the Editors of Commercial Property Executive
GGP Arranges New Mortgages, Sells Two Non-Core Properties
Not long after outlining a plan for refinancing some of its debt over the next two years, as reported by CPN earlier this week, General Growth Properties has arranged three new mortgage loans on regional malls owned by the company in joint ventures. The Chicago-based REIT has also inked deals to sell two wholly owned office buildings. A five-year, $150 million interest-only loan with a fixed rate of 5.05 percent will replace an existing mortgage loan of about $108 million, and thus generate about $42 million of excess refinancing proceeds for the JV. Two other ten-year, fixed-rate loans totaling $181…
Arizona Developer Feeds $50M into Restaurant JV
Glimcher Ventures Southwest L.L.C. has joined forces with El Paso Grill & Bar-B-Que (pictured) in a joint venture to expand the restaurant chain with $50 million in capital in five new locations. The joint venture is geared to maximize the aggressive growth and expansion opportunities of the restaurant. Glimcher will fund the real estate development portion of the company’s expansion and El Paso Grill & Bar-B-Que will continue to handle operations.Expansion will begin as early as this year with the openings of restaurants in California and New Mexico as well as three new locations in Arizona opening mid-2008. The addition…
Ramco-Gershenson Sells 273,000SF Boca Raton Shopping Center to JV with ING
Mission Bay Plaza, a 273,000 square-foot shopping center in Boca Raton, Fla., has become the latest addition to a joint venture involving Ramco-Gershenson Properties Trust and ING Clarion Partners. Ramco-Gershenson sold the Class A property to the joint venture for $74 million, netting $63 million after its equity contribution.Located on a nearly 25-acre parcel in an affluent area in the western section of Boca Raton, the 19-year-old Mission Bay Plaza is presently 97 percent occupied. Its tenant roster includes a 64,000 square-foot Albertson’s supermarket, a 42,000 square-foot Toys ‘R’ Us store, a 32,000 square-foot L.A. Fitness facility and a 22,000…
Q & A: D4 Investments’ Rosacker on Investing $100M in Romania
Washington, D.C-based D4 Investments has opened an office in Bucharest, Romania, where it will launch its real estate and development company’s Eastern European operations. The firm was founded last year by former American Ambassador to Romania David Funderburk; Don Rosacker, a U.S. government relations specialist and business executive; and Dan Costea, a leading Romanian real estate lawyer. Rosacker, the managing partner, told CPN today that “We are excited to use our deep relationships and knowledge of the nation and region to bring significant investment while providing great returns for our stakeholders,” he said. The company has raised 100 million euros,…
ANI in Chapter 11, Hopes to Get Out ‘Collaboratively’
With the ink barely dry on Wednesday’s Chapter 11 filing, an attorney representing Irvine, Calif.–based Atherton-Newport Investments L.L.C. has told CPN that it’s in everyone’s interest for the bankruptcy process to proceed expeditiously. “The company is not now talking to the press,” Joseph A. Eisenberg, of Jeffer, Mangels (pictured), Butler & Marmaro L.L.P., Los Angeles, told CPN. Eisenberg explained that the Chapter 11 filing was triggered by two lawsuits about 40 days ago by two separate note-holders. About 200 investors had invested a total of $40 million in ANI through unsecured notes, Eisenberg said; there are also property-level investors.Pointing out…
Dranoff Plans $200M-plus Apartment Tower Near Newark Arts Venue
Dranoff Properties Inc. CEO Carl Dranoff (pictured) outlined plans today for the first phase of a decade-long, master-planned development program in Newark, N.J. The New Jersey Perfoming Arts Center and Dranoff Properties confirmed this morning that they have signed a letter of intent to develop Two Center St., a high-rise residential tower adjacent to the major regional arts venue. Carl Dranoff, the Philadelphia-based developer’s founder & CEO, told CPN this morning that he expects groundbreaking in the next 12 to 18 months, to be followed by two years of construction. Development costs will be in the $200 million to $250…
ProLogis Leases 545,000 SF in the United Kingdom
ProLogis has leased 545,000 square feet of industrial space in the United Kingdom to Willis & Gambier, a British furniture supplier, it has announced. The lease is for 100 percent of an inventory facility at ProLogis Kingston Park, a 1.45 million-square-foot master-planned industrial park being developed in the city of Peterborough, U.K. Willis & Gambier is consolidating from three existing facilities into the new, larger building, which will serve as its nationwide distribution center for various lines of its bedroom, dining room and occasional furniture. ProLogis Kingston Park is within a one-hour drive of four major airports–London Stanstead, Luton, Birmingham International…
Prologis Continues to Go Green
ProLogis has announced a new sustainability initiative. From now on all of its new development in the United States will comply with environmental standards developed by the U.S. Green Building Council.The initiative will include developments now in the design or planning stage, as well as future projects and ProLogis intends to register all buildings for LEED certification. Prologis had earlier moved towards green building, but the firm now felt, “the time is right to take our initiatives a step further,” Walt Rakowich, president & COO for ProLogis, said in a statement.The latest green move by the company has impact beyond…
M-F Fundamentals Strong, but Financing Problems Remain: NMHC Panel
Multi-family fundamentals are very healthy, but economic uncertainty and the difficulties in the debt financing market have bogged down investment sales in many markets. That was the general consensus of a panel of multi-family executives held yesterday at the National Multi-Housing Council’s annual meeting in Boca Raton, Fla. Bob White, president & CEO of Real Capital Analytics, illustrated some figures as to the multi-family market’s performance in 2007 as compared to previous years. According to White, while U.S. multi-family sales volume actually increased from 2006 to 2007 (from $91 billion to $93 billion), the majority of that uptick was the…
Suburban Washington, D.C., Office Building Fetches $135M
Artery Plaza, a 276,000-square-foot office structure in Bethesda, Md., has just come under new ownership. Building tenant the Artery Group L.L.C. sold the Class A property to The JBG Cos. in a $135 million transaction. The 11-story Artery Plaza (pictured) carries the address of 7200 Wisconsin Avenue, placing it on a highly coveted stretch in Bethesda just a few minutes outside of Washington, D.C. Accompanies by an 800-space parking facility, the office building was developed in 1986 and today, is 94 percent leased to a roster of tenants that includes law firm Linowes & Blocher, PNC Financial, University Research, commercial…