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Bank of America, NA and a joint venture involving Inland Real Estate Corp. have agreed on a sale-leaseback of four of the former’s office buildings. The buildings, in Moosic, Pa.; Las Vegas; Hunt Valley, Md.; and Rio Rancho, N.M., total 839,800 square feet. An Inland spokesperson declined to provide further information about the buildings. The aggregate purchase price is $152.6 million, of which Inland contributed about $60.8 million; an additional $90.3 million is being financed through a five-year, interest-only 5.6 percent fixed-rate bank loan. The buyer on the transaction is an existing JV of Inland Real Estate Corp. and Inland…

Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee today the housing crisis coupled with rising oil prices are “at the heart of the current (economic) uncertainty.” Bernanke (pictured) predicted that the uncertainty would continue until problems in the housing market are stabilized. “The (housing market is) affecting consumer wealth and consumer expectations,” Bernanke said this morning during his semiannual testimony before the Senate committee. “My suggestion in the near term would be to focus on issues related to housing. That’s the most critical and central issue that we face.” While Bernanke was giving his testimony, President George W….

After a year of competing bids and lawsuits, The Canyons resort in Park City, Utah, has finally gotten a new owner. Talisker Corp. forked over $123 million to American Skiing Co. for the 3,700-acre property, beating out competitor Vail Resorts after having entered into a contract in July 2007 to make the acquisition for $100 million in cash. It has been a long, convoluted 12 months for the parties involved in The Canyons sale. Last year, less than two weeks after Talisker announced its agreement with ASC to buy ASC Utah Inc.–the subsidiary that owned The Canyons–Vail Resorts cried fowl,…

Facing the toughest commercial real estate market in recent memory, Grubb & Ellis Co. continues to carry out a plan designed to invigorate the global giant. Although it may take some time before the fruits of those labors emerge completely, Grubb & Ellis’s newly appointed acting CEO says he sees multiple reasons for encouragement. In an interview with CPN Tuesday afternoon, Gary Hunt (pictured) took stock of the seven months since the merger of Grubb & Ellis and NNN Realty Advisors Inc., and concluded that Grubb & Ellis has made lengthy strides. “From the perspective of the company, the strategic…

Jones Lang LaSalle announced Friday the completion of the transaction to merge operations with The Staubach Co. Staubach specializes in tenant representation in the United States. The combined firm will operate under the Jones Lang LaSalle name. When the deal was announced last month, CPN cited Peter Roberts, JLL’s CEO of the Americas, saying the complementary cultures of the two firms was a major reason behind the merger. CPN also noted that the transaction does not include Staubach Retail Services or Cypress, Staubach’s investment development business, both of which will continue to operate under license agreements.Under the terms of the…

Momentive Performance Materials Inc., a major producer of silicones, plans to move its headquarters from Wilton, Conn., to Rensselaer County, N.Y., and build a new $65 million technology center and a $16 million headquarters building there. And depending upon actions taken by the state government in Albany, Momentive may undertake a series of major improvements at its manufacturing plant in Waterford, N.Y. While the company continues to review possible sites, officials expect construction on the technology center to begin next year with the headquarters building to follow. Meanwhile, an Albany office building will serve as the firm’s interim headquarters. The…

The Bush Administration unveiled plans on Sunday to aid Fannie Mae and Freddie Mac, the U.S.’s two largest mortgage finance companies, as concerns continue to mount about these government-sponsored entities. Shares of the two companies plummeted 50 percent last week on those worries. Together, Fannie Mae and Freddie Mac own or guarantee about half of the nation’s $12 trillion mortgage market. A temporary rescue plan has already been put into place, as the Federal Reserve said it would make a short-term lending program available to the two giants. A more comprehensive plan would be attached to a housing bill that…

Variously called the second- or third-largest bank failure in U.S. history, the implosion of IndyMac over the weekend raises the question of what’s next–next for the bank, and next for other banks that might find themselves in similar difficulties. IndyMac, ultimately a victim of questionable mortgage lending exacerbated by a sudden loss in investor confidence, could well be the first in a line of bank failures tied to the sour real estate lending climate, but at the very least, it’s another problem for federal regulators to deal with in exceedingly uncertain times. Pasadena, Calif.-based IndyMac–a spinoff of Countrywide Financial Corp….

Chicago-based General Growth Properties Inc. has wrapped up the initial phase of a new secured mortgage loan facility that is expected to total $1.75 billion. The retail REIT pocketed $875 million with the closing of the first segment of the loan. General Growth’s loan facility is for an initial three-year term and allows for two one-year extensions. The funds the company just borrowed carry an annual interest rate of 5.64 percent. With the closing of the first part of the transaction, General Growth repaid all but one of its remaining loans scheduled to mature in the third quarter of this…

As the seventh attorney in the U.S. to earn the LEED Accredited Professional designation, Shannon Sentman, real estate attorney at Holland & Knight L.L.P., leads a legal practice focused on the interconnectedness of all aspects of sustainability, and also specializes in the hospitality, resort, and timeshare segments. Sentman talked recently about the state of green hotel development. CPN Hospitality: Are you seeing more interest from hotel developers and owners to go green?Sentman: We’re seeing a lot of push from the big hotel companies, such as Marriott and Hyatt. It’s more on their agenda. State legislatures have also gotten involved. Florida…