News

Jones Lang LaSalle Inc. has announced it will exclusively market RREEF’s eight-building, fully leased Centreport/Valwood industrial portfolio in the Greater Dallas/Fort Worth area. The portfolio is made up of 1.34 million square feet located in two state-of-the-art industrial parks.The Jones Lang LaSalle team is helmed by Cary Krier along with Jack Crews, Evan Stone and Seth Bame. The sale is due to RREEF’s interest in “rebalancing” its portfolio, according to Krier.Five buildings totaling 887,703 square feet are strategically located within the Centreport industrial development, adjacent to south entrance of the Dallas/Fort Worth International Airport. The remaining three buildings are within…

CBL & Associates Properties Inc. has announced the completion of $383.3 million of financing in four separate transactions. CBL completed $343.7 million of new financing and extended the maturity of one $39.6 million existing loan.CBL has entered into a new, unsecured term facility for up to $228 million. The three-year term on the loan has two one-year extensions and has interest in the range of 150 to 180 basis points over LIBOR. Wells Fargo Bank was lead arranger; Aareal Capital Corp., Regions Bank, US Bank, Fifth Third Bank and Raymond James Bank also took part.CBL also announced that the 50-50…

Schafer Development has sold the development rights to its New Berlin Commerce Park in Jacksonville, Fla., to Oakmont Real Estate. Oakmont, based in Georgia, plans to construct a 386,000-square-foot LEED approved facility, scheduled for completion in 2008, on the 75-acre parcel. The New Berlin Commerce Park parcel was assembled by Schafer Development and will provide an additional 1 million square feet of industrial office space to meet increasing demand in the region. Schafer acquired four separate tracts of land and spearheaded rezoning for each parcel from residential to industrial. New Berlin marks Schafer’s second large-scale industrial development in Florida, having already completed…

The São Paulo office of Hines has announced the start of a Brazilian investment program to acquire or develop strategically located logistics parks on major highway intersections in various cities to serve the needs of logistics and transportation clients. Currently, the firm has five logistics parks underway or completed in Louveira, Araucaria, Rio, Embu and Manaus. Hines plans to develop an additional 14 parks over the course of the next three years. Hines has just has broken ground on two: Louveira Swans Industrial Park and Cajamar Distribution Park, two speculative modular warehousing projects in Louveira, a suburb of São Paulo.The…

Medical Properties Trust Inc. has just taken another step in its multi-phase acquisition of a 21-property healthcare center portfolio from HCP Inc. with the closing of the purchase of 10 facilities for $168 million.The group of assets Medical Properties has just claimed as its own consists of Wesley Rehabilitation Hospital in Wichita, Kans.; Fort Lauderdale, Fla.’s Sunrise Rehabilitation Hospital; Pioneer Valley Hospital in West Valley City, Utah; Poplar Bluff Regional Medical Center in Poplar Bluff, Mo.; as well as six wellness centers in Connecticut, Massachusetts and Rhode Island.Completion of the transaction comes on the heels of the closing of Medical…

ProLogis has signed two new build-to-suit agreements in South Korea with Logen Express, a national parcel delivery provider, and Wonjin Logistics, a third-party logistics provider, it reported today. These are the first build-to-suit transactions in South Korea for the industrial property giant, according to Thomas Nam, senior vice president and head of Korean business for ProLogis.The first build-to-suit will be developed for Logen Express as a 46,700-square-foot facility near Daejeon City in Okcheon County. The park will provide easy access to the nation’s busiest highway, the Seoul-Busan Expressway. “Supply chain dynamics are strengthening in Okcheon,” Nam added in a statement….

Fendi Casa and Elad Properties have announced their first Los Angeles development, The Carlyle Residences. The Carlyle will be the last permitted high-rise in the Wilshire Corridor’s “Golden Mile,” according to the firms. The development is a 24-story crescent-shaped building with 78 private residences ranging in size from 2,700 square feet to 5,000 square feet. Each will have its own private elevator entrance. The building is scheduled for completion in the first quarter of 2009.Elad Properties has made a serious commitment on the West Coast, including the relocation of COO Thomas Elliot to Los Angeles to oversee all of the…

Capitalizing on India’s booming business and leisure markets, Hilton Hotels has agreed to join forces with Marigold Hospitality Ltd. to develop 16 Hampton by Hilton hotels. Marigold, which will invest $200 to $250 million in the endeavor, will be responsible for acquiring the sites and developing the properties. For Hilton, the agreement paves the way for the company’s Hampton brand to make its entrée into India. Marigold, a joint venture involving Palm Holdings and Trikona Capital formed for the purpose of investing in hotels in India, will complete the acquisition of sites for the first hotels by the close of…

The day after New York City Mayor Michael Bloomberg publicly revealed his disappointment with the city’s Department of Buildings, pointing to the high number of construction accidents that have occurred this year, Buildings Commissioner Patricia Lancaster has tendered her resignation–and the Mayor has accepted it, without assigning blame. In a prepared statement, Bloomberg praised Lancaster for revamping the department during her six-year tenure, noting her success in fighting corruption, improving inspections, and revamping the building code. While the agency has come a long way, given the 13 construction-related deaths since January, it appears it has not come far enough. “There…

Pacific Office Properties Trust Inc. has announced its intention to acquire seven office buildings located in San Diego and Phoenix. The acquisition of these seven buildings would increase Pacific Office’s portfolio by approximately 17 percent from 2.4 million leasable square feet to 2.8 million leasable square feet. Six of the seven buildings for which the option was exercised are Class A/B+ office buildings containing 183,000 leasable square feet in prime San Diego submarkets. The remaining office property, Black Canyon Corporate Center, is a 220,200 square foot office building located in the Deer Valley submarket of Phoenix, Az. The Black Canyon…