PANATTONI AND PRUDENTIAL TEAM UP FOR INDUSTRIAL DEVELOPMENT PROGRAM
A joint venture of Sacramento, Calif.-based Panattoni Development Co. and Newark, N.J.-based Prudential Real Estate Investors has created a $300 million fund to develop industrial properties. The fund's initial project will be the construction of three distribution facilities totaling 1.3 million sq. ft. in Pinnacle Park, an industrial park in Dallas. The fund will pursue opportunities nationwide. New York-based Colliers Apogee International represented Panattoni during the creation of the joint venture. Prudential was represented by in-house advisors.
FIRST PHASE OF $80 MILLION CHULA VISTA PROJECT OPENS
The first phase of the $80 million Gateway Chula Vista — the first major development in downtown Chula Vista, Calif., in two decades — has made its debut. The 346,000 sq. ft. office and retail center is a joint venture between developer Gateway Chula Vista LLC and the City of Chula Vista's Redevelopment Agency. The first phase features 102,259 sq. ft. of office and retail space, with tenants including San Diego County Credit Union, Health Care International, Starbucks and the United States Attorney's Office.
ALGONQUIN HOTEL CHANGES HANDS
New York-based Miller Global Properties has acquired the Algonquin Hotel in Midtown Manhattan and has begun extensive renovations, including guest-room improvements and the installation of technology systems throughout the hotel. Miller Global purchased the hotel from Olympus Real Estate Corp., Dallas, for an undisclosed price. Destination Hotels & Resorts has been hired to manage the property. Famous for its literary roundtable in the 1920s, the hotel originally opened in 1902. The new owners plan to celebrate the hotel's 100th anniversary in November.
CT REALTY NABS SUBURBAN LOS ANGELES APARTMENTS
Newport Beach, Calif.-based CT Realty Corp. has purchased Tara Village Apartments, a 168-unit complex in Tarzana, Calif., for $20 million. Palo Alto, Calif.-based Essex Property Trust was the seller. Built in 1972, the complex was 95% occupied at the time of the transaction. The property offers two-, three- and four-bedroom units. CT Realty will invest about $1.7 million in community improvements.
LINCOLN PROPERTY BUYS ATLANTA APARTMENT COMMUNITY
An affiliate of Dallas-based Lincoln Property Co. has acquired Gentry's Walk Apartments, a 227-unit complex in Atlanta, for $15.7 million. Gentry's Walk LP, an affiliate of Irving, Texas-based Archon Group, was the seller. The property, built in 1990, is part of the 34-property, 11,000-unit portfolio that Archon is selling.
STUDY: LENDERS WARY OF FINANCING HOTELS
The 2002 Hospitality Survey from San Francisco-based PKF Consulting reports that most lenders have discontinued providing long-term financing for hotel properties. The study says lenders and equity providers have adopted a “wait-and-see” attitude toward hotel properties and will likely continue with that stance until revenue per available room figures improve significantly. In addition, PKF notes that hotel property values have dropped because of market uncertainty and decreases in net operating income.
INLAND RETAIL EXPANDS SOUTHEAST PORTFOLIO
Orlando, Fla.-based Inland Retail Real Estate Trust Inc. has purchased three Southeast retail centers in separate transactions, boosting its portfolio to nearly 9 million sq. ft. Inland Retail paid $19.17 million for the 145,545 sq. ft. Hillsboro Square Shopping Center in Deerfield Beach, Fla.; $11.1 million for the 80,980 sq. ft. Ward's Crossing Shopping Center in Lynchburg, Va.; and $19.48 million for the 160,188 sq. ft. Stonebridge Square Shopping Center in Roswell, Ga. Anchor tenants of the centers include Publix Super Market and Kohl's.