RECENT NEWS
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...
Southeast Regional Digest (4/22/02): Beers Expects Deal for Charlotte, NC, Tower
April 22, 2002 Beers expects deal for tower Charlotte (N.C.) Business JournalCHARLOTTE, N.C. – Beers Skanska Inc. appears to be edging out two other construction companies to complete work on the Arlington condominium tower. Work on the South...
Westrust Sells Calif. Retail Center for $107/sf
April 22, 2002 CATHEDRAL CITY, Calif. – Donohue Schriber, a Southern California-based investment group, has bought the Cathedral City Marketplace for $19.3 million, or $107/sf.Alan Krueger, a senior investment associate in Marcus & Millichap's Ontario, Calif., office, arranged...
Hammerson Sells London Office Building for $317Mln
April 22, 2002 LONDON – Hammerson PLC has sold 280 Bishopsgate, its recently completed London office development, to a private client of HSBC Republic for 219 million pounds ($317.2 million).Hammerson acquired the development site for 280 Bishopsgate in...
Post Sells 3 Properties for $86Mln
April 22, 2002 ATLANTA – Post Properties (NYSE:PPS) has sold three properties, two in Dallas and one in Tampa, Fla., for about $86 million.Proceeds from the sales will be used to reduce debt.The three properties sold are Post...
Canada Digest (4/22/02): Madison Pacific sells 3 British Columbia properties
April 22, 2002 Madison Pacific sells 3 British Columbia propertiesVANCOUVER – Madison Pacific Properties Inc. (TSE:MPC) has sold three more Lower Mainland properties for C$13.9 million (US$8.8 million). On April 15, the Vancouver-based company sold its only residential...
S&P Raises Banc One/FCCC Commmercial Mortgage Loan Trust 2000-C1
April 22, 2002 NEW YORK – Standard & Poor's has raised its rating on five classes of the Banc One/FCCC Commercial Mortgage Loan Trust, 2000-C1, because of the large increases in credit support since origination as well as...
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....
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...
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...
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...
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...
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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.
