RECENT NEWS
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...
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...
Final Boutique Hotel Sold in Six-Property Portfolio
April 17, 2002 UBS Warburg has sold the last hotel in a six-property portfolio it put on the market through Jones Lang LaSalle Hotels.Not On Cannery Row LLC, a consortium of San Francisco based investors, paid about $15.8...
Candlewood Gets $55Mln Financing from GMAC
April 17, 2002 WICHITA, Kan. – Candlewood Hotel Co. (Nasdaq:CNDL) has received a $55 million mortgage from GMAC Commercial Mortgage. The loan, which allowed the hotel company to refinance its remaining short-term debt, carries a three-year term with...
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...
Prime Hospitality to Offer $200Mln of Senior Notes
April 16, 2002 NEW YORK – Prime Hospitality Corp. (NYSE:
Canada Digest (4/16/02): Fortis Properties Buys Kings Place in New Brunswick
April 16, 2002 Fortis Properties buys Kings Place in New BrunswickFREDERICTON, New Brunswick – Fortis Properties Corp. has paid C$27.7 million (US$17.5 million) for Kings Place, a two-tower office and retail complex in downtown Fredericton. The 289,437 square-foot...
Greenwich Capital Hires Brandt as West Coast Head
April 16, 2002 GREENWICH, Conn. – Fixed income investment bank Greenwich Capital Markets has hired Wayne M. Brandt as managing director and head of the firm's West Coast Real Estate Finance Group. Brandt will be charged with developing...
Va. Office Building Sells for $33.4 Million
April 16, 2002 ARLINGTON, Va. – TA Associates Realty recently sold Park Place, a 13-story office building at 1655 N. Fort Myer in the Rosslyn/Ballston Corridor.A joint venture of Lerner Enterprises and Walton Street Capital paid $33.4 million...
Solectron Faces Big Bill to Dissolve Synthetic Leases
April 16, 2002 Solectron Corp. (NYSE:SLR) may have to pay $122 million to buy nine manufacturing properties it now occupies under synthetic leases, if it can not refinance the lease agreements by that date.The company disclosed the information...
Southeast Regional Digest (4/16/02): Triad Launches $55Mln Atlanta Project
April 16, 2002 Triad Launches Gwinnett projectAtlanta Journal-ConstitutionGWINNETT COUNTY, Ga. - Triad Properties has purchased 130 acres at the Gwinnet Progress Center near the Gwinnett County Airport-Briscoe Field. The firm plans a $55 million project with more than...
Whistler Investments to Buy Las Vegas Shopping Center
April 16, 2002 LAS VEGAS – Whistler Investment Inc. (OTC BB:WISV) has agreed to buy the Azra Shopping Center in an $8.3 million deal.A private Nevada company owns the 31,187-square-foot property, which is on East Washington Avenue. The...
WP Carey Buys 3 Warehouses for $15Mln
April 15, 2002NEW YORK – W.P. Carey & Co. (NYSE: WPC) has paid $15 million for three warehouses owned and occupied by Heafner Tire Group, a wholesaler of replacement tires.Heafner, which is owned by Charlesbank Capital Partners, a...
Southeast Regional Digest (4/15/2002): Firm Plans $800Mln Mixed-use Development
April 15, 2002 Firm plans $800Mln mixed-use developmentAtlanta Journal-ConstitutionATLANTA - Technology Park/Atlanta Inc. has proposed an $800 million, 1,530-acre mixed-use development east of downtown dubbed Stanton Springs. It will be sprawled over Newton, Morgan and Walton counties, and...
Federal Realty Sells Conn. Retail Property
April 15, 2002 GREENWICH, Conn. – Federal Realty Investment Trust (NYSE:FRT) has sold a main street retail property at 252-264 Greenwich Ave. for $16.5 million.The price of the 23,000-square-foot property represents a capitalization rate, or initial yield, of...
Ventas Prices $400Mln of Senior Notes Due 2009, 2012
April 15, 2002 LOUISVILLE, Ky. – Ventas Inc. (NYSE:VTR) has priced a $175 million offering of 8.75 percent senior notes due 2009 and $225 million of 9 percent senior notes due 2012.The sale of the notes is expected...
Jack Shaffer Named to Lexington Corporate’s Board
April 15, 2002 NEW YORK – Lexington Corporate Properties Trust (NYSE:LXP) has named Jack A. Shaffer to its board of trustees. Shaffer, who had been with Sonnenblick-Goldman Co. for 30 years, most recently as managing director, is chairman...
Weingarten’s 3-for-2 Stock Split Effective Today
April 15, 2002 HOUSTON – Weingarten Realty Investors' (NYSE:WRI) 3-for-2 stock split will take effect at the close of business today, April 15.Shares of the company will begin trading at a split-adjusted price when the market opens on...
Apollo JV Likely Bidder for Warsaw Trade Tower in Poland
April 15, 2002 Apollo Rida, a Poland-based joint venture of U.S. developer Rida Development Corp. and Apollo Real Estate Fund III, is one of four potential buyers for the Warsaw Trade Tower.BRE Bank is selling the 42-story office...
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