the Editors of Commercial Property Executive
Holliday Fenoglio Fowler Secures Refinancing of 2.7 MSF of Industrial Space
The Dallas office of Holliday Fenoglio Fowler L.P. secured a $90.5 million refinancing for an industrial portfolio in Florida, Georgia and Texas totaling approximately 2.7 million square feet. Holliday Fenoglio managing director John Rose worked exclusively on behalf of the borrower, ING Clarion Partners, to secure the five-year fixed-rate refinancing through a life insurance company.The portfolio includes nine industrial properties that are 97 percent occupied and are located in Atlanta, Jacksonville, Miami, Austin, Dallas and Houston. Tenants include Laney & Duke, Shippers Warehouse and HD Supply.Also, as CPN reported last month, Holliday Fenoglio Fowler arranged a $90 million loan for the…
Bozzuto Finds $75M for Baltimore Mixed-Use Project
The Bozzuto Group has secured a $75 million construction-financing package and begun work on The Fitzgerald at UB Midtown, a mixed-use community going up on 4.6 acres owned by the University of Baltimore in the heart of Baltimore’s cultural district. The financing consists of a $52 million construction loan provided by Bank of America and RBS Citizens and $23 million equity investment funded primarily by the New York State Teachers’ Retirement System (NYSTRS). The loan covers about 70 percent of the project’s cost, a ratio that is higher than usual. “We would previously have expected a 75 percent loan,” Toby…
Behringer Harvard to Set Up Shop in Germany
With an eye on ramping up its global footprint, Behringer Harvard is opening an office in Hamburg, Germany, that will begin operations this month. The Dallas-headquartered firm’s Hamburg location will focus on European real estate acquisitions, as well as asset and property management for Behringer Harvard’s assets in Europe. “Many opportunities, including our recently announced Central European investment platform, exist within Europe,” said Jason Mattox, chief administrative officer for Behriger Harvard. “Our ability to manage our existing portfolio and to responsibly expand that portfolio is strategically enhanced with our new office.” While the German office market is experiencing slowing growth…
Skanska to Build $56M Michigan Hospital
Skanska has been awarded a contract to design and build the William Beaumont Hospital in Troy, Mich., at a contract amount of $56 million. The project is a joint venture between Skanska and construction management firm Barton Malow, in which Skanska has a 51 percent stake. The project originally broke ground in June 2007 and is expected to be completed in October 2010. The plans call for approximately 17,000 square feet of facilities on the site, including about 7,000 square feet dedicated to an emergency care center and a critical care tower. Additionally, the firm plans to build a three-story…
Senate Sweetens Deal Offered to House GOP
All eyes are on the House today, specifically on the 133 House Republicans who spearheaded the surprise defeat on Monday of the Emergency Economic Stabilization Act of 2008. Meanwhile, signs are growing that the financial crisis has potential to metastasize further, and an observer of the Washington scene gave CPN an exclusive update on why the pending legislation matters more than ever to commercial real estate. Late yesterday, the Senate handily passed (74-25) the latest version of the EESA, which features a number of major changes aimed at making the bill more palatable to those who had opposed it and…
Port Authority: WTC Redevelopment to Cost at Least $17B, Freedom Tower Delayed
The Port Authority of New York and New Jersey issued a 70-page report today detailing more realistic costs and timetables for redevelopment of the 16-acre World Trade Center site while at the same time acknowledging that it is now expected to cost at least $17 billion for the entire build out–more than $1.7 billion than originally estimated. The report was presented at today’s Port Authority Board of Commissioners meeting. Port Authority Chairman Anthony Coscia said in a statement released after the meeting that the report “builds on previous efforts by the Port Authority to conduct our business with transparency and…
Financial Market Update: After the Closing Bell-Thursday, Oct. 2
Yesterday, hope. Today, fear. The Dow Jones Industrial Average lost 348.62 points today, seemingly upset by lousy numbers on the economy regarding jobs and manufacturing (see below). Among the decliners today were insurance stocks, stung by a passing remark by U.S. Senate Majority Leader Harry Reid (D.-Nev.) about a “well-known insurer” being on the edge of insolvency. A spokesman for Reid backpedaled today, telling Reuters that “his comments were meant to refer to the conditions in the financial sector generally,” not any particular insurer. It’s more evidence for the case that markets do not, in fact, behave rationally. The U.S….
JV Agreement Solidified for 10,000-Acre Science Park in Mexico
New York City’s ING Clarion Partners and Poway, Calif.-based Silicon Border Development have hashed out the final details of their joint venture and financing plans for the development of the Silicon Border Science Park, a 10,000-acre state-of-the-art project in the City of Mexicali in Baja California, Mexico, about two hours across the U.S. border from San Diego. The news comes 18 months after the two companies announced they had entered into an agreement to form the joint venture. ING will provide capital for the first phase of the behemoth project whose infrastructure development alone will carry an ultimate price tag…
One Liberty Acquires $53M of Retail in Sale-Leasebacks
As the credit crunch tightens its grip on lending, REIT One Liberty Properties Inc. is looking to take advantage of retail owners seeking sale-leaseback deals. In this month alone One Liberty has bought and leased back nine Office Depot locations for more than $53 million. Through wholly-owned subsidiaries, One Liberty Properties acquired a portfolio of eight retail locations totaling about 218,000 square feet of retail space in Florida, Illinois, North Carolina, Texas, California, Georgia and Oregon for $47.6 million, paid in cash. Simultaneously with the acquisition, each of the properties was leased on a triple net basis for an initial…
Home Depot Leases 450,000 SF from KBS in Connecticut
KBS Real Estate Investment Trust I has announced that Home Depot USA Inc., has leased the entire 450,000-square-foot 170 Highland Park Drive building, a Class-A warehouse and distribution facility in Bloomfield, Conn., 12 miles northwest of Hartford. The lease accounts for the entire 170 Highland Park Drive facility. Home Depot will use the space to support retail operations throughout New England. The single-building property is part of the KBS/Hackman Industrial Portfolio, owned by a joint venture between KBS REIT I, Hackman Capital Partners and Calare Properties. In August 2007, KBS REIT I, Hackman and Calare jointly acquired a $516 million…