Commercial Property Outlook Good, Not Great

Written on September 30, 2010 at 10:04 AM

While results won't be dramatic, an improving employment picture and a more positive outlook by private-sector employers will boost the North Texas commercial real estate market in 2011. According to the Dallas Business Journal, office leasing will increase next year due to the fact that many tenants' leases are rolling. On top of that, many relocating corporations will choose Dallas-Fort Worth for their headquarters at an increased pace.

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Categories: Owner Occupied, Office, Industrial, Real Property, Leased, Apartments, Retail, Multi Family, Texas

Hilton Buys Hotel at Disney for $127.2M

Written on September 29, 2010 at 11:55 AM

Hilton Worldwide recently bought the Hilton at Walt Disney World Resort for $127.2 million from Tishman Hotel & Realty LP. According to the Orlando Business Journal, the hotel has 814 rooms, 74,000 square feet of space and is located across from downtown Disney. The structure was built in the 1980's and has been managed and branded by Hilton.

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Categories: Real Property, Hospitality, Hotels, Florida

Marion County (Indianapolis) 2010 Assessment Notices

Written on September 28, 2010 at 07:48 AM

Within the next two weeks, Marion County (Indianapolis) is expected to begin sending out March 1, 2010 (payable in 2011) real property Assessment Notices. Property owners should take note that as the County continues its efforts to "catch up" its valuation records, notices will generally only be sent for properties where values have changed. Should you receive an assessment notice reflecting a changed value, your opportunity to appeal its new value will exist for 45 days following the notice's mailing date (anticipated to be early-mid November). If you do not receive an assessment notice by late September/early-mid October, it is likely that your property value will not change. In that case, the 45 day appeal deadline will be triggered by the mailing of your spring tax bill in 2011.

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Categories: Real Property, Paradigm Info, Indiana

BioMed Agrees on $298M Life Science Buy

Written on September 27, 2010 at 08:45 AM

San Diego, California-based BioMed Realty Trust Inc. has signed an agreement to buy two life science campuses in San Francisco from Chamberlin Associates for $298 million. The first campus, 205,000-square-foot Oyster Point is comprised of two new office and laboratory facilities occupied by Elan Corp. with leases that expire in 2024 and 2025. Elan is also the main tenant at the second campus, the six-building Gateway complex which is 100% occupied with Elan Corp. taking up 215,000 square feet and FedEx Corp and Genetech Inc. taking up the remaining 69,000 square-feet.

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Categories: Office, Real Property, Leased, California

Meadowbrook Golf & Country Club Sells to Caymus Real Estate

Written on September 24, 2010 at 11:19 AM

Kansas City, Missouri-area Meadowbrook Golf & Country Club Inc. has been sold to Caymus Real Estate LLC which will keep it open as a full-service private club. The deal was closed rapidly, about five to six weeks, and no sales price has been disclosed. Initial plans are to stabilize the club and take a look at further development as the opportunity presents itself.

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Categories: Country Clubs, Real Property, Hospitality, Golf Courses, Missouri

Blockbuster Files for Ch. 11

Written on September 23, 2010 at 11:34 AM

Dallas, Texas-based Blockbuster has filed for Chapter 11 bankruptcy in order to secure $125 million in debtor-in-possession financing to help the company maintain operations through the reorganization process. According to the Dallas Business Journal, the reorganization plan will reduce Blockbusters' debt from $1 billion to $100 million or less.

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Categories: Real Property, Store Chains, Strip Centers, Bankruptcies, Retail, Financial Services, Texas

Office Sales Come Easier This Year

Written on September 22, 2010 at 10:27 AM

Since the $48 billion office investment sales market height of 2007, New York City has steadily decreased in office sales up to hitting an historic low point last year. Good news is, according to GlobeSt.com, the $6.8 billion in sales year to date are on pace to double or even triple the 2009 total of $3.5 billion. The general consensus amongst experts is that raising debt and equity this year is now an easier proposition than a year-and-a-half ago.

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Categories: Office, Real Property, New York

N. Austin 256-Unit Complex Open Next Month

Written on September 21, 2010 at 09:57 AM

A joint venture between Colorado-based Archstone and New York-based Bluerock Real Estate LLC has developed a 256-unit luxury apartment complex in North Austin, Texas. According to the Austin Business Journal, the complex is set to open up on October 6. The property was developed between the two companies for an undisclosed amount and its construction was financed through U.S. Bank. Archstone will manage the property.

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Categories: Real Property, Apartments, Colorado, Multi Family, Texas, New York

KBS Closes on $208M Union Bank Plaza Buy

Written on September 20, 2010 at 11:02 AM

Newport Beach, California-based KBS Real Estate Investment Trust II has acquired the 627,334-square-foot office tower Union Bank Plaza in LA for $208 million. According to GlobeSt.com, the transaction increases KBS-affiliated companies commercial real estate acquired for the year to 4.4 million square feet. The 40-story Union Bank Plaza is one of downtown LA's most sought after properties and currently stands at more than 96% occupied.

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Categories: Office, Real Property, Leased, Retail, California

St. Louis Sheraton Owner Files for Bankruptcy

Written on September 17, 2010 at 09:05 AM

Breckenridge Edison Development, owner of the Sheraton St. Louis City, Missouri Center Hotel & Suites, filed for Chapter 11 bankruptcy. According to the St. Louis Business Journal, the move put off a foreclosure auction that was scheduled for hours later after the bankruptcy was filed. The 228-room hotel lists assets of about $14 million and liabilities of $33 million.

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Categories: Real Property, Bankruptcies, Hospitality, Hotels, Financial Services, Missouri

CVS Warehouse Sale Largest so far in 2010

Written on September 16, 2010 at 10:00 AM

According to the Orlando Business Journal, the Pennsylvania-based REIT Liberty Property Trust, bought a CVS warehouse distribution center in southwest Orlando, Florida for $23.6 million. The sale is the largest industrial real estate deal in the area this year. The facility has 740,260 square feet of gross space among seven buildings and gives Liberty a total of more than 4.5 million square feet of space that it owns and manages in the Orlando area.

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Categories: Distribution Centers, Office, Industrial, Real Property, Florida, Warehouse

Village Shoppes at Pine Plaza Gets New Life

Written on September 15, 2010 at 11:23 AM

Global Fund Investments and MMG Equity Partners have acquired the title to the Village Shoppes at Pine Plaza in Sunrise, Florida, according to GlobeSt.com. The two investors bought the notes on the 234,169-square-foot shopping center from Compass Bank after foreclosing on the property. The transaction is the largest shopping center foreclosure to occur in South Florida.

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Categories: Foreclosures, Real Property, Strip Centers, Retail, Financial Services, Florida

Cole Real Estate Buys California Retail Center for $83.5M

Written on September 14, 2010 at 11:57 AM

Phoenix, Arizona-based Cole Real Estate Investments had acquired the Whittwood Town Center in Southern California from Morgan Stanley for $83.5 million in cash, according to the Phoenix Business Journal. Whittwood is approximately 686,000 square-feet and is 97% leased. The center was completely redeveloped from 2004 to 2006 and current tenants include Target, Sears JC Penny, Kohl's, PetSmart and CVS.

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Categories: Arizona, Office, Industrial, Real Property, Store Chains, Strip Centers, Retail, California

Kennedy Wilson Forms $278M Partnership, Auctions Portfolio

Written on September 13, 2010 at 11:34 AM

Beverly Hills, California-based real estate investment and services firm Kennedy Wilson has recently formed a $278-million investment partnership with subsidiaries of Fairfax Financial Holdings Ltd. to pursue acquisitions of real estate assets, including loans and real property. Kennedy, in conjunction with its partners, has acquired over $1.65 billion of multifamily assets and loans secured by real estate predominantly in California, Washington, Hawaii and Japan.

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Categories: Special Services, Office, Real Property, Retail, Financial Services, California

Hersha Hospitality Trust Snaps Up D.C. Hampton Inn

Written on September 10, 2010 at 12:56 PM

Hersha Hospitality Trust has finished up a deal to acquire the 228-room Hampton Inn in D.C. from The JBG Companies for a total of $73 million. The property was completed in 2005 and is located near the Walter E. Washington Convention Center. According to the Washington Business Journal, this is Hersha's seventh Washington-area property.

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Categories: Real Property, District of Columbia, Hospitality, Hotels

TIAA-CREF Refinances 3,600 Units for $273M

Written on September 09, 2010 at 12:19 PM

Los Angeles, California-based TIAA-CREF Global Real Estate has refinanced a portfolio of 10 stabilized Class A multifamily properties. According to GlobeSt.com, the properties comprise of 3,600 units for a total of $273 million via loans that were arranged by CB Richard Ellis. The properties being refinanced are located in Denver, Atlanta, Houston, Scottsdale and Herndon.

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Categories: Arizona, Real Property, Apartments, Colorado, Multi Family, Texas, Virginia, California

American Campus Communities Closes $200M Acquisition

Written on September 08, 2010 at 01:44 PM

Austin, Texas-based American Campus Communities Inc. closed a $200 million deal to assume full ownership in 14 properties it previously jointly-owned, this according to the Austin Business Journal. ACC, a student housing owner, developer and operator paid about $74.9 million in cash and assumes about $180.9 million in debt for the 90% interest they did not already own in the properties which contain 8,500+ beds.

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Categories: Real Property, Multi Family, Texas

Chartwell Hospitality Plans up to $500M in Hotel Buys

Written on September 07, 2010 at 01:22 PM

According to the Nashville Business Journal, Chartwell Hospitality plans to spend $400 to $500 million on select-service hotels, taking advantage of bargains made possible by the recession. The Franklin, Tennessee-based hotel investor and operator is saying it has raised $200 million which will be leveraged to create a half billion in investment capital.

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Categories: Real Property, Hospitality, Tennessee, Hotels

California Property Taxes and the Troubled Hospitality Asset

Written on September 03, 2010 at 10:49 AM

If you are, in any way, involved with a hospitality property in California you do not need a property consultant to tell you about how ugly things are. Distressed hotel and resort assets are struggling to avoid the legions of vulture funds formed to prey on the weak, and scrambling to remain viable, service debt, raise occupancy, maintain rates, and reduce every possible expense.

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Categories: Real Property, Hospitality, California

U.S. Hotel Profit Growth Returns in 2010

Written on September 02, 2010 at 06:40 AM

Thanks to a strong lodging demand in the first half of 2010, Colliers PKF Hospitality Research has forecasted that the average U.S. hotel will achieve a 2.3% increase in net operating income in 2010. This marks the first annual increase in NOI forecasted since 2007. PKF also forecasts double digit growth in unit-level NOI each year from 2011 through 2013.

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Categories: Real Property, Hospitality, Hotels

BRE Properties Buys Two California Sites for $185M

Written on September 01, 2010 at 08:50 AM

San Francisco-based BRE Properties has completed the purchase of two apartment properties in California, one in Sunnyvale and one in Marina del Rey, for a total of approximately $185 million. The downtown Sunnyvale site is 2.4 acres and was acquired August 20 for around $19 million. The property has the possibility of future development up to 280 units. The 500-unit Marina del Rey property was acquired on August 31 for around $166 million.

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Categories: Arizona, Washington, Real Property, Apartments, Multi Family, California

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