Fitch U.S. CMBS Newsletter: CREL CDO Delinquencies Drop Again

 

 NEW YORK, NY--Continued  resolutions and extensions of non-performing loans resulted in a second-straight  decline  for U.S. CREL CDO Delinquencies, according to the latest  index  results from Fitch Ratings.

The full results are featured in this week’s U.S. CMBS newsletter.

Delinquencies fell to 12.2% in November from 12.8% in October.

 ‘Though CREL CDO  delinquencies  have  lingered  between 12% and 13% over the last year, realized  losses  have  continued  to  accumulate,’  said  Director  Stacey McGovern. 

Approximately  $890  million  (or  4%  of  total  collateral) of realized  losses  have taken place over the last 12 months. 

 ‘Defaulted and credit risk assets continue to be resolved with realized losses to the CDOs and corresponding reduction in credit enhancement to all classes.’

Nevertheless,  CREL  CDO  investment  grade  ratings are expected to remain relatively stable while some volatility in the below investment grade rated tranches is likely.

New  delinquencies  in  November  included  only one new term default while

seven delinquent assets were removed, including:

--Four extended matured balloons;

--Two loan interests disposed of at a loss; and

--One loan payoff.

Additional  information  is available in Fitch's weekly e-newsletter, 'U.S.

CMBS  Market Trends'. The link below enables market participants to sign up

to receive future issues of the E-newsletter:

http://www.magnetmail.net/forms/display_form.cfm?fid=22908&mid=929091&rid=297925736&rtype=mm&uid=Fitch

Contact:

Stacey McGovern

Director

+1-212-908-0722

Fitch Inc., 1 State Street Plaza, New York, NY 10004

Karen Trebach

Senior Director

+1-212-908-0215

Media  Relations:   Sandro   Scenga,   New  York,  Tel:  +1  212-908-0278:

sandro.scenga@fitchratings.com

Additional information is available at http://www.fitchratings.com/

Colliers International Completes $1.375 Sale of Cold Storage Building in Northridge, CA

NORTHBRIDGE, CA, Dec.17, 2010. – Colliers International, the second largest real estate services organization globally, has completed the sale of a cold storage building located at 18425 Parthenia Place, Northridge, Calif., to Jels Parthenia LLC, owner of Ideal Meat & Provisions.

The transaction is valued at $1.375 million.

 Built in 1963, the property offers 11,400 square feet of cold storage, 1,700 square feet of office and 2,000 square feet of warehouse space. It also has four overhead doors with up to 16 feet of clearance. Jels Parthenia will occupy the space to operate their business, Ideal Meat & Provisions.

 “The market is showing signs of a recovery,” said Jeff Albee (top right photo), senior vice president, based in Colliers International’s Encino, Calif. office, who represented the seller in the transaction.

“The tenant had previously occupied the subject property for many years and elected to acquire the property based on favorable market conditions and SBA financing terms. Additionally, there is a limited supply of cold storage space in the San Fernando Valley which heightened the demand for this type of property.”

 Along with Albee, Jeff Gould, senior associate, based in Colliers International’s Encino, Calif. office also represented the seller. The buyer was represented by Bruce Simpson of Delphi Business Properties.

Colliers International Negotiates 13,716-Square-Footage Special Use Building in Woodland Hills, CA

 WOODLAND HILLS, CA, Dec. 17, 2010 – Colliers International, the second largest real estate services organization globally, has negotiated the five-year lease of a 13,715 special use building located at 6140 Variel Ave., Woodland Hills, Calif. to Living Waters of the San Fernando Valley, a Woodland Hills-based church.

The lease is valued at $1.058 million. The property was built in 1972 and offers plenty of space for the new tenant.

 “We found an off-market space and negotiated with the owner of the building as well as a shared parking agreement with the owner across the street to meet the Warner Center Specific Plan (WCSP) requirements,” said Jeff Albee, senior vice president, based in Colliers International’s Encino, Calif. office, who represented the landlord and tenant in the transaction.

 “With this new space, Living Waters of the San Fernando Valley can accommodate more people and double their congregation.” 

 Along with Albee, Jeff Gould, senior associate, Brock Burnett (middle left photo), associate, and Blake Lichtig, associate, all based in Colliers International’s Encino office, represented both the landlord, Image Works Entertainment, and the tenant. 

  

For further information please contact:

Angela Hwang, Regional Marketing Coordinator

Greater Los Angeles, Colliers International

Tel: 213 532 3258

angela.hwang@colliers.com

www.colliers.com

McCarthy Building Companies Completes Construction of LEED-Designed Soka University Performing Arts Center and Academic Building

ALISO VIEJO, CA – McCarthy Building Companies, Inc. (www.mccarthy.com) recently completed construction of Soka University of America’s new Performing Arts Center (top left photo) and Academic Building project, located on 1.9 acres of  the Soka University campus.

The new Performing Arts Center is designated to become a venue in South Orange County for concerts, theater productions, lectures and assemblies, enhancing Soka University’s role as a cultural center and community gathering place.

McCarthy served as general contractor for the $73 million project that began in December 2008.

The project included construction of a three-level, 47,836-square-foot Performing Arts Center housing a reception lobby, various support spaces and a 1,200 seat auditorium (middle  right photo).

 McCarthy also built a 48,974-square-foot Academic Building located next to and providing support for the Performing Arts Center.

The new four-level academic building houses 11 classrooms, 29 faculty offices, a 150-seat black box theater, four dressing rooms, a rehearsal/dance studio, musician warm-up spaces and other support areas.

The project’s design and construction team is pursuing United States Green Building Council’s (USGBC) Leadership in Energy & Environmental Design (LEED) Gold Certification for the buildings.

Because of sloping terrain, both new structures presented design and construction challenges.

 “The Performing Arts Center structure itself was a challenge,” said Nate Ray, McCarthy project manager.  “The structure is cast-in-place concrete with 65-foot tall radius shear walls.

 Also, due to the site logistics involved with building into an existing slope, the sequencing of the pours was very complex,” explained Ray.

 “McCarthy performed all of the structural concrete work for the project, and the team did an excellent job during the formwork, planning and review process to ensure a successful completion on a very challenging structure.”

Contact:

 Laura Mickelson (LM Communications), (949) 453-0851

Susan Garritano (McCarthy Building Companies, Inc.), (314) 968-3300

Grubb & Ellis Appoints Mechelle Shelton to Associate Director, Management Services

TAMPA, FL (Dec. 17, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Mechelle Shelton (top right photo) has joined the company as associate director, Management Services.

 Shelton will assist Tim Rivers (middle left photo), director of Management Services of the Southeast, in the oversight of the company’s management portfolio in Jacksonville.

 “Mechelle’s leadership experience and demonstration of success in bringing value to the assets of her clients makes her a tremendous addition to our team,” said Rivers.

 “We are confident that her experience will provide exceptional oversight of the delivery of services to our clients, as well as act as a resource for all Grubb & Ellis management and transaction personnel in Jacksonville.”

 Over the last 14 years, Shelton has overseen the management of more than five million square feet of office, retail and industrial product for both institutional and private investors.

 Prior to assuming her current role, Shelton was with CB Richard Ellis as associate director and held supervisory responsibilities for all property management operations in Jacksonville.

Contact: Rachel Andreozzi, Phone: 561.893.6296,

Email:  rachel.andreozzi@grubb-ellis.com

Dave Brewer, Inc. Completes $1.5 million luxury Home in Seminole County, FL; starts work on $1 million lakefront home in downtown Orlando

SANFORD, FL - Dave Brewer, Inc., which ranks as one of the region’s largest and most active builders of luxury custom homes valued at $1 million and more, recently completed construction of a $1.5 million,  one-of-a-kind French Country custom home in Seminole County.

Matt Trask, vice president of Dave Brewer, Inc., said the luxury home offers 7,000 square feet of living space with four bedrooms, five baths, custom theatre/gameroom and an oversized four-car garage.

Trask said Dave Brewer, Inc. is also getting started on a $1 million luxury lakefront home in downtown Orlando.

The 5,000 square foot Tuscan-style home will offer four bedrooms, four baths with state of the art energy efficient elements and materials throughout.

Trask said the downtown custom home will be completed next September.

For more information,  contact:  

Matt Trask, Vice President, Dave Brewer, Inc. 407-330-9901; mtrask@davebrewer.com;

Gary Rauch, President, Dave Brewer, Inc. 407-330-9901 grauch@davebrewer.com; 

Larry Vershel, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com