RECENT NEWS
Sterling American Buys Austin, Texas, Apartments
May 23, 2002Sterling American Property Inc. has purchased a 326-unit apartment complex in Austin, Texas, from a venture between RREEF Funds and Waterton Associates.A purchase price was not disclosed. But comparable properties have sold for about $80,000/unit, which...
Vegas Apartments Sell for $15.6Mln
May 23, 2002 LAS VEGAS – The Conejo Villas Apartments, a 252-unit property at 5060 West Hacienda in the southwest region of Las Vegas, has sold for $15.55 million, or $61,706 per unit.TIC Development, a San Francisco area...
Calif. Investment Firm Launches National Self-Storage Venture
May 23, 2002SAN JACINTO, Calif. – Broadleaf Capital Partners Inc. (OTCBB:BDLF), an investment holding company that recently changed its name from Peacock Financial Corp., has formed a subsidiary to invest in U.S. storage facilities.The unit, Storage Suites America,...
Lafayette Corporate Center in Boston Fetches $133.5Mln
May 23, 2002 The Abbey Group, a Boston-based real estate owner and investor, has paid $133.5 million for the Lafayette Corporate Center, a six-story office and retail building in the part of the city's financial district known as...
Canada Digest (5/21/02): Summit to Continue Expansion to Add Industrial Space
May 22, 2002 Summit to continue expansion to add industrial spaceFinancial PostTORONTO – Summit Real Estate Investment Trust plans to continue its aggressive expansion by adding another 2 million square feet to its industrial portfolio. Lou Maroun, president...
Prentiss Properties Buys $100Mln in Terrorism Insurance
May 22, 2002 Commercial Real Estate Direct Staff ReportPrentiss Properties Trust (NYSE:PP) has secured a $100 million blanket terrorism insurance policy for its real estate portfolio, which is valued at nearly $2 billion.The Dallas-based REIT secured the coverage...
TIAA Buys Another DC Office Building
May 22, 2002 Teachers Insurance & Annuity Association has bought another office trophy in the Washington, D.C., area – the Farragut Building in downtown.National Capital Properties Trust, an investment fund controlled by Quadrangle Development Corp., sold the 12-story...
Nomura Sets Up Real Estate Finance Unit, Hires 2 From CSFB
May 22, 2002 LONDON – Nomura International PLC's fixed income division is setting up a real estate finance group, and has hired Gary Wilder and Derek Vago to spearhead its development as co-heads.Wilder and Vago are developing the...
Kimco, Lazard Up Offer for Konover to $1.90/Share
May 22, 2002Commercial Real Estate Direct Staff ReportA venture between Kimco Realty Corp. (NYSE:KIM) and an affiliate of Lazard Freres Real Estate Investors LLC has increased its offer for Konover Property Trust (NYSE:KPT) to $1.90/share, or $60.6 million.The...
Southeast Regional Digest (5/22/02): Apartment Developers Building in Miami’s Brickell Avenue Sectio
May 22, 2002 Apartment developers building in Miami's Brickell Avenue sectionWall Street JournalMIAMI – Luxury apartment developers are building for the first time on the stretch of Miami's Brickell Avenue that until recently was little more than an...
Senator Says Chances of Terror Insurance Backstop Slim
May 22, 2002 Senator Christopher Dodd (D-Conn.), a supporter of federal backstop legislation for property insurers, said chances for passage of any sort of law anytime soon were not strong."It's harder to convince members, absent an event," Dodd...
A&B Buys Calif. Retail Center for $19.6Mln
May 22, 2002 LONG BEACH, Calif. – Alexander & Baldwin (Nasdaq:ALEX) has purchased the Marina Shores retail center from Rich/Koenig Marina LLC for roughly $19.6 million.The retail center, which is across the street from the Long Beach Marina,...
Prentiss Properties Renews $300Mln Credit Facility
May 22, 2002 DALLAS – Prentiss Properties Trust (NYSE:PP) has renewed its $300 million line of credit, extending its maturity date to May 23, 2005, from 2003.The facility carries an initial rate pegged to Libor plus 137.5, but...
John Boorn Stepping Down as Madison Marquette CEO
May 22, 2002 John Boorn, chief executive of Madison Marquette, a Washington, D.C., real estate firm, is stepping aside from the day-to-day oversight of the company and will become chairman.Replacing him as chief executive is Amer Hammour, who...
Cushman Hires Former Grubb Exec
May 22, 2002 ROSEMONT, Ill. – Cushman & Wakefield has named Walter R. Murphy as senior director in the firm's local office.Prior to joining the company, Murphy was the senior vice president in the industrial services group of...
Lehman, Witkoff JV Sells London Property for $477.4Mln
May 22, 2002 LONDON – Lehman Brothers and the Witkoff Group have sold the Shell Mex House to a company controlled by the Rotch Property Group Ltd. for 327.5 million pounds (US$477.4 million).Rotch Property is owned by brothers...
Eagle Realty Sells Fla. Apartments for $13.4Mln
May 22, 2002 PALM HARBOR, Fla. – Eagle Realty Group has sold the Country Place apartments for roughly $13.4 million, or $45,985/unit, to Asset Development and Management Group LLC.The purchase price represents a capitalization rate, or initial yield,...
Sun International to Change Name
May 21, 2002 PARADISE ISLAND, The Bahamas – Sun International Hotels Limited (NYSE:SIH) is planning to change its name to Kerzner International Limited.The change, expected to take place by July 1, will mean the resort company's stock symbol...
Southeast Regional Digest (5/21/02): Clearwater, Fla., May Get SuperTarget
May 21, 2002 Clearwater mall may get SuperTarget, Costco WholesaleSt. Petersburg TimesCLEARWATER, Fla. – A SuperTarget and a Costco Wholesale Membership warehouse appear likely to become prime tenants in a rebuilt Clearwater Mall that would open for business...
Ramco-Gershenson Redeems Preferred Held by Morgan Stanley
May 21, 2002 SOUTHFIELD, Mich. – Ramco-Gershenson Properties Trust (NYSE:RPT) has redeemed 1.2 million series A convertible preferred shares that were held by affiliates of Morgan Stanley Dean Witter.The shares were redeemed at $27.14/share. The redemption was prompted...
RAIT Names Kenneth R. Frappier as Senior VP
May 21, 2002 PHILADELPHIA – Resource Asset Investment Trust (NYSE:RAS) has named Kenneth R. Frappier as senior vice president of portfolio and risk management.Frappier will oversee all aspects of risk management to ensure the adequacy of policies and...
Prudential Closes $246.5Mln Loan Package for General Motors Pension Plans
May 21, 2002 NEWARK, N.J. – Prudential Mortgage Capital Co. (NYSE:PRU) has provided a $246.5 million mortgage package to General Motors Investment Management Corp. on behalf of the General Motors Pension Plans.General Motors was advised by AEW Capital...
Vestin Group’s Fund II Starts Lending
May 21, 2002 LAS VEGAS – Vestin Group Inc. (Nasdaq:VSTN) has so far raised about $200 million for its Vestin Fund II since it launch last June.The fund aims to raise $500 million by June 2003.Fund II and...
United Dominion Buys Va. Apartments for $30.2Mln
May 21, 2002 ALEXANDRIA, Va. – United Dominion Realty Trust (NYSE:UDR) has purchased the Presidential Greens apartments for $30.2 million at a capitalization rate, or initial yield, of 8.9 percent.The property, which was constructed in 1938 and renovated...
Investor Buys Half Stake in Paris Property Portfolio
May 21, 2002 PARIS – Societe Fonciere Lyonnaise (SFL) has agreed to buy a 50 percent stake in a portfolio of seven properties in downtown Paris owned by Ile-de-France Investissements SA, a French company controlled by the Latsis...
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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.
