, Deka of Germany.


Pixar to expand Bay Area campus
San Francisco Business Times

EMERYVILLE, Calif. – Pixar has told city officials it will soon move forward with the 200,000-sf second phase of its Emeryville corporate campus. The computer animation company's original plans, submitted in 1996, called for 415,000 sf of space, around half of which has been developed so far. It put the second phase at the corner of Park and Hollis, on the company's existing 14 acres.


Biotech may not be the cure for San Francisco real estate ills
San Francisco Business Times

SAN FRANCISCO – After Signature Bioscience signed a lease last fall for 85,000 sf of former dot-com space, hope abounded in San Francisco's real estate community that biotech would be the next big thing. But as San Francisco's vacancy rate reached 24.5 percent last month, there is a growing consensus that biotech tenants will not be more than a marginal cure for the city's real estate ills. Signature may have been the first biotech to put down roots in San Francisco, but it has also been the last. Even Mission Bay, the sprawling 300-acre bayfront project that hoped to become a biotech hub, has failed to secure its first biotech tenant, despite several near-misses and one deal still in negotiation.


Gray Cary keeping Selig option on ice for a year
Puget Sound Business Journal (Seattle)

SEATTLE – Martin Selig's new office project in Seattle's International District has still not landed the California-based law firm that initially agreed to lease the top three floors of the 10-story building. Gray Cary Ware & Freidenrich LLP has signed a one-year lease for the 69th and 70th floors in the Bank of America Tower, said Gray Cary attorney Stellman Keehnel. The firm on July 1 moved into the space vacated last year by Cairncross & Hempelmann PS. Selig's Union Station project is still under construction.


Hill-Raaum buys Tally HQ in Kent, Wash., for $5.25Mln
Puget Sound Business Journal (Seattle)

KENT, Wash. – Local real estate firm Hill-Raaum-Pietromonaco has paid $5.25 million for the Kent factory and U.S. headquarters of German computer-printer manufacturer Tally AG. Tally will lease back its 133,000-sf building in Kent from Hill-Raaum for one year. The company may then move to a more modern facility. About 95 percent of Hill-Raaum's portfolio is industrial, and about 75 percent of it was built by the company, although it has purchased several buildings from The Boeing Co. in recent years.


In a growing economy, Oahu's industrial space is at a premium
Pacific Business News (Honolulu)

HONOLULU – The pool of Oahu's available industrial real estate space is shrinking, especially around the airport and harbors, an indication that the economy is on the rebound. The amount of industrial space in use on Oahu grew by 50,312 sf in the first six months of 2002, compared with the first half of 2001, according to the Colliers International Market Report. The vacancy rate for industrial space was 3.95 percent this year, down from 4.4 percent in 2001.


Public speaks on Hilton's plans for Waikiki tower
Pacific Business News (Honolulu)

WAIKIKI – Hilton Hawaiian Village is getting mixed reviews from the community on its plans to build a 35-story tower on the strip of land formerly occupied by the Waikikian On The Beach hotel. More than 150 written testimonies and about 50 people showed up to comment on the $88 million project at a public hearing last week. Hilton plans to build a tower with 350 units, mainly for time-share ownership, along with retail and commercial spaces. The city Department of Planning and Permitting has until July 12 to submit recommendations to the City Council, which will then have 60 business days to make a decision. Hilton wants to begin construction in March 2003 and finish the project by January 2005.


Denver narrows hotel finalists to 2
Denver Post

DENVER – Denver officials today selected Hilton and Hyatt as finalists to run a city-financed convention-center hotel that could cost more than $300 million. Hyatt Corp. and Hilton Corp. beat proposals from Marriott International Inc. and Starwood Hotels & Resorts Worldwide Inc., which operates Westin and Sheraton hotels. The city will review the Hilton and Hyatt proposals more closely and will choose a winner in early August. In the meantime, city officials are considering several possible sites for the hotel.


Mold becomes growing problem
The Denver Business Journal

DENVER – Mold is becoming a growing problem for businesses in Colorado. Nationwide, insurance claims for mold have increased more than 80-fold over the past three years. A database compiled by a group called Policyholders of America found that 98 Coloradans retained counsel for first-party mold-related insurance claims between the late '90s and February of 2002. Most of these claims were made by homeowners.


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


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“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: Property Acquisitions (ACQ), 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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