BETHESDA, MD-CWCapital Asset Management said Thursday it was bringing $2.57 billion of predominantly cash-flowing real asset and commercial mortgage loan assets to market, backed by properties across the US. CBRE and Auction.com are overseeing the marketing, with the first round of bidding on the portfolio set for Nov. 13.
Office comprises nearly two-thirds of the portfolio at 8.9 million square feet. There's also 3.2 million square feet of retail and 2,129 keys worth of lodging assets. The assets are spread across both major markets such as New York City; Los Angeles; Chicago; Washington, DC; and Dallas, with the balance located in emerging secondary markets. A spokesman for CWCAM declined to provide specifics on the portfolio late Thursday afternoon, citing confidentiality.
The sale is structured so that prospective purchasers can submit offers on individual pools, groups of pools, single assets or the portfolio in its entirety. CWCAM says it expects that the market will see this offering as a unique opportunity to acquire a large and diversified portfolio of mortgage loan and real property assets representing trophy, core, core-plus and value-add strategic investments.
"Evidenced by recent portfolio transactions, CWCapital feels that the market is in prime position to leverage the fluid capital markets and the recovering real estate market,” says Dave Iannarone, the company's president. “In that vein, we have decided to bring to market a multi-pool sale of loans and REO assets in the fourth quarter of this year.”
Portfolio sales, he adds, “heighten the execution levels of smaller assets when combined with a blend of asset classes on a larger scale. As always, CWCapital's goal is to achieve maximum recoveries on behalf of the trust, and this market has shown this to be a proven and reliable strategy to do just that.”
In addition, Auction.com will be marketing $665 million of assets including industrial, lodging, multifamily and self-storage properties. They're scheduled to be sold in Auction.com's Dec. 9-11 auction event.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
