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Wednesday, 30 August 2000

West Regional Digest (8/31/00): Vornado's mart division buys building in L.A.

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August 31, 2000

Vornado's mart division buys building in L.A.

LOS ANGELES – Vornado Realty Trust has agreed to buy a 720,000-square-foot wholesale showroom in Los Angeles, for $54 million. The N.J.-based REIT's wholly owned subsidiary, Merchandise Mart Properties Inc., will operate the L.A. Mart, which specializes in gift and furniture wholesalers. A California partnership owns the 12-story building. The Chicago Sun-Times also reported on this acquisition.

San Francisco rents drive law firm to buy new home in East Bay
The Oakland Tribune, August 31

SAN LEANDRO, Calif. – A small San Francisco law firm that specializes in constitutional law and work for Democratic politicians is buying and refurbishing the former Coast Federal Savings and Loan building on the corner of East 14th Street and Dolores Avenue in downtown San Leandro. Remcho, Johansen and Purcell, which faced tripling of its rent at 220 Montgomery St. in San Francisco to $52/sf from $18/sf, plans to make the move in October. Though the firm would not disclose the purchase price for the 6,600-sf building, officials said that the mortgage payments on the new space are close to the old rent.

Mission possible for S.F. project
The Oakland Tribune, August 31

SAN FRANCISCO – Catellus is developing 7 million sf of laboratory and office space on 300 acres of unused rail yards across from the San Francisco Giants' new $319 million baseball stadium Mission Bay. The site now includes 6,000 apartments and 850,000 sf of shops. "Mission Bay is the best development location in the state of California, maybe in the U.S.," said Michael Winer, a portfolio manager at M.J. Whitman Inc., which holds a 0.53 percent stake in Catellus worth about $10 million.

Hawaiin developer dead at 69
The Honolulu Star-Bulletin, August 31

HONOLULU – Real estate developer Ralph D. Cornuelle died Aug. 17 in Del Mar, Calif. Cornuelle, who was 69, managed many projects, including Waikiki Lanais, 2121 Ala Wai, Pacific Monarch, Nuuanu Brookside, The Cliffs at Princeville, Honolulu Tower and Hale Kaheka. The former Hawaiin resident published "Monitor: Honolulu Real Estate Activity Report" for 10 years.

Reincarnating old theaters a tough act
The Denver Post, August 31

DENVER – Overbuilding and escalating costs are pushing the nation's top movie theater chains to shed leases on less profitable theaters. While some analysts say closing older theaters might bring an over-saturated industry back into balance, it could prove to be a nightmare for landlords trying to lease the former theaters. Some Denver theaters are already being reused for other types of tenants. But the changeover can be costly, which can pose a challenge for developers trying to sign new leases, said Jeff Fabian, a broker at Cushion & Wakefield's Denver office.

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


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  • Syndicate to Realpoint: No
  • Subject: Property Acquisitions (ACQ), 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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