CW Capital Asset Management has foreclosed on Hanover Mall, located at the address of 1775 Washington Street in Hanover, Mass. Previous owners, Chicago-based Walton Street Capital, acquired the mall in May of 2007 for $99.4 million from Gregory Greenfield & Associates. The mortgage was transfered to special serving due to ... More
Archive for February, 2010
REO Monitor: Hanover Mall, MA
Thursday, February 11th, 2010A CRE Boom & Bust Timeline by MIT
Thursday, February 11th, 2010MIT recently released their 4th quarter Transaction Based Index findings. In this report, MIT included a useful timeline which tracks NCREIF Property Index (NPI) trends beginning in Q1 1984 to Q4 2009, while denoting critical market events. This graphic was most interesting to us as it helped put the current crisis ... More
KBS Buys One Main Place – Portland, OR
Tuesday, February 9th, 2010KBS REIT II has acquired One Main Place in Portland, Oregon in what is rumored to be a $57 million sale. The 20-story, 315,000 square foot office building's owner, RREEF Real Estate, was represented by Eastdil Secured. RREEF acquired the property in 2006 for $69.3 million, at which time it ... More
REO Monitor: Northgate Mall, Cincinnati
Monday, February 8th, 2010Wells Fargo has filed to foreclose on the Northgate Mall located in Cincinnatti, Ohio. The 1.1 million square foot mall is currently owned by a subsidiary of Great Neck, NY-based Feldman Mall Properties. In 2007, Feldman planned to spend $40 million to renovate the property and welcome Rave Cinemas as ... More
REO Monitor: Hill Country Galleria, TX
Monday, February 8th, 2010REIT Management & Research's $75 million offer to acquire the Hill Country Galleria, located in a suburb of Austin, TX has been accepted by US Bankruptcy Court Judge Craig Gargotta. Originally developed by Opus West Corporation and Lincoln Property Company, the mall was scheduled for auction last May, but ... More
MIT’s CRE Price Index Drops 5% in Q4
Sunday, February 7th, 2010MIT's Center for Real Estate just released their year end findings for 2009. Their Transaction-Based Index (TBI) is down 22.5% from 2008. A drop of 4.9% during the fourth quarter erased all hope for back-to-back quarters of positive price movement. On the positive side, transaction volume increased in the fourth quarter, ... More
KBS Lands $74M Office Portfolio
Friday, February 5th, 2010KBS Capital Markets has acquired the Pierre Laclede Center in Clayton, Missouri, a suburb of St. Louis, for $74.25 million from BPG Properties. Located at 7733 Forsyth Blvd, the two building property consists of 577,000 square feet of office space. The property was approximately 95% occupied at closing. BPG Properties ... More
REO Monitor: High Profile Atlanta Assets
Friday, February 5th, 2010Following two recent posts of commercial REO activity in the Atlanta area (including the Mansion on Peachtree and the Midtown Residence Inn), we decided to do a bit more research. There appears to be a slew of high-profile foreclosure actions in the Atlanta area. A short list of them ... More
Commercial Property Price Index Update
Wednesday, February 3rd, 2010Moody's/REAL Commercial Property Price Index (CPPI) reported a 1.0% increase in month over month property prices for the month of November 2009. This is the index's first month-over-month increase since the financial crisis began in September 2008. From an annualized perspective, the CPPI is down 33.5% over the last 12 ... More
Will CWCapital hold Riverton Houses?
Thursday, February 11th, 2010Controlling the $225 million first mortgage on Riverton Houses could put CWCapital in a position to decide the property's destiny for years to come. Many speculate that CWCapital may elect to operate the property and wait for the commercial real estate market to stabilize before disposing of the asset. In ... More
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