California Hotel Foreclosures Double in Last Three Months

From Watch List reader, Alan X. Reay, founder and president of Atlas Hospitality Group in Irvine, CA, comes this astounding statistic. The number of California hotels in default or foreclosed on has jumped 125% in the last 60 days. The state now has 31...

Lease Cancellations (June 18-July 4): MagnaChip Dropping Five U.S. Locations

Crescent Resources, a land management and real estate development company based in Charlotte, NC, with interests in 10 states in the Southeast and Southwest, and certain of its subsidiaries filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court...

Property Finance (June 28 - July 4): BofA Tower Receives $1.3 Billion Loan

In this week's issue: Bank of America and Durst secure a $1.3 billion loan Plus we give you new property finance deals and a valuable leads list of lenders on recent office building acquisitions BofA Tower Receives $1.3 Billion Loan - from BofA Bank...

FIRST TAKE: Dylan Taylor's Plans for Turning FirstService Commercial Into a Household Name

When Toronto-based FirstService Corp. acquired a majority interest in GVA Williams last year, it acquired both a beachhead in the competitive New York City market and a portal through which to expand its U.S. and global real estate business. Since completing...

The Green Building Review: Do You Take LEED With Your Coffee?

Its new-store pipeline has been scaled back, but Starbucks is moving ahead with firmer environmental measures at the stores it still plans to open. Over the next few years, the Seattle-based coffee company said it would strive for LEED certification at...

Expansions, Relocations & Extensions (June 28 - July 4): GE to Energize Michigan's Economy

In this week's issue: GE plans a $100 million R&D facility in Michigan VWR International moves its global HQ SonicWALL relocates to San Jose FFR-DSI takes 257,000 square feet near Columbus, OH R&M Trucking signs a huge deal at O'Hare East Business...

IN THE PIPELINE: CoStar Development News for June 28-July 4

This week’s edition includes an update on construction of what may be the nation’s largest data center project when it opens next year; Tesla has received $465 million in federal loans for production of electric cars, probably at one or more sites...

Office in San Marino Sells for $4.2M

Mediolanum LLC acquired a 14,047-square-foot office building at 2920 Huntington Drive in San Marino, CA, from You Me Ten LLC for $4.2 million or $299 per square foot. The two-story property was built in 1980 and is on 0.56 acres. The multi-tenant property...

Santa Monica Multifamily Sells for $5.3M

Franklin-Vista Partners Ltd. sold the multifamily property at 420 California Ave. in Santa Monica, CA, to 420 California Properties LLC for nearly $5.34 million or $226,750 per unit. The three-story property was built in 1964 and is on 0.2 acres...

Foreign Investors See Turnaround a Year from Now, but Activity Will Pick Up This Year

Foreign real estate investors say they expect to see a recovery in the U.S. real estate market by the end of the second quarter of 2010, according to the results of a survey by the Association of Foreign Investors in Real Estate (AFIRE). Respondents...

Sunrise Senior Living Loses More Assignments

HCP has terminated its management agreements on 15 of its communities operated by Sunrise Senior Living Inc. effective Oct. 1. The Long Beach, CA-based REIT cited Sunrise's failure to achieve certain performance thresholds. The termination of the agreements...

Bank Watch (June 21-27): Emigrant Bank's Commercial Book Leads to Downgrade

Fitch Ratings downgraded the long-term issuer default ratings of Emigrant Bancorp Inc. to 'B-'. In addition, Emigrant's subsidiary Emigrant Bank's long-term and short-term issuer default ratings were downgraded to 'B' and 'B', respectively. Fitch also...

City Acquires Santa Monica Retail Bldg. for $5M

The city of Santa Monica's Housing and Economic Development division purchased 1332-1336 Fifth St., a 9,943-sqaure-foot retail building in Santa Monica, CA, from the Ralph Karesjian Family Trust for $5 million cash, or about $503 per square foot. The...

IN THE PIPELINE: CoStar Development News for June 21-27

In this week's edition, St. John Properties will take over development of a 413-acre project at Aberdeen Proving Grounds, MD from embattled developer Opus East; officials say roll ’em to a $500 million film and television studio in Plymouth, MA. In Central...

KBS Capital Markets Group Appoints New CEO, Managing Dir.

Newport Beach, CA-based KBS Capital Markets Group, the sales and distribution arm of KBS Capital Advisors, named 20-year industry professional Mike Crimmins as chief executive officer and managing director. Crimmins is now in charge of CMG’s day-to-day...

CoStar's Retail News Roundup: Jun. 21 to 27, 2009

This week in the Retail Roundup, CoStar reports on expansions or new concepts at Aeropostale, Perry Ellis and Cubavera, and H-E-B; new retail development news in NV and NC; acquisition, merger, loan or sale activity at Jimmy Jazz and Man Alive, Filene...

Expansions, Relocations & Extensions (June 21-27): Three Major Deals Near DC, Plus One Slam Dunk in New York

In this week's issue: The NBA scores a major renewal in New York Arlington County saves millions by relocating its DHS programs Deloitte and CEB agree to a 171,000-square-foot sublease The FDA renews in Rockville, MD Trek Bicycle reaches the finish...

GREEN LEDE | Green Building News from CoStar

Welcome to Green Lede, a CoStar feature column by sustainability reporter Andrew Burr examining green building and its impact on commercial real estate, politics and the environment. June 30, 2009 USGBC to Monitor Performance of LEED Buildings Exactly...