RECENT NEWS
$148Mln Sale of 1370 Avenue of the Americas Closes
June 11, 2002 By Susanna Potter, Commercial Real Estate Direct Staff WriterThe sale of 1370 Avenue of the Americas, a 35-story office tower in Manhattan, closed yesterday for $148 million, or about $435/sf.Normandy Real Estate Partners, a new...
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...
Common Fund, Taconic Closes $158Mln NYC Trophy Buy
June 10, 2002 The New York State Common Retirement Fund and Taconic Investment Partners LLC have closed on their joint venture acquisition of 450 Park Ave., a 33-story office tower in midtown Manhattan.The joint venture paid the estate...
Barcelo Completes $602Mln Buy of Crestline
June 10, 2002 Barcelo Corporacion Empresarial SA, a Spanish hospitality company, has completed its $34/share, or $602 million acquisition, of Crestline Capital Corp. (NYSE:CLJ).As a result of the acquisition, Barcelo has been renamed Barcelo Crestline Corp.Banc of America...
Arbor Writes $13.4Mln DUS Loan for Fla. Apartments
June 10, 2002 Arbor Commercial Mortgage LLC has provided a $13.4 million mortgage for the Santa Barbara Landings, a 248-unit apartment complex in Naples, Fla.The 10-year mortgage was provided under the Fannie Mae Delegated Underwriting and Servicing program....
Wells REIT Pays $21.1Mln for Denver-area Offices
June 10, 2002 AUBURN, Colo. – Wells Real Estate Investment Trust has paid $21.1 million, or $195/sf, for a 108,240-square-foot office property in suburban Denver that is leased to TRW Inc.The three-story building in Aurora was built in...
GE Funds $13.2Mln Mortgage for Long Island Hotel
June 10, 2002 Commercial Real Estate Direct Staff ReportGE Capital has provided $13.2 million of permanent financing for a 165-unit Hilton Gardens hotel that is going up in Islip, N.Y.The property, which is being developed by Linchris Hotel...
Southeast Regional Digest (6/10/02): BankAtlantic in Orlando Targets Commercial Real Estate Loans
June 10, 2002 BankAtlantic targets commercial real estate loansOrlando (Fla.) Business JournalORLANDO, Fla. – There's a new source in town for commercial real estate mortgages: BankAtlantic Bancorp, which opened an Orlando commercial real estate mortgage loan office earlier...
Urstadt Biddle Buys Conn. Retail Center for $89.3Mln
June 10, 2002 STAMFORD, Conn. – Urstadt Biddle Properties (NYSE:UBP) has purchased the Ridgeway Shopping Center for $89.3 million from a partnership controlled by Larry Silverstein and Howard Menaker.The center comprises of 331,000-square-feet of retail space and 29,000-sf...
Federal Realty Sells Ore. Shopping Center
June 10, 2002 PORTLAND, Ore. – Federal Realty Investment Trust (NYSE:FRT) has sold the Uptown Shopping Center for $20.8 million.As a result of the sale, Federal Realty will record a gain of about $5 million in the second...
S&P Downgrades 2 Classes of Prudential 1995-MCF-2
June 10, 2002 NEW YORK – Standard & Poor's has lowered its ratings on two classes of Prudential Securities Secured Financing Corp., 1995-MCF-2.The rating agency downgraded the deal's class G to single-D from double-B and class H to...
CBL to Raise $100Mln From Share Sale
June 10, 2002CHATTANOOGA, Tenn. – CBL & Associates Properties (NYSE:CBL) plans to raise $100 million from the sale of 2 million shares of 8.75 percent series B cumulative redeemable preferred shares at $50/share.Net proceeds from the offering will...
Ohio Building Sells for $118/sf
June 10, 2002 COLUMBUS, Ohio – Westminster Corporate Exchange has purchased a Class-A office building here for roughly $18.6 million, or $118/sf, from the Daimler Group.The newly constructed office building is at 3000 Corporate Exchange Drive, just off...
ProLogis Sells More Cold-Storage Assets for $21.6Mln
June 10, 2002 ProLogis (NYSE:PLD) has sold its cold storage operations in Spain and Italy to a Spanish conglomerate for 23 million euros ($21.6 million).The sale is part of the Denver-based company's plan, disclosed early this year, to...
S&P Won’t Watchlist Deals for Terror Insurance
June 10, 2002 NEW YORK – Standard & Poor's said it has no plans to place any CMBS deals on its credit watchlist or downgrade any transactions because of terrorism insurance issues.The rating agency's announcement comes on the...
S&P Assigns Ratings to J-REIT Bond Issuance
June 7, 2002 TOKYO – Standard & Poor's has assigned its single-A-plus rating to Japan Real Estate Investment Corp.'s proposed 25 billion yen (US$200.9 million) of senior unsecured notes.The ratings reflect J-REIT's strong business position and relatively conservative...
Forest City Buys Tenn. Apartments for $40Mln
June 7, 2002 BRENTWOOD, Tenn. – Forest City Enterprises Inc. (NYSE:FCE) has paid more than $40 million for the Landings of Brentwood, a 724-unit apartment complex.The 15-year-old property is set on a 142-acre tract and includes a lake,...
Federal Realty to Raise $49.4Mln From Share Sale
June 7, 2002 ROCKVILLE, Md. – Federal Realty Investment Trust (NYSE:FRT) plans to raise $49.4 million from the sale of 1.9 million common shares at $25.98/share.Proceeds will be used to redevelop existing properties in the REIT's portfolio as...
IRT Renews $100Mln Credit Line, Lowers Rate
June 7, 2002 ATLANTA – IRT Property Co. (NYSE:IRT) has renewed and amended its $100 million unsecured revolving credit facility from a syndicate of banks led by Wachovia Securities.The term of the facility was extended to May 2005,...
Office Complex in Tony Greenwich, Conn., Sells
June 7, 2002 A group led by Broadway Real Estate Partners, a two-year-old investment firm founded by a former Fortress Investment Group executive, has acquired Pickwick Plaza, a 238,000-square-foot office complex in exclusive Greenwich, Conn.The three-building complex was...
Wyndham Nixes $750Mln Senior Note Offering
June 7, 2002 DALLAS – Wyndham International (NYSE:WYN) has decided not to proceed with an offering of $750 million of senior unsecured notes."We found the market conditions not deep enough to issue the notes on terms that made...
Fog Cutter Sells Stake in Wilshire Financial Group
June 7, 2002 PORTLAND – Fog Cutter Capital Group (NYSE:FCCG) has sold all of its 2.9 million common shares of Wilshire Financial Services Group stock for $9.9 million.The proceeds will be used for new investments.Fog Cutter Capital invests,...
Southeast Regional Digest (6/7/02): Lease Brings Atlanta Building to 100% Occupied
June 7, 2002 Lease brings Atlanta building to 100% occupiedATLANTA – Cousins Properties has signed a lease with AGL Resources for its new headquarters at the 260,000-square-foot Ten Peachtree Place. AGL Resources will occupy 17 floors, comprising 227,000...
Fitch Places Hotel First Mortgage 1993-A on Watch, Negative
June 7, 2002 CHICAGO – Fitch Ratings has placed Hotel First Mortgage Trust, 1993-A, on its rating watch negative list because the collateral properties have suffered from a decline in cash flow.The deal is comprised of a single...
Miami’s Brickell District Getting $180Mln Condo Tower
June 7, 2002 MIAMI – A partnership that includes Fortune International Development and Swire Properties, a subsidiary of Swire Pacific of Hong Kong, plans to build a $180 million condo tower in the city's Brickell district.Holliday Fenoglio Fowler...
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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.
