RECENT NEWS
Southeast Regional Digest (6/12/02): Target Buys 22 Acres in Orlando, Fla., for Super Store
June 12, 2002 Target buys 22 acres in OrlandoORLANDO, Fla. - Target has purchased 22 acres at the intersection of Millenia Mall Boulevard and Conroy Road with plans to build a 174,000-square-foot Super Target on the site. The...
Mills Corp. Completes $430Mln Buy of JV Interests in Five Malls
June 12, 2002Simon Property Group (NYSE:SPG) has completed the sale of its joint venture interests in five retail properties for $430 million, including more than $200 million of joint venture debt.The REIT sold the interests to ventures led...
AmeriVest Raises $25Mln From Public Offering
June 12, 2002 DENVER – AmeriVest Properties Inc. (AMEX:AMV) has raised $25 million from its most recent share sale.The underwriters of the company's May 9 public offering of 3.6 million common shares exercised their over-allotment option to purchase...
S&P Lowers Ratings on 4 Classes of Morgan Stanley 1998-CF1
June 12, 2002NEW YORK - Standard & Poor's has lowered its ratings on four classes of Morgan Stanley Capital I Inc., 1998-CF1, because of shortfalls expected due to a significant number of delinquent and foreclosed health care facilities.The...
United Dominion Exits Tucson, Ariz., Market
June 12, 2002 TUCSON, Ariz. – United Dominion Realty Trust Inc. (NYSE:UDR) has exited the Tucson market with the sale of two apartment communities for $12.3 million, their approximate book value.The two properties, which together total 408 units,...
CalPERS Buys Stake in Arizona Mall
June 12, 2002 Commercial Real Estate Direct Staff ReportThe California Public Employees Retirement System recently bought a 50 percent stake in Scottsdale Fashion Square, a 1.8 million-square-foot shopping mall outside Phoenix in Scottsdale, Ariz.The pension fund paid $97.5...
Investor Pays $19.5Mln for Southern Calif. Offices
June 12, 2002 A Southern California local investor group named DEI LLC has paid $19.5 million, or $169.70/sf, for the Fairway Corporate Center, an office complex in Carlsbad, Calif., which is midway between Los Angeles and San Diego.The...
Club Med Huatulco in Mexico Trades Hands
June 12, 2002 Jones Lang LaSalle Hotels has negotiated the sale of the Club Med Huatulco, a 552-unit hotel on Mexico's Pacific Coast.Grupo Hotelero Brisas bought the property for an undisclosed price from Club M?diterran?e SA, which had...
REIT Buys Construction Loan for DC Apartments
June 12, 2002 American Mortgage Acceptance Co. (AMEX:AMC) has acquired a $37.6 million Ginnie Mae construction loan on Ellington Plaza Apartments, a Washington, D.C., multifamily project.Ellington Plaza is a 186-unit complex that is being built by Donatelli &...
Jones Lang LaSalle to Manage T. Rowe Price Real Estate
June 12, 2002 Jones Lang LaSalle (NYSE:JLL) has been retained by T. Rowe Price Associates to provide facilities management services for its real estate holdings, effective immediately.T. Rowe Price has a 1.2 million-square-foot portfolio that consists of 19...
Fitch Takes One Liberty CMBS Deal Off Watch
June 12, 2002 CHICAGO – Fitch Ratings has affirmed the ratings of GS Mortgage Securities Corp. II, 2001-LIB, and removed the deal from its rating watch negative list because the underlying collateral is sufficiently covered against an act...
Correction: Santa Ana, Calif., Apartments Sell for $11Mln
June 12, 2002 Mercado del Rio Investors paid $110,250 per unit for the 100-unit apartment complex on McFadden Avenue in Santa Ana, Calif. A story published yesterday – "Santa Ana, Calif., Apartments Sell for $11Mln" – incorrectly listed...
Calif. Retail Center Sells for $13Mln
June 12, 2002 WEST COVINA, Calif. - An entity called West Covina Parkway Plaza LP has sold an 87,636-square-foot retail plaza for roughly $13 million, or $148/sf, to a Los Angles-based private investor.The West Covina Plaza is across...
New Plan Excel Prices $250Mln of Senior Unsecured Notes
June 12, 2002 NEW YORK – New Plan Excel Realty Trust Inc. (NYSE:NXL) has priced a $250 million offering of 5.875 percent senior unsecured notes due June 15, 2007.The shopping center REIT plans to use the net proceeds...
Fed Beige Book: Realty Markets Remain Weak
June 12, 2002 Commercial real estate markets remain weak in most areas of the country, except for New York, which is showing signs of stabilizing, according to the Federal Reserve, which today released its Beige Book, or Commentary...
S&P Raises Legg Mason Real Estate Services Rankings
June 12, 2002NEW YORK - Standard & Poor's has raised Legg Mason Real Estate Services' commercial mortgage special servicer ranking to above average from average.Although Legg Mason has never acted as a named special servicer in any securitized...
Equity Residential Gets New $700Mln Credit Facility
June 12, 2002 CHICAGO – Equity Residential (NYSE:EQR) has obtained a new $700 million unsecured revolving credit facility. Banc of America Securities and J.P. Morgan Securities Inc. are the joint lead arrangers of the three-year facility, which replaces...
Burnham to Dissolve June 28
June 12, 2002 SAN DIEGO - Burnham Pacific Properties (NYSE:BPP) will make a liquidating distribution of 30 cents per share to its common stockholders on June 27 - the last day the REIT's stock will be traded on...
Glimcher Shrinks Scope of Community Center Sales Agreement
June 11, 2002 COLUMBUS, Ohio – Glimcher Realty Trust (NYSE:GRT) has terminated an agreement to sell a portfolio of its assets for $300 million and entered into a new agreement with the same proposed buyers for $200 million.This...
Southeast Regional Digest (6/11/02): UBS Realty Buys Nashville Apartments for $28.7Mln
June 11, 2002 UBS Realty buys Nashville apartments for $28.7MlnTennesseanNASHVILLE, Tenn. – UBS Realty Investors has closed on its purchase of the Alta Lake Apartments near Percy Priest Lake for $28.7 million. Wood Partners of Marietta, Ga., sold...
Cohen Hires Mary Briggs to Bolster Advisory Services
June 11, 2002 CHICAGO – Cohen Financial has hired Mary Briggs, an adviser to institutional investors, as managing director.Briggs, who co-founded Briggs Wengert Associates, has advised institutional investors such as USF&G Realty Advisors, New York State Teachers Retirement...
Fremont Provides $44.5Mln Loan for Calif. Assisted Living Project
June 11, 2002 SANTA BARBARA, Calif. – Fremont Investment & Loan has provided $44.5 million of construction financing to Senior Resource Group/Starwood to develop an assisted living facility.Jerry Wise, of Holiday Fenoglio Fowler's Los Angeles office, arranged the...
DDR Affiliate Sells NH Retail Center for $26.5Mln
June 11, 2002 Commercial Real Estate Direct Staff ReportAn investment fund managed by Coventry Real Estate Partners sold the Village Shoppes of Salem in Salem, N.H., for $26.5 million.The fund, which is capitalized by Developers Diversified Realty (NYSE:DDR),...
Redwood Capital Provides $32Mln of Debt for Calif. Retail
June 11, 2002 Commercial Real Estate Direct Staff ReportRedwood Capital Finance Co. has provided $32 million of financing for Airport Plaza, a 208,000-square-foot shopping center in Torrance, Calif.The financing was comprised of a $20 million floating-rate senior loan...
Japanese, British CMBS Deals Out
June 11, 2002 Two foreign CMBS deals backed by Japanese and British collateral are on the market.The Japanese deal (UFJ Tower Inc.) is backed by the UFJ Bank building in Tokyo, and totals 62 billion yen ($49.7 million)....
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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.
