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Real Estate Alert’S Deal Database

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Real Estate Alert’S Deal Database DECEMBER 10, 2014 Handful of Finalists in Running to Buy Gables Several players have reached the final round of bidding for apartment giant 3 KBS Buying Bay-Area Office Towers Gables Residential. Among those in the running is New York-based Clarion Partners, which already 3 Federal Partners Nabs Virginia Offices owns a piece of the Atlanta REIT. Other bidders include a joint venture between Greystar Real Estate Pimco 3 Luxury NY Apartments Up for Grabs of Charleston, S.C., and of Newport Beach, Calif.; Denver REIT AIMCO; the team of Calpers and GID Investments of Boston; and a partnership 4 Shop Eyes 2nd Gain on Illinois Offices between DRA Advisors of New York and the Abu Dhabi Investment Authority. It was not clear if there were other finalists. 6 John Buck Fund Holds First Close The initial bidding valued the company at roughly $3 billion. Best-and-final bids 6 GreenOak Rolls Out Japan Offering are expected this week, and a buyer is likely to emerge by yearend. Eastdil Secured is advising Gables. 6 Value-Added Office Listing in Phila. The private REIT, which put itself on the block in August, is both an owner and a third-party manager of multi-family properties, overseeing about 40,000 apartments 7 KBS Marketing Offices in Delaware See GABLES on Page 4 7 Foreign Buyers Lift Retail Purchases 8 Court Orders Sale of NJ Retail Center Hilton to Buy 4 Hotels With Waldorf Proceeds 8 Suburban NY Offices Up for Sale Flush with capital from its pending sale of the Waldorf Astoria in Manhattan, Hilton Worldwide has agreed to buy four hotels from Blackstone and its partners for 8 Garrison Markets Distressed Assets well over $1 billion. Hilton will acquire the properties via three separate transactions. It will purchase 9 ON THE MARKET two oceanfront Waldorf Astoria resorts in Key West, Fla., from New York-based 11 MARKET SPOTLIGHT Blackstone. It will buy the 1,024-room Parc 55 Wyndham in San Francisco from a partnership that includes Blackstone and Rockpoint Group of Boston. And it will acquire the 498-room Waldorf Astoria Orlando from the team of Blackstone, GEM Realty of Chicago and Farallon Capital of San Francisco. THE GRAPEVINE Hilton will pay in the vicinity of $1 billion for the Key West and San Francisco hotels, with both deals brokered by JLL. The purchase price and broker, if any, for Brad Takala departed last month from the Orlando deal are not known. American Real Estate Partners, where he The deals will be structured as 1031 exchanges, enabling Hilton to defer was a managing director of acquisitions. See HILTON on Page 10 He was based at the firm’s Herndon, Va., headquarters and oversaw deals in LaSalle to Pay Top Dollar for Houston Offices the Mid-Atlantic region. Takala joined the firm in November 2012, following a LaSalle Investment has agreed to purchase a trophy Houston office tower at a two-and-a-half-year stint at Davis Cos. price that would set a new high-water mark for the booming city. of Boston, where he ran the acquisitions The Chicago investment manager won the bidding for the 837,000-square-foot team and managed the investment com- building, at 1000 Main Street, with an offer of roughly $450 million — about $10 mittee. He previously worked at Taurus million more than initial market expectations. If the deal closes, the $537/sf price Capital Markets and Invesco Real Estate. tag will eclipse the city’s current per-foot record of $524/sf. LaSalle’s initial annual His next move is unclear. yield would be about 5.5%. CBRE marketed the property for a partnership of Dallas-based Invesco Real The acquisition of Apartment Realty Estate and an unidentified Australian investor. The duo acquired the 36-story tower, Advisors by the parent company of formerly known as Reliant Energy Plaza, just two years ago for $335 million, or Newmark Grubb won’t be the end of $400/sf, in a deal also brokered by CBRE. the ARA brand. Company insiders Amid a drought of trophy listings in Houston, the offering set off a scramble say BGC Partners will combine the among investors bullish on the city. Metzler Real Estate of Seattle was also a See GRAPEVINE on Back Page See HOUSTON on Page 7 proven results hfflp.com in real estate capital markets solutions DEBT PLACEMENT | INVESTMENT SALES | EQUITY PLACEMENT | ADVISORY SERVICES | LOAN SALES | LOAN SERVICING Global Capital Knowledge HFF’s Global Capital Team is a focused group of senior capital markets professionals who coordinate the development of strong relationships with foreign capital seeking to invest and lend outside their home country. 800 17th Street 3000 Lakes on Post Oak Olympic & Olive $392,000,000 Property Sale Property Sale Joint Venture Equity 364,502 SF LEED Platinum Office Building 441,523 SF Class A Suburban Office Building 201-unit Class A Multi-housing Development Washington, D.C. Houston, TX Los Angeles, CA Source of Funds: U.S. & Norway Source of Funds: South Korea Source of Funds: U.S. & China The Offices at 1019 Market Broward Financial Center Broadway Station Property Sale $112M Property Sale & $61M Acq. Financing Property Sale & Acquisition Financing 75,523 SF Class A Creative Office 324,429 SF Class A Office Building Three-building Office Property - 318,053 SF San Francisco, CA Fort Lauderdale, FL Denver, CO Source of Funds: Germany Source of Funds: Brazil Source of Funds: U.S. & South America Sunbelt Grocery Portfolio 8 West Centre Amerige Heights Town Center Property Sale Property Sale & Acquisition Financing $48,500,000 Property Sale Seven Retail Shopping Centers - 513,723 SF 227,045 SF Office Building 163,514 SF Dual Grocery-anchored Retail Ctr. FL, GA, SC, TX Houston, TX Los Angeles, CA Source of Funds: Germany Source of Funds: Israel Source of Funds: Taiwan Visit hfflp.com for additional information. ©2014 Holliday Fenoglio Fowler, L.P. HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF. Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740. December 10, 2014 Real Estate 3 ALERT KBS Buying Bay-Area Office Towers initial annual yield of 9%. The $247/sf pricing was depressed by the looming April 2016 expiration of the lease of a large tenant, KBS Realty has struck a deal to buy a large office complex in defense contractor Leidos. Other tenants include Boeing and an East Bay suburb of San Francisco. Scitor, whose leases run until 2018 and 2022, respectively. The REIT has agreed to pay $248 million for the The complex shares a secure network with theNational 815,000-square-foot Towers, a three-building complex in Reconnaissance Office, a satellite-intelligence agency, and has Emeryville, Calif. The $304/sf sale price translates to an initial other security features required for processing classified infor- annual yield of about 5.75% for KBS. mation. The buildings are at 14660, 14668 and 14672 Lee Road. Eastdil Secured is brokering the sale for a partnership Eaton Vance, of Boston, and Indianapolis-based Duke between LBA Realty of Irvine, Calif., and fund shop Starwood listed the property along with a nearby 161,000-sf complex, Capital of Greenwich, Conn. Stonecroft 2&3, that will be roughly half-vacant when a large The listing attracted a crowd of institutional investors, mar- tenant departs next year. The Stonecroft complex was not sold, ket pros said, and the sale price is a bit above the level expected but likely will be marketed again later. when the property hit the market in September. The strong For Federal Partners, the acquisition is the second following interest demonstrates that investors are becoming more confi- a recent $150 million capital injection from CalSTRS. The pen- dent about venturing out of the ultra-core submarkets of down- sion fund joined with Spaulding & Slye, a JLL subsidiary based town San Francisco and into surrounding areas. in Boston, to launch the joint venture in 2004 and had previ- For the LBA-Starwood partnership, the sale follows a suc- ously contributed $260 million. The latest infusion, in August, cessful turnaround of the once-distressed office complex, gave the vehicle another $300 million of buying power with which it acquired out of foreclosure about three years ago. It leverage. That month, it spent $56 million to buy a 189,000-sf brought the occupancy rate back to 90% from a low of less than building at 4000 Metropolitan Avenue in Orange, Calif., that’s 70%. fully occupied by a federal agency. Eastdil Secured brokered The property is on the waterfront about a mile north of the that sale. San Francisco-Oakland Bay Bridge. Tower 1 (220,000 sf), at To date, Federal Partners has acquired properties totaling 1900 Powell Street, and Tower 2 (232,000 sf), at 2200 Powell 2.4 million sf. Before the Liberty Center purchase, the venture Street, are nearly identical 12-story buildings. Tower 3 (361,000 focused solely on properties occupied by federal agencies. It sf), at 2000 Powell Street, has 16 stories.
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