Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Friday, 16 November 2018

Boston Investment Manager's Latest Fund Targets Office, Industrial Properties

Albany Road Real Estate Partners is pursuing office and industrial properties through a fund it raised earlier this year. The Boston investment manager secured $175 million of equity commitments for the vehicle, Albany Road Real Estate Fund II, which is targeting properties in the Southeast and Northeast, as well as Texas.

Commercial Real Estate Direct Staff Report

Albany Road Real Estate Partners, which launched in 2012, is pursuing office and industrial properties through a fund it raised earlier this year.

The Boston investment manager secured $175 million of equity commitments for the vehicle, Albany Road Real Estate Fund II, which is focusing on assets in the Southeast and Northeast, as well as Texas. With leverage, it could make up to $600 million of investments. It plans to fully invest Fund II by the end of next year.

So far, the company has invested about $175 million in five office properties and one industrial building. It also has agreed to buy one office and one industrial property in deals that are expected to close by the end of the year.

Most recently, Albany Road paid $51.3 million for the Plaza at MetroCenter office complex in Nashville, Tenn. It bought the 361,200-square-foot property from Tier REIT, a Dallas REIT that was represented by Cushman & Wakefield. Tier REIT, the former Behringer Harvard REIT I Inc., took ownership of the three-building property through its acquisition of IPC US REIT in 2007.

Plaza at MetroCenter consists of Plaza I and II, with a combined 156,279 sf at 210 Athens Way, and Plaza Tower, with 204,921 sf at 200 Athens Way. The buildings were constructed in 1985. Plaza I and II are 83 percent leased, while Plaza Tower is fully occupied.

Fund II also owns Hillcrest Tower, a 168,200-sf office building in Dallas that it acquired last month for $21.1 million; Northbrook Business Center, a 105,601-sf industrial property in San Antonio that it bought last December...





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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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