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

Sunday, 08 August 1999

The Abbey Co. Buys in California, Eyes Growth Outside of State

VertiNews.comSMSpecial Report
The Abbey Co. paid $20 million for a Southern California complex, as part of an aggressive growth strategy.

August 9, 1999



By Brad Berton, VertiNews.com Contributing Editor

The Abbey Co., continuing its Southern California acquisition binge, is paying about $20 million for Transpark Commerce Center, a 425,000-square-foot office/industrial complex near the city of Ontario.

The early-1980s-vintage Transpark property, which encompasses 26.2 acres, is Abbey's seventh acquisition this year. It was bought from John Hancock Mutual and marks Abbey's largest purchase to date.

The building is currently 78 percent occupied, which fits in with Abbey's modus operandi of buying properties with what it terms "circumstances," that make them potentially high yielding. Lead tenant GTE occupies 218,000 sf of warehouse/distribution buildings as well as 70,340 sf of office space in the complex.

While development activity in the Ontario industrial market is intense and office rents are flat, the company paid about two-thirds of the initial asking price of $30 million, according to an Abbey executive. "Our dollars on a per-square-foot basis will give us a competitive edge in pricing [rents]," the executive added.

So far, the firm has acquired more than 1 million sf of Southern California real estate over the last eight months. And Don Abbey, principal of the Garden Grove real estate company, is setting his sites well beyond the region and the $20 million benchmark.

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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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