the Editors of Commercial Property Executive
Chartwell to Buy Out Seniors Housing JV
Residences Melior, an affiliate of Groupe Melior, of Montreal, has exercised its right under a joint venture agreement with Chartwell Seniors Housing REIT to sell to Chartwell the remaining 50 percent interest owned by Melior in seven assisted-living properties in the Province of Quebec. The companies announced that the price for the transaction, which will include Melior’s 50 percent interest in the joint venture property management company, will be determined by independent appraisers. Assuming that regulatory approval is obtained, the deal could close within 60 days. The seven properties are: * Monastere d’Aylmer, Aylmer, 272 suites. * Notre Dame de…
European ProLogis Fund Secures $383M Refi
ProLogis European Properties Fund II, a private equity fund established by Denver-based distribution facilities provider ProLogis, has attained a five-year secured term loan facility valued at €264 million, or approximately $383 million, for the purpose of refinancing 34 properties in Central Europe. Hypo Real Estate Bank International AG provided the loan, acting as facility agent along with Aareal Bank AG, Deutsche Postbank AG and Helaba Landesbank Hessen-Thüringen. The portfolio of distribution facilities encompasses an aggregate 7.5 million square feet of recently constructed space in Poland, the Czech Republic, Slovakian and Hungary. “ProLogis is a sector leader, with global experience and…
184-Acre Bioscience Park Breaks Ground on Former Army Site
Construction began Wednesday as part of the transformation of the former Fitzsimons Army Medical Center in Aurora, Colo., for the 184-acre business park called Colorado Science + Technology Park at Fitzsimons. The project is being developed by Forest City Science + Technology Group, an affiliate of Forest City Enterprises Inc. The project began with the demolition of the existing Fitzsimons smokestack to make way for new, state-of-the-art scientific facilities. Plans call for Forest City’s first life science building to accommodate the growth of the region’s existing life science industry as well as existing incubator tenants on site. In addition, a…
Fults to Start New Firm in Dallas
Despite a flat Dallas real estate market, Tracy Fults took a leap of faith in the creation of his new real estate firm of Fults Commercial, following in the footsteps of his late father and one-time mentor Jerry Fults “The timing is good for me for where I am in my life,” Fults, the president of Fults Commercial, told CPN. “I’ve been in the business for quite a while and this is a good opportunity for me.” The new firm will concentrate on commercial real estate properties throughout Texas with a focus on North Texas. The company will specialize in landlord representation,…
Starwood, Sands Reach Deal on Luxury Residences for Las Vegas Strip
Starwood Hotels & Resorts Worldwide Inc. will bring its high-end St. Regis brand to Las Vegas with the opening in two years of The St. Regis Residences at the Venetian Palazzo, LasVegas. Starwood and Las Vegas Sands Corp. reached an agreement for Starwood to manage 398 private luxury residences in a $600 million residential tower under construction on The Strip between The Venetian and The Palazzo.No financial terms were disclosed in a joint news release from the two companies, but they did project total sales could be as much as $2 billion. Various news reports stated it was the first…
Gaylord to Develop Convention/Resort Facility in Mesa
Gaylord Entertainment has inked a deal to buy a parcel of land at the Mesa Proving Grounds in Mesa, Ariz., for the development of a resort and convention center. The development will occupy about 100 acres of the Mesa Proving Grounds, which totals about 3,200 acres. The planned convention center and resort will be part of a larger mixed-use development in undertaken by DMB Mesa Proving Grounds L.L.C., an affiliate of DMB Associates Inc. DMB bought the site in 2006 from automaker General Motors, which leased the facility back until 2009. Besides the Gaylord resort and convention center — the…
Management Matters with Mike Myatt: Expectation Alignment Key to ‘Promise Management’
The art and science behind making commitments and managing expectations has always been a critical skill set for senior executives and entrepreneurs to master. In fact, understanding how to come out on the right-side of the expectation curve can often be the difference between average performers and corporate superstars. This is evidenced by the fact that the consulting industry has zeroed in on the importance of this issue such that it has evolved into an emerging discipline known as “Promise Management.” In today’s column I’ll discuss the value of promise management as a discipline. Nothing engenders confidence and creates a…
Souring Economy Brings NYC Office Market Back to Earth
After a typically quiet summer, a souring economy and struggling financial markets will soon cause the other shoe to drop on the Manhattan office market, according to local analysts.Just Friday, atop other discouraging economic trends–such as the apparent shift by consumers to big-box stores from high-end retailers–came the jobs report. The Department of Labor’s monthly report released Friday found that non-farm payrolls dwindled by 84,000 as unemployment hit 6.1 percent, the worst showing since 2003.Some financial firms that make up a large chunk of the market’s tenant base are in trouble, and their problems will soon start add space to…
Guardian Nabs DC Office for $54M
The Tower Building, a 124,700-square-foot office property with a full tenant roster along Washington, D.C.’s famed lobbyist-laden K Street Corridor, has traded in a deal valued at $53.8 million. Acting on behalf of an institutional fund, Guardian Realty Investors L.L.C. acquired the Art Deco building (pictured) at 1401 K St., N.W., from AEW Capital Management L.P., which made the sale on behalf of an institutional client seven years after having purchased it from Starwood Capital Group for $23.7 million. The credit crisis is not keeping investors away from the District. “D.C. is fortunate; there is a fair number of all-cash…
General Growth Pays Down $391M in Short-Term Debt
As part of its ongoing effort to deal with some $18.4 billion in debt that’s scheduled to come due over the next three-and-a-half years, Chicago-based General Growth Properties has completed the repayment of $391 million in near-term mortgage loans. The company has also closed another part of the $1.75 billion finance package (a secured loan facility) that it has been putting together recently as part of its plan to deal with its debt. Yesterday’s closing brings the total loan facility amount currently outstanding to $1.41 billion. A final seven properties were added to the collateral pool, thus completing the 24-property…