RECENT NEWS
Morgan Stanley Fund Faces Tax Penalties in Japan
May 29, 2002Morgan Stanley Real Estate Funds faces a penalty of 6 billion yen ($48 million) for taxes owed on profits it generated from its investments in Japan.According to Agence France Presse, which cited Japanese newspaper Yomiuri Shimbun,...
Calif. Apartments Sell for $14Mln
May 29, 2002FULLERTON, Calif. – Fowler, Shore & Flanagan has sold a 136-unit apartment complex to Granite Investment Group for $14 million, or $102,941/unit. The property, Lake Apartments, sits on 4.48 acres at 2800 Madison Ave. in Fullerton,...
Equity Office Buys DC Offices, Sells Alaska Property
May 29, 2002Equity Office Properties Trust (NYSE:EOP) has paid $37.4 million for 1627 Eye Street N.W. in downtown Washington, D.C.The Chicago REIT bought the 170,000-square-foot building, which is commonly referred to as the Army and Navy Club Building,...
General Growth Completes Victoria Ward Buy
May 29, 2002CHICAGO – General Growth Properties Inc. (NYSE:GGP) has completed its $250 million acquisition of Victoria Ward Ltd., which owns some prime property in Hawaii.The Chicago REIT had earlier said it would fund its acquisition with $50...
Brandywine Names Chris Marr as CFO
May 29, 2002 PLYMOUTH MEETING, Pa. – Brandywine Realty Trust (NYSE:BDN) has named Chris Marr as senior vice president and chief financial officer.Marr joins the REIT from Storage USA, where he served as chief financial officer.Comments? E-mail Christina...
JP Morgan Provides $11.2Mln for San Antonio Retail Centers
May 29, 2002 SAN ANTONIO, Texas – J.P. Morgan Mortgage Capital has provided $11.2 million in fixed-rate financing for a pair of retail centers in the southwest and southcentral section of the city.Jeff Knowles of Holliday Fenoglio Fowler's...
CB Richard Ellis Corporate Partners Sells Vegas Building for $10.6Mln
May 29, 2002LAS VEGAS – CB Richard Ellis Corporate Partners has sold a 43,480-square-foot office building for $10.6 million, or $243.79/sf, to El Adobe Trust.The building is at 2724 N. Tenaya Way is the corporate headquarters site of...
Southeast Regional Digest (5/29/02): Miami’s Victor Hotel Getting $60Mln Makeover
May 29, 2002Victor Hotel in Miami to be restored to 91-key HyattMiami HeraldMIAMI – The Victor Hotel, which sits next to Miami Beach's Versace mansion and has lain near ruin for 18 years, will become a 91-room, $60...
Mills Corp. Secures $175Mln Corporate Credit Facility
May 29, 2002ARLINGTON, Va. – The Mills Corp. (NYSE:MLS) has closed on a three-year $175 million credit facility, which refinances an existing $75 million unsecured facility.The facility now matures in May 2005, with interest rates currently at 250...
Archstone-Smith Sells Fla. Apartments for $12.8Mln
May 28, 2002DAVIE, Fla. – Archstone-Smith has sold a 221-unit apartment complex to Henderson Investors North America Inc. for roughly $12.8 million, or $57,692/unit.Henderson assumed an $8.5 million tax-exempt bond in the transaction.The Cameron Cove property was built...
Equity One Buys Fla. Retail Center, Land for $10.7Mln
May 28, 2002MIAMI – Equity One (NYSE:EQY) has purchased a supermarket-anchored retail center in Miami and a retail development site in Homestead, about 25 miles south of Miami, for roughly $10.7 million.The REIT purchased the Shops at the...
Greenwich Capital Hires Chuck Rosenzweig
May 28, 2002GREENWICH, Conn. – Chuck Rosenzweig, a former Nomura Asset Capital lending executive, has joined Greenwich Capital Markets as managing director, head of east coast real estate.Rosenzweig most recently was managing director of Berenson, Minella & Co....
Southeast Regional Digest (5/28/02): Atlanta Apartment Project Delayed
May 28, 2002Atlanta apartment project delayedAtlanta Journal-ConstitutionATLANTA – Construction of an apartment building atop Underground Atlanta has been delayed because of the soft rental market and engineering problems that recently came to light. The 130-unit building housing some...
Harbor Group Pays $47.4Mln for 3 Midwest Apartments
May 28, 2002Harbor Group International has purchased a portfolio of three apartment communities, totaling 992 units, in Indiana and Ohio, for $47.4 million.The Norfolk, Va.-based firm bought the Class-A properties from the State of Wisconsin Investment Board and...
Related Provides $28.5Mln for Apartments in Texas, Colo.
May 28, 2002NEW YORK – Related Capital Co. has provided $28.5 million of debt and equity to Southwest Housing Development for three apartment complexes it is building.Related provided $13.3 million of equity for properties in Harlingen and Brownsville,...
Archstone-Smith to Sell $422.7Mln of Debt Securities
May 28, 2002WASHINGTON – Archstone-Smith (NYSE:ASN) plans to sell $422.7 million of debt securities.Proceeds from the offering will be used to develop and invest in additional apartment communities and to repay debt as well as for working capital...
JV to Buy DC Office Building for Future Redevelopment Play
May 28, 2002WASHINGTON – Bresler & Reiner Inc. (OTCBB:BRER) and the Kaempfer Co. are teaming to buy 1925 K St. N.W., a 148,364-square-foot office building on a prime corner in downtown.B & R will own 85 percent of...
LaSalle Bank Provides Nearly $10Mln for Health Care Property Portfolio
May 28, 2002OHIO – LaSalle Bank has provided roughly $10 million in financing for the purchase of the Gaitanaros Health Care portfolio.A private nursing home operator purchased the three-property package for about $16.3 million.The portfolio consists of three...
Hilton Sells Harrison Conference Centers for $55Mln to Aramark
May 28, 2002BEVERLY HILLS, Calif. – Hilton Hotels Corp. (NYSE:HLT) has agreed to sell its Harrison Conference Center and University Hotel portfolio to Aramark (NYSE:RMK) for about $55 million in cash.The transaction includes two owned, two leased and...
Bridge Partners Sells Calif. Apartments for $18.3Mln
May 28, 2002SANTA ROSA, Calif. – Bridge Partners has sold the Evergreens and Mountain View apartment complexes for roughly $18.3 million, or $84,491/unit, to Fowler Flanagan Partners.The transaction included the assumption of an existing HUD loan, which represented...
Calif. Multifamily Property Purchased for $15Mln
May 28, 2002SALINAS, Calif. – E.J. Williams Co. has purchased the Santa Lucia Townhouses for $15 million, or $73,529/unit, from a family investment partnership.The 204-unit property sits on 7.5 acres at 604 Leslie Drive and consists of 10...
Home Properties Buys Shares for $24.4Mln
May 28, 2002ROCHESTER, N.Y. – Home Properties (NYSE:HME) has repurchased 1 million series B convertible cumulative preferred stock, equivalent to 839,772 common shares, from GE Capital Equity Investments for roughly $24.4 million.Home Properties decided to repurchase the preferred...
Public Offering Set for 7Mln Shares of St. Joe Co.
May 28, 2002JACKSONVILLE, Fla. – The Alfred I. duPont Testamentary Trust has registered to sell 7 million common shares of the St. Joe Co. (NYSE:JOE) in a public offering.As part of its stock repurchase plan, St. Joe has...
One Liberty Prices Stock Offering
May 24, 2002 GREAT NECK, N.Y. – One Liberty Properties Inc. (NYSE:OLP) has priced an offering of 2.5 million common shares at $15.25 each.The follow-on offering is being underwritten by Friedman, Billings, Ramsey & Co. and Ferris Baker...
Related Provides $12Mln for Kan. Apartments
May 24, 2002 LANSING, Kan. – Related Capital Co. has provided $12 million of equity and debt for Lansing Heights Apartments, an affordable housing complex that Brisben Development is constructing outside of Kansas City.Brisben, a Cincinnati company, is...
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