Friday, March 29, 2013

Google Alert - George Smith Partners

News1 new result for George Smith Partners
 
Bascom Arizona Purchases Sixth and Seventh Deals in Arizona within the Past ...
Fort Mills Times
Bascom Arizona Ventures worked with Gary Mozer and Katie Rodd of George Smith Partners to arrange the financing and equity for the purchases. Steve Gebing and Cliff David from Marcus & Millichap represented the buyer and seller in the transaction.
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Fort Mills Times


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Vornado Extends $1.25B Credit Facility




National





Vornado Extends $1.25B Credit Facility



NEW YORK CITY-The two-year extension lowers both the interest rate and the facility fee, the REIT said late Thursday afternoon.








CoStar's People of Note (March 24-30)




National Commercial Real Estate News From CoStar Group





CoStar's People of Note (March 24-30)



This week's People of Note includes the following markets: Chicago, Houston, Los Angeles, New York City, Northern New Jersey, San Diego and Western Michigan.

LOS ANGELES
NGKF Expands Capital Markets Coverage in L.A.
By Laurie Forbes

Newmark Grubb Knight Frank added Michael F. Kane as executive managing director in its capital markets group in downtown Los Angeles. The investment sales and capital solutions broker will focus on the gr






Thursday, March 28, 2013

CBRE's Zubel Outlines Industrial Outlook




National





CBRE's Zubel Outlines Industrial Outlook



CHICAGO, IL- In this UPDATE to yesterday’s story, Chris Zubel, the new industrial director of CBRE Chicago, says the recovery is happening across primary and secondary markets.











Harrison Buys Brooklyn Student Housing



CHICAGO, IL- In this UPDATE to yesterday’s story, Brian Thompson, the senior vice president, explains to GlobeSt.com the Chicago firm’s strategy to purchase recession-proof properties such as student housing.








Improvement for Office, But Forecast Remains Slow Growth




National





Improvement for Office, But Forecast Remains Slow Growth



As part of the 67th Annual Review and Forecast in Real Estate Forum’s February/March 2013 issue, the editors conducted a sector-by-sector review of the nation’s property markets. Here’s a look at the slow-growth office environment.








Expert: Maybe Too Much Development in Multifamily




National





Expert: Maybe Too Much Development in Multifamily



LOS ANGELES-At the Sklar Kirsh LLP Reception last night, partner Andrew Kirsh, who moderator of the development panel at RealShare L.A. yesterday, gave us a few more thoughts on development and demand.








GlobeSt.com Readers: Who Needs the GSEs?




National





GlobeSt.com Readers: Who Needs the GSEs?



WASHINGTON, DC-A surprising percentage, 44%, of respondents think the government has no business in what should be a private market endeavor.








Wednesday, March 27, 2013

BioMed Buys Wexford in $640M Deal




National





BioMed Buys Wexford in $640M Deal



BALTIMORE, MD-The REIT also priced a public offering of 15 million shares of its common stock with an eye to reaping gross proceeds of $321 million.








New Seniors Housing Venture LCB Sees Opportunity as Investment Conduit for Big Private-Equity Players




National Commercial Real Estate News From CoStar Group





New Seniors Housing Venture LCB Sees Opportunity as Investment Conduit for Big Private-Equity Players



As big private-equity investors continue to jockey for position in the seniors assisted-living property market, specialized advisory firms are emerging to help guide and place that investment.

Most recently Berkshire Group and Grosvenor agreed to provide capital for Norwood, MA-based LCB Senior Living, led by a management team with roots back to the first assisted-living boom in the mid-1990s.

New York-based Berkshire earlier this month formed...









Distressed CRE: It’s a Seller’s Market



It’s a sellers’ market for distressed commercial real estate and Taylor Burke, senior executive vice president and chief lending officer for the $2.62 billion Burke & Herbert Bank in Alexandria, VA, wants to move his inventory.

“I think this is a great time to buy distressed property, especially that which we are selling,” joked the Alexandria-based banker.

More seriously, though he says, the market is good for bad property right now.

"Banks...









Macy’s Rethinks Distinction between Clicks and Bricks



Reports of the imminent demise of bricks-and-mortar stores been greatly exaggerated.

The dread that shoppers would forsake stores in favor of e-commerce and kill brick and mortar retail evokes the famous “Bring Out Your Dead” scene in the movie Monty Python & The Holy Grail in which the 'dead' man protests: "I'm not dead!"

A recent survey from the Cisco Internet Business Solutions Group found that 93% of products sold in the U.S. are still...









Ground Officially Broken On West Coast’s Tallest Office Tower



Just a day after closing on the $192 million acquisition of land in downtown San Francisco, Boston Properties and Hines joined city officials for a ceremonial groundbreaking of the Transbay Transit Tower, a 1,070-foot skyscraper expected to pass the U.S. Bank Tower in Los Angeles as the tallest building on the West Coast.

Boston Properties (NYSE: BXP) and Hines delivered the check to seller Transbay Joint Powers Authority (TJPA), closing the land...









UBS Completes $100M Purchase of East Bay Retail Center



UBS Realty Investors, a Swiss global financial services company, completed its acquisition of Downtown Pleasant Hill, a 356,076-square-foot shopping center in Pleasant Hill, CA, from Loja Group for $100 million, or about $280 per square foot.

The East Bay area retail complex was completed in 2000 and was approximately 98 percent leased at time of sale. Anchor tenants include Century Theatre, Lucky Supermarket and Bed Bath & Beyond, according to...









Buying Into The Housing Recovery



Wall Street buyers are helping support a full-blown national housing recovery by driving up sales and pricing. All 20 major cities tracked by the influential S&P/Case Shiller Home Price Index posted gains in January from a year ago for the first time since the housing bubble burst in mid-2006.

"Economic data continues to support the housing recovery, said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, adding that single...









BioMed Realty Buying 1.62 MSF in $640 Million Deal for Wexford Life Science Portfolio



BioMed Realty Trust (NYSE: BMR) agreed to pay $640 million to buy the Baltimore-based subsidiary of privately owned Wexford Equities in a transaction that would add 1.62 million square feet to BioMed's life science portfolio and nearly $90 million for projects currently under development.

San Diego-based BioMed Realty announced plans to sell 15 million shares priced at $21.40 and raise about $321 million toward the purchase price for Wexford Science...









International Paper Plans Expansion in Memphis



International Paper (NYSE: IP) has signed a long-term, build-to-suit lease with Highwoods Properties, Inc. (NYSE: HIW) for a fourth tower in its Poplar Avenue campus in Memphis, TN.

Highwoods will develop a nine-story, 241,000-square-foot, class A office building with parking garage at 6430 Poplar Ave., directly across from International Place, the global packaging and paper product provider's headquarters and main campus where it currently occupies...









In The Pipeline: CoStar Development & Construction News for March 24 - 30



In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.
NYC Council Approves $200M South St. Seaport Redevelopment

The...









PREI Exchanges Peninsula Center for $87.3 Million



Principal Real Estate Investors sold Peninsula Center, a 274,257-square-foot shopping center in Rolling Hills Estates, CA, for $87.3 million or $318 per square foot. Vestar purchased the property in a joint venture with a fund advised by UBS Global Asset Management.

The partnership acquired the complex because of its stable cash flow and top tier demographics in the affluent area of the Palos Verdes Peninsula.

“Peninsula Center provides us with...






ARCP Bumps Up Offer for Cole Credit III




National





ARCP Bumps Up Offer for Cole Credit III



NEW YORK CITY-The offer to buy CCPT III, now valued at $9.7 billion, assumes “a merged entity” of CCPT III and Cole Holdings, ARCP’s Schorsch wrote in a letter Wednesday.











Midtown Sale Yields $261.5M for Office and Retail Building



NEW YORK CITY-The property’s allure is boosted by having played host to an upscale clothing retailer for 75 years.











Experts: Capital Spigots Will Remain Open



LOS ANGELES-The opening economics panel at RealShare Los Angeles was mostly bullish on the state of the market for 2013, but slightly worrisome about what might happen to interest rates in 2014.











PART I: Women a "Great Fit" For CRE



CHICAGO-In part one of this week’s two-part interview with Beth Machen, 2013 President of the Institute of Real Estate Management, we learn how she arrived in the commercial real estate industry.








New Senior Housing Venture LCB Sees Opportunity as Investment Conduit for Big Private-Equity Players




National Commercial Real Estate News From CoStar Group





New Senior Housing Venture LCB Sees Opportunity as Investment Conduit for Big Private-Equity Players



As big private-equity investors continue to jockey for position in the seniors assisted-living property market, specialized advisory firms are emerging to help guide and place that investment.

Most recently Berkshire Group and Grosvenor agreed to provide capital for a Norwood, MA-based firm led by a management team with roots back to the first assisted-living boom in the mid-1990s.

New York-based Berkshire earlier this month formed Berkshire...






Distressed CRE: It’s a Seller’s Market




National Commercial Real Estate News From CoStar Group





Distressed CRE: It’s a Seller’s Market



It’s a sellers’ market for distressed commercial real estate and Taylor Burke, senior executive vice president and chief lending officer for the $2.62 billion Burke & Herbert Bank in Alexandria, VA, wants to move his inventory.

“I think this is a great time to buy distressed property, especially that which we are selling,” joked the Alexandria-based banker.

More seriously, though he says, the market is good for bad property right now.

"Banks...






Auction.com Predicts Continued Growth in Coming Quarters




National





Auction.com Predicts Continued Growth in Coming Quarters



After slow 2012, quarterly forecast predicts improved commercial markets for the rest of 2013








Tuesday, March 26, 2013

International Paper Plans Expansion in Memphis




National Commercial Real Estate News From CoStar Group





International Paper Plans Expansion in Memphis



International Paper (NYSE: IP) has signed a long-term, build-to-suit lease with Highwoods Properties, Inc. (NYSE: HIW) for a fourth tower in its Poplar Avenue campus in Memphis, TN.

Highwoods will develop a nine-story, 241,000-square-foot, class A office building with parking garage at 6430 Poplar Ave., directly across from International Place, the global packaging and paper product provider's headquarters and main campus where it currently occupies...






Housing Prices Gain Across the Board




National





Housing Prices Gain Across the Board



NEW YORK CITY-The latest Case-Shiller report reveals the highest increase since pre-recession levels.








Blackstone Draws $500M in NJ Pension Funds




National





Blackstone Draws $500M in NJ Pension Funds



TRENTON, NJ-The biggest chunk of the latest $900 million in state pension fund investments will go to Blackstone’s new Asia-Pacific real estate fund, a total of $500 million.








HUD's Hospital Refi Program Off to Strong Start




National





HUD's Hospital Refi Program Off to Strong Start



WASHINGTON, DC-The hospital finance program has been around for twenty years but it wasn’t until February that the agency released regulations for its refi component, Walker & Dunlop's Michael Vaughn tells GlobeSt.com's Erika Morphy.











Update: Roundtable Weighs in on Tax Proposal



WASHINGTON, DC-The partnership tax proposal could be very good or very bad, Roundtable's Jeff DeBoer tells GlobeSt.com's Erika Morphy. It all depends on what else the committee puts in place.








In The Pipeline: CoStar Development & Construction News for March 24 - 30




National Commercial Real Estate News From CoStar Group





In The Pipeline: CoStar Development & Construction News for March 24 - 30



In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.
NYC Council Approves $200M South St. Seaport Redevelopment

The...






Monday, March 25, 2013

PREI Trades Peninsula Center for $87.3 Million




National Commercial Real Estate News From CoStar Group





PREI Trades Peninsula Center for $87.3 Million



Principal Real Estate Investors sold Peninsula Center, a 274,257-square-foot shopping center in Rolling Hills Estates, CA, for $87.3 million or $318 per square foot. Vestar purchased the property in a joint venture with a fund advised by UBS Global Asset Management.

The partnership acquired the complex because of its stable cash flow and top tier demographics in the affluent area of the Palos Verdes Peninsula.

“Peninsula Center provides us with...






Trepp: Outlook for CMBS Market Remains Optimistic




National





Trepp: Outlook for CMBS Market Remains Optimistic



Trepp LLC reports that with spreads tightening, delinquency rates falling and new issuances rising, the outlook for the CMBS sector is bullish. In fact, investors expect $80 billion or more in new issuances this year.








Westfield Enters $1.3B JV With O'Connor Capital




National Commercial Real Estate News From CoStar Group





Westfield Enters $1.3B JV With O'Connor Capital



Westfield Group has entered into a joint-venture agreement with O'Connor Capital Partners covering six of its regional malls across Florida.

O'Connor's investment will equal a 49.9-percent interest stake in the portfolio following a series of transactions with a gross value of $1.283 billion. The price O'Connor will pay is equal to Westfield's book value. Westfield Group will remain as property, leasing and development manager at the six properties...






Congress Eyes CRE Partnership Rule Changes




National





Congress Eyes CRE Partnership Rule Changes



WASHINGTON, DC-It doesn’t have the same dramatic flair as the carried interest debate, but the proposal to realign partnership rules could have a significant impact on real estate partnerships.











GSE Fees Targeted in Senate Budget



WASHINGTON, DC-Meanwhile multifamily borrowers are waiting on tenterhooks to see what will happen to the program's budget.











Eastern Union Taps Banking Exec For New Credit Unit



NEW YORK CITY-The company has established a new division to bring lenders and borrowers closer together.








Friday, March 22, 2013

ARCP Fires Back at Cole Letter




National





ARCP Fires Back at Cole Letter



NEW YORK CITY-A statement says Cole Holdings’ letter to business partners contains “inaccuracies and omissions” that distort “the true nature” of ARCPs unsolicited bid for CCPT III.








NYC Council Approves $200M South St. Seaport Redevelopment




National Commercial Real Estate News From CoStar Group





NYC Council Approves $200M South St. Seaport Redevelopment



The New York City Council unanimously approved developer Howard Hughes Corp.'s plan to transform the dated South Street Seaport on Pier 17 on the East River into an upscale shopping and dining center.

The council approved the plans after Howard Hughes Corp. (NYSE: HHC) agreed to delay eviction of current tenants and construction until after the summer season, giving Lower Manhattan merchants a chance to recoup proceeds and recover from the economic...






CoStar's People of Note (March 17-23)




National Commercial Real Estate News From CoStar Group





CoStar's People of Note (March 17-23)



This week's People of Note includes the following markets: Chicago, Denver, Greenville/Spartanburg, New York City, Philadelphia, San Francisco and Washington, DC.

SAN FRANCISCO
Churton Joins Jones Lang LaSalle as Managing Director
By Laurie Forbes

Jones Lang LaSalle deepened its brokerage bench in San Francisco with the addition of Jak Churton as managing director. The 13-year commercial real estate veteran will help lead the






Heat Map Shows Foreclosure Hot Spots




National





Heat Map Shows Foreclosure Hot Spots



IRVINE, CA-In an UPDATE to this morning’s story, RealtyTrac’s interactive heat map points out the states, counties and cities where foreclosure flare-ups are occurring.








Mayo Wants its Hometown to be Global Destination




National





Mayo Wants its Hometown to be Global Destination



ROCHESTER, MN-Mayo Clinic officials are seeking assistance from the State of Minnesota to help transform its home turf into a city and global destination.











Construction Stall Helps Office Vacancies



LOS ANGELES-New research from CBRE shows that most major-market vacancies dipped or at least remained flat in Q1. Depending on the market, the boost has been fueled at least in part, by job creation.








Thursday, March 21, 2013

CBRE Global Sells Philly, DC Bldgs. to Rosemont Realty




National Commercial Real Estate News From CoStar Group





CBRE Global Sells Philly, DC Bldgs. to Rosemont Realty



CBRE Global Investors traded three Class A properties to Rosemont Realty.

The assets include 2000 Market St., a 29-story, 665,649-square-foot office building in downtown Philadelphia and Dulles View, two eight-story structures totaling 360,045 square feet in the Washington, DC, submarket of Herndon, VA.

A fund managed by CBRE Global purchased 2000 Market St. in December 2009. Since its acquisition, the interior public areas were renovated...









Avalon Bay Trades Crystal City Multifamily for $262.5 Million



Avalon Bay sold Crystal House, a 828-unit apartment complex in the Crystal City section of Arlington, VA, for $262.5 million or $317,000 per unit. Mack-Cali Realty Corp. (NYSE: CLI), a real estatae investment trust, purchased the asset in a joint venture with a fund advised by UBS Global Asset Management.

Walker & Dunlop LLC provided a $165 million mortgage loan through a Fannie Mae program.

The multifamily property includes two 12-story towers...






Auction Site Accelerates Leasing Process




National





Auction Site Accelerates Leasing Process



LOS ANGELES-In an UPDATE to this morning’s story, EverestAuctions.com’s founder Steve Winger tells GlobeSt.com how users experience the leasing site.











Perspective Is Important, Says NAIOP Chair Reilly



WASHINGTON, DC—In this UPDATEto our exclusive interview, Eugene Reilly, 2013 chair of NAIOP and CEO of the Americas for Prologis, discusses DC and CRE, and why it's important to nurture tomorrow's leaders.








Cost-Conscious Insurers See Little Risk In Moving Office Operations To Sunbelt, 'Burbs




National Commercial Real Estate News From CoStar Group





Cost-Conscious Insurers See Little Risk In Moving Office Operations To Sunbelt, 'Burbs



After decades of operating claims and administrative operations in numerous local and regional offices across the nation, State Farm Insurance, the venerable mutual insurance and financial services firm founded in 1922, is embracing technology - and with it, consolidation.

"Over the past 10 years, advances in technology have brought profound changes to both our business and our customer expectations as access to broadband and a growing array of...






$1B-Year Ahead for ARC Healthcare Trust?




National





$1B-Year Ahead for ARC Healthcare Trust?



NEW YORK-ARC Healthcare Trust has ambitious plans for 2013.











New NAIOP Chair Has Big-Ticket Agenda



New chairman Gene Reilly brings a lot to the role, but being head of a national organization also brings with it its own set of challenges.








Sporting Gun Stores Aim for Steady Growth with Little Contraction




National Commercial Real Estate News From CoStar Group





Sporting Gun Stores Aim for Steady Growth with Little Contraction



A handful of specialized retailers that cater to highly selective outdoor and gun enthusiasts, have defied the general retail downturn by posting strong sales over the past several years.

While recent media coverage and interest in guns has driven sales of guns and ammunition higher, these specialty retailers had reported strong sales long before the tragic and senseless events brought added attention to the sector. So much so that these sporting...






Wednesday, March 20, 2013

Hilco Reveals Its List of Hostess Assets




National





Hilco Reveals Its List of Hostess Assets



CHICAGO-Following up on this morning's breaking news, Hilco has provided GlobeSt.com with a complete list of the assets around the country it is marketing on behalf of Hostess. Here is the list.











DTTL's O'Brien Speaks On New Global Role



CHICAGO, IL- He says Chicago has helped him forge the skills and relationships needed to lead their global real estate group.








Cost-Conscious Insurers See Little Risk In Moving Back Office Operations To Sunbelt, 'Burbs




National Commercial Real Estate News From CoStar Group





Cost-Conscious Insurers See Little Risk In Moving Back Office Operations To Sunbelt, 'Burbs



After decades of operating claims and administrative operations in numerous local and regional offices across the nation, State Farm Insurance, the venerable mutual insurance and financial services firm founded in 1922, is embracing technology - and with it, consolidation.

"Over the past 10 years, advances in technology have brought profound changes to both our business and our customer expectations as access to broadband and a growing array of...









Multifamily Finance Industry Caught By Surprise In Govt.'s Rollback of Fannie-Freddie Lending



Plans by the federal agency overseeing mortgage giants Fannie Mae and Freddie Mac to scale back multifamily lending by about 10% this year have been met with concern and some alarm by the apartment industry.

That's little wonder, given that the two government-sponsored enterprises (GSEs) provide nearly half of all U.S. multifamily mortgage origination volume, even as they have lingered in conservatorship since being taken over by the government...









U.S. Lodging Growth Continues Despite Federal Economic Malaise



The lodging industry has clearly reversed course since the financial crisis when RevPAR declined by 16.5% in 2009. The U.S. hotel industry is forecast to continue to achieve strong gains in both revenue and profits in 2013, according to the newest industry research.

PKF Hospitality Research LLC is projecting that U.S. hotels will enjoy a 6.1% increase in revenue per available room (RevPAR) for the year, along with a 10.2% boost on the bottom-line...









POWER PLAY: American Realty Makes $9 Billion Offer to Buy Cole Holdings REIT



In a bid to create the largest publicly REIT in the net-lease property sector, American Realty Capital Properties, Inc. (Nasdaq: ARCP) on Wednesday went public with an offer to acquire Cole Credit Property Trust III (CCPT III) for $5.7 billion, or more than $9 billion including assumed debt.

ARCP's unsolicited offer comes two weeks after CCPT III announced its own deal to buy-out its external adviser, Cole Holdings Corp, and pursue a listing on...






Gun Retailers Put Real Estate in Their Sights




National Commercial Real Estate News From CoStar Group





Gun Retailers Put Real Estate in Their Sights



While lawmakers continue to debate potential gun-control policies in the wake of several recent outbreaks of extreme gun violence, a handful of specialized retailers that cater to highly selective outdoor and gun enthusiasts, have defied the general retail downturn by posting strong sales over the past several years.

But all the recent media coverage and interest in guns is having the unintended result of driving up sales of guns and ammunition...









Rialto Mining Gold from Nonperforming Assets



Rialto Capital Management, the investment management spin-off from homebuilder Lennar Corp. that made headlines last year after successfully securitizing a collection of non-performing commercial real estate loans and assets, is back in the market with its second offering.

This time the firm has packaged 1,472 small-balance non-performing loans, real-estate-owned (REO) properties, and performing loans related to 761 unique borrowers for securitization...









Watch List: Latest Large Specially Serviced Loans



A total of 15 large distressed loans totaling $324 million in unpaid principal balance transferred to special servicing in the past month; including seven office properties, five retail, two industrial and one multifamily.

The largest loan is backed by seven office buildings in Carrollton and Plano, TX.

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America Runs on Donuts



Two of the nation’s leading donut shop franchisors are cooking up new expansion plans that will see thousands of new quick service restaurants opening up in the coming years.

Dunkin: California Dreamin'
Dunkin’ Donuts has been strategically expanding in contiguous markets across the country with a long-term goal of having more than 15,000 Dunkin’ Donuts restaurants in the United States alone - that would double its current size.

Dunkin’ Donuts...









U.S. Clothing Retailers Generally Like Fit of Their Current Store Counts



Many of the big name clothing retailers are comfortable with the current fit of their store counts and square footage. After altering for planned closures, net new growth plans have been pretty moderate for the publicly traded retailers that have discussed their plans in their year-end results. With a few exceptions, retailers are shying away from aggressive store opening plans this year.

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Aeropostale...









Chetrit Grp Closes on $1.1B Acquisition of Sony HQ



The Chetrit Group LLC, a New York-based developer, owner and investment firm, acquired the Sony Tower at 550 Madison Ave. in New York, NY from Sony Corporation of America. The deal closed March 15th for $1.1 billion, or about $1,300 per square foot.

Read CoStar Group's coverage of the previously announced sale at, Sony to See $770 Million Profit from Sale of U.S. Headquarters.

Delivered in 1984, the class A office tower totals 827,686 square...









Facility Closures & Downsizings: Philadelphia Closing 23 Schools



The Philadelphia School Reform Commission (SRC) approved several program relocations, mergers and consolidations along with the closure of 23 schools as part of District’s commitment to better align resources.

The District began work in 2010 on developing a long-range Facilities Master Plan to standardize grade configurations, increase school utilization and reduce excess building capacity.

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Hilco Reveals It's List of Hostess Assets




National





Hilco Reveals It's List of Hostess Assets



CHICAGO-Following up on this morning's breaking news, Hilco has provided GlobeSt.com with a complete list of the assets around the country it is marketing on behalf of Hostess. Here is the list.








Schorsch Makes $9B Pitch for Cole Credit III




National





Schorsch Makes $9B Pitch for Cole Credit III



NEW YORK CITY-In a letter to the board of Cole Credit Properties Trust III, ARCP’s Schorsch says the proposal represents “a strength-for-strength merger of complimentary portfolios.











Schorsch Makes $9B Pitch for Cole Credit III



NEW YORK CITY-In a letter to the board of Cole Credit Properties Trust III, ARCP’s Schorsch says the proposal represents “a strength-for-strength merger of complimentary portfolios.”











CRE Has Grown Up - Finally



ORANGE COUNTY-The commercial real estate industry is no longer a “boy’s club,” avers Heidi Hendy, founding principal of H. Hendy Associates, in our latest Women in CRE Wednesdays interview.








Sweet Deal: Hilco Tackles 61 Hostess Assets




National





Sweet Deal: Hilco Tackles 61 Hostess Assets



CHICAGO-In this UPDATE to our original story, more than 60 non-branded assets around the country are now on the block, and the executives at Hilco tell GlobeSt.com’s John Salustri that that number will double shortly.








Tuesday, March 19, 2013

GSA's Perspective on the Frozen Footprint




National





GSA's Perspective on the Frozen Footprint



WASHINGTON, DC-As JLL's Chris Roth sees it, "Freeze the Footprint" takes GSA back to its original mandate of de-risking leasing for the government. An UPDATE to this morning's story.








Miami's Brickell Bayview Centre Sold for $70M




National Commercial Real Estate News From CoStar Group





Miami's Brickell Bayview Centre Sold for $70M



Colony Realty Partners has sold the Brickell Bayview Centre at 80 SW 8th St. in Miami, FL to a group of investors led by Banyan Street Capital and including Crocker Partners LLC and Chilean investment fund Independencia, for $70 million, or about $245 per square foot.

The 33-story, 285,595-square-foot, landmarked office tower was built in 1986 on 2.4 acres in the Brickell Financial District submarket of Miami/Dade County, next to Mary Brickell...









WeWork Signs 121,000-SF Lease in NYC



Leading collaborative work space provider WeWork has signed a 16-year lease deal for 120,537 square feet spanning eight full floors at 222 Broadway.

The 32-story, 756,138-square-foot, class A modernist office tower was built in 1961 on three-quarters of an acre in Lower Manhattan's Insurance District submarket, between Fulton and Ann Streets just blocks from the Fulton Street Transportation Center and Calatrava Path Station at the World Trade Center...






Gramercy Exits CRE Finance, Elects REIT Status




National





Gramercy Exits CRE Finance,
Elects REIT Status



NEW YORK CITY-The company closed Monday on the sale of management and servicing agreements for three CDOs to CWCapital.











Activity, Prices Up in Major Markets



Redfin sees 13 percent February price jump in 19 major markets, Re/max sees similar trends in 52 markets.











BlackRock to Reduce Workforce by About 300



NEW YORK CITY-In a continuing reorganization of the money management giant, BlackRock Inc. is cutting about 300 jobs or approximately 3% of its workforce.








TIAA-CREF Completes $75M Sale of Charlotte Bus. Park




National Commercial Real Estate News From CoStar Group





TIAA-CREF Completes $75M Sale of Charlotte Bus. Park



TIAA-CREF finalized its trade of LakePointe Office Park, a seven-building complex in Charlotte, NC, for $75 million or $110 per square foot. Archon Group, an affiliate of Goldman Sachs, was the buyer.

The 678,799-square-foot business complex was built between 1994 and 2000 and was 87 percent leased at the time of sale. The properties range from 20,543 to 145,915 square feet in office space. The Vanguard Group, MIDREX Enterprises, SunTrust Bank...






Freezing the Federal Footprint




National





Freezing the Federal Footprint



WASHINGTON, DC-Kurt Stout, Government Solutions leader for Colliers International, explains what the Fed's Great Real Estate Cutback is going to mean to the industry.











KeyBank Real Provides $63.6 Million for Western Multifamily Properties



CLEVELAND, OH- KeyBank Real Estate Capital recently provided three loans totaling $63.6 million through Freddie Mac to a collection of developments in three western states.











Florida firm Completes Third Cancer Center



ST. PETERSBURG, FL-Optimal Outcomes finishes its third cancer center in the past five years. The company takes on the risk of developing the commercial real estate, taking that pressure off the user.











SWFs Poised to Be Aggressive with US CRE



WASHINGTON, DC-It's not just DC assets that are benefiting but DC-based companies as well, as Hilton Worldwide illustrates.











Lee & Associates Begins National Push



CHICAGO, IL- The firm just opened its second valuation service office here and has plans to go national. Los Angeles and Indianapolis are next.








In The Pipeline: CoStar Development & Construction News for March 17 - 23




National Commercial Real Estate News From CoStar Group





In The Pipeline: CoStar Development & Construction News for March 17 - 23



In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.
AstraZeneca to Cut U.S. Headquarters, Shift Jobs to MD, MA

A...






Monday, March 18, 2013

AstraZeneca to Cut U.S. Headquarters, Shift Some Jobs to MD, MA




National Commercial Real Estate News From CoStar Group





AstraZeneca to Cut U.S. Headquarters, Shift Some Jobs to MD, MA



A global reorganization of drug maker AstraZeneca’s global research and development operations will eliminate 650 U.S. jobs, with 1,200 positions cut at its U.S. headquarters in Wilmington, DE, and hundreds of others shifted to facilities in Maryland and Massachusetts.

The consolidation of the company’s global R&D footprint over the next two years will cut a total of 1,600 jobs in the U.S., Great Britain and Sweden, about 3% of its global workforce...






Duke Realty Sells Stake in 3.3 Million-SF Portfolio




National Commercial Real Estate News From CoStar Group





Duke Realty Sells Stake in 3.3 Million-SF Portfolio



Indianapolis-based Duke Realty Corp. sold its 20 percent stake in 17 commercial buildings it jointly owned with majority stakeholder Chambers Street Properties. Chambers Street, a Maryland-based REIT, now owns 100 percent of the more than 3.3 million-square-foot portfolio.

The assets include 16 office properties and one warehouse/industrial building. They are:
Office Space
*The Landings I and II and McAuley Place: three structures totaling...









Google to Double Seattle Area Presence By 2015



Google, Inc. is proposing to construct two new buildings totaling 180,000 square feet as it seeks to double its Kirkland campus operations in Seattle to stay competitive with Amazon and Microsoft as all three companies roll out cloud-based Internet products.

The new buildings will provide space for 1,000 additional workers that Google plans to add in the Seattle area to augment the existing workforce of 1,000 employees at the Internet giant's Kirkland...






Avison Young Opens New Office in San Diego




National





Avison Young Opens New Office in San Diego



SAN DIEGO—Leading Canadian commercial real estate firm opens its 22nd location outside Canada and sixth office in Southern California. Jerry Keeney becomes a principal, coming from Cassidy Turley.








Parkway Picks Up 1M-SF Office Portfolio for $130M




National Commercial Real Estate News From CoStar Group





Parkway Picks Up 1M-SF Office Portfolio for $130M



An affiliate of Parkway Properties Inc. (NYSE:PKY) purchased a 1.02 million-square-foot office building portfolio in Jacksonville, FL, from Flagler for $130 million or $128 per square foot.

Parkway secured $84.5 million in financing with a fixed interest rate of 3.9% for a 10-year term.

The assets include eight structures at Deerwood North and Deerwood South business parks delivered from 1996 to 2005. They are between four and five stories and...






DTTL's O'Brien Speaks On New Global Role




National





DTTL's O'Brien Speaks On New Global Role



CHICAGO, IL- He says Chicago has helped him forge the skills and relationships needed to lead their global real estate group.











Investor Takes Over Multifamily in Default



INDIANAPOLIS, IN- Most Wall Street investors cut their losses when a multifamily property defaults, but at least one has decided to take over.








Friday, March 15, 2013

Summit Closes on 5 Marriotts in Louisiana for $135M




National Commercial Real Estate News From CoStar Group





Summit Closes on 5 Marriotts in Louisiana for $135M



Summit Hotel Properties (NYSE:INN), a real estate investment trust based in Austin, TX, completed its acquisition of five Marriott-branded hotels in Louisiana for $135 million or $164,034 per room. The New Orleans-headquartered Verandah Group and its affiliates were the sellers.

The buyer funded the purchase with cash and borrowings under its senior secured revolving credit facility.

The 823-room portfolio included:
the 153-room Courtyard...






CoStar's People of Note (March 10-16)




National Commercial Real Estate News From CoStar Group





CoStar's People of Note (March 10-16)



This week's People of Note includes the following markets: Baltimore, Dallas/Fort Worth, Detroit, Hampton Roads, Los Angeles, New York City, Northern New Jersey, South Florida and Washington, DC.

HAMPTON ROADS
Stearns Joins Jones Lang LaSalle as SVP
By Kyle Sellers

Deborah Stearns, a respected CRE leader who has been active in Virginia commercial real estate for 30 years, recently joined the Jones Lang LaSalle team in Hampton Roads as






Poll: The Sequestration is Good. Really




National





Poll: The Sequestration is Good. Really



WASHINGTON, DC-The majority of respondents to GlobeSt.com's reader poll say that the cuts under sequestration need to happen.











Deloitte Names O'Brien To Lead Global Real Estate



NEW YORK CITY-O’Brien, who will retain his role as US real estate leader, has been with the firm for nearly 30 years.











At Long Last, the LTACH Moratorium Ends



DALLAS-With the federal government's moratorium on long-term care hospitals at an end, companies such as local Cornerstone Healthcare Group are planning – and building.








Thursday, March 14, 2013

Fannie Mae Prices $904M REMIC With 7-Year Yield




National





Fannie Mae Prices $904M REMIC With 7-Year Yield



WASHINGTON, DC-Like Freddie Mac, Fannie Mae is tweaking its multifamilty securitization model to meet marketplace demand.








Anschutz Co. To Retain Ownership of AEG




National





Anschutz Co. To Retain Ownership of AEG



DENVER-Tim Leiweke, who has served as president and CEO of AEG since 1996, will be leaving the company by mutual agreement.








The CoStar Watch List Newsletter for Mar. 14-20




National Commercial Real Estate News From CoStar Group





The CoStar Watch List Newsletter for Mar. 14-20



This Week’s Top Stories

Changing Office Trends Hold Major Implications for Future Office Demand
Imagine what would happen if office tenants decided to use 20% less of the nation’s $1.25 trillion current office stock. Dr. Norm G. Miller, a professor at the University of San Diego, did and tallied $250 billion in excess office capacity. Well that is just what is playing out gradually in the office markets. Miller hosted a CoStar webinar on the topic...






Wednesday, March 13, 2013

What Do Today's Creative Tenants Want?




National





What Do Today's Creative Tenants Want?



The growth of the tech, media and other non-traditional industries is also fueling demand for creative office space in markets across the country. Industry Partners’ Jim Jacobsen provides some insight into what these firms are looking for.











Occupancy Costs Will Start Growing in U.S.



CHICAGO, IL- In this UPDATE to Tuesday’s story, DTZ analysts explain how occupancy costs in the U.S. will finally reverse a long-term trend, and why soaring costs in Asian cities may moderate.








CRE Pricing Levels Off In January Following Year-End Transaction Surge




National Commercial Real Estate News From CoStar Group





CRE Pricing Levels Off In January Following Year-End Transaction Surge



U.S. commercial real estate sales transaction volume tapered off and pricing leveled in January in a seasonal slowdown in trading activity following December's busy year-end burst of activity, according to this month's analysis of repeat-sale pairs tracked by the CoStar Commercial Repeat Sale Indices (CCRSI).

While January's seasonal fluctuation resulted in a mixed picture for the CCRSI's Composite indices, property market pricing remained on an...






Trepp and ICSC Partner to Create New Shopping Center Research




National





Trepp and ICSC Partner to Create New Shopping Center Research



NEW YORK CITY-Members of the shopping center trade organization will now have access to customized reports.








What Are The Real Estate Implications of T-Mobile/MetroPCS's Merger?




National Commercial Real Estate News From CoStar Group





What Are The Real Estate Implications of T-Mobile/MetroPCS's Merger?



The Federal Communications Commission on Tuesday approved the merger between T-Mobile, owned by Germany based Deutsche Telekom, and MetroPCS (NYSE:PCS), creating the fourth-largest wireless company, behind Verizon, AT&T and Sprint.

Like the merger proposed by AT&T and T-Mobile in 2011, which ultimately failed to win federal approval, the real estate and employment implications for the merger are significant.

T-Mobile and MetroPCS claim the proposed...






Women Can Move to the Top




National





Women Can Move to the Top



LOS ANGELES-Jana Turner, principal of RETS, a commercial real estate recruitment firm, has moved through the ranks of the commercial real estate industry. Through her journey, she has noticed that the field has been increasingly more welcoming to women – a good sign moving forward.








Changing Office Trends Hold Major Implications for Future Office Demand




National Commercial Real Estate News From CoStar Group





Changing Office Trends Hold Major Implications for Future Office Demand



Perhaps just as the inevitable disappearance of music, video and books stores should have been foreseen at the onset of a digitized connected world, so too should the commercial real estate industry start taking a hard look at changes occurring in the office market.

Tenants are downsizing their offices, particularly larger public firms, as they increasingly adopt policies for sharing non-dedicated offices and implement technology to support their...









Retailers Diverting More Real Estate Dollars to IT



Announcements like the one Kohl’s made this month are a dwindling breed among retail chains. The headline from the retailer's press release read: "Kohl’s Department Stores Opens Nine New Stores."

That could be the highwater mark in terms of store openings as the department store chain has just three more stores scheduled to open this year.

Those numbers are down sharply from years past. Last year, Kohl’s opened 20 new stores and a new 951,000...






Another Retail Strategy for Healthcare




National





Another Retail Strategy for Healthcare



CELEBRATION, FL- Gary Paquin with Paquin Healthcare Cos. suggests a retail strategy for healthcare facilities in addition to placing healthcare facilities in retail locations.











Distressed Assets = 43% of Sales



IRVINE, CA-A recent Realty Trac report shows that the number of properties in some stage of foreclosure or REO decreased 6% in 2012 over 2011.








Tuesday, March 12, 2013

WPT Completes $99.5M Acquisition of Midwest Dist. Portfolio




National Commercial Real Estate News From CoStar Group





WPT Completes $99.5M Acquisition of Midwest Dist. Portfolio



Welsh Property Trust finalized its purchase of the 2.71 million-square-foot Core Midwest Distribution Portfolio from KTR Capital Partners for $99.5 million or $37 per square foot.

The assets are 94 percent leased to six tenants with below-market rental rates in Chicago, Indianapolis, Cincinnati and Columbus, OH.

“This offering represented a rare opportunity for Welsh Property Trust to acquire five debt-free, newer built industrial facilities...






Lowe Enterprises Sells Austin Hotel to Hyatt for $85M




National Commercial Real Estate News From CoStar Group





Lowe Enterprises Sells Austin Hotel to Hyatt for $85M



An investment fund managed by Lowe Enterprises Investors sold the 189-room Driskill Hotel in Austin’s central business district to an affiliate of Hyatt Hotels Corp. (NYSE:H) for nearly $85 million or $449,735 per room.

Great American Life Insurance and Brothers Property Corp. sold the asset to Lowe Enterprises for more than $53 million in late 2005.

Hyatt will maintain the Driskill name under its hotels and resorts umbrella.

Built in 1886...






In The Pipeline: CoStar Development & Construction News for March 10 - 17




National Commercial Real Estate News From CoStar Group





In The Pipeline: CoStar Development & Construction News for March 10 - 17



In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail.
Developer Proposes Another Large Downtown L.A. Hotel Tower

High...






Arbor Branches Out into CMBS




National





Arbor Branches Out into CMBS



UNIONDALE, NY-The lender has tapped Credit Suisse veteran Todd Hirsch to lead a securitization initiative as well as the company’s syndication platform.











Oaktree and Partner Acquire
$240 M East Coast Portfolio



LOS ANGELES—First States Investors B is the seller of 40 buildings located in eight states. The properties are 90% leased to Wells Fargo.











Young Broker Swears by Designations



MIAMI BEACH-Douglas Elliman luxury sales director Chad Carroll says the letters after the name don’t really matter. Not as much as the training that they represent.








Singapore Group to Acquire U.S. Bank Tower For $367.5M




National Commercial Real Estate News From CoStar Group





Singapore Group to Acquire U.S. Bank Tower For $367.5M



An affiliate of Overseas Union Enterprise Ltd. (OUE) has agreed to acquire the 72-floor U.S. Bank Tower and a parking garage in downtown Los Angeles from MPG Office Trust, Inc. (NYSE: MPG) for $367.5 million.

The 1,018-foot tower in Bunker Hill built in 1989, the tallest building west of the Mississippi River, has struggled in recent years, with 56.6% occupancy as of Dec. 31, 2012, according to an MPG regulatory filing last week.

The $250...






Monday, March 11, 2013

Oaktree/NFR JV Buys $240 Million Office Portfolio




National Commercial Real Estate News From CoStar Group





Oaktree/NFR JV Buys $240 Million Office Portfolio



Oaktree Funds partnered with National Financial Realty to purchase a 40 office building, 3.44 million-square-foot portfolio for $240 million or $70 per square foot. KBS Real Estate Investment Trust was the seller.

The assets include mission critical operations facilities and branch offices that are 90 percent occupied by Wells Fargo Bank on a long-term basis. They are located in eight states throughout the East and Southeast.

NFR, a private...