RECENT NEWS
Staubach Helps Fleming Foods with $30Mln Sale-Leaseback Deal
May 6, 2002 DALLAS – Cypress Equities, the development/acquisition arm of Staubach Retail Services, has, on behalf of Fleming Foods, bought six grocery stores in the Dallas-Fort Worth area from Brookshire Grocery Co. of Tyler. The stores, valued...
Principal Capital Names New Real Estate Equity Head
May 6, 2002 DES MOINES, Iowa – Principal Capital Real Estate Investors, an affiliate of Principal Capital, has named Frank Schmitz president of its real estate equity group.Effective July 1, Schmitz will manage the firm's $5.6 billion real...
Center Trust Shuffles Executive Management Roles
May 6, 2002 MANHATTAN BEACH, Calif. – Center Trust Inc. (NYSE:CTA) has realigned its executive team and made two key executive promotions.Edward D. Fox will relinquish his title as president but continue to serve as chairman of the...
Investor Buys Massive Montreal Apartment Portfolio
May 6, 2002 CALGARY – Boardwalk Equities Inc., a large Canadian owner of apartment properties, has paid C$180.2 million (US$115.2 million) for a portfolio of 3,100 units outside of Montreal's downtown.The properties, on Nunss Island, are comprised of...
ProLogis Buys 1.8Mln sf of French Warehouses
May 6, 2002 PARIS – ProLogis (NYSE:PLD) said its ProLogis European Properties Fund has purchased four industrial properties, totaling 1.8 million square feet, in France.The company did not disclose a purchase price. It said the properties are leased...
HypoBank Provides $75Mln Facility to Shelbourne REITs
May 6, 2002 NEW YORK – Bayerische Hypo-und Vereinsbank AG has led a syndicate that provided a $75 million secured revolving credit facility to Shelbourne Properties I, II and III Inc., three REITs that are controlled by NorthStar...
So. Calif. Apartment Complex Fetches $15.3Mln
May 3, 2002 CYPRESS, Calif. – Western National, a Southern California-based investment group, has paid $15.25 million, or about $95,313/unit, for the Arbor Court Apartments in this Orange County city.John Walsh of Marcus & Millichap's Encino, Calif., office...
Federal Realty Sells 3 More Properties Under Asset Sale Plan
May 3, 2002 ROCKVILLE, Md. – Federal Realty Investment Trust (NYSE:FRT) has sold three properties – two in Westport, Conn., and another in Westfield, N.J., for $19.2 million.As a result of these sales, Federal Realty will record a...
Moody’s Reviews 3 Classes of COMM 2000-FL2 for Downgrade
May 3, 2002NEW YORK – Moody's Investors Service is reviewing three classes of COMM, 2000-FL2, for possible downgrade.The three classes totaling $3.9 million of balance are supported solely by the Whitehall portfolio loan, which is secured by four...
S&P Places Heritage Property’s Ratings on Credit Watch Positive
May 3, 2002 NEW YORK – Standard & Poor's has placed its ratings on Heritage Property Investment Trust and Bradley Operating LP on credit watch with positive implications following the REIT's successful initial public offering, which resulted in...
Southeast Regional Digest (5/3/02): Plastic Surgeon to Build $97Mln Condo Project
May 3, 2002 $97Mln condo project set for St. Petersburg, Fla.St. Petersburg (Fla.) TimesST. PETERSBURG, Fla. – Retired plastic surgeon John M. Hamilton has received city approval to build a $97 million 200-unit condo project on the 400...
MeriStar, Interstate to Merge in $68Mln Deal
May 3, 2002WASHINGTON – MeriStar Hotels & Resorts (NYSE:MMH) and Interstate Hotels Corp. (Nasdaq:IHCO) have agreed to merge in a deal valued at $68 million.The combined company, to be named Interstate Hotels Corp., will have a market capitalization...
Health Care REIT Promotes Raymond W. Braun to President
May 3, 2002 TOLEDO, Ohio – Health Care REIT (NYSE:HCN) has promoted Raymond W. Braun, executive vice president and chief financial officer, to president.He will maintain his responsibilities as chief financial officer.Braun joined the company in 1993, serving...
Holliday Fenoglio Arranges $12.8Mln Financing for Md. Offices
May 3, 2002 GREENBELT, Md. – Praedium Opportunity Fund has received $12.8 million of financing from a Midwest Bank for Maryland Corporate Center, a 223,000-square-foot office property in Greenbelt, Md.The financing was arranged by Tom Didio of Holliday...
Aimco Revises 2nd Qtr and 2002 FFO Projections
May 3, 2002DENVER – Apartment Investment and Management Co. (NYSE:AIV) has revised its second quarter and 2002 funds from operations due to the slowing economy.Aimco expects FFO for the second quarter to be $1.25 to $1.30/share and FFO...
Bank Pays US$527/sf for Sydney Office Building
May 3, 2002 SYDNEY, Australia – Macquarie Bank Group has bought No.1 Martin Place, a newly built, Class-A office building in downtown Sydney for A$426.25 million (US$230 million), or about A$977/sf (US$527/sf).Macquarie Office Trust and a newly formed...
Prologis Teams With Australian Bank for New Property Fund
May 3, 2002 Commercial Real Estate Direct Staff ReportProLogis is teaming with an Australia-based bank to form a North American industrial property fund with an initial capitalization of $177 million.Macquarie Bank (ASX:MBL) has contributed $48.4 million of equity,...
Camden Buys 2 Fla. Multifamily Communities for $70.2Mln
May 3, 2002 Commercial Real Estate Direct Staff ReportTAMPA, Fla. – Camden Property Trust (NYSE:CPT) has purchased two apartment properties in during the first quarter for $70.2 million.One of the communities purchased was the 454-unit Camden Ybor City,...
Canada Digest (5/2/02): TrizecHahn REIT Gets Cold Shoulder
May 2, 2002 TrizecHahn REIT gets cold shoulderThe Financial Post TORONTO – While shareholders are backing TrizecHahn Corp.'s (NYSE:TZH) plan to covert itself into a REIT, the market still needs convincing. The company's shares lost about 10 percent...
Mass. Shopping Center Sells for $10.3Mln
May 2, 2002 Capwell Lawrence LLC has paid $10.3 million for Plaza 114, a 104,000-square-foot shopping center at the intersection of Route 114 and 28 in Lawrence, Mass.Capwell is an affiliate of Albemarle Equities and Goldstein Associates. The...
CBL Buys Waco, Texas, Mall for $43.5Mln
May 2, 2002 WACO, Texas – CBL & Associates Properties (NYSE:CBL) has purchased a 724,663-square-foot mall at the intersection of U.S. Highways 6 and 84 for $43.5 million.Richland Mall is expected to generate an initial return of 10.3...
Vornado Secures $200Mln in Terrorism Insurance for NYC Offices
May 2, 2002Commercial Real Estate Direct Staff ReportVornado Realty Trust (NYSE:VNO) has obtained $200 million of terrorism insurance coverage for its New York City office portfolio.The coverage, secured in March, is separate from the REIT's comprehensive liability and...
Realty Income Expects 2002 FFO/Share to Increase 6%
May 2, 2002Commercial Real Estate Direct Staff ReportRealty Income Corp. (NYSE:O) projects 2002 funds from operations to climb to $2.80-$2.82/share from last year's $2.66/share.The company, which owns 1,124 properties net leased to retail chains, aims to structure its...
Antonio Bismonte to Leave TrizecHahn
TORONTO – Antonio Bismonte, executive vice president for leasing and operations of TrizecHahn Corp. (NYSE:TZH), is resigning to pursue other interests as his position has been eliminated in Trizec Properties – the publicly traded U.S. REIT to be...
Banyan Sells Atlanta-area Retail Center for $20.5Mln
May 2, 2002TUCKER, Ga. – Banyan Strategic Realty Trust (Nasdaq:BSRTS) has agreed to sell the Northlake Tower Festival Mall near Atlanta to West Coast Realty Investors Inc. for $20.5 million.The property, a 322,000-square-foot power center in Tucker, Ga.,...
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