RECENT NEWS
AMC Completes $167Mln Buy of General Cinema Parent
April 1, 2002 KANSAS CITY, Mo. – AMC Entertainment has closed on its acquisition of GC Companies Inc., the bankrupt parent company of General Cinema, for $167 million.The deal, agreed to in December and approved by the bankruptcy...
Developers Diversified Sells Illinois Center for $28Mln
April 1, 2002 CLEVELAND – Developers Diversified Realty (NYSE:DDR) has funneled the inline space at Shops at Kildeer shopping center to a venture that is 90 percent owned by DRA Advisors Inc. in a deal valued at $28...
Fitch Survey: Pros Don’t Like Notching
April 1, 2002 NEW YORK – Most structured finance executives believe that the rating agency practice of notching bond ratings is not justified, according to a survey.The survey, conducted by Greenberg Quinlan Rosner Research, was commissioned by Fitch...
Crescent Capital Launches $203Mln JV
April 1, 2002 ATLANTA – Crescent Capital Investments has closed on a $203.4 million joint venture with Sunrise Assisted Living – giving the company and its affiliates 80 percent ownership in 12 properties comprising 940 assisted-living units. Sunrise...
CVS Hires Adviser to Sell Leases on 51 Stores
April 1, 2002 CVS Corp. has hired DJM Asset Management LLC of Melville, N.Y., to sell the leases on 51 CVS stores.The stores, which range in size from 2,800 square feet to nearly 25,000 sf, are in 16...
BentleyForbes Buys Scotts Headquarters in Calif.
April 1, 2002 LOS ANGELES – BentleyForbes has acquired the Temeculah, Calif., regional headquarters and distribution center of Scotts Co., which will lease back the property for 15 years.BentleyForbes, a Los Angeles investor specializing in sale-leasebacks, said the...
Taubman Centers to Pay $88Mln for Half Stake in Calif. Mall
April 1, 2002 CONCORD, Calif. – Taubman Centers Inc. (NYSE:TCO) has agreed to pay $88 million for a 50 percent stake in Sunvalley, a 1.3 million square-foot shopping center.The Bloomfield Hills, Mich., REIT is buying the stake from...
St. Joe in Talks to Sell Arvida Realty Services
April 1, 2002 JACKSONVILLE, Fla. – The St. Joe Co. (NYSE:JOE) is thinking about selling Arvida Realty Services, its real estate brokerage and services unit.St. Joe said in a press release that discussions are under way with outside...
WP Carey Buys 8 Warehouses in France for $91Mln
March 28, 2002 WP Carey (NYSE:WPC) has purchased eight warehouse facilities from Carrefour, France's largest retailer, for about $104 million euros (US$91 million).DePfa/Aareal Bank provided financing for the purchase of the properties.Under the terms of the sale-leaseback agreement,...
Simon Secures Terrorism Insurance for Mall of America, Remainder of Portfolio
March 28, 2002 INDIANAPOLIS – Simon Property Group Inc. (NYSE:SPG) has purchased two stand-alone policies of terrorism insurance, each with $100 million total limits.The first policy will insure Mall of America in Bloomington, Minn., and the second policy...
S&P Removes Ratings From Sino Commercial Properties Funding
March 28, 2002 HONG KONG – Standard & Poor's has withdrawn its ratings on Sino Commercial Properties Funding Ltd. because the transaction has been paid in full.The transaction was the first Hong Kong-based multiproperty commercial mortgage-backed securitization rated...
Camden Property Trust Begins Construction on $24Mln Houston Apartment Project
March 28, 2002 HOUSTON – Camden Property Trust (NYSE:CPT) has started construction on a $24 million apartment community adjacent to the Royal Oaks Country Club on the south side of Richmond Avenue, between Kirkwod Drive and Old Westheimer...
Hospitality Properties Receives $350Mln Credit Line
March 28, 2002NEWTON, Mass. – Hospitality Properties Trust (NYSE:HPT) has received a $350 million revolving credit facility from a syndicate of banks led by First Union Securities and Dresdner Bank Real Estate.The facility replaces a similar facility for...
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...
IRS Ruling on Impact Fees Applies to All Sectors, Trade Group Says
March 28, 2002 Commercial Real Estate Direct Staff ReportThe Real Estate Roundtable, a Washington-based industry lobbying and trade group, has clarified the scope of a recent IRS ruling concerning developer tax write-offs for impact fees.The measure in question,...
2 Bed & Breakfasts in San Francisco on the Block
March 28, 2002 SAN FRANCISCO – The owner of two bed and breakfast inns has hired Marcus & Millichap to market the 26-unit properties for sale.The two properties, located on Bush Street, have an asking price of $10...
Canada Digest (3/28/02): Caisse Moves on NY, Also Plans on Toronto
March 28, 2002 Caisse moves on NY, also plans on TorontoThe Financial PostMONTREAL – The Caisse de d?p?t et placement du Qu?bec became an even bigger player in New York with its purchase of a 45 percent equity...
Spanish Hotel Family to Buy Crestline Capital for $602Mln
March 28, 2002 Barcelo Hotels & Resorts of Spain is buying Crestline Capital Corp. (NYSE:CLJ) in a $602 million deal slated to close by the end of June.Barcelo has agreed to buy the Bethesda, Md., hotel company via...
Brandywine Sells NJ Office Complex for $74.6Mln
March 28, 2002 SADDLE BROOK, N.J. – Brandywine Realty Trust (NYSE:BDN) has sold its Park 80 West office complex for $74.6 million, or about $161/sf.Transwestern, acting on behalf of an Asian pension fund, bought the two-building, 464,000-square-foot office...
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...
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,...
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