the Editors of Commercial Property Executive
Northland Nabs Austin M-F Portfolio for $270M
Touting it as the largest apartment deal in Austin’s history, Northland Investment Corp.’s Northland Fund III has acquired a portfolio of nine Class A communities with 2,985 apartment units for $270 million from Equity Residential Properties Trust.The portfolio includes River Stone Ranch, Sedona Springs, The Arboretum at Stonelake (pictured), Madison at the Arboretum, Village Oaks, Madison at Scofield Farms, Madison at Walnut Creek, Madison at Wells Branch and Madison at Stone Creek. The acquisition increases Massachusetts-based Northland’s Austin portfolio to 4,500 units, making the firm the largest multi-family owner in the Texas capital.”The Austin market has been attractive to a…
AT&T, Equity Capital Management Close on $72M Atlanta-Area Sale-Leaseback
AT&T walks away with a pocketful of cash and gets to stay put at its 407,000-square-foot digs in Tucker, Ga., with the completion of a $72 million sale-leaseback transaction orchestrated by Jones Lang LaSalle’s capital markets group. AT&T is now leasing the office complex (pictured), sited 20 miles northeast of Atlanta, from new owner Equity Capital Management under a long-term agreement. The deal for the property–known as the BellSouth Advertising and Publishing Corp. headquarters before AT&T’s $85 billion acquisition of competing telecommunications company Bellsouth Corp. in early 2007–is just one of a bevy of sale-leaseback transactions AT&T has engaged in…
Walton Street Refinances Four Seasons Hotel
Walton Street Capital L.L.C. has refinanced its Four Seasons Resort Scottsdale, in the Phoenix metro area, for $75 million. The funding was provided by HSBC and secured by Jones Lang LaSalle’s capital markets group.“The initial two-year, floating-rate loan includes attractive multi-year extension provisions providing Walton Street Capital the flexibility it needs to recapitalize the resort,” according to a statement from JLL. Jones Lang LaSalle Hotels assisted with the transaction. An ultra-luxury destination resort, The Four Seasons Resort Scottsdale at Troon North (pictured) features 210 guestrooms and suites, 36,000 square feet of meeting space, a spa, extensive recreational facilities, and fine-dining…
Retailer Steve & Barry’s Snapped Up for $168M
BH S&B Holdings L.L.C. will acquire retailer Steve & Barry’s after being named the high bidder in an auction for the company’s assets. BH S&B Holdings, a new affiliate of Bay Harbour Management, was the winning bidder in an auction that ended on Aug. 21 with a bid of $168 million. BH S&B will reportedly look to close around 100 stores, with more possible if the firm cannot reach acceptable lease concessions from landlords. The deal is expected to be completed on Aug. 25. Terms of the purchase encompass all of Steve & Barry’s existing leases, inventory and intellectual property…
Dana Holding Sells Ohio HQ to Health Care REIT
Dana Holding Corp. has agreed to sell its corporate headquarters to Toledo-based Health Care REIT Inc. The transaction is expected to close by October, and under the terms of the deal Dana will move from the 200,000-square-foot Dorr Street building in Toledo within about a year. The move is one of consolidation for Dana, a maker of axles, driveshafts and structural, sealing and thermal-management products. Its headquarters staff will go to its existing Automotive Systems Technology Center, located about eight miles away in the Toledo suburb of Maumee, Ohio. That facility opened in the spring of 2004 and currently houses…
Equastone Inks Law Firm to New Orleans Lease, Flips Former Firm HQ
Driving a hard bargain with Equastone, law firm McGlinchey Stafford signed a 10-year lease for 68,000 square feet at the Pan-American Life Center in New Orleans–the largest office lease since Hurricane Katrina–only after Equastone agreed to buy the firm’s existing 86,000-square-foot building. Financials on either the sale or lease deals were not disclosed. Equastone, immediately flipped the former McGlinchey Stafford building to local developer Brian Gibbs via a double escrow. The building is a former warehouse that was converted into an 86,000-square-foot office building to serve the law firm. “This closing was one step in a series of transactions related…
First U.S. Wooden Key Cards to Debut in Denver at Democratic National Convention
At the Democratic National Convention in Denver this year, “green” key cards (pictured) will be used in Denver hotel rooms–their debut in this country, according to Sustainable Cards and their manufacturer CPI Card Group. More than 70,000 biodegradable cards will be issued and used in area hotels. “Sustainable Cards in hotels are really the tip of the iceberg,” Greg Hartmann, president & CEO of Sustainable Cards told CPN. “Our goal is to be the leading provider of eco-friendly cards for all purposes–commercial property entry cards, gift cards, membership cards and the like. The bottom line is doing whatever we can…
Management Matters with Mike Myatt: Do You Have A Bad Attitude?
Show me a CEO with a bad attitude and I’ll show you a poor leader. While this sounds simple enough at face value, I have consistently found that one of the most often overlooked leadership attributes is that of a positive attitude. As a CEO, how can you expect to inspire, motivate, engender confidence, and to lead with a lousy attitude? The simple answer is that you can’t. It just won’t work. CEOs with bad attitudes will not only fail to engage their workforce, but they will quickly find themselves shown the door as their attitude’s impact on performance becomes…
Equity One, DRA Advisors Take Florida Properties for $53M
A joint venture between Equity One Inc. and DRA Advisors has taken three new properties in Florida for $53 million. The properties will be 80 percent owned by Equity One and 20 percent owned by DRA Advisors. The three properties, all retail centers, are Plantation Marketplace in Plantation, Penn Dutch Plaza in Margate and 1900/2000 Offices in Boca Raton.Plantation Marketplace, at 230,300 square feet, is the biggest of the three. Current leasees include CVS/pharmarcy, Winn-Dixie supermarket, Bealls Outlet and Big Lots. The Penn Dutch Plaza is a neighborhood retail center, and includes a local grocery store, Penn Dutch, that has…
Hines to Build Oklahoma City Skyscraper for Devon Energy
The Urban Renewal Authority of Oklahoma City has approved the plans for a 1.9 million-square-foot building in Downtown Oklahoma City that, when complete in 2012, will be the state’s tallest, at 54 stories. Houston-based Hines is developing the structure, which will be the new headquarters of Devon Energy Corp. Locally based Devon, which has oil and gas drilling operations worldwide, is currently riding high on the energy boom, and will relocate about 2,200 employees from five other nearby locations to be in the new headquarters. According to the company, as many as 3,000 employees may ultimately occupy the building. For…