Property Finance (Oct. 19-25): Hotels Booking Finance
A Weekly Column of Commercial Real Estate Finance News and Loan Leads
In this week's issue:
Hersha, Other Hotel Operators Book New Financings
Hersha Hospitality Trust entered into a revolving credit loan and security agreement with a consortium of lenders.
The credit agreement provides for a revolving line of credit in the principal amount of up to $175 million. The existing bank group has committed $135 million and the agreement is structured to allow for an increase of an additional $40 million to be arranged on a best efforts basis with new participants.
Proceeds from the revolving line of credit could be used for opportunistic purchase of hotels in the future.
The revolving line of credit will accrue interest at the prime rate (or alternatively LIBOR plus 250 basis points) to be determined at Hersha's option.
The revolving agreement expires Dec. 31, 2011.
The company anticipates it will have consolidated debt maturities in fiscal 2009 of approximately $32.5 million, which the company expects to be refinanced with the existing lenders. However, these debt maturities could be refinanced by the new revolving line of credit if necessary.
The majority of Hersha's remaining consolidated debt maturing in 2009 has either already been refinanced or has unilateral extensions at the company's option, leaving the company with no significant debt maturities through the end of 2013.
In other hotel deals,
Inland American Real Estate Trust Inc. recently obtained financing on six hotels. The lender(s) were not identified.
- It obtained $30.25 million for the Hilton Garden Inn in the Chelsea district of New York. The loan is interest-only and bears interest at 30-day LIBOR plus 2.50%, which is currently equal to 6.426% and matures Sept. 30, 2013.
- It obtained $13.7 million for the Hampton Inn Baltimore at the Inner Harbor in Baltimore, MD. The loan bears interest at 5.75% and matures Aug. 1, 2013.
- It obtained $12.05 million for the Hilton Garden Inn Albany Airport in Albany, NY. The loan is interest-only and bears interest at 30-day LIBOR plus 2.50%, which is currently equal to 6.426% and matures Sept. 30, 2013.
- It obtained $8.164 million for the Hampton Inn University Place in Charlotte, NC. The loan is interest-only and bears interest at 30-day LIBOR plus 2.50%, which is currently equal to 6.426% and matures Sept. 30, 2013.
- It obtained $7.082 million for the Townplace Suites Northwest in Austin, TX. The loan is interest-only and bears interest at 30-day LIBOR plus 2.50%, which is currently equal to 6.426% and matures Sept. 30, 2013.
- It obtained $7.024 million for the Hampton Inn - Raleigh in Cary, NC. The loan is interest-only and bears interest at 30-day LIBOR plus 2.50%, which is currently equal to 6.426% and matures Sept. 30, 2013.
Separately, Inland American Real Estate Trust purchased the Hyatt Regency Orange County in Garden Grove, CA, near the Anaheim Convention Center and Disneyland for $112 million. The facility is on 13 acres and consists of 654 guest rooms and approximately 65,000 square feet of meeting space.
CNL Lifestyle Properties Inc. made a loan to Boyne USA of $68 million. The loan matures on Sept. 22, 2010, earns interest at a rate of 12% per year and requires interest payments monthly. The loan is collateralized by a first priority lien on The Big Sky Resort, a ski resort in Big Sky, MT. Along with the loan, CNL agreed to acquire the resort for $74 million. The closing must occur before the maturity date. At the closing, CNL would enter into a long-term lease with Boyne to operate the property.
Transwestern Realty Finance Partners closed a $20 million mezzanine loan for The Ritz-Carlton in Denver, a 202- room hotel in downtown Denver, CO. Transwestern's investment is being made on behalf of Transwestern Mezzanine Realty Partners III. The Ritz-Carlton recently underwent a $136 million redevelopment and mezzanine loan will facilitate the seasoning of the hotel. Bill Swackhamer, managing director, and Michael Samuel, senior associate of Transwestern Realty Finance Partners' Denver office arranged the transaction.
Red Lion Hotels Corp. closed on a $14 million loan from Wells Fargo Bank, its 181-room hotel in Bellevue, WA. The loan provides for a five-year term and a variable spread over LIBOR based on certain financial ratios. The current pricing is 1.75% over LIBOR. Red Lion used part of the proceeds of the loan to pay off its existing higher-rate loan in the approximate amount of $8.2 million and will use the remainder for general corporate purposes.
Glimcher Wraps Up Refi of 2008 Debt, Working on 200
Glimcher Realty Trust completed a $40 million mortgage loan financing of Morgantown Mall in Morgantown, WV. The new loan has a term of five years comprised of an initial three-year maturity with two, one-year extension options. The loan is 50% recourse with a floating interest rate of LIBOR plus 3.5% per annum. Net proceeds from the financing will be used to pay off the existing $51 million mortgage on Morgantown Mall and Morgantown Commons. The company is in the process of securing financing for the Morgantown Commons.
Glimcher also expects to close on a $40 million mortgage loan financing of Northtown Mall in Blaine, MN, within the next several weeks. The new loan will have a term of four years comprised of an initial three-year maturity with a single one-year extension option. The loan will be 50% recourse with a floating interest rate of LIBOR plus 3% per annum with no principal amortization. The net proceeds from the financing will be used to pay down outstanding borrowings on the company's credit facility.
Excluding the Eastland Charlotte (NC) loan for which discussions with a special servicer are continuing, the REIT has now completed the refinancing of all its remaining debt maturities for 2008.
With respect to 2009 debt maturities, Glimcher plans to use the line of credit capacity created by the closing of the Northtown financing to address the repayment of its Grand Central Mall loan. The $46 million Grand Central Mall loan represents the company's most significant property debt maturity in 2009.
Other property mortgage debt maturing in 2009 includes loans on the Great Mall of the Great Planes in Olathe, KS, and Tulsa Promenade in Tulsa, OK. The Great Mall is currently under contract for sale with closing scheduled for mid-December of this year. The company has already received 10% of the purchase price in the form of a non-refundable deposit from the prospective buyer.
The company also expects, if necessary, to have sufficient capacity available under its credit facility to address its $18.2 million pro-rata share of the Tulsa Promenade debt. The company's credit facility is scheduled to mature in December 2009 but does have a one-year extension provision at the option of the company.
No other debt maturities occur in 2009. The company expects to have a $315 million to $335 million outstanding balance on its credit facility as of December 31, 2008.
Guardian Takes Stake in Kennedy Wilson
The Guardian Life Insurance Company of America agreed to purchase a major interest in Kennedy Wilson, a Beverly Hills, CA-based real estate services and investment firm.
Under the terms of the transaction, Guardian will purchase $30 million of convertible subordinated debt in Kennedy Wilson. When converted, this provides Guardian a 10% interest in the company, while Kennedy Wilson's management retains a 54.1% ownership.
Earlier this year Kennedy Wilson raised $53 million in new equity through the issuance of convertible preferred shares. Among those investing in the prior offering were the LeFrak Organization, a major real estate, energy, and investment company based in New York. Another significant investor in the prior offering was The Royce Funds, also based in New York.
The relationship between Guardian and Kennedy Wilson has already resulted in a joint venture between the two companies. "Two weeks ago we announced the $84 million acquisition of Avalon at Blossom Hill (now called Saybrook Pointe), a 324-unit apartment project in San Jose, CA. Of the purchase price, $23.25 million of equity came from Guardian.
De Guardiola Advisors Inc. acted as financial adviser to Guardian.
Property Finance Deals
Capmark Finance Inc. originated $65 million in 10-year, fixed-rate, permanent debt through its Fannie Mae DUS program for the acquisition of The Saulet, a 703-unit multifamily property in New Orleans, LA. The Saulet, a Class-A apartment development, is on 13 acres at 1420 Annunciation Street, just minutes from the Central Business District, the University and Medical districts and the French Quarter. The property is comprised of 11 three- and four-story buildings with one-, two- and three-bedroom apartments. Three parking garages provide covered parking with direct access to individual apartment units. Amenities include a three-story leasing center, clubhouse/community center, four retail bays and a swimming pool with cabana and outdoor barbecue area. David Fishler, senior vice president of Capmark's New York City office originated the transaction for the borrower, AVR-Saulet LLC, an affiliate of AVR Realty Co. Capmark provided a structured, fixed-rate loan that enabled the borrower to take advantage of favorable rates while the property continues to lease up to a stabilized occupancy.
NorthMarq Capital arranged first mortgage financing of $35 million for The Woodlands of Gainesville, a 258-unit student housing facility in Gainesville, FL. Financing was based on a 7-year term and a 30-year amortization schedule and was arranged through Freddie Mac. Bruce A. Foster, managing director of NorthMarq's Atlanta office, arranged the deal.
NorthMarq Capital arranged first mortgage financing of $19.96 million for Sharyland Towne Crossing, a 344,467-square-foot retail cente in Mission, TX. Major tenants in the property include HEB Grocery, Ross Dress for Less, TJ Maxx, Office Depot and PetCo. Financing was based on a 20-year term with a 20-year amortization schedule and was arranged for the borrower, Shary Retail Ltd., a joint venture between Weingarten Realty Investors and Rioco, through The Prudential Insurance Company of America. John Burke, senior vice president and managing director of NorthMarq's Houston office, arranged the deal.
NorthMarq Capital arranged first mortgage financing of $9.975 million for Jefferson Square, a 169,397-square-foot office in Columbia, SC. Financing was based on a 5-year term with a 25-year amortization schedule. Bill Matone, senior vice president and managing director of NorthMarq's Charlotte office, arranged the deal.
NorthMarq Capital arranged permanent financing of $5.775 million for Market Square, a 43,295-square-foot retail strip center at 3820-3840 W. 10th St. in Greeley, CO. The subject collateral, constructed in 1987, consists of three retails buildings and one pad site - occupied by Chili's Restaurant. Larger tenants in the strip retail are Blockbuster Video and Don's Hobbies. John Stewart, vice president of NorthMarq in the Denver office, and Brian Smith, investment analyst, arranged the financing for the borrower.
Read Property Finance First
Receive notice when a new Loan Maturity Leads are published by receiving The Watch List newsletter. The Watch List is a powerful one-two-combination of both top-down macro analysis and bottom up micro real estate news, as well as valuable leads about companies expanding and contracting and property and loan investment opportunities. It is available for free by e-mail, which is the quickest way to review all of the news in the column as soon as it is published and link directly to the news and features you want. Just e-mail me your name, title, company, company business, city, state, and e-mail address. You can reach me by clicking on the byline above or e-mailing me at Mark Heschmeyer
Loan Maturity Leads
| Property | Property Type | Current Ending Scheduled Balance | Maturity Date | Note Rate | CMBS | | Sanger Self Storage, 225 L St., Sanger, CA | Self Storage | $927,775 | 1/1/2009 | 8.13% | Nationslink 1999-1 | | Executive Mini-Storage, 6340 Freeport Blvd., Sacramento, CA | Self Storage | $864,942 | 11/1/2008 | 7.88% | Nationslink 1999-1 | | Safeguard Mini Storage-N, 16173 Golden State Blvd., Madera, CA | Self Storage | $773,552 | 12/1/2008 | 7.88% | Nationslink 1999-1 | | Safeguard Mini Storage-S, 450 E Almond Ave., Madera, CA | Self Storage | $609,946 | 12/1/2008 | 7.88% | Nationslink 1999-1 | | Country Corner Retail Ctr, 2240 Encinitas Blvd., Encinitas, CA | Retail | $829,859 | 12/1/2008 | 7.88% | Nationslink 1999-1 | | Kragen Auto Parts, 1618 Mangrove Ave., Chico, CA | Retail | $754,598 | 10/1/2008 | 7.33% | Nationslink 1999-1 | | Strip Retail Center, 16304 E. 14th St., San Leandro, CA | Retail | $753,477 | 10/1/2008 | 8.00% | Nationslink 1999-1 | | Schuck's Automotive, 3610 Overland Road, Boise, ID | Retail | $723,290 | 10/1/2008 | 7.31% | Nationslink 1999-1 | | Chestnut Place Retail Ctr, 13991- 13997 Anderson Lakes Pkwy, Eden Prairie, MN | Retail | $595,819 | 1/1/2009 | 8.08% | Nationslink 1999-1 | | 851 Mistletoe Lane, 851 Mistletoe Lane, Redding, CA | Retail | $405,210 | 11/1/2008 | 7.85% | Nationslink 1999-1 | | Banana Belt Strip Center, 300 W. Highway 24, Woodland Park, CO | Retail | $396,839 | 1/1/2009 | 8.60% | Nationslink 1999-1 | | 724 Irving Street, 724 Irving St., San Francisco, CA | Retail | $392,349 | 11/1/2008 | 7.70% | Nationslink 1999-1 | | San Marcos Retail Plaza, 3708 Eubank Blvd. NE, Albuquerque, NM | Retail | $348,784 | 11/1/2008 | 8.00% | Nationslink 1999-1 | | 2111 Business Center Dr, 2111 Business Center Drive, Irvine, CA | Office | $898,628 | 12/1/2008 | 7.96% | Nationslink 1999-1 | | Custom Research Building, 10301 Wayzata Blvd., Minnetonka, MN | Office | $873,665 | 10/1/2008 | 6.93% | Nationslink 1999-1 | | San Clemente Office Bldg, 111-115 Calle De Industrias, San Clemente, CA | Office | $871,110 | 9/1/2008 | 6.90% | Nationslink 1999-1 | | Garden Road Office Plaza, 2150 Garden Road, Monterey, CA | Office | $837,022 | 12/1/2008 | 7.35% | Nationslink 1999-1 | | Country Club Offices, 7490 Clubhouse Road, Boulder, CO | Office | $611,613 | 10/1/2008 | 6.94% | Nationslink 1999-1 | | Liberty Square Office, 914 N. San Francisco St., Flagstaff, AZ | Office | $512,117 | 11/1/2008 | 7.65% | Nationslink 1999-1 | | Napa Broadway Apartments, 5410 Broadway, Oakland, CA | Multifamily | $882,988 | 11/1/2008 | 7.50% | Nationslink 1999-1 | | Sherwin Apartments, 1407-141 W Sherwin Ave., Chicago, IL | Multifamily | $869,838 | 9/1/2008 | 6.84% | Nationslink 1999-1 | | Croftwood Apartments, 1005 Craycroft Road, Tucson, AZ | Multifamily | $773,641 | 12/1/2008 | 7.88% | Nationslink 1999-1 | | 1835-9 Green Street Apts., 1835-9 Green St., San Francisco, CA | Multifamily | $661,483 | 11/1/2008 | 7.25% | Nationslink 1999-1 | | Sheila Garden Apartments, 200 Sheila Court, Modesto, CA | Multifamily | $661,214 | 1/1/2009 | 7.65% | Nationslink 1999-1 | | The Johnson Apartments, 2244 Johnson Street NE, Minneapolis, MN | Multifamily | $562,961 | 11/1/2008 | 7.30% | Nationslink 1999-1 | | Bryant Avenue Apartments, 2517 Bryant Ave. South, Minneapolis, MN | Multifamily | $449,457 | 11/1/2008 | 7.25% | Nationslink 1999-1 | | 682 Grand Avenue Apts, 682 Grand Ave., St. Paul, MN | Multifamily | $425,642 | 10/1/2008 | 7.25% | Nationslink 1999-1 | | 1967 Grand Avenue Apts., 1967 Grand Ave., St. Paul, MN | Multifamily | $412,882 | 11/1/2008 | 7.25% | Nationslink 1999-1 | | 1962 Grand Avenue Apts., 1962 Grand Ave., St. Paul, MN | Multifamily | $396,627 | 11/1/2008 | 7.25% | Nationslink 1999-1 | | Goldfarb #1, 107 E. Healy St., Champaign, IL | Multifamily | $383,294 | 10/1/2008 | 6.57% | Nationslink 1999-1 | | Gemstone Mobile Home Park, 2451 Soledad Canyon Road, Acton, CA | Manufactured Housing | $496,381 | 12/1/2008 | 8.15% | Nationslink 1999-1 | | Country Club Mob Home Prk, 5315 Targee St., Boise, ID | Manufactured Housing | $488,068 | 8/1/2008 | 7.54% | Nationslink 1999-1 | | Grouse Creek Center, 23798 US Highway 24, Minturn, CO | Industrial | $774,967 | 11/1/2008 | 7.38% | Nationslink 1999-1 | | Fremont Light Indust Bldg, 44829-44 Fremont Blvd., Fremont, CA | Industrial | $466,975 | 12/1/2008 | 8.05% | Nationslink 1999-1 | | Lake Forest Light Ind Bld, 20611 Canada Road, Lake Forest, CA | Industrial | $449,726 | 12/1/2008 | 8.00% | Nationslink 1999-1 | | Hertz Equip Rental Warhse, 800 Industrial Circle South, Shakopee, MN | Industrial | $430,499 | 11/1/2008 | 7.30% | Nationslink 1999-1 |
|
Lenders Funding Multifamily Purchases in the Last Few Weeks
| Property | Size | Sale Price | Lender | First Deed Loan Amount | LTV | Buyer | | 5005 Aldine Mail Rt, Houston, TX | 309 | $7,000,000 | Arbor Commercial Funding LLC | $5,633,010 | 80% | Shubh Properties Inc | | 4390 N Academy Blvd (2 Properties), Colorado Springs, CO | 404 | $11,000,000 | Banc of America Commercial Mortgage | $10,437,016 | 95% | Lighthouse Capital Funding | | 2201 Arena Blvd, Sacramento, CA | 168 | $29,400,000 | Bank of America | $19,500,000 | 66% | Sentinel Real Estate Corporation | | 333 Harvard St, Cambridge, MA | 21 | $5,175,000 | Brookline Capital Bank | $3,250,000 | 63% | Jupiter 6 Llc | | 3868 Central Pike, Hermitage, TN | 350 | $36,050,000 | Capmark Bank | $24,000,000 | 67% | Grubb & Ellis Apartment REIT Inc | | 5565 S Yosemite St, Greenwood Village, CO | 63 | $10,100,000 | Capmark Bank | $7,500,000 | 74% | The Damone Group, LLC | | 600 NW Island Ter, Beaverton, OR | 279 | $30,000,000 | Capmark Bank | $21,000,000 | 70% | Guardian Management | | 1029-1061 Meridian Ave, San Jose, CA | 84 | $18,000,000 | Capmark Bank | $12,795,000 | 71% | Virtu Investments LLC | | 3100 Aspen Grove Dr, Franklin, TN | 560 | $71,500,000 | CBRE Melody & Co | $58,300,000 | 82% | Julian LeCraw & Company | | Portfolio with 9 properties, Austin, TX | 2,940 | $270,000,000 | CBRE Multifamily Capital | $29,448,000 | 11% | Northland Investment Corporation | | 15016 Macadam Rd S, Tukwila, WA | 62 | $5,121,725 | Citibank | $3,592,026 | 70% | Security Properties, Inc. | | 740 S Olive St, Los Angeles, CA | 309 | $56,500,000 | Citicorp | $45,200,000 | 80% | The Related Companies LP | | 16700 31st Ave S, Seatac, WA | 100 | $8,120,000 | Column Guaranteed | $6,300,000 | 78% | Milestone Managers LLC | | 115 W Cheyenne Rd, Colorado Springs, CO | 87 | $8,800,000 | Compass Bank | $6,450,000 | 73% | Weidner Investment Services | | 1575 Clairmont Rd, Decatur, GA | 252 | $29,000,000 | CWCapital | $19,700,000 | 68% | McKinney Properties Inc. | | 4426-4444 W Pine Blvd, Saint Louis, MO | 148 | $9,000,000 | Deutsche Bank Berkshire Mortgage | $7,259,000 | 81% | Banner Property Management | | 10115 Holly Dr, Everett, WA | 352 | $42,604,000 | Fannie Mae | $15,249,000 | 36% | Heitman Capital Management Corp. | | 422-490 S Clovis Ave, Fresno, CA | 73 | $6,750,000 | Fannie Mae | $3,280,533 | 49% | Mark W Talbot | | 5490 S 3910 W, Salt Lake City, UT | 100 | $8,110,000 | Fannie Mae | $1,180,000 | 15% | WLA Investments Inc | | 1343 Oakdale Ave, El Cajon, CA | 64 | $6,720,000 | First Republic Bank | $4,788,000 | 71% | FGS Properties, LLC | | 3105 Ep True Pky, West Des Moines, IA | 96 | $6,500,000 | Freddie Mac | $4,850,000 | 75% | TMG Properties | | 2170 Carol View Dr, Cardiff By The Sea, CA | 300 | $71,000,000 | Freddie Mac | $42,200,000 | 59% | Property West, Inc. | | 1741 NE 22nd St, Auburn, WA | 120 | $9,850,000 | Freddie Mac | $8,084,000 | 82% | Hamilton Zanze & Company | | 2999 Smith Springs Rd, Nashville, TN | 185 | $6,400,000 | Freddie Mac | $5,120,000 | 80% | Freeman Webb Investments, Inc. | | 120 W Casino Rd, Everett, WA | 249 | $19,262,650 | GE Capital Corp | $14,950,000 | 78% | Longwell Company | | 444 W Orange Grove Rd, Tucson, AZ | 223 | $9,470,110 | GMAC Commercial Mortgage | $4,026,021 | 43% | Holualoa La Jolla Tucson, LLC | | 24661-24667 Amador St, Hayward, CA | 68 | $7,100,000 | Mesa West Capital | $6,000,000 | 85% | Thompson Dorfman Partners LLC | | 1466 Bonair Rd, Vista, CA | 82 | $10,510,000 | MMA Mortgage Investment | $6,680,000 | 64% | Bougainvillea Apartment Homes LP | | 234-236 W 14th St (2 Properties), New York, NY | 41 | $14,125,500 | New York Community Bank | $12,670,000 | 90% | 232 W 14th LLC | | 700 Duncan Ave, Pittsburgh, PA | 370 | $29,600,000 | NorthMarq Capital | $27,250,000 | 92% | Morgan Management, LLC | | 2050 Longley Ln, Reno, NV | 224 | $23,000,000 | PNC | $15,986,000 | 70% | Kromer Investments Inc | | 1972 Mitchell Ave (3 Properties), Tustin, CA | 117 | $21,280,000 | Preferred Bank | $14,500,000 | 68% | Waterstone Garden Investments, LP | | 2833 N Bristol St (2 Properties), Santa Ana, CA | 245 | $36,000,000 | Prudential Multifamily Mortgage | $28,800,000 | 80% | Pacifica Garden Apartments, LP | | 800 Micro Ct, Roseville, CA | 173 | $19,625,000 | Red Mortgage Capital | $14,832,600 | 76% | The Randall Group | | 2651 Sunset Blvd, Rocklin, CA | 121 | $13,650,000 | Red Mortgage Capital | $9,960,600 | 73% | The Randall Group | | 2505-2593 E Pikes Peak Ave, Colorado Springs, CO | 268 | $16,000,000 | Red Mortgage Capital | $12,770,200 | 80% | Weidner Investment Services | | 13888 Euclid St, Garden Grove, CA | 88 | $12,200,000 | Redwood Capital Finance | $12,415,000 | 102% | Advanced Group | | 11 E 88th St, New York, NY | 25 | $19,000,000 | Signature Bank | $6,945,007 | 37% | Gatsby Enterprises LLC | | 6954 N Sheridan Rd, Chicago, IL | 90 | $6,850,000 | Sovereign Bank | $5,200,000 | 76% | DLG Management | | 1600 Barberry Ln, Peachtree City, GA | 312 | $36,600,000 | Teachers Insurance & Annuity | $23,790,000 | 65% | Grubb & Ellis Realty Investors, LLC | | 645 Dekalb Industrial Way, Decatur, GA | 228 | $18,800,000 | Wachovia Bank | $17,280,000 | 92% | The Connor Group | | 7806 NE 12th St, Vancouver, WA | 104 | $7,200,000 | Washington Mutual Bank | $5,040,000 | 70% | Foam Street Investments LLC | | 3214 NE 62nd Ave, Vancouver, WA | 91 | $6,300,000 | Washington Mutual Bank | $4,410,000 | 70% | Brian Bjornson H Living Trust | | 1937-1939 Argyle Ave, Los Angeles, CA | 42 | $6,237,500 | Washington Mutual Bank | $3,100,000 | 50% | David Weiswasser | | 400 W Rincon Ave, Campbell, CA | 200 | $16,700,000 | Washington Mutual Bank | $13,630,000 | 82% | The PNC Financial Services Group, Inc. | | 515 Boynton Ave, San Jose, CA | 30 | $5,170,000 | Washington Mutual Bank | $2,775,000 | 54% | Yale Investment Company | | 2000 Village Bluff Pl, Raleigh, NC | 156 | $21,000,000 | Wells Fargo Bank | $14,468,000 | 69% | Horizon Realty Advisors |
|
CoStar Columns
For news of companies with increasing space needs, see
Expansions & Relocations, a weekly column of major corporate headquarters expansions and relocations.
For news of companies shedding commercial space, see
Closures & Layoffs, a weekly listing of future corporate downsizings.
For news of properties about to go through a change of ownership, see
Under Contract, a weekly listing of properties to be sold or acquired.
For news of distressed properties, see
Watch List, a weekly column of property and credit market conditions and real estate investment opportunities.
For development and construction news, see
In the Pipeline.
For retail news including expansions, closings and mergers and acquisitions, see
CoStar's Retail News Roundup.
For green building news from CoStar, see
Green Lede.