RECENT NEWS
Southeast Regional Digest (8/13/02): Sunrise, Fla., Giving Incentives for Mixed Project
August 13, 2002 Sunrise, Fla., could give $15.8Mln in incentives for mixed-use projectSun-Sentinel (Fort Lauderdale, Fla.)SUNRISE, Fla. – Sunrise could give up to $15.8 million in incentives to a private developer to build half a million square feet...
S&P Raises Ratings on ELOC 2
August 13, 2002 LONDON – Standard & Poor's raised its ratings on three classes of notes issued by European Loan Conduit No. 2 BV (ELOC 2) as a result of prepayments by borrowers under the commercial mortgages backing...
MART Pays $25.5Mln for Md. Shopping Center
August 13, 2002 BEL AIR, Md. – Mid-Atlantic Realty Trust (NYSE:MRR) has paid $25.5 million for a grocery anchored shopping center in this northeastern suburb of Baltimore.To fund the purchase, the Lutherville, Md.-based REIT used its line of...
Northland Names Bruce D. Nolen VP of Commercial Real Estate
August 13, 2002 NEWTON, Mass. – Northland Investment Corp. has hired Bruce D. Nolen to serve as its vice president of commercial real estate.Nolen, who will be based in Newton, will oversee the operational aspects of the real...
Highwoods Details Lease Exposure to US Airways
August 13, 2002 RALEIGH, N.C. – Highwoods Properties Inc. (NYSE:HIW) has seven leases totaling 414,059 square feet that are backed by US Airways Group (NYSE:U).US Airways filed for Chapter 11 bankruptcy on Aug. 11.Highwoods' seven leases with the...
HypoVereinsbank to Take Full Stake in HVB Real Estate Bank
August 13, 2002 MUNICH – HypoVereinsbank plans to take full ownership of HVB Real Estate Bank, by offering outstanding shareholders of HVB Real Estate Bank 21 pounds (US$32.10) per share.HypoVereinsbank already holds an 80.8 percent stake in the...
REIT Pays $95Mln for 4 Houston-area Shopping Centers
August 13, 2002 Regency Centers Corp. (NYSE:REG) has paid $95 million for four grocery-anchored retail centers in The Woodlands, a 27,000-acre master-planned community north of Houston.The Jacksonville, Fla.-based REIT bought the shopping centers – known as Panther Creek,...
Arden Realty Replaces Credit Line With $310Mln Unsecured Facility
August 13, 2002 LOS ANGELES – Arden Realty's (NYSE:ARI) operating partnership has renewed and increased its unsecured credit facility that was scheduled to mature in April 2003.The $310 million line, which replaces a $275 million unsecured credit facility,...
S&P Places ELOC 7 on Credit Watch Positive
August 13, 2002 LONDON – Standard & Poor's has placed its ratings on three classes of notes issued by Bromios European Loan Conduit No. 7 Plc (ELOC 7) on credit watch with positive implications.The credit watch placement follows...
Real Estate Securitization Growing in Japan
August 12, 2002 TOKYO – New issuance in Japan's relatively new structured finance market could reach 5 trillion Japanese yen (US$42 billion) in 2002, driven by expected strong growth in synthetic CDOs, along with RMBS. Growth in CMBS...
Southeast Regional Digest (8/12/02): Hall County, Ga., Building on Sales Block
August 12, 2002Industry News: Hall County, Ga., building on the marketAtlanta Business ChronicleHALL COUNTY, Ga. – A former commercial printing facility for Quebecor World is on the market. Advantis Real Estate Services has been hired to market 3915...
Aimco to Buy Boston-area Apartment Portfolio for $500Mln
August 12, 2002 Apartment Investment and Management Co. (NYSE:AIV) has agreed to pay $500 million for a portfolio of 11 garden and mid-rise apartment properties in the greater Boston area, including New Hampshire and Rhode Island.The announcement of...
American Realty Gives $15.7Mln Mezzanine Loan to Calif. Mixed-use Project
August 12, 2002 PASADENA, Calif. – American Realty Advisors has provided a $15.7 million mezzanine loan to Maguire Partners-385 Colorado LLC to build a mixed-use office and retail development on the north side of Colorado Boulevard.The loan was...
Mills Makes Management Changes
August 12, 2002 ARLINGTON, Va. – The Mills Corp. (NYSE:MLS) has made several management changes, including hiring Jim Napoli as president of the REIT's operating division.Napoli will direct all leasing activities of the company and will oversee the...
Land Securities Takes on JV Partner for London Hotel
August 12, 2002 Land Securities PLC received 157 million pounds (US$240.4 million) by selling a joint venture interest in the freehold ownership of the London Hilton.London and Regional Properties Ltd. has become Land Securities' joint venture partner by...
Bear Provides $16.3Mln for Buildings in Manhattan’s Chelsea Area
August 12, 2002 NEW YORK – Bear Stearns has provided a roughly $16.3 million loan to Dezer Properties for two office buildings in Manhattan's Chelsea section.Dezer will use the loan to refinance the loft style buildings at 27...
New Plan Buys Colo. Retail Center for $51.6Mln
August 12, 2002 SUPERIOR, Colo. – New Plan Excel (NYSE:NXL) has purchased the Superior Marketplace from the Ellman Cos. for $51.6 million.The transaction comprised $13.6 million of cash and $38 million of notes.The 298,000-square-foot grocery-anchored shopping center includes...
Malan Sells 4 Shopping Centers, Repays Some Debt
August 12, 2002 BINGHAM FARMS, Mich. – Malan Realty Investors Inc. (NYSE:MAL) has sold four Kmart-anchored shopping centers in the Midwest for $14.8 million.The REIT used part of the proceeds, along with the net proceeds from three separate...
S&P Upgrades 2 Classes, Lowers 2 of JP Morgan 1997-C5
August 12, 2002 NEW YORK – Standard & Poor's has lowered its ratings on classes G and H of J.P. Morgan Commercial Mortgage Finance Corp.'s 1997-C5. At the same time, the rating agency has raised classes B and...
Fitch Upgrades 1 Class of Allied Capital 1998-1
August 12, 2002 NEW YORK – Fitch has raised one class in Allied Capital Commercial Mortgage Trust., 1998-1, because of increased subordination levels primarily due to loan amortization and prepayments.The $21.7 million class C was upgraded to triple-A...
Aegis Hires Stuart Rothstein as CFO
August 9, 2002 Aegis Realty Inc. (Amex:AER) has hired Stuart Rothstein as chief financial officer.Rothstein held a similar post at Spieker Properties, which was purchased by Equity Office Properties last year. He will replace Alan Hirmes, Aegis' interim...
Keystone Sells Industrial Properties for $11.4Mln
August 9, 2002 EXTON, Pa. – Keystone Property Trust (NYSE:KTR) has sold two industrial properties for $11.4 million.The sale resulted in a gain of more than $500,000.The two properties, One and Two Tabas Lane, total 300,027 square feet....
Southeast Regional Digest (8/9/02): Daniel Corp. acquires small office building outside Atlanta
August 9, 2002Daniel Corp. acquires small office building outside AtlantaAtlanta Journal-Constitution COBB COUNTY, Ga. – Daniel Corp. has paid $7.5 million, or about $81/sf, for the five-story office building at 1899 Powers Ferry Road near Wildwood. The Class-B...
German Investors Buy Stake in San Francisco Office Tower
August 9, 2002 SAN FRANCISCO – GLL Real Estate Partners GmbH has bought a 75 percent ownership stake in 199 Fremont Building, a 402,000-square foot office building in the South of Market district.The Munich-based investor, a joint venture...
BofA, CIBC Provide $36.5Mln Construction Loan in LA
August 9, 2002LOS ANGELES – Johnson Capital's Los Angeles office has arranged a $36.5 million construction loan for the redevelopment of 612 South Flower in downtown's financial district.The three-year floating rate loan is a club deal, with Bank...
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