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The CoStar Watch List Newsletter for Feb. 28 - March 6

A Weekly Newsletter on Changing CRE Market Conditions, Properties, Loans and Firms
February 26, 2013
This Week’s Top Stories

While Most CRE Benefits from Recovery, One Set of Distressed Office Loans Remains 20,000 Leagues Under the Sea

Investors had hoped that vintage 2007 loans would resurface post-recession to benefit from higher property values just as repayment dates approached, allowing the borrowers to obtain loan extensions and refinances, a strategy among lenders that came to be known as ‘extend and pretend.’ Right now it seems all pretend. But debt workout firms, brokers and value add funds see things differently.

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Tell Your Friends

OfficeMax-Office Depot Merger: The Evolution of a Brick & Mortar Business

The proposed merger of Office Max and Office Depot with combined revenue of $18 billion could be viewed as a move to save two brands that are facing unprecedented competition from ecommerce and are being squeezed to shrink their footprints.

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Largest CMBS Loans Backing Closed OfficeMax, Office Depot Locations

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As Investors Chase Yield, Rich Apt. Pricing Pushes Capital Further Afield

While the best of the best properties and markets still rule, investment flow is reaching Seattle, Denver - even housing bust markets like Phoenix And Atlanta.

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Inland Diversified Considers Options for $2.2 Billion Portfolio

With primary capital fully invested, Inland turns to the investment banking community for an exit strategy.

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Facility Closures & Downsizings: Telecommuting Turnabout at Yahoo!.

Also this week: Tenant satisfaction reaches new high as 2013 begins; and Space availability leads from: Intersil, JPMorgan, Saks, Macy's Kmart, P&G and many more.

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The Unusual Suspects.

Austin, Raleigh, Pittsburgh, Nashville making strong argument for big investments.

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Saudi Arabian Retailer Signs 52 Leases with Pyramid Management.

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Schlotzsky's Signs Franchise Agreement for 170 New Deli Locations.

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TPG To Acquire Assisted Living Concepts.

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Money To Burn

The Illinois Teachers’ Retirement System engaged ORG Portfolio Management of Cleveland, OH, and Real Asset Portfolio Management of Portland, OR, to advise the o $38.1 billion pension fund in the creation of a co-investment program within the $4.6 billion TRS will be able to make direct investments in a property to compliment an existing investment in the same property that was made as part of a pooled allocation to a multi-property real estate fund.

On the Market

CBRE Global Investors has begun marketing for sale a portfolio of five high-quality CBD office properties. The portfolio, which totals 2.9 million square feet, includes:
* 190 South LaSalle, a 798,800 SF trophy-quality asset in the Central Loop of Chicago;
* Interchange Office Center, a 150,600 SF asset in the West Plano submarket of Dallas;
* The Point at Las Colinas, a 403,400 SF asset in the Las Colinas submarket of Dallas;
* The Urban Towers, a two-building complex totaling 848,600 SF in the Las Colinas submarket of Dallas; and
* Wildwood Center, a 679,600 SF trophy-quality asset in the Northwest submarket of Atlanta..

Keep up weekly on national news, trends and property leads with the Watch List Newsletter, a weekly pdf that includes other news and leads not found on the CoStar Group web news pages. Sign up for the Watch List E-Mail Alert. A new issue is published late each Wednesday.

1st Service Solutions: Advocated Over $8.5B CMBS Loans & Now a Rated Trust Advisor!

Trepp: Loan and Property Investment Opportunities Are Waiting

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