Real Estate Market Update - January 28, 2011

In This Update:

Office:

Carlson Center tower to sell for $54M; KDC sells two office buildings to Cole Real Estate for $51M; Meritex Enterprises announces Atlanta office portfolio acquisition; JV buys Tampa office building; Watergate Towers office complex in Emeryville sold for $130 million; Grubb & Ellis Healthcare REIT II acquires three medical office buildings in Texas and Oklahoma; and Brookfield sells Riverside Plaza in Chicago.

Retail:

Kimco Realty reports $151.1M in shopping center acquisitions; Federal Realty acquires Tower Shops in Davie, Florida; Cedar Shopping closes $49.1M property acquisition; Vestar acquires two Southern California centers; Maryland retail center sold to State Pension Fund for $102.5M; Pinole retail center sold; Alameda shopping center sold for $181 million; and Elbit Imaging signs deal for acquisition of seven shopping centers for $75M.

Industrial:

DCT Industrial Trust acquires nine California properties for $79M.

Resort/Hotel:

Hersha Hospitality Trust buying Capitol Hill Suites for about $47.5M; DiamondRock to buy hotel in Times Square; Hilton Alexandria sells for $121 Million; and Sheraton Universal Hotel in Los Angeles sold to Chinese developer; Miami shopping center sells for $95M.

Residential:

JV inks $630 Million in senior living facilities and JV pays $44M for California student housing community.

EQUITY & DEBT UPDATES:

Transwestern Investment refinances offices for $69M; Blackstone reworks $7 Billion debt owed on 2007 office buy from Zell; Philadelphia office tower refinanced through CMBS offering; Freddie Mac funds first mezzanine deal; and Starwood Capital Group buys $157M non-performing commercial loan portfolio.

Government Action & Analysis Updates:

Fed to back new rules to rein in home foreclosure abuses.

Please see full update below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Allen Matkins Leck Gamble Mallory & Natsis LLP | Attorney Advertising

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