RECENT NEWS
Moody’s Reviews Sasco 2000-C2 for Possible Upgrade
August 8, 2002 NEW YORK – Moody's Investors Services has placed three classes of Sasco Floating Rate Commercial Mortgage Trust, 2000-C2, on review for possible upgrades because credit enhancement has improved as a result of loan payoffs and...
Glimcher Increases Ownership in Ohio, Wash. Malls
August 8, 2002 DAYTON, Ohio – Glimcher Realty Trust (NYSE:GRT) has acquired the 50 percent stake it did not already own in the Dayton Mall in Dayton, Ohio, for $17.25 million.The 1.3 million-square-foot property is anchored by Elder-Beerman,...
Fitch Upgrades 2 Classes of CSFB 1995-AEW1
August 8, 2002 NEW YORK – Fitch Ratings has upgraded two classes of CS First Boston Mortgage Securities Corp., 1995-AEW1, because of a "significant reduction" in the deal's collateral balance.The rating agency upgraded the deal's $631,000 class E...
Moody’s Upgrades Bradley’s Debt Rating to Baa3 From Ba2
August 8, 2002 NEW YORK – Moody Investors Service has upgraded the long-term debt ratings of Heritage Property Investment Trust subsidiary Bradley Operating LP to Baa3 from Ba2.In addition, the rating agency assigned a Baa3 rating to a...
Southeast Regional Digest (8/8/02): Private Developer Wants Concord, NC, Convention Center
August 8, 2002 Private developer wants Concord, NC, convention centerCharlotte (N.C.) ObserverCONCORD, N.C. – John Q. Hammons wants to privately build a convention center near Lowe's Motor Speedway at a cost of $12 million to $15 million. The...
Arden Realty Pays $66Mln for LA-area Office Complex
August 8, 2002 TORRANCE, Calif. – Arden Realty Inc. (NYSE:ARI) has bought Gateway Towers for about $66 million, or about $152/sf.The Los Angeles-based REIT bought the Class-A office complex at 970-990 W. 190th St. from The Carlyle Group,...
Mony Realty Buys $17Mln Piece of Wachovia Loan on Calif. Retail
August 8, 2002 Commercial Real Estate Direct Staff ReportMony Realty Capital has acquired a $17 million junior participating interest in an $82 million mortgage on a recently constructed shopping center in Burbank, Calif.Mony Realty acquired the interest through...
Ford Sells Warehouse to AMB for $31.8Mln
August 8, 2002 Ford Motor Co. has sold a parts distribution warehouse in Teterboro, N.J., to AMB Property Co. for $31.8 million.The 28-year-old facility sits on a 27-acre campus across the street from Teterboro Airport. Teterboro is in...
Entertainment Properties Pays $22Mln for Detroit-area theater
August 8, 2002 LIVONIA, Mich. – Entertainment Properties Trust (NYSE:EPR) has purchased the land and building associated with a 20-screen movie theater in this suburb of Detroit.The REIT bought the AMC Livonia 20 megaplex from American Multi-Cinema Inc.,...
Wells Real Estate Funds Names New Managing Director of Acquisitions
August 8, 2002ATLANTA – Wells Real Estate Funds has named Ray Owens as managing director of acquisitions. His hiring is one of several changes the Atlanta-based firm is making in its acquisitions group, which plans to acquire $1...
Inland Retail Pays $15.4Mln for Ala. Shopping Center
August 8, 2002 Inland Retail Real Estate Trust Inc. has paid $15.33 million for McFarland Plaza, a 222,019-square-foot shopping center in Tuscaloosa, Ala.The 24-year-old property, which has undergone substantial renovations, was acquired from CAP Bama LLC, which is...
S&P Assigns Negative Outlook to 5 CMBS Deals
August 8, 2002 NEW YORK – Standard & Poor's Ratings Services has assigned a negative outlook to seven CMBS security ratings from five separate deals that rely on credit support provided by ZC Specialty Insurance Co. and Centre...
Fla. Office Building Breaks Ground
August 8, 2002 PALM BEACH GARDENS, Fla. – A client of NAI/Merin Hunter Codman Inc. has started construction of an 88,200-square-foot office building, marking the second phase of Fairway Office Center at PGA.The $14 million property is expected...
Fitch Upgrades DLJ 1994-MF11
August 8, 2002 CHICAGO – Fitch Ratings has upgraded three classes of DLJ Mortgage Acceptance Corp., 1994-MF11, because of an increase in subordination levels and the strong performance of the deal's remaining collateral loans.The rating agency upgraded the...
Carlton Group Hires Tom McCarthy From Ocwen
August 8, 2002 Commercial Real Estate Direct Staff ReportCarlton Group has hired Tom McCarthy, a former Ocwen Financial executive, as managing director to run its West Palm Beach, Fla., office.McCarthy, who most recently was chief financial officer of...
REIT Pays $149.1Mln for Office, Development Property Near Orlando, Fla.
August 8, 2002 LAKE MARY, Fla. – Colonial Properties Trust (NYSE:CLP) has expanded its real estate holdings in Florida with the purchase of Heathrow International Business Center, a seven-building office portfolio in this suburb of Orlando.The Birmingham, Ala.-based...
Southern Calif. Apartments on the Market for $27.5Mln
August 7, 2002 LA HABRA, Calif. – Pacific Properties Co. is looking to sell Slate Creek Apartments, a 242-unit complex in this Orange County, Calif., town.The Palo Alto-based company has hired Marcus & Millichap to market the property...
RioCan to Buy Retail Portfolio in Canada for C$286Mln
August 7, 2002 TORONTO – RioCan Real Estate Investment Trust (TSE:REI) is paying C$286 million (US180.6 million) for a portfolio of nine shopping centers, as well as a 50 percent interest in another, from retail developer First Pro...
Cushman to Manage Sun Microsystem’s National Property Portfolio
August 7, 2002 NEW YORK – Cushman & Wakefield Inc. has been awarded the facilities management contract for Sun Microsystem's national office and industrial portfolio, which totals 11 million square feet in more than 220 properties.Under the contract,...
Southeast Regional Digest (8/7/02): $55Mln Mixed Project in Fla. Causes Commissioners Some Concern
August 7, 2002 Mixed project in Fla. causes commissioners some concernsSun-Sentinel (Fort Lauderdale, Fla.)POMPANO BEACH, Fla. – Commissioners think putting a condo and a supermarket along the beach is a great idea, but they're not sure that Michael...
Steadfast Plaza Sells Calif. Apartments for $9.5Mln
August 7, 2002 PALM SPRINGS, Calif. – Steadfast Plaza LLC has sold the Plaza Apartments for $9.5 million, or $61,290/unit, to Palm Springs Plaza Apartments Corp. The 155-unit Class-B community is at 2300 Tahquitz Canyon Way, across from...
Gables to Place $40Mln of Unsecured Notes, $40Mln Preferred Shares
August 7, 2002 BOCA RATON, Fla. – Gables Residential (NYSE:GBP) will place $40 million of senior unsecured notes and $40 million of cumulative redeemable perpetual preferred shares.The unsecured notes will be placed in two tranches: a seven-year $30...
FINAL PRICING: $989.8 Mln GE Capital Commercial Mortgage Corp., 2002-2
August 7, 2002 Class Amt ($mln) Sub. Level (%) Avg. Life (yrs) Rating S&P Rating Moody's Priced (bp) Benchmark A-1 65.8 22.875 3 AAA Aaa +32 Swaps A-2 201.8 22.875 7.4 AAA Aaa +42 Swaps A-3 495.7 22.875...
RioCan to Assume $112Mln in Debt on Portfolio Buy
August 7, 2002 RioCan Real Estate Investment Trust (TSE:REI) expects to assume some C$177 million (US112.2) of existing debt on the 10 properties it is buying from a Canadian retail developer.As reported earlier today, the Toronto-based REIT has...
Starwood Moves Ted Darnall to Head Real Estate
August 6, 2002 WHITE PLAINS, N.Y. – Starwood Hotels & Resorts Worldwide Inc (NYSE:HOT) has placed Ted Darnall, president of its North American operations, in charge of all its real estate holdings. Darnall, who joined Starwood as chief...
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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.
