RECENT NEWS
Deutsche Bank Provides $42Mln Mortgage for Fla. Mall
July 11, 2002 Deutsche Bank has provided $42 million of floating-rate financing for the Santa Rosa Mall, a 752,000-square-foot enclosed shopping center in the Florida Panhandle.The one-level mall was built in 1976 and most recently renovated two years...
New Luxury Apartments Outside Dallas Get $44Mln Financing
July 11, 2002 DALLAS – Holliday Fenoglio Fowler has arranged a $44 million Freddie Mac loan for the refinancing of a 588-unit multifamily community in suburban Dallas.Western Rim Advisors used the seven-year, adjustable-rate loan to take out the...
Jones Lang Expands Management Deal With Whirlpool
July 11, 2002 CHICAGO – Jones Lang LaSalle (NYSE:JLL) has renewed and expanded its transaction services agreement with Whirlpool Corp. for North America and Europe.The new agreemnt now includes project management services for roughly 8 million square feet...
Nasdaq to Delist Banyan Stock
July 11, 2002 Nasdaq will delist Banyan Strategic Realty Trust's (Nasdaq:BSRTS) shares before the opening of the market tomorrow, July 12.The Nasdaq's listing qualifications panel denied Banyan's June 20 appeal. Banyan, an Oak Brook, Ill., equity REIT, was...
Trizec Signs 130,000 sf of Leases in Washington Area
July 11, 2002 Trizec Properties Inc. (NYSE:TRZ) has leased 130,000 square feet in two office buildings it owns in suburban Washington, D.C.The company leased 69,000 sf for 10 years at Sunrise Technology Park in Reston, Va., to ValueOptions,...
Department of Education to Take Potomac Center Space in DC
July 11, 2002 WASHINGTON – The U.S. Department of Education at Potomac Center has committed to lease 309,000 square feet at Potomac Center, an office building being renovated at 550 12th St. S.W.The department plans to move 1,200...
Realm to Move HQ to Dallas From NYC
July 11, 2002 DALLAS – Realm Business Solutions Inc. is relocating its corporate headquarters and its e-business development team to Dallas from New York City. The move, slated to begin in August, is expected to be completed by...
Nationwide Health Buys 38 Properties for $142.5Mln; Leases Them to Sellers
July 11, 2002 NEWPORT BEACH, Calif. – Nationwide Health Properties Inc. (NYSE:NHP) has completed the $142.5 million purchase of 38 senior housing and long-term care properties in three transactions.The three deals were structured as sale-leasebacks, where Nationwide leases...
S&P Raises Ratings on 3 Classes of CBM Funding 1996-1
July 11, 2002 NEW YORK – Standard & Poor's has raised its ratings on three classes of CBM Funding Corp., 1996-1, due to pay downs and increased subordination levels.The ratings also reflect the stable overall performance of the...
Southeast Regional Digest (7/11/02): Cousins JV a Step Closer to Approval for Perimeter Town Center
July 11, 2002 DeKalb planning board recommends approval of Perimeter Town Center projectAtlanta Journal-ConstitutionDEKALB, Ga. – The planning commission has recommended approval of plans for a 2 million-square-foot transit-oriented development adjacent to the Dunwoody Marta station. Cousins Properties...
Marriott Considers Spinning Off Senior Living Biz
July 11, 2002 WASHINGTON – Marriott International Inc. (NYSE:MAR) is thinking about spinning off its Marriott Senior Living Services unit."Over time, Marriott Senior Living Services has evolved beyond a lifestyle and hospitality product to one based more on...
Weingarten Floats $52Mln of Medium-Term Notes
July 11, 2002 HOUSTON – Weingarten Realty Investors (NYSE:WRI) has sold $52 million of medium-term notes.The Houston REIT divided the offering into three tranches:– a $10 million tranche, with a maturity of five years, that priced at a...
Great Lakes REIT to Buy Chicago-area Medical Office Properties
July 11, 2002 OAK BROOK, Ill. – Great Lakes REIT (NYSE:GL) confirmed today that it has agreed to buy a portfolio of medical office buildings from Advocate Health Care, a Chicago-area health care services provider.The portfolio consists of...
Canada Digest (7/10/02): Vancouver’s Bental Five Tower Being Built in 2 Stages
July 10, 2002 Vancouver's Bental Five tower being built in 2 stagesFinancial PostVANCOUVER, British Columbia – Real estate developer BTC Properties Inc. is building the Bentall Five tower, a 630,000-square-foot, C$170 million (US$111.8 million) project, in the heart...
S&P Adds GMAC Unit to Select Servicer List
July 10, 2002 NEW YORK – Standard & Poor's has added GMAC Commercial Mortgage Servicing (U.K.) Ltd. to the July 2002 version of its select servicer list.Within commercial servicing, the GMAC unit is now listed as a select...
Health Care REIT Made $124Mln of Investments in 2Q 2002
July 10, 2002 TOLEDO, Ohio – Health Care REIT Inc. (NYSE:HCN) made $124 million of investments during the second quarter of 2002.The investments were about 87 percent real property investments and 13 percent loans.The properties that the REIT...
General Growth Completes Buy of JP Realty
July 10, 2002 CHICAGO – General Growth Properties (NYSE:GGP) has closed on the purchase of JP Realty, a Salt Lake City REIT that has an interest in 50 properties, primarily in the Mountain region.The REIT paid $440 million...
HQ Global Workplaces Names J. Thomas Lynn as COO
July 10, 2002 DALLAS – HQ Global Workplaces has named J. Thomas Lynn its chief operating officer. Lynn will manage the operations of HQ's 16 area businesses and will also join the company's executive operating committee. He will...
RioCan/Kimco JV Buying 4 Properties in Canada for $139Mln
July 10, 2002 VICTORIA, B.C. – A joint venture between RioCan Real Estate Investment Trust (TSX:REI.UN) and Kimco Realty Corp. (NYSE:KIM) has completed the purchase of the Tillicum Shopping Centre and has agreed to buy three more retail...
Southeast Regional Digest (7/10/02): Inland Buys Disney Buildings
July 10, 2002 Inland buys Disney buildingsOrlando (Fla.) SentinelOSCEOLA COUNTY, Fla. – Walt Disney Co. has sold the three signature office buildings at the entrance to its Celebration community to Inland Real Estate Acquisitions, which is part of...
Acadia JV Buys 3 Ohio Retail Centers for $26.7Mln
July 10, 2002 CLEVELAND – Acadia Realty Trust's (NYSE:AKR) joint venture partnership is buying three supermarket-anchored shopping centers in Ohio that total 325,000 square feet for $26.7 million.Two of the centers, which are in Cleveland, are anchored by...
Related Capital Provides $12Mln of Equity for Miami Apartments
July 10, 2002 Related Capital Co. has provided $12 million of equity for the Santa Clara Apartments, a 208-unit affordable housing complex that will be constructed in Miami.The property is being developed by the Carlisle Group, a Miami...
Ariz. Tech Firm Sells, Leases Back Offices
July 10, 2002 CHANDLER, Ariz. – SpeedFam-IPEC Inc., a supplier to semiconductor manufacturers, has sold its 252,066-square-foot headquarters to a local group for $25 million.The local group, Phoenix Industrial Investment Partners, has at the same time agreed to...
Gables to Redeem Series A Shares
July 10, 2002 BOCA RATON, Fla. – Gables Residential Trust (NYSE:GBP) plans to redeem all outstanding shares of its 8.3 percent series A cumulative redeemable preferred shares at $25/share.The redemption agent is EquiServe Trust Co.Comments? E-mail Christina Caprio,...
Canada Digest (7/9/02): Clarica Sells Half Stake in Ottawa Complex
July 9, 2002 Clarica sells half stake in Ottawa complexOTTAWA – Clarica has sold 50 percent of its interest in the Clarica Centre, a 1 million-square-foot retail and commercial office and condominium complex, to an unidentified Canadian institutional...
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