RECENT NEWS
Southeast Regional Digest (5/30/02): CBL Starts Construction on Retail Center in Fla.
May 30, 2002 CBL starts construction on retail center in Fla.ST. AUGUSTINE, Fla. – CBL & Associates Properties has begun construction on the 305,000-square-foot retail center here. The Cobblestone Village, which is scheduled to open in spring 2003,...
Developers Diversified Increases Credit Line to $650Mln
May 30, 2002 CLEVELAND – Developers Diversified Realty (NYSE:DDR) has increased its unsecured credit facility to $650 million from $550 million and extended its term by two years and now matures May 30, 2005.The new facility carries a...
RFS Offering Shares to Buy Back Series B Preferred Stock
May 30, 2002 MEMPHIS, Tenn. – RFS Hotel Investors (NYSE:RFS) is offering 2 million common shares at $12.35/share.Proceeds of $24.7 million will be used to repurchase all the company's series B preferred stock, which is valued at $25.9...
Camden Prices $150Mln of Senior Unsecured Notes
May 30, 2002NEW YORK – Camden Property Trust has priced $150 million of 5.875 percent senior unsecured notes due June 1, 2007.The five-year notes were priced at 155 basis points over Treasurys. The notes are rated Baa2 by...
First Washington Hires Eric Ross
May 30, 2002 BETHESDA, Md. – Eric Ross, a managing director in the real estate capital markets group at Andersen Corporate Finance LLC, has been named managing director of First Washington Realty Inc.At his new post, Ross will...
Moody’s Puts Bell Canada Notes on Review
May 30, 2002 NEW YORK – Moody's Investors Service has placed two lease-backed notes involving Bell Canada obligations under review for possible downgrade.The deals are Merrill Lynch Mortgage Loans Inc., 2000-BMCC, and Merrill Lynch Financial Assets Inc., 2002-BC2P,...
Entertainment Properties Prices $57.5Mln Shares
May 30, 2002 KANSAS CITY, Mo. – Entertainment Properties Trust (NYSE:EPR) has priced $57.5 million of series A cumulative redeemable preferred shares.The 2.3 million shares have a $25 liquidation preference per share and will pay 9.5 percent annually....
Equity Office Buys DC Offices, Sells Alaska Property
May 29, 2002Equity Office Properties Trust (NYSE:EOP) has paid $37.4 million for 1627 Eye Street N.W. in downtown Washington, D.C.The Chicago REIT bought the 170,000-square-foot building, which is commonly referred to as the Army and Navy Club Building,...
General Growth Completes Victoria Ward Buy
May 29, 2002CHICAGO – General Growth Properties Inc. (NYSE:GGP) has completed its $250 million acquisition of Victoria Ward Ltd., which owns some prime property in Hawaii.The Chicago REIT had earlier said it would fund its acquisition with $50...
Brandywine Names Chris Marr as CFO
May 29, 2002 PLYMOUTH MEETING, Pa. – Brandywine Realty Trust (NYSE:BDN) has named Chris Marr as senior vice president and chief financial officer.Marr joins the REIT from Storage USA, where he served as chief financial officer.Comments? E-mail Christina...
JP Morgan Provides $11.2Mln for San Antonio Retail Centers
May 29, 2002 SAN ANTONIO, Texas – J.P. Morgan Mortgage Capital has provided $11.2 million in fixed-rate financing for a pair of retail centers in the southwest and southcentral section of the city.Jeff Knowles of Holliday Fenoglio Fowler's...
CB Richard Ellis Corporate Partners Sells Vegas Building for $10.6Mln
May 29, 2002LAS VEGAS – CB Richard Ellis Corporate Partners has sold a 43,480-square-foot office building for $10.6 million, or $243.79/sf, to El Adobe Trust.The building is at 2724 N. Tenaya Way is the corporate headquarters site of...
Southeast Regional Digest (5/29/02): Miami’s Victor Hotel Getting $60Mln Makeover
May 29, 2002Victor Hotel in Miami to be restored to 91-key HyattMiami HeraldMIAMI – The Victor Hotel, which sits next to Miami Beach's Versace mansion and has lain near ruin for 18 years, will become a 91-room, $60...
Mills Corp. Secures $175Mln Corporate Credit Facility
May 29, 2002ARLINGTON, Va. – The Mills Corp. (NYSE:MLS) has closed on a three-year $175 million credit facility, which refinances an existing $75 million unsecured facility.The facility now matures in May 2005, with interest rates currently at 250...
Canada Digest (5/29/02): Cadillac-Fairview Shops 5 Malls in Canada
May 29, 2002Cadillac-Fairview shops 5 malls in CanadaFinancial Post TORONTO – Cadillac-Fairview Corp. is looking to sell a portfolio of five properties valued around C$250 million (US$163 million), in what sources say is a pruning of non-core assets...
WP Carey Buys Calif. HQ Building for $13.5Mln
May 29, 2002IRVINE, Calif. – W.P. Carey & Co. (NYSE:WPC) has acquired a 99,000-square-foot office building in a sale-lease back transaction for $13.5 million from Racal Instruments.Under the terms of the sale-leaseback, Racal Instruments' global headquarters – which...
Morgan Stanley Fund Faces Tax Penalties in Japan
May 29, 2002Morgan Stanley Real Estate Funds faces a penalty of 6 billion yen ($48 million) for taxes owed on profits it generated from its investments in Japan.According to Agence France Presse, which cited Japanese newspaper Yomiuri Shimbun,...
Calif. Apartments Sell for $14Mln
May 29, 2002FULLERTON, Calif. – Fowler, Shore & Flanagan has sold a 136-unit apartment complex to Granite Investment Group for $14 million, or $102,941/unit. The property, Lake Apartments, sits on 4.48 acres at 2800 Madison Ave. in Fullerton,...
Harbor Group Pays $47.4Mln for 3 Midwest Apartments
May 28, 2002Harbor Group International has purchased a portfolio of three apartment communities, totaling 992 units, in Indiana and Ohio, for $47.4 million.The Norfolk, Va.-based firm bought the Class-A properties from the State of Wisconsin Investment Board and...
Related Provides $28.5Mln for Apartments in Texas, Colo.
May 28, 2002NEW YORK – Related Capital Co. has provided $28.5 million of debt and equity to Southwest Housing Development for three apartment complexes it is building.Related provided $13.3 million of equity for properties in Harlingen and Brownsville,...
Archstone-Smith to Sell $422.7Mln of Debt Securities
May 28, 2002WASHINGTON – Archstone-Smith (NYSE:ASN) plans to sell $422.7 million of debt securities.Proceeds from the offering will be used to develop and invest in additional apartment communities and to repay debt as well as for working capital...
JV to Buy DC Office Building for Future Redevelopment Play
May 28, 2002WASHINGTON – Bresler & Reiner Inc. (OTCBB:BRER) and the Kaempfer Co. are teaming to buy 1925 K St. N.W., a 148,364-square-foot office building on a prime corner in downtown.B & R will own 85 percent of...
LaSalle Bank Provides Nearly $10Mln for Health Care Property Portfolio
May 28, 2002OHIO – LaSalle Bank has provided roughly $10 million in financing for the purchase of the Gaitanaros Health Care portfolio.A private nursing home operator purchased the three-property package for about $16.3 million.The portfolio consists of three...
Hilton Sells Harrison Conference Centers for $55Mln to Aramark
May 28, 2002BEVERLY HILLS, Calif. – Hilton Hotels Corp. (NYSE:HLT) has agreed to sell its Harrison Conference Center and University Hotel portfolio to Aramark (NYSE:RMK) for about $55 million in cash.The transaction includes two owned, two leased and...
Bridge Partners Sells Calif. Apartments for $18.3Mln
May 28, 2002SANTA ROSA, Calif. – Bridge Partners has sold the Evergreens and Mountain View apartment complexes for roughly $18.3 million, or $84,491/unit, to Fowler Flanagan Partners.The transaction included the assumption of an existing HUD loan, which represented...
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