RECENT NEWS
One Liberty, Deutsche Venture Buy Movie Theater
May 1, 2002 A venture between One Liberty Properties Inc. (Amex:OLP), DB Real Estate and MTC Investors has paid $11.8 million for a 22-screen movie theater in Austell, Ga.The property, which has stadium-style seating, is occupied by Regal...
AvalonBay to Build 2 Properties Totaling $122.7Mln
April 30, 2002 ALEXANDRIA, Va. – AvalonBay Communities (NYSE:AVB) has begun construction on two apartment communities, one each in the Southern California and Washington, D.C., areas.Avalon at Glendale Court, in Glendale, Calif., in the Los Angeles area, will...
Fitch Withdraws Ratings on First Boston 1993-3
April 30, 2002 CHICAGO – Fitch has withdrawn its ratings on First Boston Mortgage Securities Corp., 1993-3, because class C has been paid in full.Classes A-1, A-2, B-1 and B-2 were previously paid in full. Fitch does not...
Mich. GM Plant Trades Hands for $15.5Mln
April 30, 2002 FLINT, Mich. – Kojaian Cos. has sold a General Motors single-tenant net-lease facility, which had been listed for sale for $15.5 million, or about $60/sf.David Richards and Paul Kerber of Marcus & Millichap's Detroit office...
Southcentral Regional Digest (4/30/02): Best Buy to Anchor SC Retail Center
April 30, 2002 Best Buy to anchor SC retail centerFLORENCE, S.C. – Pennsylvania Real Estate Investment Trust (NYSE:PEI) has inked a deal with Best Buy for a 32,504-square-foot store at the Magnolia Mall, a 579,244-sf single level center...
Fortress, Greenhill Recapitalize Troubled Tower Owner
April 30, 2002 SARASOTA, Fla. – Fortress Investment Group and Greenhill Capital Partners LLP have agreed to acquire Pinnacle Holdings Inc. through an equity infusion of up to $205 million, allowing the troubled operator of wireless communications towers...
First Industrial Lowers Estimates for 2002
April 30, 2002 Commercial Real Estate Direct Staff ReportCHICAGO – First Industrial Realty Trust (NYSE:FR) has lowered its projected 2002 funds from operations again because of delays it has encountered in leasing and selling properties.In addition, the REIT...
BofA Conduit, TIAA CDO Out
April 30, 2002 Commercial Real Estate Direct Staff ReportTwo new commercial mortgage securitizations have emerged this week for investors to consider, including a $500 million collateralized debt obligation from a couple of Teachers Insurance and Annuity Association entities....
Fitch Upgrades Lehman Structured Securities 1996-1
April 30, 2002 NEW YORK – FitchRatings has upgraded the $29 million class E-2 of Lehman Structured Securities Corp., 1996-1, to triple-A from double-B-plus.In addition, it affirmed the triple-A rating of the deal's $5.9 million class E-1.The rating...
Moody’s Upgrades Salomon Brothers, 2000-FL1
April 30, 2002 NEW YORK – Moody's Investors Service has upgraded two classes of Salomon Brothers Mortgage Securities VII Inc., 2000-FL1, because of increased subordination resulting from loan payoffs and amortization.The rating agency upgraded the deal's $10.6 million...
Mills to Buy Out Simon’s Interests in Malls for $430Mln
April 30, 2002 ARLINGTON, Va. – The Mills Corp. (NYSE:MLS) has agreed to buy the interest held by Simon Property Group (NYSE:SPG) in five properties they jointly own for $430 million.Mills will pay $175 million of cash and...
IRT Property Raises $33.3Mln From Stock Offering
April 30, 2002 ATLANTA – IRT Property Co. (NYSE:IRT) last night priced a public offering of 3 million common shares at $11.79/share, resulting in net proceeds to the REIT of $33.3 million.Salomon Smith Barney was sole bookrunning manager...
Cohen Financial Buys Acme Realty of Fla.
April 30, 2002 CHICAGO – Cohen Financial has acquired Acme Realty Funding Inc., a three-year-old mortgage brokerage firm in Fort Lauderdale, Fla.Acme was founded by Paul Whalen, a former Holliday Fenoglio Fowler executive, and Don Stevens, who was...
Moody’s Downgrades 3 Classes of Strategic Hotel, 2001-SHC
April 29, 2002 NEW YORK – Moody's Investors Services has downgraded three classes of Ten Affiliates of Strategic Hotel Capital LLC, 2001-SHC, because the value it places on the collateral pool has dropped by 10 percent.The deal is...
Prime Group Gets Offer from Dallas Investment Firm
April 29, 2002 CHICAGO – Prime Group Realty Trust (NYSE:PGE) said it has received an offer of $7.50 in cash plus 0.2 preferred shares of American Realty Investors Inc. (NYSE:ARL) for every outstanding common share of Prime Group...
Woody Heller Joins Insignia/ESG
April 29, 2002 NEW YORK – Woody Heller, a 21-year veteran of Jones Lang LaSalle's investment-sales operation, has joined Insignia/ESG Inc. as an executive managing director in the firm's Capital Advisors Group. Most recently, Heller was responsible for...
Teachers to Offer Chicago Tower; Seeks Broker
April 29, 2002 Teachers Insurance has apparently decided to market for sale the trophy office tower at 311 S. Wacker Drive in downtown Chicago.According to Crain's Chicago Business, the insurer is looking to hire a broker to market...
S&P Downgrades 2 Classes of Merrill Lynch, 1996-C2
April 29, 2002 NEW YORK – Standard & Poor's has downgraded two classes of Merrill Lynch Mortgage Investors Inc., 1996-C2, as a result of high delinquency levels and appraisal reductions in the collateral pool.The agency downgraded the deal's...
Southeast Regional Digest (4/29/02): Atlanta Biz Park May Get Seventh Tower
April 29, 2002 Peachtree Corners may get another office towerAtlanta Business ChronicleATLANTA – Developers of the Corners Office Park have plans for a seventh office building in the complex. The Corners is a string of office buildings sandwiched...
Canada Digest (4/29/02): Quebec Pension Fund Snaps Up Post-Sept. 11 Deals in U.S.
April 29, 2002 Caisse realty arm snaps up post-Sept. 11 dealsThe National PostMONTREAL (The Canadian Press) – Caisse de depot et placement du Quebec is hunting for cheap real estate deals in U.S. cities that were the most...
SSR Realty Pays $46.5Mln for Manhattan Apartments
April 29, 2002 NEW YORK – SSR Realty Advisors has paid $46.5 million for a recently constructed apartment building with 97 units in Manhattan's Murray Hill neighborhood.SSR bought the 22-story building, the Montrose, on behalf of an institutional...
Jacqueline Brady Joins GMAC Institutional as Investment Banker
April 29, 2002 HORSHAM, Pa. – GMAC Institutional Advisors has named Jacqueline V. Brady as vice president.Brady will serve as an investment banker on financing and capital markets transactions. She will also launch an effort to review commercial...
Calif. Group Nears Deal for Shuwa Debt
April 29, 2002 King Capital, a San Juan Capistrano, Calif., investor group, has apparently struck a deal to buy the debt on four Los Angeles properties owned by Shuwa Investment Corp.According to the Los Angeles Business Journal, the...
Brandywine Sees 2002 FFO of $2.72-$2.82/share
April 29, 2002 NEWTOWN SQUARE, Pa. – Brandywine Realty Trust (NYSE:BDN) estimates that its funds from operations for the year will be between $2.72 and $2.82/share – about $.03 cents more than the $2.69/share it reported for 2001.The...
Acadia Sells 17 Shopping Centers for $52.7Mln
April 29, 2002 NEW YORK – Acadia Realty Trust (NYSE:AKR) has sold a portfolio of 17 shopping centers for $52.7 million.The sale completes the shopping center REIT's disposition of non-core assets, though Acadia will be retaining a senior,...
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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.
