RECENT NEWS
Southeast Regional Digest (3/28/02): Fla.’s Fashion Mall Sells for $21Mln-plus
March 28, 2002 Fashion Mall in Fla. sold for $21Mln-plusSun-SentinelPLANTATION, Fla. – Cameron Group and Ashkenazy Acquisition Corp. have purchased the Fashion Mall, at 321 N. University Drive, for more than $21 million. Currently, the 637,000-square-foot mall has...
Sizeler to Hold 2 Public Offerings of Shares
March 28, 2002 NEW ORLEANS – Sizeler Property Investors (NYSE:SIZ) has commenced two public offerings.The first is an exchange offer to holders of all of its outstanding 8 percent convertible subordinated debentures due July 15, 2003. The second...
FINAL PRICING: $500 Mln Newcastle CDO I Ltd./Newcastle CDO I Corp.
March 28, 2002 Collateralized debt obligation, underwritten by Morgan Stanley Dean Witter. Collateral consists of CMBS, REIT debt, ABS and a small amount of corporate securities and bank loans. The collateral manager, Newcastle Investments, is the former Fortress...
Calif. Apartments Fetch $64Mln
March 27, 2002 LAGUNA NIGUEL, Calif. – BRE Properties Inc. (NYSE:BRE) last quarter bought Ventanja at Rancho Niguel.The REIT paid about $64 million, or about $139,130/unit, for the 460-unit apartment property at 28188 Moulton Parkway.Ventanja, built in 1988,...
PRICE TALK: $500 Mln Newcastle CDO I Ltd./Newcastle CDO I Corp.
March 27, 2002 Collateralized debt obligation, underwritten by Morgan Stanley Dean Witter. Collateral consists of CMBS, REIT debt, ABS and a small amount of corporate securities and bank loans. The collateral manager, Newcastle Investments, is the former Fortress...
UK Hotel Co. Sells 37 Properties for $525.3Mln; Morgan Stanley Provides Financing
March 27, 2002 Commercial Real Estate Direct Staff ReportLONDON – Orb Estates has agreed to buy 37 properties from Thistle Hotels for 600.4 million pounds ($525.3 million).The transaction includes about 555.4 million pounds of outstanding debt and a...
Southeast Regional Digest (3/27/02): Wayne Etheridge Takes Over Grubb’s Southeast Region
March 27, 2002 Etheridge takes over Grubb's Southeast regionThe Atlanta Journal-ConstitutionATLANTA – Grubb & Ellis has named Wayne Etheridge to the post of regional managing director for the Southeast. Etheridge starts April 22 and will work out of...
Canada Digest: O&Y REIT Completes C$50Mln Private Placement
March 27, 2002 O&Y REIT completes C$50Mln private placementTORONTO – O&Y Real Estate Investment Trust (TSE:OYR) has completed its planned private placement of 4.62 million units for C$10.85/unit and total gross proceeds of just over C$50 million (US$31.5...
TGS Hires Corporate Structure Advisers
March 27, 2002 CALGARY, Alberta – TGS Properties Ltd. (TSE:TGP.TO) is reviewing alternative corporate structures as a way to enhance shareholder value and has hired RBC Capital Markets, Deloitte & Touche LLP and Felesky Flynn LLP to help...
Kennedy-Wilson Hires David Walker to Lead Real Estate Unit
March 27, 2002 BEVERLY HILLS, Calif. – Kennedy-Wilson Inc. (Nasdaq:KWIC) has hired David Walker as a managing director responsible for leading the company's real estate investment banking division.Walker had worked at Nomura Asset Capital Corp. with Ethan Penner...
Shareholders OK Rodamco Liquidation
March 27, 2002 Shareholders of Rodamco North America NV have voted in favor of selling the company's assets to Westfield America Trust (ASX:WFA), Simon Property Group (NYSE:SPG) and Rouse Co. (NYSE:RSE) in a $5.3 billion transaction.About 87 percent...
Equity Inns Prices 3.1Mln Common Shares at $8/share
March 26, 2002 GERMANTOWN, Tenn. – Equity Inns (NYSE:ENN) has priced 3.1 million common shares at $8/share.Proceeds of $23.5 million will be used to pay down outstanding balances under the company's revolving credit line. Salomon Smith Barney is...
David Stockert to Succeed John Williams as CEO of Post Properties
March 26, 2002 ATLANTA – Post Properties (NYSE:PPS) has named David P. Stockert, currently president, as chief executive officer, effective July 1.Stockert will succeed John A. Williams, the company's founder and chairman. Williams will continue as chairman of...
Sonnenblick-Eichner Arranges Financing for San Diego Apartments
March 26, 2002Commercial Real Estate Direct Staff ReportWachovia Securities has provided $36 million of senior financing for University City Village Apartments in San Diego in a transaction arranged by Sonnenblick-Eichner Co.Sonnenblick-Eichner, a Los Angeles real estate adviser, also...
Prudential Promotes Bernard Winograd, Charles Lowrey
March 26, 2002 NEWARK, N.J. – Prudential Financial Inc. (NYSE:PRU) has named Bernard Winograd president of Prudential Investment Management and chairman of Prudential Real Estate Investors.The pension fund advisor has also promoted Charles Lowrey, the current president of...
Southeast Regional Digest (3/26/02): Julien J. Studley Loses More Brokers in Atlanta
March 26, 2002 Golden leaves Julien J. Studley; Sanders, Duffy followThe Atlanta Journal-ConstitutionATLANTA – Brokers Bert Sanders and Patrick Duffy have followed Neal Golden's move and resigned from the Atlanta office of commercial real estate brokerage Julien J....
Kilroy Buys Calif. Properties for $40.9Mln
March 26, 2002 SAN DIEGO – Kilroy Realty Corp. (NYSE:KRC) has purchased the remaining interest owned by the Allen Group in nine office properties and three development sites for about $40.9 million.The acquisition was funded with $2.2 million...
Gale Co. Forms JV to Build $12.5Bln South Korean Urban Center
March 26, 2002 INCHEON, South Korea – The Gale Co. has formed a joint venture with the city of Incheon and Posco Engineering & Construction to build a 1,000-acre development that has an estimated cost of $12.5 billion.The...
Lexington Corporate Properties Buys Office Complex in Calif.
March 26, 2002 LAKE FOREST, Calif. – Lexington Corporate Properties Trust (NYSE:LXP) has acquired the two-building headquarters complex of Apria Healthcare Group Inc. for $16.97 million, or $170/sf.The two newly constructed 50,000-square-foot buildings are net leased to Apria...
FINAL PRICING: $1.26 Bln LB-UBS Commercial Mortgage Trust, 2002-C1
March 25, 2002 Class Amount ($mln) Sub. Rate Rating S&P Rating Moody's Avg. Life Price Talk Priced Bench mark A-1 120 19.875 AAA Aaa 3.3 ? +39 Swaps A-2 176 19.875 AAA Aaa 5.5 ? +42 Swaps A-3...
Column Financial Provides $56.6Mln for 3 St. Louis Properties
March 25, 2002 ST. LOUIS – Column Financial has provided nearly $56.6 million in financing to the Gannon Development Co. for three apartment communities totaling 1,471 units.The proceeds from the 10-year loan, which amortizes over 30 years and...
Keefe Bruyette Adds Exec to Loan-Sales Unit
March 25, 2002 By Orest Mandzy, Commercial Real Estate Direct Managing EditorKeefe, Bruyette & Woods Inc., has bolstered its newly formed whole-loan sales operation by hiring an executive from Societe Generale.The New York investment bank has added Robin...
Gables Sells Atlanta Apartments for $25Mln
March 25, 2002 ATLANTA – Gables Residential (NYSE:GBP) has sold Dunwoody Gables, a 311-unit apartment complex, for $25 million.Gables said the sales price represented a capitalization rate, or initial yield, of 7.5 percent. The property provided it with...
Moody’s Enhances CMBS Surveillance Reports
March 25, 2002 NEW YORK – Moody's Investors Service is launching a series of monthly CMBS surveillance reports that will provide transaction data as well as analysis.Initially, the rating agency will publish Enhanced Performance Reports, or EPRs, on...
Sunrise Completes Sale of 12 Communities for $197Mln
March 25, 2002 MCLEAN, Va. – Sunrise Assisted Living (NYSE:SRZ) has completed the sale of 12 assisted-living communities in six states for $197 million to an international investor group.The investor group, advised by Macquarie Capital Partners, funded about...
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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.
