REIT Wire: Chesapeake, Morgan Stanley, IDI, Continental Realty

Chesapeake CEO To Sell Oklahoma Ranch

Chesapeake Energy CEO, Aubrey McClendon, is seeking to auction off his ranch in Oklahoma, The Wall Street Journal reports. McClendon bought the land in pieces in 2006 and 2007. National Auction Group has been appointed to carry out the sale on August 5. About 1,100 acres will be sold to the highest bidder, wherein McClendon will have the option to accept or refuse any bid on the remaining acreage, which will be auctioned off in pieces.

Reported by The Wall Street Journal

CRA Pays $45M For Phoenix Apts

Continental Realty Advisors has purchased The Canyons, a 629-unit luxury apartment community, for $45.5 million in cash, GlobeSt reports. The Denver-based firm acquired the multifamily asset via its CRA-B1 Investment Fund from special servicer LNR Property. LNR Property foreclosed on the asset in November 2009. The former owner was local investor S-J Management, which purchased the property in May 2006 for $80.8 million.

Reported by GlobeSt

Morgan Stanley To Fund St Regis

Morgan Stanley has agreed to provide new financing to the developers of the St Regis Atlanta hotel, Business Journal reports. The deal is replacing $176.5 million in financing from Morgan Stanley Mortgage Capital. The loan was originated in October 2006 to develop the hotel. According to Databank, the debt that funded its construction would have come due in October. The new financing involves an undisclosed investment of new equity into the St Regis.

Reported by Business Journal

IDI Plans $400M RE Acquisition Fund

Industrial Developments International is planning to raise $400 million for a real estate acquisition fund, Business Journal reports. IDI and a venture partner may raise $100-200 million in the first round. IDI originally planned a $600 million fund to take advantage of the attractive buying opportunities in the down market. Paul Phillips is managing the new IDI fund. Phillips has worked with Prudential Real Estate International as president.

Reported by Business Journal