RECENT NEWS
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...
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...
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...
Year-old Aussie CMBS Deal Adds 2 New Tranches
April 18, 2002 Deutsche Bank and the Australia and New Zealand Banking Group are issuing two more tranches of notes to supplement last year's Mirvac Capital Pty. Ltd 2001-1 deal, an Australian dollar-denominated deal originally A$500 million (US$266...
McCracken Hires Shaun Brady to Develop Data Product
April 18, 2002 BILLERICA, Mass. – McCracken Financial Software Inc. has hired Shaun Brady, the former executive director of the Multifamily Housing Institute, to develop a commercial real estate information operation.McCracken, an affiliate of GMAC Commercial Mortgage, provides...
Wells REIT Pays $10.5Mln for Denver Build-to-Suit Office
April 17, 2002 DENVER – Wells Real Estate Investment Trust has paid $10.5 million, or about $153/sf, for a new class-A office building that is fully leased to Travelers Express Co. through 2012.The 68,850 square-foot building was completed...
Simon Property Promotes Gary Lewis to Executive VP of Leasing
April 17, 2002 INDIANAPOLIS – Simon Property Group (NYSE:SPG) has promoted Gary Lewis to executive vice president of leasing, replacing James A. Napoli who left to spend more time with his family.Lewis will direct the company's leasing process...
Simon Property Refinances $1.25Bln Credit Facility
April 17, 2002 INDIANAPOLIS – Simon Property Group, Inc. (NYSE:SPG) has refinanced its $1.25 billion unsecured credit facility with a group of lenders led by J.P. Morgan Chase and Bank of America.The facility now matures April 2005, but...
MetLife Sells Conn. Offices for $221/sf
April 17, 2002 Metropolitan Life has sold a portfolio of four office buildings in Westport, Conn., for $26.5 million, or nearly $221/sf.The properties, which total 120,000 square feet, were acquired by Westport 4 Real Estate LLC, a local...
Southeast Regional Digest (4/17/02): Developer Proposes Complex on 168 Acres in Fla.
April 17, 2002 Developer proposes complex on large Pines tractSun-SentinelPEMBROKE PINES, Fla. – Arthur D. Weiss – who owns the 168 acres east of Interstate 75 between Pines Boulevard and Pembroke Road that is zoned for a mix...
Aegon Provides $19Mln Floater for Dallas Office Tower
April 17, 2002 DALLAS – Aegon USA Realty Advisors has provided $19 million of floating-rate financing for a 16-story office tower within the city's Preston Center.Joseph Hevey Jr. of Holliday Fenoglio Fowler's Dallas office arranged the three-year financing...
Equity One Names David W. Briggs as CAO
April 17, 2002 MIAMI – Equity One (NYSE:EQY) has named David W. Briggs as chief accounting officer.Prior to joining, Briggs served as vice president of management accounting for Westfield America, a REIT that owns interests in 39 major...
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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.
