RECENT NEWS
La Quinta Files Shelf Registration Statement
July 5, 2002 DALLAS – La Quinta Corp. (NYSE:LQI) has filed to sell up to $750 million of securities, which may include both equity and debt securities of La Quinta Corp. and La Quinta Properties Inc., its REIT...
Mid-America, Crow Holdings Form JV
July 3, 2002MEMPHIS, Tenn. – Mid-America Apartments (NYSE:MAA) has formed a partnership with Crow Holdings to buy multifamily properties that are in need of redevelopment.The venture is expected to acquire about $150 million of apartment properties throughout the...
CB Hires Patrick Murphy as Head of NJ Ops
July 3, 2002NEW YORK – CB Richard Ellis has retained Patrick Murphy as executive managing director and partner of the New York Tri-State Region – the first step in the firm's $100 million plus investment plan in the...
Wells REIT Buys Atlanta Office Complex
July 3, 2002 ATLANTA – Wells REIT has paid $40.5 million, or about $170/sf, for a recently constructed two-building office complex in the Perimeter Center.The Atlanta-based REIT is buying the Class-A office complex from Mount Vernon Place Partners....
Glimcher Sells Pa. Shopping Center for $18.3Mln
July 3, 2002 WILLIAMSPORT, Pa. – Glimcher Realty Trust (NYSE:GRT) has sold Loyal Plaza, a 293,270-square-foot community shopping center, for $18.3 million.The Columbus, Ohio, REIT sold the shopping center to a partnership between Cedar Income Fund Ltd. (Nasdaq:CEDR)...
Glimcher Raises $58.4Mln From Stock Offering
July 3, 2002 COLUMBUS, Ohio – Glimcher Realty Trust (NYSE:GRT) has raised $58.4 million from the public offering of 3.45 million common shares at $17.82/share.The stock offering was underwritten by Deutsche Bank Securities and co-manager McDonald Investments Inc.Glimcher...
United Dominion Sells Vegas Apartments for $20.8Mln
July 3, 2002 LAS VEGAS – United Dominion Realty Trust (NYSE:UDR) has sold a 384-unit apartment complex for $20.8 million.The property sold for a capitalization rate of 8.5 percent, using trailing 12-month net operating income less a capital...
Southeast Regional Digest (7/3/02): Solution Property Buys Atlanta Industrial Park Building, Land fo
July 3, 2002 Industry news: Solution Property Group buys Villa Rica building, landAtlanta Journal-ConstitutionATLANTA – Solution Property Group paid $14 million for a 610,000-square-foot distribution and manufacturing building and 100 acres at Villa Rica Industrial Park. The building...
Fitch Upgrades Sasco 2000-C2
July 3, 2002 NEW YORK – Fitch Ratings has upgraded 13 classes of Structured Asset Securities Corp., 2000-C2, because loan payoffs have resulted in improved subordination levels.In addition, the deal has seen an increase of overcollateralization to $36.2...
Shamrock Sells Calif. Office Park for $90Mln
July 2, 2002 LOS ANGELES – Shamrock Holdings of California Inc., a private investment vehicle for the Roy E. Disney family, has sold a 560,000-square-foot office park it developed to Multi-Employer Property Trust for $90 million.The West Hills...
S&P Lowers Ratings on 3 Classes of DLJ Mortgage Corp. 1997-CF2
July 2, 2002NEW YORK – Standard & Poor's has lowered its ratings on three classes of DLJ Mortgage Acceptance Corp., 1997-CF2, and removed them from credit watch negative.The downgrades are: class B-3OC to single-B from double-B; class B-4...
Simon Property Group Completes Common Stock Offering
July 2, 2002 INDIANAPOLIS – Simon Property Group Inc. (NYSE:SPG) netted about $322 million from its offering of 9 million shares of common stock.The shopping center REIT held the offering to partially meet the demand of index funds...
Equity to Raise $200Mln From Share Sale
July 2, 2002 CHICAGO – Equity Office Properties Trust (NYSE:EOP) has priced 8 million of its 7.75 percent series G cumulative redeemable preferred shares for $25/share.The issue is expected to close on July 29.Proceeds of $200 million will...
Hammerson Lines Up $329Mln Credit Facility
July 2, 2002 Hammerson PLC has secured a 215 million pound ($329 million) revolving credit facility from a syndicate of 13 banks.The five-year facility, which carries a rate of 62.5 basis points over Libor, will be used for...
Stonehaven Hires Financial Adviser
July 2, 2002 MINNEAPOLIS, Minn. – Stonehaven Realty Trust (NYSE:RPP) has retained Friedman, Billings, Ramsey & Co. to serve as financial adviser.Friedman will assist the company with evaluating capital raising and other strategic options.The company has also engaged...
Southeast Regional Digest (7/2/02): Schrager in Final Stages to Become Partner in Miami’s Shore Club
July 2, 2002 Schrager in final stages to become partner in Shore ClubMiami HeraldMIAMI – Delano Hotel owner Ian Schrager is in the final stage of talks to manage and become an equity owner in Miami Beach's exclusive...
FINAL PRICING: $292 Mln GNR 2002-53 (CSFB, Ginnie Mae)
July 2, 2002 ClassAmount($mln)Avg. LifePricedBenchmark A1203.47NANA A268.83.47+30Swaps B129.947.5+50Swaps C44.0711.2NANA Z29.217.6NANA IO292.049.22NANA
Post Closes on $38.5Mln of Debt Issuance
July 2, 2002ATLANTA – Post Properties (NYSE:PPS) has closed on two debt issuances totaling $38.5 million.The company issued a $25 million unsecured five-year note, rated Baa3 by Moody's and triple-B by S&P, at par with a coupon of...
Winston Affiliate Buys Leasehold Interest in 47 Hotels for $17Mln
July 2, 2002 RALEIGH, N.C. – Barclay Hospitality Services, an affiliate of Winston Hotels Inc. (NYSE:WXH), has purchased the leasehold interests for 47 of its hotels from MeriStar Hotels & Resorts (NYSE:MMH) for $17 million.MeriStar will continue to...
WorldCom Represents 2.4% of Parkway’s Annual Rental Income
July 2, 2002JACKSON, Miss. – WorldCom and its affiliates represent 2.4 percent, or $3.6 million, of annual rental income for Parkway Properties (NYSE:PKY).WorldCom leases 207,470 square feet of office space under leases expiring between Dec. 31 and Oct....
Moody’s Upgrades Morgan Stanley 1997-C1
July 2, 2002 NEW YORK – Moody's Investors Service has upgraded four classes of Morgan Stanley Capital I Inc., 1997-C1, because subordination levels have improved as a result of loan amortization and loan paydowns.The rating agency upgraded the...
Inland Affiliate Buys Fla. Retail Center From Tanger
July 2, 2002 FORT LAUDERDALE, Fla. – Inland Southeast Dania, a subsidiary of Inland Group, has purchased the 165,000-square-foot Bass Pro Shops/Outdoor World retail center from Tanger Outlets.The $18.2 million sale isn't a far cry from the $19...
Prime Retail Gets Debt Extension
July 2, 2002 BALTIMORE – Prime Retail Inc. has received extra time to come up with a $15.5 million payment required under a mezzanine loan it has from Fortress Investment Group and Greenwich Capital Markets.The embattled REIT, which...
Vornado Completes $70Mln Buy of Va. Office Building
July 2, 2002 ARLINGTON, Va. – Vornado Realty Trust (NYSE:VNO) has closed its $69.8 million purchase of Crystal City Gateway One.The Paramus, N.J.-based REIT bought the 360,000-square-foot office building from a limited partnership that is roughly 50 percent...
Home Properties Pays $85.4Mln for Suburban Boston Apartments
July 2, 2002 WALTHAM, Mass. – Home Properties (NYSE:HME) has paid $85.4 million for Gardencrest Apartments, a 696-unit complex in this Boston suburb.Under the $122,000/unit purchase, the Rochester, N.Y.-based REIT assumed $5.6 million of existing property debt, paid...
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