HOME RUN: JMI SNAGS $104 MILLION HOTEL LOAN San Diego-based developer JMI Realty Inc. has lined up $104 million in financing to build the 32-story, 512-room Omni San Diego Hotel, an integral part of the city's delayed ballpark district. A trio of lenders — Bank One NA, Westdeutsche Landesbank Girozentrale and San Diego Bank — provided the adjustable-rate, 48-month construction loan, which was arranged by Dallas-based Holliday Fenoglio Fowler LP. The hotel is scheduled to open in spring 2004, at the same time the San Diego Padres move into their new ballpark. Construction of the stadium resumed in February after the last of several lawsuits against the project was dismissed. A pedestrian sky bridge will connect to the ballpark.
OLIVER/HATCHER GETS MOVING ON MICHIGAN SPECULATIVE WAREHOUSE Wixom, Mich.-based Oliver/Hatcher Construction has begun construction of a 728,000 sq. ft., speculative warehouse/distribution center in Brownstown Business Center in Brownstown Township, Mich. Completion is slated for mid-September. The building will feature 147 loading docks, 32 ft. clear ceiling heights and will be the seventh building in the business center, which is owned by New York-based Ashley Capital.
PATRINELY GROUP COMPLETES ANADARKO TOWER Houston-based developer Patrinely Group has opened its 30-story Anadarko Tower in The Woodlands, Texas. The 800,000 sq. ft. building was built for Anadarko Petroleum Corp. The new tower is one of five buildings in The Woodlands owned by Anadarko. The campus includes a 232,000 sq. ft. building at 1200 Timberloch, the 125,000 sq. ft. Grogans Mill Records Center and the 365,700 sq. ft. Waterway One and Two buildings.
CLARETT GROUP SELLS MANHATTAN APARTMENT HIGH-RISE On behalf of one of its commingled accounts, White Plains, N.Y.-based SSR Realty Advisors has purchased The Montrose, a 97-unit, 20-story apartment tower located on Manhattan's Upper East Side, for $46.5 million. The Clarett Group, based in New York, was the seller of the property. The building, which was developed by a joint venture of The Clarett Group and Boston-based Fidelity Management Trust Co., opened in 2000.
CENTERPOINT TO BUILD LARGE BUILD-TO-SUIT IN ILLINOIS INTERMODAL PARK In June, Oak Brook, Ill.-based CenterPoint Properties Trust will begin construction on a 408,000 sq. ft. build-to-suit warehouse in the CenterPoint Intermodal Center in Elwood, Ill. Spokane, Wash.-based Potlatch Corp., a maker of paper and wood products, will be the tenant of the facility, completion of which is slated for the end of the year. Potlach will use the facility, which will accommodate a 600,000 sq. ft. expansion, to distribute tissue products in the Midwest.
CBL ACQUIRES WACO MALL FOR $43.5 MILLION CBL & Associates Properties Inc., a Chattanooga, Tenn.-based REIT, has purchased the 725,000 sq. ft. Richland Mall in Waco, Texas for $43.5 million from New York-based Lilac Properties. The mall is located at the intersection of U.S. Highways 6 and 84 and is anchored by Dillard's I, Dillard's II, Sears, JCPenney and Beall's. The center, which is 88% occupied, posted shop sales of $309 per sq. ft. during 2001.
AMES, KMART CLOSINGS CATCH UP WITH KIMCO Bankruptcies and store closings have dropped Kimco Realty Corp.'s occupancy numbers to their lowest levels since 1998, according to the company's first-quarter 2002 operating results. Occupancy rates for the New Hyde Park, N.Y.-based firm declined from 90.1% at year-end 2001 to 86.6% in first-quarter 2002. The decline is attributed primarily to the bankruptcy and store closings of Rocky Hill, Conn.-based Ames Department Stores Inc. and Troy, Mich.-based Kmart Corp. Kimco, which operates 75 Kmart stores, already has shut down 13 stores because of a round of early-2001 Kmart closings.