RECENT NEWS
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...
Southeast Regional Digest (5/24/02): Urban Village Planned at MetroWest in Orlando
May 24, 2002 Urban village ready to sprout at MetroWest in OrlandoOrlando (Fla.) Sentinel ORLANDO – Veranda Partners LLC, an investor group led by a computer-software entrepreneur, wants to build an urban village in the heart of MetroWest,...
Essex Renews, Expands Unsecured Revolving Credit Facility
May 24, 2002 PALO ALTO, Calif. – Essex Property Trust Inc. (NYSE:ESS) has renewed and expanded its existing $120 million unsecured revolving credit facility to $165 million.The renewed facility carries an interest rate that today is equal to...
Grubb & Ellis Nixes Talks with Suitor
May 24, 2002 NEW YORK – Grubb & Ellis Co. (NYSE:GBE) said it has terminated merger discussions with an unrelated third party that is widely believed to have been CB Richard Ellis.The brokerage company said it had received...
Boston Properties Gets Terrorism, Earthquake Insurance
May 23, 2002 Commercial Real Estate Direct Staff ReportBoston Properties Inc. (NYSE:BXP) has secured $250 million of terrorism coverage for its real estate portfolio, which it values at around $7.5 billion.While details of the policy could not be...
Pru Gets Master Servicer Rating, Upgraded Primary Rating
May 23, 2002 CHICAGO – Fitch Ratings has upgraded Prudential Asset Resources' primary servicer rating to CPS3+ from CPS3. In addition, it gave the Prudential Financial unit a master servicer rating of CMS3.Last month, Fitch gave Prudential a...
Invesco Sells Ariz. Multifamily Property for $15.2Mln
May 23, 2002 ORO VALLEY, Ariz. - Invesco Realty Advisors has sold a 240-unit apartment community to HSL Properties for $15.2 million.Built in 1995, the Boulder Canyon at La Reserve at 1500 E. Pusch Wilderness Drive is 93...
Revival in the Works for Historic Strip Mall in Philadelphia
May 23, 2002 PHILADELPHIA – Progress Plaza, a North Philadelphia shopping center that was developed by one of the country's leading civil-rights leaders, is about to get a fresh look due to an infusion of capital by Kravco...
Moody’s Warns Banks on Real Estate Exposure
May 23, 2002 NEW YORK – Moody's Investors Services warned that commercial banks with high exposures to commercial real estate generally have lower debt ratings than those with lower exposures.In a recently published report, "Commercial Real Estate Assets...
Southeast Regional Digest (5/23/02): Developer plans 276-unit project for downtown Orlando, Fla.
May 23, 2002 Developer plans 276-unit project for downtown Orlando, Fla.Orlando (Fla.) Sentinel ORLANDO, Fla. – Jay Royall, president of Royall Construction of Longwood, has plans to build a 10-story apartment tower in downtown. The developer has contracted...
Kimco/Lazard Increase Offer for Konover to $1.95/share
May 23, 2002 Kimco Realty Corp. (NYSE:KIM) and Prometheus Southeast Retail Trust have increased their offer for Konover Property Trust Inc. (NYSE:KPT) to $1.95/share, which would value the retail REIT at $62.2 million.The venture between Kimco and Prometheus,...
Cendant Sells UK Car Parks Biz for $1.2Bln
May 23, 2002 Cendant Corp. (NYSE:CD) has sold its National Car Parks unit for 820 million pounds ($1.2 billion) in cash.Cinven, an equity buy-out firm based in London, is buying the business through a venture called Parking International...
Post Properties, Common Fund JV Buys New DC High Rise
May 23, 2002WASHINGTON – Post Properties Inc. (NYSE: PPS) has entered into a joint venture agreement with The New York State Common Retirement Fund to further develop a 15-story apartment building in the heart of the District of...
Washington REIT Names New Execs, Including CFO
May 23, 2002 ROCKVILLE, Md. – Washington Real Estate Investment Trust (NYSE:WRE) has elected Sara L. Grootwassink chief financial officer, George F. McKenzie executive vice president and Laura M. Franklin senior vice president.Grootwassink joined WRIT in December as...
Texas Shopping Center Fetches $14Mln
May 23, 2002 PLANO, Texas – The Plaza on Legacy, a newly constructed community shopping center at Legacy Drive and Coit Road, has sold for just under $14 million, or $131/sf.Oklahoma-based TRI-State Commercial Associates bought the 106,557-square-foot center...
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...
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...
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...
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...
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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.
