RECENT NEWS
Southeast Regional Digest (5/6/02): Grubb & Ellis Atlanta Chief Lacks Real Estate License
May 6, 2002 Grubb chief's lack of license spurs some talkAtlanta Journal-ConstitutionATLANTA – The man hired to stabilize the local Grubb & Ellis office might end up causing another flap at the services firm. Wayne Etheridge, hired this...
Joseph Accurso Joins Greenwich Capital
May 6, 2002 GREENWICH, Conn. – Joseph Accurso, a project loan trader with Merrill Lynch, has joined Greenwich Capital Markets as vice president handling the trading of Ginnie Mae and FHA project loans and securities.Accurso was part of...
PRICE TALK: $1.124Bln Banc of America Commercial Mortgage Inc., 2002-PB2
May 6, 2002 Class Amt ($mln) Sub. Rate (%) Rating Moody's Rating S&P Avg. Life Price Talk Bench mark A-1 63.2 22.5 Aaa AAA 2.5 +34 area Swaps A-2 172.1 22.5 Aaa AAA 5.75 +42 area Swaps A-3...
RioCan, Kimco JV Paying C$133Mln for 3 Canada Shopping Centers
May 6, 2002 A joint venture between RioCan REIT (TSE:REI) and Kimco Realty Corp. (NYSE:KIM) is buying three shopping centers in Canada for C$133 million (US$84.8 million).The venture has bought Strawberry Hill Shopping Centre in Surrey, British Columbia,...
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...
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,...
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...
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.,...
United Dominion Sells Memphis, Tenn., Portfolio for $38.7Mln
May 2, 2002MEMPHIS, Tenn. – United Dominion Realty Trust (NYSE:UDR) has sold a portfolio of 950 apartment homes here for $38.7 million to an undisclosed buyer.The sales price represents a capitalization rate, or initial yield, of 8.3 percent.The...
Prudential Mortgage Capital Provides $21.6Mln Loans for Ga. Apartments
May 2, 2002ATLANTA – Prudential Mortgage Capital Co. has provided two loans totaling$21.6 million for Alternative Housing LLC and Alternative Housing Longleaf LLC.The permanent financing, which was originated through the company's FHA lending arm, was used to rehabilitate...
Sizeler Completes Exchange Offer
May 2, 2002NEW ORLEANS – Sizeler Property Investors (NYSE:SIZ) has completed the exchange offer for its outstanding 8 percent convertible subordinated debentures due July 15, 2003.J.P. Morgan Trust Co. was the exchange agent, while Cohen & Steers Capital...
$1.1Bln iStar Financial Floater From Deutsche, Lehman Out
May 2, 2002Commercial Real Estate Direct Staff ReportA floating-rate CMBS deal by underwriters Deutsche Bank and Lehman Brothers is currently in the market, with the two in the midst of – or just concluding – a road show.The...
Southeast Regional Digest (5/2/02): Cousins CEO Comments on John Murphy Departure
May 2, 2002 Bell comments on Murphy's departure from CousinsAtlanta Journal-ConstitutionATLANTA – Cousins Properties Chief Executive Tom Bell shed light on why John Murphy left the firm last month. "He felt like he was getting a little bit...
Sunrise Assisted Living Forms JV to Develop Properties in Germany, UK
May 2, 2002 GERMANY – Sunrise Assisted Living (NYSE:SRZ) has agreed to form a joint venture to develop assisted-living properties in Germany and United Kingdom with Pricoa Property Private Equity Ltd., the European real estate arm of Prudential...
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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.
