News

Healthcare REIT HCP Inc. has announced that it will sell 4.5 million shares of common stock to Goldman Sachs & Co. for $149.9 million in an offering it just priced at $33.32 per share and, in a separate move, will offer 12.5 million shares of common stock to the public. HCP plans to use the proceeds from the sale of stock to Goldman Sachs and the issuance of additional stock to repay part of a $1 billion debt under the company’s revolving credit facility which, when entered into on Aug. 1, 2007, had an initial capacity of $1.5 billion. Additionally,…

Glimcher Ventures Southwest L.L.C. plans to develop a $100 million 15-acre mixed-use development in Roseville, Calif., directly adjacent to the city’s largest mall, The Westfield Galleria at Roseville. Dubbed Highland Village, the 225,000-square-foot development will combine retail shops, restaurants and two Hyatt-affiliated hotels–a Hyatt Summerfield Suites and a 151-room Hyatt Place–which will serve as the anchor tenant of the project. “This is a AAA+ location next to the number one mall in Sacramento,” David Glimcher, president of Glimcher Ventures Southwest, told CPN. “The Westfield Mall is being expanded and this is the heart of Roseville, which … has a huge…

Stirling Capital Investments has completed work on Global Access Business Centre, two multi-tenant industrial buildings totaling about 223,700 square feet at the Southern California Logistics Centre in Victorville, Calif. Thus far the Global Access Business Centre is about 22 percent leased. About 49,000 square feet in the property was leased in deals inked just prior completion. These tenants include Sequoia Lighting, a manufacturer of commercial lighting fixtures (18,500 square feet); Prego Inc., an apparel import-export company (13,000 square feet); as well as smaller leases by an electrical contracting company, and industrial welding supply business and a machine shop. The development…

Capella Education Co., parent of major online education player Capella University, has expanded its lease at 225 South Sixth in Minneapolis from 203,000 square feet to what will eventually be approximately 400,000 square feet.  In recognition of the lease, which will involve Capella moving employees who are currently officed at the Campbell Mithun Tower in Downtown Minneapolis, the building will be known as Capella Tower. Lease terms were not immediately available.  More than 1,150 Twin Cities–area Capella employees are slated to occupy 225 South Sixth, Minneapolis’ largest office building, by early 2009. Capella has leased space there since 2004.  Tom…

The Walt Disney Co. revealed today that it is currently in advanced discussions with The Children’s Place Retail Stores Inc. regarding a deal that would allow Disney to acquire approximately two thirds of the 335-store Disney Store North America chain from the Children’s Place. Disney had sold the licensed merchandise chain to Children’s Place in 2004.When the Children’s Place took over the Disney Store chain four years ago, it agreed to invest as much as $100 million into remodeling what was then a portfolio of 313 properties. Today, the enhanced portfolio covers nearly 1.5 million square feet of leased retail…

GE Real Estate has established a new investment business and now the firm has selected one of its own to head up the new endeavor. Joe Parsons, formerly president of GE Real Estate’s North America equity division, will serve as president & CEO of the company’s new global investment management division. As per a report today by the Wall Street Journal, the global investment management division will be the vehicle for GE Real Estate’s first foray into the world of investing in properties with money from outside entities. The company plans to obtain from $1 billion to $3 billion from…

This past week the global sales campaign for the Chicago Spire, a 2,000-foot condominium now under construction on the Lake Michigan shore, continued into Asia, beginning a five-city tour with a presentation in Singapore. The campaign, which began in Dublin in January, was slated to swing through Hong Kong, Shanghai, Beijing and Kuala Lumpur before moving on to cities in Europe and South Africa. Designed by celebrity architect Santiago Calatrava, the Chicago Spire will feature 1,194 residences–no two alike. The project is slated for completion in late 2011. The residences will range from gallerie and suites to one- to four-bedroom…

Peak Development L.L.C. has acquired 21 acres in Bolingbrook, Ill., from Forest City Enterprises.  The parcel is at the southwest corner of Janes Avenue and Falcon Ridge Way, at the northwest corner of Forest City’s 1.1 million-square-foot The Promenade Bolingbrook open-air town center, which is anchored by Macy’s and Bass Pro Shops.  The site is also located near other new large retail developments, including IKEA, Bed, Bath & Beyond, Meijer and Staples. In addition, according to a prepared statement, Forest City will begin site work this summer for Phase II of The Promenade Bolingbrook, to include two hotels and a…

IDS Real Estate Group has revealed plans to develop a 277,600-square-foot office building in Los Angeles’s Westside on a 3.3-acre parcel of land it just acquired in Culver City. The company will shell out $115 million to complete the project.The new Class A office building, Corporate Pointe Tower, will sit within the 1.6 million-square-foot Corporate Pointe office campus just off the 405 Freeway, one of the busiest thoroughfares in a city of incredibly busy thoroughfares. Carrying the address of 700 Corporate Pointe, the structure will be designed by global architectural firm Gensler and will be developed to adhere to LEED…

American Realty Capital II, an affiliate of American Realty Capital Trust, has entered into an agreement with Wachovia Bank N.A., to acquire the bank’s surplus branches nationwide on an exclusive basis. A prepared statement from American Realty Capital II stated that this year it anticipates purchasing more than 100 such branches with a total value of more than $100 million. CFO Brian Block told CPN that this transaction is the first for ARC II, a holding/sponsor company that began operations just last August. The typical locations of the surplus Wachovia branches, he explained, are freestanding lots at major intersections or…