RECENT NEWS
Calif. Apartments Sell for $12.5Mln
April 22, 2002 UPLAND, Calif. – Pebble Grove Apartments has traded hands for $12.5 million, or $82,781/unit. The seller, a Southern California limited partnership called F & F Pebble Grove Associates, was represented by Douglas Froehlke, vice president...
Trizec Completes Sale of Carrier Hotel Company
April 22, 2002 TORONTO – TrizecHahn Corp. (NYSE:TZH) said it has completed the sale of its entire investment in Global Switch.Chelsfield PLC, a London company that had already owned 47.2 percent of the carrier-hotel company, was the buyer....
CAP REIT to Buy Three Residential Properties in Ontario
April 22, 2002 TORONTO – Canadian Apartment Properties Real Estate Investment Trust (TSE:CAR) has agreed to buy two apartment buildings from GWL Realty Advisors Inc. as well as a townhouse complex from a private owner. CAP REIT is...
AmeriVest Files 3Mln Share Offering
April 22, 2002 DENVER – AmeriVest Properties Inc. (NYSE:AMV) has registered to sell 3 million shares of its common stock.The lead underwriter for the offering is Ferris, Baker, Watts Inc. and the co-managers are Morgan Keegan & Co....
NorthStar-Controlled REITs Hire Lazard as Adviser
April 22, 2002 NEW YORK – Three REITs controlled by NorthStar Capital Investment Corp. have retained Lazard Freres & Co. as financial adviser to evaluate strategic alternatives.The three REITs, Shelbourne Properties I, II and III, were created from...
Pension Fund Adviser Buys Orange County, Calif., Offices
April 22, 2002NEWPORT BEACH, Calif. – A pension fund advised by American Realty Advisors has bought 4100 Newport Place, a class-A office building near the John Wayne International Airport, for about $44 million.TA Associates Realty sold the 189,450...
Fla. Apartment Complex Fetches $26Mln
April 19, 2002 SUNRISE, Fla. – The Isles at Sawgrass, a 368-unit apartment community at 673 Vista Isle Drive, has traded hands for $26 million, or $70,652/unit.Chicago-based Equity Residential Property Trust bought the property from West Palm Beach,...
Increased Leverage Prompts Downgrade of New Plan Excel Rating
April 19, 2002NEW YORK – Moody's Investors Service has downgraded New Plan Excel Realty Trust's senior unsecured debt rating to Baa2 from Baa1 because its recent $654 million acquisition of a portfolio of shopping centers will increase its...
Southeast Regional Digest (4/19/02): Builder Leaves 2 Ritz-Carlton Projects Near Miami
April 19, 2002 Builder leaves 2 Ritz-Carlton projects near MiamiMiami HeraldMIAMI – McCann Inc., developer of the Ritz-Carlton hotels in South Beach and Coconut Grove, has left both projects, halting construction at the half-finished South Beach resort and...
Lucent Downgrade Results in Hit on CMBS Deal
April 19, 2002 NEW YORK – Moody's Investors Service has downgraded five classes of GMAC Commercial Mortgage Securities Inc., 2002-LT, which relies in part on the debt ratings of Lucent Technologies Inc., which were downgraded recently.The deal is...
Northwestern Mutual Provides $18Mln Debt for Atlanta Apartments
April 19, 2002 ATLANTA – Northwestern Mutual has provided $18 million of fixed-rate financing for AMLI at Mill Creek, an apartment complex in Gwinnett County, Ga., that it owns in partnership with AMLI Residential Properties Trust (NYSE:AML).The financing...
Kojaian Agrees to Inject $15.2Mln Into Grubb & Ellis
April 19, 2002 NEW YORK – Kojaian Ventures LLC, one of the biggest owners of Grubb & Ellis Co. (NYSE:GBE), has agreed to invest an additional $15.2 million in the brokerage company.Grubb will use the capital to retire...
Holliday Fenoglio Arranges $18.3Mln Financing for NJ Offices
April 19, 2002 A Midwest life insurance company has provided $18.3 million of financing for 100 Southgate Parkway, a 150,000-square-foot office building in Morris Township, N.J.The financing was arranged by Holliday Fenoglio Fowler's Edison, N.J., office.The collateral property...
Norfolk, Va., Office Building Sells
April 19, 2002 NORFOLK, Va. – BGK Properties Inc. has bought Main Street Tower, a Class-A office building in downtown for an undisclosed amount.Neva Properties Ltd., represented by Jones Lang LaSalle, had reportedly been asking about $18 million...
Vornado Sets April 30 as Date to Foreclose Against Reschke
April 19, 2002 Commercial Real Estate Direct Staff ReportAn ongoing legal battle between Vornado Realty Trust (NYSE:VNO) and former Prime Group Realty Trust (NYSE:PGE) chairman, Michael W. Reschke, appears to be winding down at last.Vornado has set April...
Mass Mutual Sells NJ Office Building
April 19, 2002 SECAUCUS, N.J. – A local real estate investment firm has bought 300 Harmon Meadow Blvd., a six-story office building in the Harmon Meadow Corporate Campus.Ivy Equities of Montvale, N.J., beat out 18 other offers to...
Callahan Resigns from EOP, Zell Takes Over
April 19, 2002 CHICAGO – Sam Zell, the chairman of Equity Office Properties Trust (NYSE:EOP) has added the titles of president and chief executive as a result of the resignation of Timothy H. Callahan from those positions.Callahan, who...
Angelo Gordon, Provident Hire Carlton to Refinance Dallas Building
April 19, 2002 NEW YORK – A venture between Angelo Gordon & Co. and Provident Realty Advisors is looking for $28 million of floating-rate financing for the Webb@LBJ, a 370,000-square-foot office building in Dallas.The venture has retained Carlton...
Southeast Regional Digest (4/18/02): Law Firm Renews Lease at One Atlantic Center
April 18, 2002 Holland & Knight renews at One Atlantic CenterAtlanta Journal-ConstitutionATLANTA – Holland & Knight's Atlanta office isn't going anywhere, at least for the next decade. The law firm signed a 10-year renewal for about 74,000 square...
Irish Co. Buys UK Portfolio for $180Mln
April 18, 2002 UNITED KINGDOM – Tiger Development has completed its purchase of a portfolio of 55 properties totaling 1 million square feet for about $180 million from clients of Credit Suisse Property Investment Management.The portfolio consists of...
Hines to Sell Dallas Galleria Mall, Hotel
April 18, 2002 DALLAS – Hines has retained Holliday Fenoglio Fowler to sell the retail and hotel portions of the 3.8 million-square-foot Galleria, its mixed-use complex that sits on a 42-acre tract in North Dallas.The portion of the...
PRICE TALK: $684.9 Mln Salomon Bros. Mortgage Securities VII Inc./CDC Securitization Corp. 2002-CDC
April 18, 2002 Class Amount Sub. rate Rating S&P Rating Fitch Rating Moody's Avg. Life Price Talk Benchmark A-1 280 31.8 AAA AAA Aaa 1.6 +30 area Libor A-2 187.2 31.8 AAA AAA Aaa 2 +35 area Libor...
PRICE TALK: $805.4 Mln J.P. Morgan Chase Commercial Mortgage Securities Corp., 2002-CIBC4
April 18, 2002 Class Amount Sub. Rate Rating Fitch Rating Moody's Avg. Life Price talk Benchmark A-1 55 22 AAA Aaa 2.75 +35-37 Swaps A-2 165 22 AAA Aaa 7 +42-44 Swaps A-3 408.2 22 AAA Aaa 9.67...
Md. Office Building Coming to Market
April 18, 2002 By Susanna Potter, Commercial Real Estate Direct Staff WriterAerospace Building, a nine-story office building in Seabrook, Md., that was extensively renovated, has hit the market.Minshall Stewart Properties, an investment firm based in Bethesda, has hired...
United Dominion Pays $19.7Mln for Va. Apartments
April 18, 2002 ARLINGTON, Va. – United Dominion Realty Trust Inc. (NYSE:UDR) has paid $19.7 million for Wakefield Towers, a 218-unit apartment community.The $90,367/unit price represents a capitalization rate, or initial yield, of 7.8 percent, based on 2002...
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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.
