Discount retailer Kmart, which last month agreed to sell home improvement retailer The Home Depot as many as 24 stores for roughly $365 million, has now revised the transaction to include no fewer than 13 stores for $173 million in cash, and up to19 stores for $288.5 million in cash.
Green Park Financial and Quantum First Capital have completed the finance restructuring of a $496 million Fannie Mae Master Credit Facility for an affiliate of Olympus Real Estate Partners. The credit facility is secured by 52 apartment communities operated by WMC Management on behalf of the borrower, the successor owner to Walden Residential Properties.
Chicago-based commercial real estate service firm Jones Lang LaSalle has hired a new CEO. Colin Dyer, 51, who is now CEO of WorldWide Retail Exchange, will become the next CEO of the 17,000-employee firm on Sept. 7. Jones Lang LaSalle manages roughly 725 million sq. ft. of commercial real estate space globally.
There has been $30.3 billion in new CMBS issuance to date in 2013, according to Commercial Mortgage Alert. That puts the industry on pace to smash last year’s volume of $48.4 billion and will make 2013 the busiest year for CMBS issuance since 2007. Where do you think total CMBS issuance volume will end up in 2013?