RECENT NEWS
AT&T HQ in Basking Ridge, NJ, Sold to Pharmacia for $215Mln
April 3, 2002 BERNARDS TOWNSHIP, N.J. – Pharmacia has agreed to pay $215 million for AT&T's landmark headquarters in the Basking Ridge section of the township.AT&T and Pharmacia, the world's eighth-largest drug maker, were completing a contract that...
Secured Capital Advised MaguirePartners on Library Tower Deal
April 2, 2002 Commercial Real Estate Direct Staff ReportSecured Capital Corp. advised MaguirePartners on the recent recapitalization of Library Tower in Los Angeles.The Los Angeles firm was hired last fall after Maguire's efforts to sell the office property...
Wells Buys Ga. Office Building for $15Mln
April 2, 2002 DULUTH, Ga. – Wells REIT has purchased a 100,087-square-foot Class-A office building in Duluth, a suburb of Atlanta, for $15 million.The property is 100 percent leased to Novartis Corp. through July 2011.The four-story building was...
Fitch Upgrades 2 Classes of Sasco 1995-C1
April 2, 2002 NEW YORK – Fitch has upgraded Structured Asset Securities Corp.'s 1995-C1 because of increased subordination levels due to amortization and loan pay offs.The $5.1 million class D was upgraded to triple-A from double-A-plus, and the...
Ventas to Offer $400Mln of Senior Notes
April 2, 2002 LOUISVILLE, Ky. – Ventas Inc. (NYSE:VTR) plans to raise about $400 million from the sale of senior notes due 2009 and 2012.Proceeds will be used to repay all outstanding debt under the REIT's credit line.Comments?...
PRICE TALK: $714.6Mln J.P. Morgan Chase Commercial Mortgage Securities Corp., 2002-FL1
April 2, 2002 Class Amount ($mln) Avg. Life Rating S&P Price Talk (bp) Benchmark A-1 325.8 1.59 AAA +34-36 Libor A-2 139.6 2.64 AAA +44-46 Libor B 46.5 2.18 AA +75-80 Libor C 43.8 2.18 A +125 area...
Transwestern Pays $42.6Mln for Houston Office building
April 2, 2002 HOUSTON – J.P. Morgan Fleming Asset Management has sold 3D/International Tower, a Class-A office building.Transwestern Investment Co. bought the 21-story tower at 1900 West Loop South for what locals say was $42.6 million, or about...
ARCS Provides $35Mln for Philly Apartments
April 2, 2002 PHILADELPHIA – ARCS Commercial Mortgage has provided $35 million of financing through its Fannie Mae Delegated Underwriting and Servicing program for a 412-unit apartment property.The 10-year loan, which amortizes over 30 years and carries an...
Glenborough Buys Encino, Calif., Office Building
April 2, 2002 ENCINO, Calif. – Glenborough Realty Trust Inc. (NYSE:GLB) has paid $47.3 million for First Financial Plaza, an office in the Los Angeles suburb of Encino.The REIT bought the six-story office building at 16830 Ventura Blvd....
S&P Affirms Library Tower Trust I 1998-I
April 2, 2002 NEW YORK – Standard & Poor's has affirmed its ratings on Library Tower Trust I 1998-I despite the additional leverage placed on the CMBS deal's collateral property.The deal has a balance of $190.4 million. But...
JV Buys Calif. Office Building, Hotel
April 2, 2002 LONG BEACH, Calif. – A joint venture between Ensemble Investments and AEW Partners IV has purchased the World Trade Center Office and Hilton Hotel from CDI West for an undisclosed sum.The 550,000-square-foot, 27-story building at...
Wells REIT Buys Mich. Properties for $42.7Mln
April 2, 2002 Wells Real Estate Investment Trust has purchased two Michigan office/research and development properties for a total of $42.7 million.The properties, in Kalamazoo and Farmington Hills, are leased for 20 years to Dana Corp., a large...
Nationwide Life Provides $19.7Mln Financing for Va. Center
April 2, 2002 Nationwide Life Insurance Co. has provided $19.7 million of financing for Festival at Manchester Lakes, a retail property in Springfield, Va.The five-year financing pays interest only and was arranged by Legg Mason Real Estate Services'...
Southeast Regional Digest (4/2/02): Banyan Sells Ala. Property for $8.5Mln
April 2, 2002 Banyan sells Huntsville, Ala., propertyHUNTSVILLE, Ala. – Banyan Strategic Realty Trust has closed on the sale of its University Square Business Center for roughly $8.5 million to USBC LL C. University Square is a six-building...
Chelsea Buys 2 Outlet Properties for $103.3Mln
April 2, 2002 ROSELAND, N.J. – Chelsea Property Group Inc. (NYSE:CPG) has purchased two retail properties in Florida and Indiana in separate deals totaling $103.3 million.The REIT paid Simon Property Group Inc. (NYSE:SPG) $76.3 million for a 50...
Capital Automotive REIT Buys 14 Properties for $87Mln
April 2, 2002 MCLEAN, Va. – Capital Automotive REIT (Nasdaq:CARS) has purchased 14 properties for about $87 million.The transactions were financed through the issuance of $19 million in operating partnership units, at $21.86/share, and $48.6 million of 10-year,...
Five Star Completes Buy of Senior Communities for $45.5Mln
April 2, 2002 NEWTON, Mass. – Five Star Quality Care (AMEX:FVE) has completed its acquisition of five senior-living communities for $45.5 million from an affiliate of ILM-II Senior Living.The communities contain 704 units, consisting of 531 independent-living apartments...
S&P Downgrades Hilton Hotels Pool Trust’s 2000-HLT
April 2, 2002 NEW YORK – Standard & Poor's has lowered its ratings on five classes of Hilton Hotels Pool Trust's 2000-HLT because of the deterioration in the deal's overall operating performance, including a decrease in debt service...
Kearny Real Estate Sold Property to BentleyForbes
April 2, 2002 LOS ANGELES – Kearny Real Estate Co. sold the 412,580-square-foot industrial property in Temecula, Calif., to BentleyForbes.As previously reported, BentleyForbes paid $30 million for the property, which includes light manufacturing space, a warehouse and office...
GMAC Provides $18.5Mln Credit Line to Kramont
April 1, 2002 PLYMOUTH MEETING, Pa. – Kramont Realty Trust (NYSE:KRT) has received an $18.5 million revolving credit line from GMAC Commercial Mortgage Corp.The facility will be used for acquisitions, capital expenditures and general corporate purposes.It calls for...
Southeast Regional Digest (4/1/02): Spec Building Under Construction in Ky.
April 1, 2002 Spec building under construction in Shepherdsville, Ky.Business First of Louisville (Ky.)SHEPHERDSVILLE, Ky. – Robert Pattillo Properties is expanding its portfolio in the Greater Louisville area with the construction of a 427,500-square-foot speculative industrial building at...
Auction Set for Vt. Inn
April 1, 2002 CHITTENDEN, Vt. – The lender of the Mountain Top Inn will hold an on-site auction April 30 to sell the resort property before the summer, in order to allow the buyer to be in place...
National Golf, American Golf to Merge
April 1, 2002 SANTA MONICA, Calif. – National Golf Properties' (NYSE:TEE) board has approved the company's merger with its primary tenant, American Golf Corp. and its affiliates.Under the terms of the agreement, National Golf and American Golf and...
American Retirement Sells 6 Properties for $91.1Mln
April 1, 2002 NASHVILLE, Tenn. – American Retirement Corp. (NYSE:ACR) has completed two sale-leaseback transactions of six properties for $91.1 million. The company used a portion of the proceeds from the transactions to repay $68.1 million of mortgage...
Fitch Withdraws Ratings on RTC 1992-C1
April 1, 2002 CHICAGO – Fitch Ratings has withdrawn its ratings on Resolution Trust Corp.'s 1992-C1 deal because noteholders were paid in full on March 25.Comments? E-mail Susanna Potter, or call her at (267) 247-0112, Ext. 212.
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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.
