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Americana Inks Lease
The imprintable sportswear distributor, which took 240,000 square feet in Santa Fe Springs, Calif., is planning a major expansion to accommodate its growing West Coast customer base.
Facebook Leases New 1 MSF HQ
The nine-building campus, located at 1601 Willow Road about 30 miles south of San Francisco in San Mateo County, materialized over a two-year period commencing in 1993. Oracle came into possession of the asset in January 2010 when it officially completed its $7.4 billion buyout of Sun Microsystems.
Liberty to Develop 205,000-SF Project
GlaxoSmithKline is in the market for a new headquarters facility in Philadelphia and Liberty Property Trust plans to deliver it. At a cost of $81 million, the REIT, along with Synterra Partners, will develop a 205,000-square-foot office building at the Navy Yard Corporate Center for the research-based pharmaceutical company.
Economy Watch: More U.S. Homeowners Underwater
The housing hangover continues, according to a report released by Zillow, with an estimated 27 percent of U.S. mortgage-holders underwater in the fourth quarter of 2010. That total compares with 23.2 percent during the third quarter. Falling home prices have been a factor in the rise, but so have foreclosure moratoria, the report suggested.
Brown Revokes Sale of Calif. Buildings
The Golden State’s governor announced that he will cancel the proposed $1.2 billion transaction, claiming that now is not the optimal time to sell real estate.
SPECIAL REPORT: Turning Point in CRE
Speaking at the opening session of the Mortgage Bankers Association’s Commercial Real Estate Finance/Multifamily Housing Convention & Expo, panelists expressed optimism, but suggested there remain significant weaknesses in the sector.
Strategic Hotels Brings in Blackstone to Help Recap San Diego’s Famed Hotel del Coronado
The arrangement, which gives Blackstone a 60 percent ownership stake in the celebrated luxury waterfront hotel, was a timely one, as a loan secured by the property had been scheduled to mature this month.
Economy Watch: Home Prices Flat
CoreLogic’s December Home Price Index found U.S. home prices declining for the fifth consecutive month. According to the company, sales prices nationwide–including distressed-property sales–were 5.46 percent lower in December 2010 compared with the same month a year earlier. Take distressed sales out of the equation and prices are still down, but only by 2.31 percent between December 2010 and December 2009.
Phoenix, MG Acquire $53M Apartment Community
The purchase of Crystal View, a 402-unit property in Garden Grove, Calif., received assumable tax-exempt bond financing and 20 percent of the units are reserved for low-income housing.
Langtree, RL West Join Forces on $800M Project
They will be developing the 300-acre Langtree at the Lake planned community in Mooresville, N.C.