Search results for

"stock"

SIMON BUYS PRIME OUTLETS FOR $2.32 BILLION

by admin December 9, 2009

INDIANAPOLIS — Indianapolis-based Simon Property Group has entered into a definitive agreement to acquire Prime Outlets for approximately $2.32 billion. Prime Outlets' portfolio includes 22 outlet retail centers totaling approximately 8.21 million square feet. Six of the centers are located throughout Florida, and two are located in Maryland. In addition, one center is located in each of the following states: California, Georgia, Illinois, Massachusetts, Michigan, Mississippi, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Wisconsin. The final center is located in Barceloneta, Puerto Rico. As of June 30, the centers had an average occupancy of 92 percent and generated annual sales of approximately $370 per square foot. “Prime Outlets is an excellent opportunity for Simon, as it represents a strong strategic fit for our existing Premium Outlet portfolio and enhances our leadership position in the outlet business,” said David Simon, CEO of Simon Property Group, in a statement. “Following the completion of this transaction, our outlet portfolio will have 63 centers comprising approximately 25 million square feet.” Under the terms of the agreement, Simon will pay approximately $700 million in equity consideration for the owners' interest in Prime Outlets, consisting of 80 percent cash and 20 percent common stock. UBS …

December 9, 2009

Occupancy a lingering problem in Dallas.

by admin December 7, 2009

The abundance of completed units delivered to the market has had the biggest effect on the Dallas/Fort Worth multifamily sector. From September 2008 to September 2009, almost 15,000 units were completed in the Metroplex — nearly double the 7,600-unit annual average during the previous 5 years. Occupancy in the Dallas area dropped 0.2 percent to 89.8 percent during the third quarter of 2009, its lowest point since early 2005. However, occupancy for newer product held steady, while occupancy in older product tiers has suffered. The 1990s-era properties were the only product age category to achieve occupancy of more than 90 percent in the quarter, posting 92.4 percent occupancy. During the third quarter, 2000s-era product posted an 89.4 percent occupancy rate, and 1980s-era product posted an 89.8 percent occupancy rate. MPF Research forecasts that occupancy will drop 170 basis points to 88.1 percent in the next 12 months, given the huge stock of new deliveries expected to hit the market. New construction deliveries will also cause rents to drop further while rent concessions are expected to increase. One planned construction project is the redevelopment of the historic Continental Building downtown. The Dallas City Council approved $17 million in tax increment financing …

December 7, 2009

Retail Western

NAI BROKERS MORE THAN $5 MILLION RETAIL SALE IN NORTHERN CALIFORNIA

by admin November 21, 2009

GALT, CALIF. — NAI BT Commercial has handled the more than $5 million sale of a newly constructed 21,304-square-foot freestanding retail building located at 10520 Twin Cities Rd. in Galt between Sacramento and Stockton. Tractor Supply Company has a 15-year net-lease agreement on the property. NAI’s Andy Bogardus, Douglas Longyear and Chris Sheldon represented the seller, and the brokerage firm’s Jay Hagglund joined Bogardus in representing the buyer.

November 21, 2009

Multifamily Southeast

$27.37 MILLION LOAN SECURED FOR GEORGIA APARTMENT COMPLEX

by admin November 19, 2009

WOODSTOCK, GA. — CH Realty IV/Woodstock, an affiliate of Dallas-based Crow Holdings, has borrowed a $27.37 million loan for the 498-unit Alta Woods Apartments in Woodstock. The complex, which is spread across 19 buildings, features two pools, a fitness center, a putting green and two tennis courts. Freddie Mac financed the 7-year loan. Michael Riccio and Christine Kubas of CB Richard Ellis’ office in Hartford, Conn., and Robert LaChapelle of the firm’s Atlanta office arranged the loan.

November 19, 2009

Hospitality Midwest

95-SUITE CANDLEWOOD SUITES OPENS IN KALAMAZOO, MICH.

by admin November 16, 2009

KALAMAZOO, MICH. — InterContinental Hotels Group (IHG) has opened its 250th Candlewood Suites hotel. Located in Kalamazoo, the 95-suite hotel features an expanded lobby area with multiple seating areas and a 42-inch flat-screen television; complimentary high-speed Internet access; free local phone calls; free on-site guest laundry; and a 24-hour fitness center. Comstock Hospitality owns and manages the hotel, which is located at 3443 Retail Place Dr., under a license agreement with a company in IHG.

November 16, 2009

Northeast

ABS PARTNERS PURCHASED THREE NYC PARKING GARAGES FOR $10.5 MILLION

by admin November 16, 2009

NEW YORK CITY — ABS Partners has purchased three New York City parking garages for $10.5 million. The freestanding properties include a 78-space garage located at 550 W. 174th St., a 171-space garage located at 528 W. 162nd St. and a 176-space garage located at 284 Audubon Ave. The first two garages are situated near Columbia Presbyterian Hospital and the last garage is situated near Yeshiva University. Steve Hornstock, Gregg Schenker and Earle Altman provided in-house representation for ABS. The undisclosed seller was represented by Howard Greenberg of Ace Capital Ventures and Anne DeMarzo of DeMarzo Realty Co.

November 16, 2009

COVENTRY CLAIMS SUIT AGAINST DDR

by admin November 6, 2009

NEW YORK CITY AND BEACHWOOD, OHIO — The war of words has begun between New York City-based investment manager Coventry Real Estate Advisors and Beachwood-based REIT Developers Diversified Realty (DDR). In a press release issued Tuesday, Coventry claims that it has filed a $500 million lawsuit against DDR for fraud, malfeasance, mismanagement, violation of fiduciary and contractual obligations, and self-dealing. Coventry says the suit is related to 12 real estate projects across the country in which DDR co-invested and agreed to provide management, leasing and development services. In the statement, Coventry says DDR failed to properly manage the properties, misrepresented assets it sold to Coventry and purposefully inflated fees and escalated costs to justify even greater fees, among other things. “The effect of DDR's purposeful actions have made many of the properties commercially untenable,” Coventry's release reads. The company claims that it has since terminated its leasing and management contracts with DDR. The allegations go even further, claiming DDR “significantly impaired the values of Coventry's investments, while enhancing the value of DDR's stock price, placing itself in a position to acquire at distressed prices some of the same properties DDR recommended that Coventry acquire and which [sic] it promised to …

November 6, 2009

California Market Reports Western Market Reports

Developers look to outlying markets for space.

by admin November 4, 2009

The capital market crash of 2007 and the global recession still cast a pall over Sacramento’s industrial landscape. Landlords are paying close attention to the State of California, the city’s biggest tenant, and its desire to extend leases where landlords will reduce rent (by up to 30 percent in some cases). There are no speculative developments of any significance underway in Sacramento and only a few are under development in the San Joaquin markets closer to the Bay Area, where greater population densities create some optimism. To date, the standout deal in Sacramento has been Buzz Oates Real Estate’s inking of Nestle Waters North America to a 215,000-square-foot deal on existing space at Younger Creek Drive in the Florin Fruitridge Industrial Park; the firm’s two-line bottling plant slated to open early next year. Sacramento’s traditional strength in securing large distribution commitments has recently been diverted south and west to Stockton, Tracy, Lathrop, Cordelia and as far south as Patterson. Dealmakers point to the availability of large tracts of land and closer proximity to bigger markets like the Bay Area and Southern California as key drivers. Right now, a geographic difference of 50 miles in one direction or the other is …

November 4, 2009

Northeast Office

C.V. STARR & CO. SIGNS 141,000-SQUARE-FOOT HEADQUARTERS LEASE

by admin October 20, 2009

NEW YORK CITY — Insurance and investment holding company C.V. Starr & Co. has signed a long-term lease for 141,000 square feet of office space at 399 Park Ave. in New York City. The company plans to use the space as its new world headquarters. It already occupies a full floor of the building but will now occupy three full floors, relocating employees from other New York-area offices to the new space. John Picco, David Stockel, August DiRenzo and Andrew Behymer of Cushman & Wakefield represented C.V. Starr in lease negotiations. The landlord, Boston Properties, was represented in-house by Andrew Levin and by CB Richard Ellis' Peter Turchin, John Powers and Greg Rothkin.

October 20, 2009

Industrial Midwest

2.82-ACRE INDUSTRIAL LAND SITE TRADES HANDS

by admin October 14, 2009

CHICAGO — Steven D Construction has purchased a 2.82-acre industrial land site located at 2000 W. 43rd St. within Stockyards Industrial Park in Chicago. The company plans to redevelop the existing office buildings and use the land for equipment storage. Michael Nelson and Mark Nelson of Paine/Wetzel • ONCOR International represented the seller, Mike Kibler, in the transaction. The acquisition price was not disclosed.

October 14, 2009

Newer Posts

Older Posts