Allison Landa
Summit Repositioning Raritan Plaza I
The nine-story, 262,500-square-foot office property will receive lobby and elevator renovations, new signage, restroom renovations and upgrades and exterior work as well as security and energy-efficient lighting enhancements and touch-screen directories. A total dollar value for the work has yet to be determined.
Economy Watch: Mortgages, HUD, Subway
CoreLogic reported that fully 11.1 million, or 23.1 percent of all U.S. residential properties with a mortgage were underwater at the end of the fourth quarter of 2010, up from 10.8 million, or 22.5 percent, in the third quarter. The increase reflects price declines, according to the company.
Dune Courts Aggressive Growth
This was a busy week for Dune Real Estate Partners L.P. First the fund manager joined forces with Pantzer Properties to purchase the Magazine Portfolio in the Washington, D.C., metro area, then it struck a joint venture with TDI Real Estate Holdings L.L.C. in search of multi-family properties.
American Assets Trust Buys 365,000-SF Office Property
First & Main, a Portland, Ore., office building that just opened its doors last summer, will soon get a new owner. American Assets Trust Inc. has entered into a definitive agreement with the building’s owner and developer, Shorenstein Properties L.L.C., to acquire the trophy asset for $129 million.
Economy Watch: Foreclosures, Jobs, Loans
The state attorneys general are discussing the terms of a settlement for robo-signing, which could mean the banks ponying up some cash or providing mortgage modifications — or both.
Manhattan Retail Condo Commands $324M
Spain’s Inditex Group purchased the 38,750-square-foot space, the former home of an NBA store, from a joint venture involving Carlyle Group, Crown Acquisitions and Kushner Cos.
ProLogis Closes First Leg of $505M Catellus Sale
As per the agreement with TPG Capital, ProLogis will retain a preferred equity interest in Catellus, which the global distribution facilities provider acquired in 2005 in a $5.5 billion acquisition. The total consideration for the first tranche was $353 million.
Economy Watch: Jobs, CRE Values, Inflation
The fact that employers hired 192,000 workers in February counts as good news, but other details from the monthly jobs report by the Bureau of Labor Statistics speak of lingering problems in the labor market.
Pantzer, Dune Real Estate Strike $460M JV
Pantzer Properties and Dune Real Estate Partners have turned the page on the Magazine Portfolio, a 2,500-unit, eight-property holding located in the Washington, D.C., metro area.