The Deal Sheet
| The Carlton Exchange, based in New York, sold more than $85M ofbank-owned performing and non-performing loans and REO assetssecured by primarily office, retail, hospitality, industrial, land, and residential properties throughout North Texas. | |
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| The assets were offered on a competitive real time-bid basis through the CEX Loan and REO MLS Exchange, providing evidence of thestrong demand for acquiring distressed loans and REO assets, says Carlton loan sale group head Joe Korbar. 85% of the assets in the pool were offered at 99% of the price that Carlton thought could be achieved, he adds. Among the sales: a first mortgage loan secured by a 92-room flagged hotel (pictured); a first mortgage loan secured by a 90-room flagged hotel built in 2008 in Allen; a 582-unitself-storage facility first mortgage loan; a first mortgage loan secured by a 35k SF retail building, 20-year ground lease with an investment grade tenant and four outparcels; two bank-owned office buildings totaling 105k SF; and more than 45 residential loans andREO assets. | |
| New Construction Reliant Hospital Partners with The Cirrus Group plans to construct a new rehab hospital in northwest Houston. Reliant Rehabilitation Hospital-Houston Northwest will be in the Vintage Park development. The $25M, 60-bed hospital will begin treating patients in early 2012 and have 65k SF with three floors for patient care. | |
| Sales | |
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| AREA Property Partners, in a JV with Dallas-based P.O'B. Montgomery & Co, has acquired Bannockburn Green, a 180k SFgrocery and drug store anchored shopping center in Bannockburn, Lake County, in Chicago’s North Shore region. The property was acquired for $29.3M from an undisclosed institutional investor. The center is 85% leased. The key players in the acquisition for P.O’B Montgomery were prez Phil Montgomery and Nick Totorice. Leasing and management of Bannockburn Green will be handled by CB Richard Ellis. Joe Parrott and Michael Gold in Bannockburn will spearhead retail leasing, while Hank Cox and Leanna Garrison will lead leasing of the center’s office component. Karen Pence Hollanand Christopher Hale of the Schaumburg office will be in charge of property management. Rick Drogosz, Ben Wineman and Stan Nitzberg of Mid-America Real Estate Corp’s investment sales group represented the seller. *** Relens Co purchased a 9,200 SF commercial building, 400 West Harwood in Bedford, in late December for an undisclosed amount. Bradford’s James Kang repped the buyer and Stream Realty’s Russ Webb repped the seller, Computer Fusion. *** Briarwood Park purchased a 13k SF MOB on 2.8 acres at the southeast corner of West Park Boulevard and Parkwood Boulevard in Plano. Briarwood Park executed a lease with CVS Pharmacy. The existing office building will be torn down for a new CVS, which will open later this year. At 14,600 SF, the new CVS will be the first of this size in the Metroplex. Armstrong Development Properties is developing the property on behalf of CVS. Venture Commercial’sBryan Cornelius, Don Miller, and Ken Reimer repped Briarwood Park in the purchase from the seller, Facility Acquisition Partnership. | |
| New Business Lines Ashford Hospitality Trust announced that an underwriter exercised its option to purchase 300,000 shares of the company’s common stock at $9.65 per share pursuant to Ashford’s December 2010 public offering. In total, the company sold 7.8 million shares of common stock at $9.65 per share. The net proceeds were used to repay a portion of the company’s outstanding debt under its senior credit facility, and it intends to use a portion of the net proceeds for general corporate purposes, including financing future hotel-related investments, capital expenditures, and working capital or repayment of other debt or maturing obligations as they become due. DeutscheBank Securities acted as the sole book runner. *** SimplexGrinnell launched a new product in the area called True Insight Remote Service, an Internet-based technology, which enables the firm to remotely diagnose system issues for full-service agreement customers with Simplex 4100U fire alarm panels. | |
| Foreclosure | |
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| Lenders began foreclosure proceedings against Younan Properties'Lakeside Square, 12377 Merit Dr. The Dallas Morning Newsreported that LNR Partners has posted it for foreclosure auction at next month's sale. The Morning News reports Countrywide Commercial Real Estate Finance lent $60.67M on the office tower in 2005, according to the foreclosure posting in Dallas County. LNR Partners is the special servicer of the debt. A Younan spokeswoman tells Bisnow that “we are current in our debt payments, however, the loan has matured. The filing is something that we were expecting as it is a standard administrative process required by lenders. We are in negotiation with our lender to get the extension we need to complete the refinancing and pay off the loan.” | |
| People in the News Peter Stricker joined KAI Texas as a project architect. His past projects include the Radiological Laboratory/Office Utility Building atLos Alamos National Laboratories in Los Alamos, NM; the Lee Tran Transit HQ for Lee County in Fort Myers, Fla.; and the Chinese Hospital in San Francisco. Locally, he's been involved in design and construction projects including the East Dallas Community Organization master strategic plan, Warren United Methodist Church, the Katy Trail Extension-Lawson mixed-use loft development, Dallas County's Old Red Courthouse restoration, St.Alcuin Montessori School administration building renovation, and the St. Seraphim Orthodox Cathedral. *** Hudson Peters Commercial hired Kimberly Lay as VP, bringing her eight years of experience in buyer and tenant representation. Since 2002, Kimberly has been securing office, retail, industrial, and medical space for her clients. Kimberly is the 2009-2010 recipient of the Paul Hanson Award and was named one of The North Dallas Corridor Guide’s 2006 Top Female Business Executives and Metrocrest Chamber’s Volunteer of the Year. *** Hudson Peters Commercial’s Scott Jackson earned his CCIMdesignation. He has more than 13 years of experience in the CRE industry, with more than 150 transactions totaling $65M. He has experience in tenant and landlord representation for industrial, office, and retail properties. *** The Retail Connection hired Stephen Hefner as president of the company’s Connected Acquisitions Services, a wholly owned subsidiary. Stephen brings more than 20 years of acquisition experience in leadership roles with companies including AmREIT where he served as managing director of its Dallas office. Prior to AmREIT, he served as the head of acquistions and dispositions for Cencor Realty Services, and as a VP for Olympus Real Estate Corp. Over the last decade, Steve has acquired or disposed of almost $1B of retail properties. Leases Dallas Automotive renewed a 135k SF lease for Heritage Business Park Building V at 900 Nolen Dr in Grapevine. Bradford Commercial Real Estate Services VP Michael Spain and SVP Todd Lambethrepresented A&B Properties. *** Sears Outlet Stores renewed 49k SF and added 10k SF of warehouse space in Marsh Business Park West Building 3 at 1215 Marsh Lane in Carrollton. Bradford SVP Susan Singer and market director Jason Miller represented SeaCal Addison. *** Lee & Associates completed a 30k SF industrial lease with USP Labs at 10761 King William Dr in Dallas. Ken Wesson and Adam Graham represented the landlord, EastGroup Properties. *** Lee & Associates completed a 15k SF industrial lease at 1580 N. I-35 E. in Carrollton. Ken Wesson and Adam Graham repped the landlord, Cobalt Capital Partners. The tenant, Jesco International, was repped by Nathan Denton with DFW Lee & Associates. |
