RECENT NEWS
CBL Closes $1.3Bln Retail Property Buy
March 14, 2002 CHATTANOOGA, Tenn. – CBL & Associates Properties Inc. (NYSE:CBL) has completed its $1.3 billion purchase of a 23-property portfolio from The Richard E. Jacobs Group Inc. In this final stage of the acquisition, CBL acquired...
Southeast Regional Digest (3/14/02): St. Joe Begins Work on Fla. Retail Complex
March 14, 2002 St. Joe begins work on Fla. retail complexPANAMA CITY BEACH, Fla. – The St. Joe Co. has begun construction of a retail complex here. Pier Park is a venture between the company and the city....
HQ Global Workplaces Seeks Chapter 11 Protection
March 14, 2002 DALLAS – HQ Global Workplaces and 32 of its affiliates have filed for reorganization under Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Delaware. In conjunction with the filing, HQ has received a commitment...
Albertson’s Closing, Selling Stores in Tenn., Texas
March 14, 2002 BOISE, Idaho – Food and drug retailer Albertson's (NYSE:ABS) intends to exit four under-performing markets in Tennessee and Texas through store closures and sales.The markets are in Memphis, Nashville, Houston and San Antonio.Combined, the markets...
Bauer to buy Mall in Texas
March 14, 2002 ARLINGTON, Texas – The Bauer Partnership Inc. (OTC BB:BUER) has agreed to buy the Six Flags Mall for $23.5 million.The real estate investment company's subsidiary, Bauer Capital Management Ltd., is buying the 1.2 million-square-foot mall...
Canada Digest (3/14/02): Developer Pays C$29Mln for Development Site in Vancouver
March 14, 2002 Developer pays C$29Mln for development site in VancouverThe Vancouver SunVANCOUVER, British Columbia – Developer Peter Wall has out-bid four rivals to purchase one of the most coveted development sites in downtown. Wall Financial Corp. is...
Whitemark Homes Launches $34Mln Long Point Cove Project in Florida
March 14, 2002 PANAMA CITY, Fla. – Whitemark Homes (OTCBB:WTMK) has purchased 15 acres near Panama City for its $34 million Long Point Cove marina condominium project.Phase I will consist of 4.5 acres of commercial and retail space...
Manhattan’s 609 Fifth Ave. Sold for $415/sf
March 14, 2002 NEW YORK – Investors Jeff Sutton and Eli Gindi have joined forces with the Blackstone Group to buy the boutique office building at 609 Fifth Ave. for $65 million, or $415/sf.The 13-story, 156,700-square-foot property near...
Equity Residential Confirms Naming Duncan President
March 14, 2002 CHICAGO – Equity Residential Properties Trust (NYSE:EQR) has named Bruce W. Duncan president and a member of its board. The move, which was expected, calls for Douglas Crocker to relinquish his role as president. He...
Colonial Bank Provides $23.3Mln of Financing for 2 Multifamily Complexes
March 14, 2002 DALLAS – Colonial Bank has provided nearly $23.3 million in financing to AmeriSouth Realty for its purchase of two apartment properties, one each in Dallas and Fort Worth.Holiday Fenoglio Fowler's Dallas office arranged the two...
Metropolitan Fund Corp. Provides $48.2Mln for Apartment Portfolio
March 14, 2002 HOUSTON – Metropolitan Fund Corp. has provided $48.2 million in financing to Trimark Realty Investments for its Octagon portfolio of seven apartment properties totaling 1,845 units in Houston and Fort Worth.The 35-year, fixed-rate financing was...
Red Mortgage Funds $13.5Mln Fannie DUS Loan
March 14, 2002 Red Mortgage Capital Inc. has provided $13.5 million of Fannie Mae financing for Summerlin Apartments, a 147-unit complex in suburban Portland, Ore.The financing, a forward commitment mortgage, was structured under Fannie's delegated underwriting and servicing...
S&P Identifies 40 Loans Exposed to Kmart Closings
March 14, 2002 NEW YORK – Standard & Poor's has identified 40 loans in 29 CMBS transactions it rates in which Kmart stores are slated to close, according to lists released by the bankrupt retailer in January and...
Shareholders Register to Sell $57.6Mln of Forest City Stock
March 14, 2002 CLEVELAND, Ohio – Forest City Enterprises Inc. (NYSE:FCEA) has registered with the SEC to allow the sale of up to 1.5 million shares of its Class A common stock.The selling shareholders are family entities controlled...
S&P Puts GMAC Commercial 2000-C2 on Watch Negative
March 14, 2002 NEW YORK – Standard & Poor's has placed GMAC Commercial Mortgage Securities Inc., 2000-C2 on credit watch with negative implications because the deal's collateral pool contains loans on two Kmart Corp. stores that the retailer...
Engineering Firm’s Sublease in Lower Manhattan Valued at $31Mln
March 14, 2002 NEW YORK – A 13-year sublease that DMJM+Harris.Arup, an engineering venture, has signed for nearly 71,000 square feet at 20 Exchange Place in lower Manhattan is probably valued at $31 million.Although full terms of the...
Liberty Property Trust Promotes William Hankowsky to President
March 13, 2002 MALVERN, Pa. – Liberty Property Trust (NYSE:LRY) has promoted William P. Hankowsky to president of the company.Hankowsky, who has served as executive vice president and chief investment officer of Liberty for more than a year,...
WP Carey Buys 4 Facilities for $13.7Mln
March 13, 2002 NEW YORK – W.P. Carey & Co. (NYSE:WPC) has purchased and leased back four facilities from PW Eagle (NYSE:PWEI) for about $13.7 million. The four properties, which total 245,000 square feet, will be leased under...
Corporate Office Expands Credit Facility to $150Mln
March 13, 2002 COLUMBIA, Md. – Corporate Office Properties Trust (NYSE:OFC) has expanded its existing secured revolving credit facility to $150 million from $125 million.The facility was arranged by Deutsche Banc Alex. Brown Inc. and includes eight banks.The...
Motorola Hires Jones Lang LaSalle to Manage Real Estate
March 13, 2002 Motorola (NYSE:MOT) has hired Jones Lang LaSalle (NYSE:JLL) to manage a significant number of its U.S. facilities and provide project management services for its owned and leased real estate portfolio.The five-year contract covers 12.5 million...
Westfield, Zurich Insurance Resolve World Trade Center Insurance Dispute
March 13, 2002 Westfield America Trust (ASX:WFA) has resolved a dispute with Zurich Insurance over supplementary insurance on the retail component of the World Trade Center. The insurance in question is separate from the $3.5 billion "per occurrence"...
Southeast Regional Digest (3/13/02): Chicago Investor in Talks to Buy Atlanta Office Park
March 13, 2002 Chicago investor in talks to buy Atlanta office parkThe Atlanta Journal-ConstitutionATLANTA – M&J Wilkow is in talks to buy the 14-building Northlake Office park with owners Brickman Associates and Credit Suisse First Boston. Brickman and...
Criimi Mae Sells Master, Primary Servicing Portfolio for $11.3Mln
March 13, 2002Criimi Mae Inc. (NYSE:CMM) has sold the nine master and primary servicing contracts it put on the block last December.The Rockville, Md., company, which now focuses solely on the special servicing end of the commercial mortgage...
Kennedy-Wilson Buys Calif. Apartments for $16.7Mln
March 13, 2002 SANTA ANA, Calif. – Kennedy-Wilson has purchased a 196-unit Class-B apartment complex from LJS Group for roughly $16.7 million, or $85,077/unit.The firm plans to reposition the Park Place Apartment community within the next 12 to...
Philips International Unaffected by Kmart Closings
March 13, 2002 NEW YORK – Philips International Realty Corp. (NYSE:PHR) hasn't been directly affected by Kmart's new list of closings, but the retailer's bankruptcy could delay Philips' liquidation plans.Philips has four stores with operating Kmarts, in Sacramento...
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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.
