RECENT NEWS
Dallas Firm Buys Edwards Building in Bradenton, Fla.
January 7, 2005 Bradenton HeraldDuke Realty Corp. sold the Edwards Systems Technology building and the 12 acres on which it sits to Dallas-based Kodiak Capital Partners for $19.1 million. The property, 8985 Town Center Parkway, is the second-largest...
Moody’s Ranks Jacksonville, Fla., Commercial Real Estate Among the Worst
January 7, 2005 The Florida Times-UnionJacksonville remains one of the worst-performing commercial real estate markets in the nation, according to a report issued this week by Moody's Investors Service. The agency's Red-Yellow-Green Report gave Jacksonville an overall score...
Kendall Project Construction Delayed by Lawsuit
January 7, 2005 Miami TodayConstruction of the planned 160-acre Kendall Town Center by General Growth Properteis is on hold because of legal challenges. Developer Jeff Berkowitz filed an appeal and a lawsuit, citing flawed traffic studies and government...
Deal Adds Another Big Project in Downtown Orlando
January 7, 2005 Orlando SentinelThe long-vacant downtown block at Orange Avenue and Livingston Street, across from the Orange County Courthouse in Orlando, is to be sold to investors next week for $17.12 million. Planning for as much as...
Belk to buy 4 department stores in Eastern N.C.
January 7, 2005 The Charlotte ObserverBelk Inc. plans to buy four Eastern North Carolina Proffitt's department stores from parent company Saks Inc. Belk agreed to buy the leases, fixtures and equipment of a 90,000-square-foot store in the Colonial...
PPR Develops New Construction Information Venture
January 6, 2005 Commercial Real Estate Direct Staff ReportProperty & Portfolio Research Inc. has joined forces with Reed Construction Data to develop data and information products.The venture is similar to one that PPR, which is based in Boston,...
N.J. Office Property Sells for $28.3Mln
January 6, 2005 Andalex Group, a New York investment firm, has paid $28.3 million for Sylvan Corporate Center, a 138,000-square-foot office complex in Englewood Cliffs, N.J.The property was purchased from Sylvan Associates, an investor group that was advised...
Heritage Property Buys 2 Retail Centers for $70Mln
January 6, 2005 Heritage Property Investment Trust Inc. (NYSE:HTG) last month bought two shopping centers in separate deals totaling $70 million.Heritage bought The Market of Wolf Creek in Memphis, Tenn., from L&G Development. The Boston REIT paid $44...
Las Vegas Retail Center Sells for $42.4Mln
January 6, 2005 A group of tenant-in-common investors led by Passco Real Estate Enterprises Inc. has paid $42.4 million for Silver City Plaza, a recently completed shopping center in Las Vegas.The 41,583-square-foot property was developed by a group...
LNR Paid $38.3Mln for $73Mln of CMBS During Latest Quarter
January 6, 2005 Commercial Real Estate Direct Staff ReportLNR Property Co. (NYSE:LNR) paid $38.3 million for CMBS with a face value of $72.8 million during the quarter that ended Nov. 30.The Miami company, last year's most-active player in...
Chicago Offices Sell for $63Mln
January 6, 2005 McMorgan & Co., an investment management affiliate of New York Life Insurance Co., has purchased 303 West Madison in downtown Chicago's West Loop area.The San Francisco company is said to have paid $63 million for...
ID Biomedical Agrees to Two-Property Sale-leaseback
January 6, 2005 Alexandria Real Estate Equities Inc. (NYSE:ARE) has agreed to buy two properties from ID Biomedical Corp. and then lease them back to the biotechnology company.The Pasadena, Calif., REIT will pay C$50 million (US$40.8 million) to...
S&P Upgrades 3 Classes of Impac 1998-C1
January 6, 2005 Standard & Poor's has upgraded three classes of Impac CMB Trust 1998-C1, because subordination levels have improved. The deal's balance is $205.4 million, down from $317.8 million at issuance.The rating agency upgraded the deal's: –...
Tom Wirth Named CFO of Feldman Mall Properties
January 6, 2005 By Orest Mandzy, Commercial Real Estate Direct Managing Editor Thomas E. Wirth, the former chief financial officer of SL Green Realty, has joined Feldman Mall Properties Inc. (NYSE:FMP) as its new CFO.Wirth had been with...
Jones Lang LaSalle Hotels Names Rick Hollander SVP
January 6, 2005 The New York office of Jones Lang LaSalle Hotels has named Rick Hollander as senior vice president. In his new role, Hollander will lead all debt and joint venture equity originations for clients in the...
Shidler Buys Portfolio from Arden; Sells Office Building
January 6, 2005 Shidler Group has paid $142 million for a portfolio of 19 office and research and development buildings.The properties, with 1.1 million square feet in San Diego and Los Angeles, were acquired from Arden Realty Inc.In...
Ramco-Gershenson, ING Fund Form $450Mln JV
January 6, 2005 Ramco-Gershenson Properties Trust (NYSE:RPT) and Clarion Lion Properties Fund, a private equity real estate fund advised by ING Clarion Partners, have formed a joint venture with plans to invest up to $450 million to acquire...
Two Tenants Buy Up Spaces in Fla. Office Park
January 6, 2005The Bradenton HeraldThe two largest businesses in Pinnacle Office Park in downtown Bradenton, Fla., are buying every available unit so they can plan for growth. Manatee Glens, a behavioral health services firm, closed last week paid...
Roberts Realty Pays $7.8Mln for Atlanta Land
January 6, 2005 Roberts Realty Investors Inc. (AMEX:RPI) has bought an 82 percent undivided interest in 23.5 acres in North Atlanta for $7.8 million. The company bought the land from Roberts Properties Peachtree Parkway LP, a partnership owned...
Miami Condo Project Gets $97Mln of Financing
January 6, 2005 The Miami HeraldBCOM has closed on $97 million in financing from ULLICO and HSBC Bank for the 1800 Club, a 41-story, 469-unit condominium at 1800 N. Bayshore Dr. in Miami. One- to three-bedroom units are...
Crescent Buys Denver-area Office Building for $47.5Mln
January 6, 2005 Crescent Real Estate Equities Co. (NYSE:CEI) has acquired Peakview Tower in the Denver suburb of Greenwood Village, Colo.The Fort Worth, Texas, REIT paid about $47.5 million, or $180/sf, for the 10-story office building at 6465...
Andrew Sobel Leaving Arden Realty
January 6, 2005 Andrew Sobel has resigned from his position as executive vice president-strategic planning at Arden Realty Inc. (NYSE:ARI) to pursue other business interests."Drew has been a valued senior executive during his tenure with us, which began...
Parkway Properties Buys Out Partner in Chicago Offices
January 6, 2005 Parkway Properties Inc. (NYSE:PKY), which less than two years ago sold a 70 percent stake in Chicago's 233 North Michigan Avenue, has bought the interest back.The Jackson, Miss., REIT purchased the stake from Investcorp. It...
Fla. Shopping Center Sells for $15.2Mln
January 5, 2005 The Bradenton HeraldGemini Real Estate Advisors LLC, along with 10 1031 exchanges investors, has acquired Ranch Lake Plaza, a shopping center in East Manatee, Fla., that is anchored by a Kash n' Karry. The New...
Ramco Bought Fla. Development Land for $19.3Mln
January 5, 2005 The Florida Times UnionRamco-Gershenson paid $19.26 million for property at southeast Interstate 95 and Duval Road in North Jacksonville, Fla., where it's planning to develop River City Marketplace. Property records show that three Ramco entities...
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Commercial Real Estate Direct is the only source -- in print or otherwise -- that keeps close tabs on the entire real estate capital markets industry. It provides up-to-date market intelligence on the mortgage business, equity raising, investment sales and CMBS.
