News

Tenneco’s Rancho–Long Beach division has renewed its lease for the entire three-building complex, totaling 109,850 square feet, located at 6925 Atlantic Avenue, according to The Staubach Co., who represented the firm.Tim O’Rourke, Michael Burns, Mike Fowler and Ben Stapleton led The Staubach team, while working with Keith Elkins of Jeffer, Mangels, Butler & Marmaro, who represented Carson Property Co., the building owner. Recently, Staubach represented Children’s Medical Center Dallas, as CPN reported. The center took a 99,999-square-foot least at Stemmons Place, a 20-story, 635,000-square-foot class A office tower situated just off the 16-lane Stemmons Freeway in Dallas. Staubach has almost…

Digital Realty Trust reported results from its study of green datacenter trends that shows significant changes since 2007. The findings are based on a web-based survey of senior decision makers at North American corporations with revenues of at least $1 billion and/or at least 5000 employees.Key findings are:• 51 percent of companies have a green datacenter strategy, a decline from 55 percent in 2007.• 82 percent say there is no clear industry standard. This figure is up from 75 percent in 2007.• 94 percent agreed that a standard should outline how to achieve efficient power usage.• 83 percent agreed that…

Marvel Entertainment Inc. has jointed forces with Dubai-based Tatweer to develop a 4.5 million-square-foot Marvel Super Heroes theme park to be located within the 3 billion-square-foot Dubailand mixed-use destination.A master plan for the Marvel Super Heroes theme park has already been created. The concept for the entertainment property first came to the fore just over one year ago as an endeavor that was to be pursued by Marvel and the Al Ahli group at another location. The development cost of Marvel’s project with its former partner was expected to be in excess of $1 billion. No price tag has yet…

The Ritz Carlton Hotel Co., in cooperation with resort developer Ernesto Coppel, has unveiled plans for a proposed 200-room hotel and 200 luxury residences on a three-mile beach within the 1,850-acre Quivira residential resort community in Los Cabos, Mexico. The Residences will break ground this summer. Plans are under way for The Ritz-Carlton Los Cabos Quivira, an oceanfront resort scheduled to open in early 2011. The Residences and proposed hotel will be the cornerstone of a resort community that will include two 18-hole Jack Nicklaus Signature Golf Courses. Amenities at the resort community will include an 18,000-square-foot spa and wellness…

An 11-building, 750,000-square-foot New Jersey portfolio has sold to High Street Equity Advisors for an undisclosed price, according to a report from Cushman & Wakefield Inc.’s metropolitan area capital markets group in East Rutherford, N.J. The group orchestrated the deal. The properties include seven buildings totaling 367,000 square feet in Allendale Park, Allendale; two buildings totaling 177,000 square feet on Apgar Road in Franklin Township; and 300 Columbus Circle (pictured) and 400 Raritan Center Parkway, totaling 205,000 square feet, in Raritan Center, Edison.The seller was assisted in its original buys by the Cushman team. It acquired the industrial buildings at…

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…

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…

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…

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…

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…