Notable Deals
Fairfield Files Chapter 11; San Jose Projects In Limbo
December 15, 2009
Tweet One of the largest developer and owners of apartment communities, Fairfield filed for Chapter 11 on Sunday. Two of Fairfield’s biggest lenders were Wells Fargo and Capmark. Fairfield has two development projects in San Jose it had been working on, but no word on what the outcome will be following the BK. The two [...]
Read More >>State of California Offloading Buildings To Fill Budget Shortfalls – What A Disaster
December 11, 2009
Tweet As economic pressures mount, the The State of California has retained CB Richard Ellis to sell off 17 of our buildings. The portfolio represents around 8 million square feet. The buildings include the Elihu M Harris building in Oakland, the Earl Warren building in San Francisco, and the PUC building in San Francisco. I’m [...]
Read More >>Morgan Stanley Handing Back 1.2M Square Feet of SF Assets
December 9, 2009
Tweet As we indicated last month, Morgan Stanley is handing back the keys on billions of dollars worth (former worth, that is) of Class A San Francisco property. The properties are going back to the mezzanine lender, AREA Property Partners. The question now is what is AREA going to do with the assets considering that [...]
Read More >>Simon Property Group Snaps Up Prime Outlets For $2.3B
December 8, 2009
Tweet Simon Property Group (SPG: 174.47 +0.51%) has purchased outlet owner and operator Prime Outlets for $2.33B. Big news, except the company paid 80% of the price in cash, and the rest in partnership units, plus assumption of debt. The deal gives Indianapolis-based Simon Property an additional 22 retail outlet centers, increasing its total to [...]
Read More >>Tishman Completes 550 Terry Francois Sale to GLL
December 7, 2009
Tweet The Business Journal is reporting that the sale of 550 Terry Francois to GLL is a done deal. A Tishman fund, traded on the Australian Securities Exchange as Tishman Speyer Office Fund, sold the 283,000-square-foot building for $135.5 million. The sale, which closed Nov. 26, represented a 21 percent drop from the $173 million [...]
Read More >>Pontiac Silverdome Sells for a Whopping $583K
November 17, 2009
Tweet The Pontiac Silverdome has finally sold for a massive $583,000! The stadium cost some $55M to built 35 years ago. So much for residual value. According to Detroit News, a year ago, there was a deal on the table for more $20M. The rumor is that a Canadian company purchased it with some sort of plans to [...]
Read More >>Huge NASA Academic Development Deal Goes To TMG and Related
November 16, 2009
Tweet The billion dollar, 75-acre academic super campus envisioned for Moffett Field has moved one step closer to becoming reality as developers TMG Partners and Related have been named as the master developers. Originally construction was anticipated to begin in 2012, with initial occupancy to take place in 2014. The ground lease for the project was signed [...]
Read More >>CRE Dominoes: 8000 Marina Blvd Defaults
November 12, 2009
Tweet 8000 Marina Blvd, the 193,519 square feet Class A office project in Brisbane has gone into default. The building was acquired by Broadway Partners in 2006 for approximately $54M ($280 psf). Broadway, on its website is reporting that it disposed of the asset in August of 2007 though we’re not quite sure to who. [...]
Read More >>Harris Stratex Takes Down 128K In Santa Clara
November 12, 2009
Tweet Harris Stratex Networks (HSTX: 0.00 N/A) has leased the vacant 128,000 square foot Great American Place building. The company is moving its facilities from 120 Rose Orchard in San Jose. The Great American Place/Plaza is a 3-story project sitting at 2903-2933 Bunker Hill and 5200 Great America Parkway (where Harris Stratex is going). The [...]
Read More >>United Commercial Bank Goes Down
November 6, 2009
Tweet United Commercial Bank of San Francisco has bitten the dust. The FDIC took over UCB on Friday. United Commercial Bank got into a lot of trouble with its commercial real estate loan portfolio recently, taking hits on loans made on assets such as Vietnam Town, and Cupertino Square/Vallco Mall. It has significant assets however, [...]
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