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Real Estate Bisnow
   
January 15, 2012 
 
 
Rialto Saves
Two Buildings

 
A new co-owner and $35M in new equity has helped Tishman Speyer recap two of its huge Atlanta office properties that had been placed in special servicing. (To quote Peaches and Herb: "Reunited and it feels so good.")
 
tishman speyer rialto jim meyers cwcapital colonly square midtown plaza recapitalization special servicing
Rialto Capital Management has purchased a majority stake in both Colony Square and Midtown Plaza from Tishman Speyer for an unspecified amount. In turn, special servicer CWCapital allowed for a modification of the underlying first mortgage financing that extends out the maturity date (originally slated for today). Tishman Speyer's managing director Jim Meyers (above, center) could not be reached for comment. But sources close to Tishman Speyer say the company has confidence in the Atlanta market, and was willing to make an additional investment based on the city’s strong job creation history and recent office market trends.
 
PM Realty (Northridge3)
tishman speyer rialto capital cwcapital special servicing recapitalization colony square
It’s a positive solution for a landlord with property loans tied up in the embattled CMBS market. Tishman Speyer got a $116M loan on Colony Square, the two-tower project involving 732k SF of office, 145k SF of retail, and a more than 1,800-space parking deck (also owned by the partners). According to a Trepp report, Tishman Speyer generated $9.1M in revenues on $5.4M in expenses during the first six months of 2011 (the latest stats available). Its largest tenants include AIG Aviation with 60k SF, WebMD with 42k SF, and CBS Radio with 30k SF.
tishman speyer rialto capital cwcapital special servicing recapitalization midtown plaza
Tishman Speyer also had a $65M loan on Midtown Plaza, the two-building, 500k SF office complex, where it generated $4.6M in revenues on $2.7M in expenses during the first six months of 2011, according to Trepp. Tenants include AECOM Techology Group with 53k SF and Colliers International with 23k SF. Both buildings were picked up by Tishman Speyer from Trizec Properties in 2006, its entry into Atlanta.

PRICE IS RIGHT MUIR!
 
1122 milledge price muir wpm commercial jm boles family bps cores
Across the highway is the Screen Gems studio. Next door is the massive Ft. McPherson redevelopment. Just north is the upcoming Porsche HQ. And in Price Muir’s view, a 1M SF industrial complex at 2251 Sylvan Rd and 1122 Milledge St is “ground zero for air, freight, and rail.” (They're setting up a little cocktail party for different types of transportation.) Price’s new company, WPM Commercial, just paid $13.9M for the two warehouses from the JM Boles Family. In turn, the family’s company BPS Cores leased back the properties for 10 years.
nai brannen goddard mike chambers jack haden brad pope jm boles wpm commercial
NAI Brannen Goddard’s Mike Chambers, Jack Haden, and Brad Pope brokered the sale. Price says he’s seeking intown opportunistic buys like this, but it’s hard to do so with an empty building. (Empty buildings are where ghosts live, which also makes purchasing difficult.) “Right now, it’s hard getting loans unless you got cash flow in place,” he says. “The days being able to get 80% LTV on a vacant building… are gone.”

BY THE HAIR OF THEIR CHINNY CHIN CHINS
 
newmark grubb knight frank peter everett dave watson germania america investment industrial 1155 roberts blvd 4955 avalon ridge 1965 Vaughn Road
Newmark Grubb Knight Frank’s Peter Everett and Dave Watson were thiiiiis close to celebrating New Year’s Eve at their office. The duo closed a three-property industrial investment sale for Germania of America by 5pm that day. The properties: 1155 Roberts Blvd, home to Dormier MedTech; 4955 Avalon Ridge, home to Universal Hospital System; and 1965 Vaughn Rd, which were purchased by local investors for an undisclosed sum. But Peter tells us that those buildings—plus three others sold in December—added up to $7.6M in transactions in time for a midnight champagne toast. (And we bet that deal made it taste a lot sweeter.)

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