RECENT NEWS
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.,...
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...
Vornado Acquires Prime Group Units at Foreclosure Auction
May 2, 2002 After months of legal battling, Vornado Realty Trust (NYSE:VNO) has acquired 7.9 million partnership units of Prime Group Realty LP, the operating partnership of Prime Group Realty Trust (NYSE:PGE), at a foreclosure auction held yesterday.The...
FINAL PRICING: $918.1 Mln Credit Suisse First Boston Mortgage Securities Corp., 2002-CKN2
May 2, 2002 Class Amount Sub. Rate Rating S&P Rating Moody's Avg. Life Price talk Priced Benchmark A-1 45.7 18.5 AAA Aaa 2.5 +34 area +34 Swaps A-2 130.2 18.5 AAA Aaa 7.5 +43-44 +43 Swaps A-3 572.4...
CSFB Conduit to Price Thursday
May 1, 2002 The current $918.1 million Credit Suisse First Boston Mortgage Securities Corp. conduit CMBS deal is set to price tomorrow around noon, market sources say.The deal was brought to market and underwritten with Lehman Brothers, and...
Philips Hotel Seeks Equity Partner for Upscale South Beach Hotel
May 1, 2002 NEW YORK – Philips Hotel Group is looking for a preferred equity partner for its Shore Club Hotel and Spa, an upscale and trendy hotel in Miami's South Beach area.Philips, which has retained Carlton Group...
Hilton Hotels Buys Remaining Stake in Hawaiian Resort for $155Mln
May 1, 2002 WAIKOLOA, Hawaii – Hilton Hotels Corp. (NYSE:HLT) has purchased the Hilton Waikoloa Village, a 1,241-key resort property, in which it had already owned a 13 percent interest, for about $155 million.Hilton, which already managed the...
Real Estate Roundtable Urges Congress to Continue Deductions for Cleanup Costs
May 1, 2002 WASHINGTON – The Real Estate Roundtable yesterday urged Congress to make permanent a temporary tax code provision that allows property owners to deduct environmental cleanup costs in the year they are incurred."Expensing helps real estate...
Prime Group to Sell Properties to Blackstone for $133.3Mln
May 1, 2002 CHICAGO – Prime Group Realty Trust (NYSE:PGE) has agreed to sell nine suburban Chicago office properties totaling 1.4 million square feet to Blackstone Real Estate Advisors LP for $133.3 million.Blackstone is assuming $113 million of...
PRICE TALK: $208.3 Mln CAM Commercial Mortgage Corp. 2002-CAM2 (Conning, Salomon)
May 1, 2002 Seasoned loans and $27.8 million of BBB- rated CMBS certificates. Class Amount Sub. Rate (%) Rating S&P Rating Moody's Avg. Life Price Talk Benchmark A1 40 18 AAA Aaa 2.5 +34 area Swaps A2 130.8...
Moody’s Affirms 1999 Strategic Hotel CMBS Deal
May 1, 2002NEW YORK – Moody's Investors Services has affirmed the ratings of Seven Affiliates of Strategic Hotel Capital Inc., 1999-C1.The affirmation comes just a week after the rating agency downgraded another deal backed by loans on Strategic...
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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.
