An affiliate of Taubman Centers, Inc. (NYSE: TCO) has acquired The Mall at Green Hills in Nashville, Tenn. and The Gardens on El Paseo and El Paseo Village in Palm Desert, Calif. from Davis Street Properties of Evanston, Ill. for $560 million, or an average of about $500 per square foot."These transactions crown a year of progress on our external growth initiatives," said Robert S. Taubman, chairman, president and chief executive officer. … [Read more...]

Pennsylvania Real Estate Investment Trust (NYSE: PEI) has secured a lease with Philadelphia Media Network, Inc. (PMN) to occupy 125,000 square feet at 801 Market Street in Philadelphia. PMN, owner and publisher of The Philadelphia Inquirer, Daily News, and Philly.com, is expected to take occupancy of its third-floor headquarters space in summer 2012. The iconic building delivered in 1868 as Strawbridge & Clothier's flagship store.  … [Read more...]

Senior Communities are becoming the hot ticket in commercial real estate these days.  And while not every investor seeks to buy/sale/rent out senior communities, it is definitely a niche for some today.  Read the details of how one company is cashing in on the senior housing wave.Posted By Margo Richardson 8 of 9 Senior Communities Sell for $379MNewton, MA-based Senior Housing Properties Trust (NYSE: SNH) closed on eight of the nine senior-living rental communities it agreed to buy from … [Read more...]

With quarterly stores down more than 5% from the same quarter last year, Sears Holdings Corp. plans to close 100 to 120 of its Kmart and Sears full-line stores - and announced there could be more coming. Full-line Sears stores average 132,000 square feet and full-line Kmart stores average 92,000 square feet. Depending on which stores Sears decides to close, the Chicago-based retailer could be vacating from 9.2 million to 15.84 million square feet. … [Read more...]

Ventas Inc. plans to acquire Cogdell Spencer Inc. and its 72 medical office buildings in an all-cash transaction. At closing, Ventas' investment, including its share of debt, is expected to range from $760 million to $770 million, before anticipated transaction expenses. The sale price plus anticipated transaction expenses values Cogdell's properties at a low- to mid-7% net operating income (NOI) yield, or slightly more than $200 per square foot. … [Read more...]

Versus Capital Advisors LLC launched a mutual fund providing access to the direct real estate asset class. The fund is designed to make institutional commercial real estate funds controlled by the likes of AEW, JPMorgan, Heitman, Invesco, UBS and others accessible to more than just the well-heeled investors with $5 million to invest. The Versus Capital Multi-Manager Real Estate Income Fund will utilize a multi-manager structure. … [Read more...]

The Office of the Comptroller of the Currency (OCC) issued new guidance to banks on obligations and risks related to foreclosed property. This guidance highlights legal, safety and soundness, and community-impact considerations. It primarily focuses on residential foreclosed properties, but many of the same principles apply to commercial properties. A bank's obligations with respect to foreclosed residential properties may differ. … [Read more...]

Credit Suisse Asset Management, a unit of Credit Suisse Group A.G., finalized its acquisition of 250 S. Wacker Drive in Chicago, IL, for approximately $91 million or $370 per square foot. Boston-based AEW Capital Management LP previously owned the downtown office building. The 16-story, Class A property is comprised of 244,961 square feet and was built in 1958 with extensive renovations completed in 2006. … [Read more...]

PS Business Parks Inc. (NYSE:PSB) purchased RREEF America LLC’s 5.34 million-square-foot industrial and flex portfolio in Northern California for $520 million or $97 per square foot. In connection with the deal, the buyer assumed a $250 million secured loan that matures in five years and entered into a three-year unsecured term loan for $250 million with Wells Fargo Bank.The 18 business parks are 82.2 percent leased to 216 tenants. … [Read more...]