RECENT NEWS
Sale of Philly’s 11 Penn Center Closes
May 15, 2002PHILADELPHIA – Thomas Properties Group has closed on its purchase of 11 Penn Center, a 29-story, Class-A office tower in downtown Philadelphia.The adviser bought the 685,000-square-foot building at 1835 Market St. on behalf of a pension...
Rockresorts Names Michael Shindler as VP of Development
May 15, 2002 DENVER – Rockresorts International LLC has named Michael C. Shindler vice president of development – a position in which he will be responsible for identifying and negotiating the acquisition of company portfolios and individual hotels.Rockresorts...
PREIT Refinances Debt on Pa. Apartments
May 15, 2002 Commercial Real Estate Direct Staff ReportCAMP HILL, Pa. - Pennsylvania Real Estate Investment Trust has placed a $12.8 million mortgage on its 300-unit apartment complex on November Drive.The 10-year loan, which carries a 7.02 percent...
Beacon Capital Closes $84.5Mln Office Purchase in DC
May 15, 2002 WASHINGTON – Beacon Capital Partners has completed its purchase of 2445 M St. N.W., a nine-story office building in Washington's West End submarket.The Boston-based firm, agreed earlier this year to buy the Class-A office building...
ING Provides $14.5Mln for Houston Office Buildings
May 14, 2002 HOUSTON – ING Investment Management has provided $14.5 million for a pair of office buildings totaling more than 300,000 square feet in the northwest section of the city.Grady Roberts, senior managing director of Holliday Fenoglio...
S&P Raises Ratings on Morgan Stanley 1998-WF2
May 14, 2002 NEW YORK – Standard & Poor's has upgraded nine classes of Morgan Stanley Capital I Inc., 1998-WF2, because of the improved performance of the deal's mortgage collateral and an increase in subordination levels.The loan pool...
Correctional Properties Sells Louisiana Facility for $15.5Mln
May 14, 2002Correctional Properties Trust (NYSE:CPV) has agreed to sell the Jena Juvenile Justice Center to the State of Louisiana for $15.5 million.Proceeds from the sale eventually will be used for new acquisitions.In addition, Wackenhut Corrections Corp. (NYSE:WHC),...
Allied Capital Invested $19.3Mln in CMBS in 1st Qtr
May 14, 2002 Commercial Real Estate Direct Staff ReportAllied Capital Corp. (NYSE:ALD) said that it invested $19.3 million in CMBS during the first quarter.The Washington company, among a handful of active players in the B-piece market, had purchased...
LNR Bought $47.1Mln of Bonds in 1st Qtr
May 14, 2002 Commercial Real Estate Direct Staff ReportLNR Property Corp. (NYSE:LNR) said it bought $47.1 million of CMBS during the three months ended Feb. 28. The company, whose fiscal year ends Nov. 30, is among the market's...
GE Completes Purchase of Security Capital
May 14, 2002 STAMFORD, Conn. – GE Capital has completed its purchase of Security Capital Group Inc. (NYSE:SCZ).The transaction is valued at $4 billion.Comments? E-mail Christina Caprio, or call her at (267) 247-0112, Ext. 214.
Essex Sells Marbrisas Apartments in Calif. for $69Mln
May 14, 2002 CHULA VISTA, Calif. – Essex Apartment Value Fund, an entity of Essex Property Trust (NYSE:ESS), has sold the 500-unit Marbrisas apartment community for about $69 million.As part of the transaction, the buyer assumed $40 million...
Boykin’s 1st Qtr RevPAR Falls 16%
May 14, 2002 Revenue per available room for Boykin Lodging Co.'s (NYSE:BOY) 33 hotels fell 16 percent in the first quarter of 2002 to $50.21/room.The drop in revPAR was the result of a seven point drop in occupancy,...
GE Financial Provides $28.5Mln for Tenn. Industrial Portfolio
May 14, 2002 LA VERGNE, Tenn. – GE Financial Assurance has provided $28.5 million of fixed-rate financing for a portfolio of three industrial buildings within the Mid South Logistec Center in this submarket of Nashville.Holliday Fenoglio Fowler's Boca...
Southeast Regional Digest (5/14/02): Methodist Church Buys Foreclosed Atlanta Campus for $7.6Mln
May 14, 2002 Methodist church buys foreclosed campus in AtlantaAtlanta Journal-ConstitutionATLATNA – The Ben Hill United Methodist Church has purchased the former Delta corporate campus near the Greenbriar Mall for about $7.6 million. Lehman Brothers, which foreclosed on...
Lend Lease to Sell UK Retail Project for $427Mln
May 14, 2002 Lend Lease Corp. has agreed to sell its Chapelfield project, a planned redevelopment of an old Nestle factory in Norwich, U.K., into a mixed-use retail project.Capital Shopping Centres PLC, a subsidiary of Liberty International PLC,...
NAREIT Says Lack of Terror Coverage Has Big Effect on Market
May 14, 2002 The current inability of property owners to secure affordable terrorism insurance is having a profound impact on the real estate sector. So says the National Association of Real Estate Investment Trusts in response to a...
Equity One Buys San Antonio, Texas, Shopping Center for $18.8Mln
May 14, 2002 SAN ANTONIO, Texas – Equity One (NYSE:EQY) has completed its purchase of the Village at Blanco shopping center for $18.8 million.The 108,325-square-foot property is anchored by a 74,627-sf H-E-B supermarket and also includes Starbucks and...
Mack-Cali Sells Dallas Buildings for $34Mln
May 14, 2002 CRANFORD, N.J. – Mack-Cali Realty Corp. (NYSE:CLI) has sold four Dallas office properties for $34 million, or $69.50/sf.The properties were sold to Brookview Properties LP, whose principals include Paul A. Nussbaum, a former Mack-Cali director...
FINAL PRICING: $1.06 Bln iStar Asset Receivables Trust, 2002-1
May 14, 2002 Class Amount Sub. rate Rating Fitch Rating Moody's Avg. Life Final Pricing Benchmark A-1 250 40.75 AAA Aaa 1.5 +26 Libor A-2 381.4 40.75 AAA Aaa 4.9 +38 Libor B 39.96 37 AA+ Aa1 8.05...
Macfarlan Pays $13.5Mln for Colo. R&D Facility
May 14, 2002 BOULDER, Colo. – Macfarlan Real Estate Investment Management has paid $13.5 million for Arapahoe Park East, a 129,400-square-foot research and development complex.The five-building complex, which is triple-net leased to two tenants, was purchased from Teachers...
Fitch Upgrades 1 Class of Merrill Lynch 1995-C1
May 14, 2002 NEW YORK – FitchRatings has upgraded Merrill Lynch Mortgage Investors Inc., 1995-C1, because loan payoffs and amortization have resulted in higher subordination levels.The rating agency upgraded the deal's $17.3 million class E to single-A from...
Miami Apartments Sell for $10.2Mln
May 14, 2002 MIAMI – The Club Kendall Apartments complex was purchased for $10.2 million, or $57,670/unit, by BF at Club Kendall LLC.The Class-B apartments at 9950 North Kendall Drive, southwest of downtown Miami, consist of 176 units...
Related Provides $24Mln for Ga. Apartments
May 13, 2002 SAVANNAH, Ga. – Related Capital Co. has provided $24 million of debt and equity financing for The Oaks at Brandlewood, an affordable housing complex that Capitol Development Group is constructing.Related provided $9.9 million of equity...
Southeast Regional Digest (5/13/02): Diversified Property Plans $120Mln Industrial Project in Atlant
May 13, 2002 Diversified plans 4Mln-sf park in HenryAtlanta Journal-ConstitutionATLANTA – Diversified Property Group and White Oak Investment plan to develop a $120 million industrial park on Ga. 155, about a half-mile from the defunct Amazon distribution center....
Hilton Team Wins Rights to Build San Diego Hotel
May 13, 2002 By Orest Mandzy, Commercial Real Estate Direct Managing EditorThe team of Hilton Hotels Corp. and Portman Holdings has been selected to construct a 1,200-unit hotel next to the San Diego Convention Center.The Hilton/Portman team beat...
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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.
