RECENT NEWS
Consolidated to Buy Interests in 2 Alberta Office Buildings
February 25, 2004 Consolidated Properties Ltd. (TSX:COP) has agreed to buy a half stake in two office buildings in Alberta for C$32 million (US$24 million). The Calgary, Alberta, real estate firm is buying a 50 percent interest in...
O&Y to Prepay C$15Mln on Maritime Life Tower Mezzanine Loan
February 25, 2004 O&Y Properties Corp. (TSX:OYP) has elected to prepay C$15 million (US$11.2 million) of the C$40 million (US$30 million) mezzanine loan on the Maritime Life Tower, a newly built office building at 2 Queen St. E....
HRPT Properties Closes $250Mln Term Loan
February 25, 2004 HRPT Properties Trust (NYSE:HRP) has lined up a $250 million term loan, which has an accordion feature that allows it to be expanded by up to $100 million.The five-year loan, which is pegged off of...
SL Green Files $500Mln Shelf Registration
February 25, 2004 SL Green Realty Corp. (NYSE:SLG) has filed to sell up to $500 million of common stock and preferred stock, depositary shares and warrants.The New York–based REIT plans to use the proceeds for general corporate purposes,...
Fitch Upgrades 5 Classes of GMAC 2000-FL-F
February 25, 2004 Fitch Ratings has upgraded five classes of GMAC Commercial Mortgage Asset Corp., 2000-FL-F, because subordination levels have improved as the deal's balance has fallen.The deal now has $93.2 million in its collateral pool, down from...
Inland Real Estate Corp. May Go Public
February 25, 2004 Inland Real Estate Corp., a private REIT that owns 138 neighborhood, community and single-tenant retail centers in the Midwest, is looking to get its common stock listed on the New York Stock Exchange.The Oak Brook,...
Heitman Venture Buys 6 Warehouses in France
February 25, 2004 Commercial Real Estate Direct Staff ReportHeitman, a real estate investment management firm, has purchased a 70 million euro ($88 million) portfolio of six warehouses in France, the first acquisitions on behalf of its joint venture...
Lexington Corporate Pays $16.4Mln for Ore. Offices
February 25, 2004 Lexington Corporate Properties Trust (NYSE:LXP) has paid $16.4 million for a 77,484-square-foot office building in Redmond, Ore., that was recently constructed.The property, which sits on a 13.1-acre site, is occupied by a unit of T-Mobile...
NYC, Philadelphia Hotels Under Contract
February 25, 2004 By Rhonda L. Lipschutz, Commercial Real Estate Direct Staff WriterThe Crowne Plaza United Nations in Manhattan and the Radisson Plaza Warwick Hotel in Philadelphia are under contract.The identity of the buyers could not be learned.The...
London Office Building Sells for $90.2Mln
February 25, 2004 Hammerson PLC has sold an office building in central London, to a partnership between the Gertner Family Interests and the Novyon Foundation for 47.7 million pounds ($90.2 million).Built in 1973, the 150,700-square-foot building at 21...
Fitch Upgrades 3 Classes of American Southwest 1993-2
February 25, 2004 Fitch Ratings has upgraded three classes of American Southwest Financial Securities Corp., 1993-2, because subordination levels have improved.The rating agency upgraded the deal's:– $1.9 million class B-1 to triple-A from double-A;– $6.4 million class B-2...
Financial Squabble Halts Construction of Twin Miami Towers
February 25, 2004 The Miami HeraldConstruction has stopped at the Bentley Bay condominiums in the wake of a split between the developer and builder that the developer says has pushed the $88 million South Beach project to the...
Sale of Philly’s Public Ledger Building Closes
February 24, 2004 Commercial Real Estate Direct Staff ReportTriple Net Properties LLC has closed its purchase of the Public Ledger Building, a 12-story office building in downtown Philadelphia.The Santa Ana, Calif., investment firm's G REIT affiliate paid $33.95...
Starwood to Buy 25 Percent of Westin Michigan Avenue
February 24, 2004 Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT) will pay $24.9 million for a 25 percent share in the Westin Michigan Avenue, a 744-room hotel in Chicago, after being tendered 24.98 percent of the units in...
Fitch Upgrades 2 Classes of Morgan Stanley 1995-GAL-1
February 24, 2004 Fitch Ratings has upgraded two classes of Morgan Stanley Capital I Inc., 1995-GAL-1, because subordination levels have increased as a result of a 66 percent reduction in the deal's balance.The rating agency upgraded the deal's:–...
LA Office Tower Trades Hands for $62.4Mln
February 24, 2004 The 24-story office tower at 660 S. Figueroa St. in downtown Los Angeles has traded hands for $62.4 million, or about $225/sf.Milbank Real Estate Services bought the 280,000-square-foot building from Mani Brothers Real Estate Investment...
Fitch Upgrades 3 Classes of Chase 1996-1
February 24, 2004 Fitch Ratings has upgraded three classes of Chase Commercial Mortgage Securities Corp., 1996-1, because subordination levels have increased as a result of loan payoffs and amortization.The agency upgraded the deal's:– $22.2 million class C to...
BRE Properties Prices $100Mln Preferred Stock Offering
February 24, 2004 BRE Properties Inc. (NYSE:BRE) has priced 4 million shares of 6.75 percent series C cumulative redeemable preferred stock at a public offering price of $25/share.The offering, which is expected to close on March 15, is...
Public Storage Names President of Self-Storage Unit
February 24, 2004 John E. Graul has joined Public Storage Inc. (NYSE:PSA) as president of the company's self-storage operations.He will have overall responsibility for the Glendale, Calif., REIT's national operations.Graul joins Public Storage from McDonalds Corp., where as...
Realty Income Files $800Mln Shelf Registration
February 24, 2004 Realty Income Corp. (NYSE:O) has filed to sell up to $800 million of common stock, preferred stock and debt securities.The Escondido, Calif., REIT plans to use the proceeds from the offering for general corporate purposes,...
CNL Retirement to Pay $256.5Mln for 22 Medical Office Buildings
February 24, 2004 CNL Retirement Properties Inc. has agreed to pay $256.5 million for 22 medical office buildings from Medical Office Properties Inc.The portfolio contains 1.3 million square feet that is 95.1 percent occupied. The properties are in...
Dominion Rates Third US CMBS Deal
February 24, 2004 By Rhonda L. Lipschutz, Commercial Real Estate Direct Staff WriterDominion Bond Rating Service is rating the $968.4 million COMM, 2004-LNB2, marking third time the Canadian firm has rated a U.S. CMBS deal.The deal is by...
Atkins Nutritionals Leases Distribution Center in Atlanta
February 24, 2004 Atlanta Journal-ConstitutionAtkins Nutritionals Inc., the New York purveyor of low-carbohydrate food products, is leasing a 240,000-square-foot distribution center at ProLogis Park Greenwood near I-75 in Atlanta.
BofA’s $1.3Bln Conduit Comes to Market
February 24, 2004Commercial Real Estate Direct Staff ReportNearly $5 billion of CMBS conduits are now in various stages of being marketed.The latest is the $1.3 billion Banc of America Commercial Mortgage, 2004-1. Others in the market are:– Credit...
Opus South Hires Advantis to Handle Leasing of Orlando, Fla., Office Portfolio
February 24, 2004Orlando Business JournalOpus South has selected Orlando, Fla.-based Advantis as exclusive leasing agent for its office portfolio in Orlando and Maitland. The office portfolio consists of three low-rise, Class-A buildings in the Maitland Center and University/Research...
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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.
