the Editors of Commercial Property Executive
Spectrus Closes 1031 Exchange for Austin Retail Center
Spectrus Real Estate has sold a 75,000-square-foot retail power center in Austin to a San Francisco-area private buyer as part of a 1031 exchange. The property, Anna Plaza, was sold through Spectrus’ Net Lease PLUS program. It is anchored by a Wal-Mart Supercenter, Lowe’s Home Improvement Center and Office Depot. Another retail center, Lakeline Mall, is across the street, along with a proposed Costco outlet. Spectrus was represented in the sale of Anna Plaza in-house, by regional vice president Peter Rosenthal and sales executive Gary Williams, both with Spectrus’ Northwest regional office in San Francisco. The private buyer was represented…
Port Authority’s New Head to Oversee Massive NYC Projects
The soon-to-be-named new head of New York and New Jersey’s port agency will be charged with guiding the World Trade Center redevelopment and other high-profile projects that will shape the region’s real estate market for years to come. Next week, Gov. David Paterson (pictured) is expected to appoint a successor to Anthony Shorris, executive director of the Port Authority of New York and New Jersey. On Thursday Shorris confirmed rumors that his departure is imminent. He will be the latest top executive Paterson has replaced since taking over for Elliott Spitzer, who quit last month in the wake of a…
Home Not Too Sweet for Linens ‘n Things
The disclosure that the Linens ‘n Things home products chain is looking for strategic alternatives is the latest sign of trouble in the home-related retail sector. Yesterday the 589-store chain said in a statement that it has asked the investment banking firm Financo Inc. to evaluate strategies. The move indicates that the chain has staved off an imminent bankruptcy filing that was widely rumored last week. But the news strongly suggests that Linens ‘n Things’ management is considering putting the struggling chain up for sale. As such, the firm joins a growing roster of retailers hit hard by slowing consumer…
Grubb & Ellis Reports Office Markets Down in First Quarter
Grubb & Ellis Co.’s first quarter survey shows that office markets seem to have been affected by the deteriorating economy, as the overall vacancy rate rose to 13.6 percent. This is a sharp increase of 60 basis points from the 13.0 percent rate that had held steady in the prior three quarters. Of the 57 markets tracked by Grubb & Ellis, first quarter vacancy rose in 42 markets and fell in 15.Net absorption totaled 1.8 million square feet, the lowest since the second quarter of 2003. 15.1 million square feet of new space was completed during the quarter.Grubb & Ellis,…
Tony Thompson Forms New Company
Anthony Thompson, architect of the megamerger of NNN Realty Advisors Inc. and Grubb & Ellis Co. last year, has started a new company. His new venture, the Irvine, Calif.-based Thompson National Properties L.L.C., will focus on value-added real estate investments.Thompson has had a long history in placing investor funds during a variety of economic climates including, as he pointed out, during “four recessions.” He posited in a recent interview with CPN that even the current downturn offers opportunities to invest in real estate companies or portfolios offering competitive returns.In 1998, Thompson formed Triple Net Properties L.L.C. He oversaw the company’s…
$109M in Financing Closes for Affordable Housing Complex in Brooklyn
A financing package totaling $109 million has been put in place for Linden Plaza, a 1,527-unit affordable housing complex in Brooklyn. Red Stone Partners orchestrated the deal on behalf of The DeMatteis Organization, which plans to use the funds to rehabilitate and preserve the 36-year-old property.Developed in 1972 the Linden Plaza complex encompasses four 17-story structures, a single 18-story tower, six townhouse complexes and four parking facilities. Working with Wachovia Multifamily Capital and Freddie Mac, Red Stone facilitated $74 million in tax-exempt bonds from the New York City Housing Development Corp. Additionally, Red Stone secured $35 million in tax credit…
Riverstone Acquires Seattle Property Management Firm
Third party property management firm Riverstone Residential Group has acquired Seattle based HSC Real Estate Inc. With this acquisition, Riverstone looks to increase its viability in the Northwest, as HSC is a property management firm currently operating approximately 34,000 units in the region.HSC will now be known as HSC/Riverstone for the time being.The current HSC Seattle office will serve as Riverstone’s Western Division headquarters. The majority of HSC’s staff and management will remain employed at HSC/Riverstone, with Walt Smith, HSC’s current president, filling the role of divisional president of the western division.Smith indicated in a release today that the time…
HFF Arranges $74M for Renovation of Salt Lake City Mall
The renovations at Trolley Square in Salt Lake City, an upscale lifestyle center and tourist attraction, will continue with a $74 million loan arranged by Holliday Fenoglio Fowler L.P.HFF senior managing director Lloyd Minten, working with center owner ScanlanKemperBard Cos., placed the loan with Bank of America as administrative agent, in syndication with Wachovia, according to a release from HFF. The financing recapitalizes an adjustable rate loan that was arranged by HFF when SKB bought the site from Simon Property Group in August 2006 for $38.6 million.“HFF was able to secure attractive financing that provided flexibility for the borrower to…
Korean Pension Fund Bumps RE Allocation to $800M, Eyes U.S.
South Korea’s National Pension Service, the world’s fifth-largest pension fund, will allocate more than $800 million to acquire overseas real estate this year, and will increase the proportion of its real estate investments that are in the United States, according to Reuters. This amount will approximately double the fund’s 2007 investments in overseas real estate; NPS only began investing in foreign real estate in 2006. Three weeks ago, the Financial Times reported that NPS had decided to no longer buy U.S. Treasuries, because of low yields. The newspaper quoted NPS head of global investments Kwag Dae-hwan as saying, “It is…
Palm Hills Developments Prices Offering
Palm Hills Developments S.A.E., a real estate developer in the Egyptian market, has now priced its previously announced stock offering. According to Bloomberg, Reuters News and other sources the company intends to raise $392 million from selling the shares and depositary receipts. Reports further state 63.4 million shares will go for prices above $3.55 to institutional investors, with the possibility of selling another 9.5 million shares as demand dictates. Total market value of this part of the offering could be more than $2 billion. In addition, 12.9 million shares will be offered to individuals at a 5 percent discount from…