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CMBS Defeasance Volume Jumped 116 Percent Last Year to $12.3BlnFriday, 07 March 2014 Written by Dan Moynihan
CMBS loan defeasance volumes exploded last year, with 919 loans with a balance of $12.3 billion getting replaced by government securities, according to Morningstar Credit Ratings. That's a 116 percent jump from 2012, when 529 loans with a balance of $5.7 billion were defeased. It also was the biggest year for defeasance since 2007.
Receiver Lists 5 Los Angeles-Area Hotels for SaleThursday, 06 March 2014 Written by Dan Moynihan
Trigild Inc. has tapped Atlas Hospitality Group to handle the sale of five Los Angeles-area hotels with a total of 590 rooms and an estimated value of $100 million. The limited-service hotels are owned by Ocean Park Hotels Inc. of San Luis Obispo, Calif., whose owners are involved in a legal dispute.
Wednesday, 05 March 2014 Written by Dan Moynihan
A venture led by MCB Real Estate LLC has paid $33.4 million for the Eastpoint Mall in Baltimore. That's 7.2 percent less than the $36 million value pegged to the property by an April 2013 appraisal. A total of 693,262 square feet of the 845,000-sf property served as collateral for an $88.5 million loan that was securitized through LB-UBS Commercial Mortgage Trust, 2006-C3.
DebtX Offers $194Mln Portfolio of Mixed-Quality Loans for Bank ClientWednesday, 05 March 2014 Written by Dan Moynihan
DebtX has launched marketing of a $194 million-plus portfolio of mixed-quality commercial mortgages and consumer loans in Florida. The Boston loan-sales adviser is offering the portfolio on behalf of a bank client. It has divided the 290 assets, which include four foreclosed properties, into six pools.
Non-Traded REITs Raised $19.6Bln of Equity Last Year, Up 90 Percent from 2012Tuesday, 04 March 2014 Written by Dan Moynihan
The $19.6 billion of equity raised by non-traded REITs last year is due in large part to the heavy volume of liquidity events that such vehicles completed. Investors who received some $16 billion of capital from the seven liquidity events that were completed plowed much of it back into the sector. Helping the capital-raising is the fact that investors are now more familiar with non-traded REITs.
Germany's KanAm Selling Remaining U.S. PropertiesTuesday, 04 March 2014 Written by Dan Moynihan
KanAm Grund Group, a German investment manager, still owns four properties in the United States with a combined 1.5 million square feet of office and data-center space that it plans to sell as part of a disposition strategy it began in 2012. It has listed one of the assets, the 541,000-sf American Express Data Center in downtown Minneapolis, for sale through Colliers International.
Monday, 03 March 2014 Written by Dan Moynihan
Fosterlane Management Corp. is said to have struck a deal to pay $215 million, or roughly $867/sf, for Metro Center I, a 248,000-square-foot office building in Washington, D.C. The property is being purchased from Beacon Capital Partners, which is being represented by Eastdil Secured.
Investment Manager Targets Doctors for Capital for 2 Real Estate FundsFriday, 28 February 2014 Written by Dan Moynihan
Sean Dalesandro, managing principal of Los Angeles investment advisory firm Parallel Real Estate Advisors, is expanding into investment management and is raising capital for a pair of funds. His Doctors Fund I closed its marketing in December upon raising $50 million of equity commitments, and a follow-up vehicle with a similar target size is in the planning stages. Capital for both is being raised specifically from physicians.
Utah Pension Buys Rest of Washington, D.C., Office for $107.6MlnThursday, 27 February 2014 Written by Dan Moynihan
The Utah Retirement Systems has paid $107.6 million for the 54.9 percent stake it did not already own in 90 K St. NE, a 412,661-square-foot office building in Washington, D.C. The fund purchased the stake from Trammell Crow Co. and Crow Holdings Realty Partners IV in a deal that values the property at roughly $196.1 million, or $475/sf. The three partners had developed the property in 2010.
Wednesday, 26 February 2014 Written by Dan Moynihan
Real estate syndications are getting another push into the retail investor sector. A new company, Etre Asset Management, is launching what would be the first of a series of listed REITs that each would own a single property, allowing individual investors to buy into them. It has struck a deal to buy 1201 Connecticut Ave. NW, a 173,688-square-foot office building in Washington, D.C., from Mack-Cali Realty Corp.