RECENT NEWS
United Dominion Pays $17.4Mln for Texas Apartments
April 8, 2002AUSTIN, Texas – United Dominion Realty Trust Inc. (NYSE:UDR) has paid $17.4 million for Barton Creek Landing, a 250-unit apartment community.The $69,500/unit price represents a capitalization rate, or initial yield, of 8.8 percent, based on 2002...
Ramco-Gershenson Says Stock Offering Lowers 2002 FFO Projection
April 8, 2002SOUTHFIELD, Mich. – Ramco-Gershenson Properties Trust (NYSE:RPT) has lowered its projection for 2002 funds from operation because of its expectation that it will have more shares outstanding at the end of the year due to a...
GMAC, Amalgamated Provide $40Mln Loan for NY Offices
Correction (April 8, 2002): GMAC Commercial Mortgage has provided $40 million of financing, while Amalgamated Bank has provided $14 million for the purchase of 50 Broadway. The story below relied on a news release and understated the amount...
Southeast Regional Digest (4/8/02): $40Mln Retirement Community Planned for Madison, Tenn.
April 8, 2002Buyer plans retirement community for MadisonNashville Business JournalMADISON, Tenn. – A 105-acre land tract adjacent to the Breckenridge Apartment complex here has been rezoned to accommodate an unnamed $40 million, 340-unit retirement community. The land is...
Correction: GMAC, Amalgamated Provide Loan for NY Offices
April 8, 2002GMAC Commercial Mortgage has provided $40 million of financing, while Amalgamated Bank has provided $14 million for the purchase of 50 Broadway.A story published today – "GMAC, Amalgamated Provide $40Mln Loan for NY Offices" – relied...
Ross Glickman Named CEO of Urban Retail Properties
April 8, 2002CHICAGO – Ross B. Glickman, the president of leasing at Urban Retail Properties Co., has been named chief executive of the operation, which is affiliated with Rodamco North America NV.Urban Retail will be owned by Westfield...
Boutique Office in Midtown Manhattan Back on the Block
April 8, 2002 By Susanna Potter, Commercial Real Estate Direct Staff WriterA boutique office building in Manhattan is back on the market after a planned sale recently fell through.A deal to sell the 23,000-square-foot town house at 4...
Boardwalk to Buy Multifamily Portfolio in Montreal for C$180Mln
April 8, 2002 MONTREAL, Quebec – Boardwalk Equities Inc. (TSE:BEI) has contracted to pay about C$180 million (US$112.8 million) for a portfolio of high-quality multifamily properties.The company is reviewing various financing alternatives for the portfolio, which totals more...
Granite Arranges Sale of Beaver Valley Mall
April 8, 2002Granite Partners arranged the sale of the Beaver Valley Mall outside Pittsburgh.Lend Lease Corp. hired the investment-sales firm to market the 1.3 million-square-foot mall on behalf of its client, the California Public Employees' Retirement System.As reported,...
Va. Shopping Center Fetches $61.8Mln
April 8, 2002CHANTILLY, Va. – Crow Holdings Real Estate Fund has paid $61.8 million for Greenbriar Town Center, a 345,968-square-foot community shopping center in this city in Fairfax County.The seller, a pension fund client of New York-based J.P....
PREIT Buys Pa. Mall From CalPERS for $61.3Mln
April 5, 2002Pennsylvania REIT (NYSE:PEI) has paid $61.3 million for a 1.1 million-square-foot enclosed regional mall in suburban Pittsburgh.PREIT bought the Beaver Valley Mall from the California Public Employees' Retirement System at a capitalization rate, or initial yield,...
Crescent to Offer $375Mln of Senior Notes
April 5, 2002 FORT WORTH, Texas – Crescent Real Estate Equities Co. (NYSE:CEI) plans to offer $375 million of senior notes due 2009.Proceeds will be used to repay existing debt and to redeem preferred units of one of...
First Industrial Prices $250Mln Senior Unsecured Notes
April 5, 2002CHICAGO – First Industrial Realty Trust's (NYSE:FR) operating partnership has priced $250 million of senior unsecured notes.The offering is comprised of two tranches. The first tranche, $200 million of 6.875 percent notes due April 15, 2012,...
Wells Fargo Provides $24Mln Mortgage for Texas Offices
April 5, 2002 DALLAS – Wells Fargo has provided $24 million of financing to MSDW Southwest Partners for three office buildings outside Dallas.The mortgage refinanced existing debt on the three buildings, which total 362,000 square feet. The properties...
Southeast Regional Digest (4/5/02): Norcross, Ga., Retail Center Trades Hands
April 5, 2002 Ga. retail center fetches $85/sfNORCROSS, Ga. – Centre Stage, a 95,357-square-foot grocery-anchored retail center at 6050 Peachtree Parkway, has traded hands for $8.1 million, or $85/sf. Ed Nutting of Marcus & Millichap's Atlanta office arranged...
Canada Digest (4/5/02): S&P Rates Mortgage Bond Deal Backed by Ontario Mall
April 5, 2002 S&P rates mortgage bond deal backed by Ontario mall TORONTO – Standard & Poor's has assigned its triple-B-plus rating to Morguard Real Estate Investment Trust's C$55 million 6.76 percent, series D first mortgage bond, maturing...
Moody’s Rates Ventas’ Proposed Issuance of Senior Unsecured Notes
April 5, 2002 NEW YORK – Moody's Investors Services has assigned a Ba3 rating to both maturity tranches of Ventas Inc.'s proposed issuance of senior unsecured notes.The outlook is negative.Net proceeds from the sale of the notes will...
Lone Star Raises $4.2Bln for Fourth Fund
April 5, 2002 Lone Star Partners has raised $4.2 billion of investor commitments for Lone Star Fund IV, the latest in its series of opportunistic investment funds.Lone Star, which is run by financier John Grayken, has already lined...
FINAL PRICING: $1.04 Bln GE Capital Commercial Mortgage Corp., 2002-1
April 5, 2002 Class Amount Sub. Rate Rating Fitch Rating Moody's Avg. Life Price talk Priced Benchmark A1 77.6 20 AAA Aaa 3 +39 area +36 Swaps A2 158 20 AAA Aaa 7.05 +43 area +42 Swaps A-3...
Developer Seeks $21Mln Financing for New Orleans Hotel
April 4, 2002 A unit of R.P. Carbone Co., an old-line developer, is looking to raise $21 million of renovation and construction financing for the redevelopment of the Audubon Building in New Orleans' French Quarter into a high-end...
Kmart Retains Firms to Market 283 Leases
April 4, 2002TROY, Mich. – Kmart Corp. (NYSE:KM) is hiring DJM Asset Management LLC and ChainLinks Retail Advisors Inc. to assist in the disposition of leases for 283 Kmart locations it is closing.The deal is subject to approval...
Capital Automotive Gets $60Mln Credit Line
April 4, 2002 MCLEAN, Va. – Capital Automotive REIT has raised a $60 million unsecured credit facility from a group of lenders led by Comerica Bank.The three-year revolving facility carries a rate pegged to Libor plus 200 basis...
FelCor to Issue $25Mln of Perpetual Preferred Stock
April 4, 2002 IRVING, Texas – FelCor Lodging Trust Inc. (NYSE:FCH) plans to issue about $25 million of its 9 percent series B cumulative redeemable preferred stock.The Cohen & Steers Quality Income Realty Fund and two FelCor board...
Canada Digest (4/4/02): Plazacorp Retail May Switch to REIT
April 4, 2002 Plazacorp Retail may switch to REITThe Financial Post TORONTO – Strip mall owner Plazacorp Retail Properties Ltd. would like to convert to REIT status to see its stock rise. The company's shares (CDNX:PLZ) closed at...
S&P Assigns BB- Rating to Ventas
April 4, 2002 NEW YORK – Standard & Poor's has assigned its double-B-minus corporate credit rating to Ventas Inc. and its operating partnership Ventas Realty LP. The outlook is stable.The ratings reflect the REIT's portfolio of health care...
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