News

Health Care REIT Inc. has offered 3 million shares of common stock at $41.44 per share, for an estimated total gross proceeds of $124.3 million. A 30-day option to the underwriters to purchase up to an additional 450,000 shares to cover over-allotments, if any, has the potential to bring total gross proceeds to $143 million. The company has announced that it will use the net proceeds from the offering “to invest in additional health care and senior housing properties,” according to a prepared statement, and pending that use, to repay borrowings under its unsecured line of credit. “We are targeting…

Macerich Partnership L.P. and DMB Associates Inc. have just formed a regional alliance for the development of commercial real estate projects and are initiating the partnership with One Scottsdale, an upscale retail and lifestyle project in Scottsdale, Ariz. that DMB originally commenced as a solo endeavor. One Scottsdale, which will cost upwards of $1 billion at full build-out, will encompass 120 acres in the Scottsdale Road corridor. Macerich-DMB is focusing its efforts on the multi-phase development’s 1.8 million-square-foot retail segment that will occupy 55 acres of the site. Ultimately, 1,100 residences–including urban estates and condominiums–and as many as 400 boutique…

Ownership of Jefferson Commons, a 306,000-square-foot shopping center in Newport News, Va., has changed hands in a transaction valued at approximately $79.6 million. Inland Western Retail Real Estate Trust Inc. purchased the shopping center from an affiliate of its developer, The Goodman Co.Located at Jefferson Ave. and Bland Blvd., Jefferson Commons is a three-year-old shopping center with a list of anchors that includes Ross Dress for Less, TJ Maxx, Off Broadway Shoe Warehouse, Trader Joe’s and Petco. Other retailers on the tenant roster include Chili’s, Lane Bryant, Panera Bread and Starbucks. Another anchor at the property, Kohl’s, was not included…

Taking advantage of a market less than six hours from the ports of Los Angeles and Long Beach, Tempe-based SunCor Development Co. is planning a 1,600-acre 19.6 million-square-foot business park in the Phoenix suburb of Goodyear.  No financials associated with the 26-year-long project were released, but developers project the price tag in the billions at build-out. SunCor displayed its first building at an event on Monday. The 440,000-square-foot, speculative cross-dock distribution building is the first of about 60 buildings planned for the project. SunCor plans to ultimately build-out with office, retail and industrial space. Named Palm Valley 303, the 2multi-phased…

Coming off a solid fourth quarter, Ashford Hospitality Trust plans to continue selling properties and using some of the proceeds for activities it sees as more profitably attuned to the current state of the hotel and credit markets, such as mezzanine lending. During the Dallas-based REIT’s conference call yesterday, president and CEO Monty J. Bennett noted that Ashford’s enjoys a geographically diversified portfolio, a blend of full-service and limited service properties, an expanding mezzanine lending business, and “locked-in, long-term fixed-rate debt, with less than 10 percent maturing over the next two years.”Despite such strengths, investors have shied away from Ashford…

The $3 billion Cosmopolitan hotel-casino in Las Vegas has a new lease on life, thanks to an agreement from Global Hyatt Corp. and Marathon Asset Management L.L.C. to provide funding to the troubled project.  CPN  reported on Jan. 17 that Deutsche Bank had issued a notice of default on a construction loan reported to be for $760 million. The Cosmopolitan’s developer is Ian Bruce Eichner, operating as 3700 Associates.  The Las Vegas Review-Journal reported yesterday that, according to Cosmopolitan COO Scott Butera, Global Hyatt and Marathon will recapitalize the project. The terms, which have not been disclosed, are being finalized…

Limoneira Co. prepares to take the next step in the development of a 1,500-home mixed-use community now that it has obtained the Santa Paula City Council and Planning Commission’s approval of the 501-acre project, located about 40 miles outside of Santa Barbara, Calif.  The development will be sited in unincorporated Ventura County on the former Teague-McKevett Ranch property, which is now known as East Area I. Limoneira’s plans will create a veritable “city within a city” centered on 1,500 homes, including single-family residences, townhomes, condominiums and apartments. Adhering to city mandates, Limoneira will incorporate affordable housing into the residential segment….

Plans for a new addition to the blossoming city of Georgetown, Texas have gotten a boost with Bourn Partners’ closing of the purchase of 185 acres. Bourn will develop the property, sited about 25 miles outside of Austin, as a mixed-use destination encompassing about 1 million square feet. Located in Williamson County near the intersection of Westinghouse Blvd and Interstate Highway 35, the project will sit in an area that is rife with new development, even beyond the Longhorn Junction enclave. While the specifics of Bourn’s endeavor have not been set in stone, the company will construct a unique combination…

Turnback Ranch, a 242-acre lakeside site in Lago Vista, Texas, about 15 miles west of Austin, has been sold by Turnback Development L.L.C., a partnership of principals in Winston Capital Corp., to Equilibrium Resorts, an affiliate of the Tharaldson Cos.Equilibrium will manage the property’s development and operations. Financials were not disclosed.  Under the new name of Mahogany, A Lake Resort, the property will eventually feature a Mediterranean-style village, a resort hotel, estate-sized lakefront homesites, single-family homesites and townhomes. The property has about 11,000 feet of frontage on the north shore of Lake Travis, a nearly 19,000-acre reservoir.   Winston Capital earlier…

Steady progress on the World Trade Center continues as the Port Authority of New York and New Jersey brings excavation work for WTC Tower 3 to a close, about a month after excavation for WTC Tower 4 reached completion. With the conclusion of the work for both towers, the Port Authority turned the sites over to WTC redeveloper Silverstein Properties. Excavation activities for the buildings on Greenwich Street involved 400,000 tons of concrete, soil and rock. Additionally, the Port Authority built a new 80-foot-deep foundation supported by 240 steel tiebacks. Silverstein is now in a position to move forward with…