SAN FRANCISCO-TMG Partners, one of the Bay Area's largest mixed-use property developers, acquires the class A office property from American Financial Realty Trust. Bank of America is in the process of vacating some 300,000 sf in the building, which it acquired in 1983 and sold to AFRT last year.
SEATTLE-HomeStreet Bank takes out its own $7.4-million construction loan on the 122-unit Everett, WA apartment complex with an $8.8-million 10-year variable rate loan that is fixed for three years and has no pre-payment penalty.
SALEM, OR-The state added 16,400 jobs in June and has added 39,200 jobs since June 2003, the low point of its economic cycle as measured by a key economic barometer, seasonally adjusted employment, according to the latest data from the state Employment Department.
SLAT LAKE CITY-Formed in mid-June with $50 million to leverage, the REIT's joint venture with the locally based Utah State Retirement Fund has acquired more than $80 million worth of net-leased properties in four states.
SAN FRANCISCO-Airis Holdings LLC, the proposed developer of a $200-million cargo facility at San Francisco International Airport is suing the airport to save its project.
NOTTINGHAM-A consortium comprising Roxylight, Laing O'Rourke and Barclays submits an outline planning application for a 2.8-million-sf mixed-use redevelopment in the Eastside area of Nottingham's city center.
CENTRALIA, WA-Publicly traded Heartland Partners of Chicago sells most of its 13,000 acres of scattered properties as well as the remaining 14 acres of Heartland's Fife, WA, residential development to locally based Ox Bow, LLC and Railroad Properties LLC.
SAN FRANCISCO-Sources tell GlobeSt.com that a New York investment group that includes David Werner and Mark Karasick is under contract to buy Bank of America's 50% stake in the 1.8-million-sf Bank of America Center here for upward of $400 million, and that BofA will provide the debt for the purchase.
PORTLAND-Locally based Felton Properties and the owners of New York-based Newmark & Company Real Estate Inc. acquire the 205,000-sf Downtown office building here for about $30.3 million from a partnership of Louis Dreyfus Property Group, Apollo Real Estate Investment Fund and Beneson Capital.
LONDON-The new addition, most recently a director in Standard & Poor's local office, will be responsible for all securitizations in the structuring and distribution division of GMAC Commercial Mortgage Europe.
