RECENT NEWS
Ramco-Gershenson Pays $34.2Mln for Fla. Retail Properties
June 5, 2002SOUTHFIELD, Mich. – Ramco-Gershenson Properties Trust (NYSE:RPT) has paid $34.2 million for two grocery-anchored shopping centers in Southeast Florida.The two properties, which total 212,000 square feet, are anchored by Publix Supermarkets. They are the Crossroads in...
Alexander’s Sells 2 Non-core NY Properties
June 5, 2002 Commercial Real Estate Direct Staff ReportAlexander's Inc. (NYSE:ALX) has agreed to sell two buildings in New York for a combined $33.8 million.The buyers in the two separate deals – both slated to close in the...
Brandywine Buys Va. Office Building for $14.8Mln
June 5, 2002 RICHMOND, Va. – Brandywine Realty Trust (NYSE:BDN) has paid $14.8 million for Two Paragon Place, a 142,500-square-foot office building.The $104/sf price represents a value well below the replacement cost of the six-story building, according to...
British Airways Sells Manhattan Hotel for $31Mln
June 5, 2002 Commercial Real Estate Direct Staff ReportBritish Airways PLC has agreed to sell a hotel it owned in midtown Manhattan to Hotel Properties Ltd. for $31 million, or $250,000/unit.The 124-unit hotel, at 127 E. 55th St.,...
U.K. Retail Portfolio to Trade Hands for $269.4Mln
June 5, 2002 Morley Fund Management has contracted to buy a portfolio of 11 U.K. retail parks from the Hercules Unit Trust and Pillar Property PLC for 185 million pounds ($269.4 million).The deal is set to close by...
Southeast Regional Digest (6/5/02): Miami’s Hotel Impala Facing Foreclosure
June 5, 2002 Hotel Impala facing foreclosureMiami HeraldMIAMI BEACH, Fla. - The Hotel Impala in South Beach is facing foreclosure, but the owner insists a stubborn lender is causing its ruin. But others following the industry say the...
Wells Real Estate Funds to Expand Sale/Leaseback Initiatives
June 4, 2002 ATLANTA – Wells Real Estate Funds recently hired Tom Hallowell to lead the firm's efforts in expanding its sale/leaseback investment portfolio nationwide.As director of sale/leasebacks, Hallowell will help Wells meet its investment objectives of $1...
Southeast Regional Digest (6/4/02): Orlando Hotel to be Auctioned in August
June 4, 2002 Orlando hotel likely to be sold in August auctionOrland (Fla.) SentinelORLANDO, Fla. - The long-troubled Sandy Lake Towers resort hotel off International Drive likely will be sold at auction in mid-August. U.S. Bankruptcy Court Judge...
Canada Digest (6/4/02): Condo Fever Strikes Vancouver
June 4, 2002 Condo fever strikes VancouverVancouver SunVANCOUVER, British Columbia – Condominium developers can't keep up with demand as Vancouver's housing sector continues to boom, with overall market sales surging 27 percent last month. Multiple Listing Service figures...
AEW Pays $48Mln for 2 DC Office Buildings
June 4, 2002 AEW Capital Management LP, on behalf of an institutional client, has paid about $48 million, or roughly $229/sf, for two office buildings in downtown Washington.AEW bought 1990 M Street N.W. and 1120 19th Street N.W....
Scholastic Buys Ark. Distribution Center for $14.1Mln
June 4, 2002 MAUMELLE, Ark. – Scholastic Distribution Services has purchased a 497,200-square-foot distribution center set on 75 acres on Champs Boulevard for roughly $14.1 million.Binswanger/CBB negotiated the property, which is at 104 Champs Blvd. and is 12...
Wachovia Securities Provides $82Mln Mortgage for Burbank Empire Center
June 4, 2002 BURBANK, Calif. – Wachovia Securities has provided $82 million in permanent financing for the Burbank Empire Center.Holliday Fenoglio Fowler arranged the 10-year, fixed-rate financing on behalf of Zelman Development Co.The recently completed 613,794-square-foot center is...
Vestin Provides $48Mln for Vegas Hotel/Casino Project
June 4, 2002 LAS VEGAS – Vestin Mortgage (NYSE:VSTN) has provided $48 million for the proposed Cannery Hotel and Casino.The funds will be used to build and develop the 201-room hotel/casino.The north Las Vegas project will have 87,000...
BNP Buys NC Apartments in $32.2Mln Transaction
June 4, 2002 BNP Residential Properties Inc. (AMEX:BNP) has acquired two apartment properties in North Carolina containing 456 apartment units in a transaction valued at roughly $32.2 million.BNP will assume about $30.5 million of debt and will issue...
Teachers Hires Broker for Chicago Office Tower
June 4, 2002 Commercial Real Estate Direct Staff ReportCushman & Wakefield has gotten the nod to market 311 S. Wacker Drive, a trophy office tower in downtown Chicago.Teachers Insurance recently decided to put the 65-story building up for...
Pa. Office Complex Fetches $106/sf
June 4, 2002 By Susanna Potter, Commercial Real Estate Direct Staff WriterAn investment vehicle controlled by residential developer Bruce E. Toll, one of the Toll Brothers, has purchased 10 Century Plaza, a 130,000-square-foot office complex in suburban Philadelphia.BET...
Corus Provides $25Mln Financing for Chicago’s Congress Center
June 4, 2002 CHICAGO – Corus Bank has provided $25 million in financing for the 16-story Congress Center on Van Buren in the city's west loop section, adjacent to Union Station.The financing increases the original loan package the...
Developer Buys Land, Lines Up Financing for Boston Hotel
June 4, 2002 Commercial Real Estate Direct Staff ReportBOSTON – An investor group led by Boston developer David Leatherwood has acquired a site in downtown Boston on which he plans to construct a 112-room boutique hotel.In yet another...
Aimco Raises $369Mln in Stock Offering
June 4, 2002 DENVER – Apartment Investment and Management Co. (NYSE:AIV) has sold 8 million shares of its common stock at $46.45/share, raising net proceeds of $369 million.The apartment REIT – the country's largest – plans to use...
Crown American to Raise $41Mln Through Stock Offering
June 4, 2002JOHNSTOWN, Pa. – Crown American Realty Trust (NYSE:CWN) has priced a public offering of 5 million of its common shares at $8.75 apiece, which would provide it with $41 million of net proceeds.The stock offering is...
Glimcher Outlines Terms of Jersey Gardens Financing
June 3, 2002 COLUMBUS, Ohio – Glimcher Realty Trust (NYSE:GRT) has outlined details of a financing package it recently received for its Jersey Gardens Mall in Elizabeth, N.J.The REIT received $165 million of financing from Deutsche Bank in...
CBL Pays $46.5Mln for Panama City, Fla., Mall
June 3, 2002 PANAMA CITY, Fla. – CBL & Associates Properties Inc. (NYSE:CBL) has paid $46.5 million for the Panama City Mall.The Chatanooga, Tenn., REIT purchased the 606,700-square-foot regional mall from Robert Aikens & Associates of Detroit.To fund...
LNR to Float $416Mln CDO
June 3, 2002 Commercial Real Estate Direct Staff ReportLNR Property Corp. (NYSE:LNR) is planning to float a $416 million collateralized debt obligation.The Miami-based company, among the most active buyers of CMBS B-pieces, will secure the CDO with bonds...
Southeast Regional Digest (6/3/02): CNL/St. Joe Ending Partnership
June 3, 2002 CNL/St. Joe ending partnershipOrlando (Fla.) SentinelORLANDO, Fla. – CNL Financial Group and St. Joe Co. are quietly working out of the development partnership they formed a few years ago. The two have bought each other...
Corporate Office Properties Buys Md. Office Building for $16Mln
June 3, 2002 COLUMBIA, Md. – Corporate Office Properties Trust (NYSE:OFC) has purchased a 145,806-square-fot Class-A office building for $16 million.The acquisition was financed by the company's credit line.The property at 7000 Columbia Gateway Drive is in the...
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