RECENT NEWS
Moody’s Reviews DLJ Commercial 1998-STF2 for Downgrade
March 12, 2002 NEW YORK – Moody's Investors Service said it is reviewing for possible downgrade DLJ Commercial Mortgage Corp. 1998-STF2, because of the extremely large number of loans in special servicing. Currently, six loans totaling 72.7 percent...
Brookfield Sells Stake in Toronto Office Tower
March 12, 2002 A subsidiary of Brookfield Properties Corp. (NYSE:BPO) has sold a 50 US$100 million.Two Canadian pension funds, represented by Redcliff Realty Advisors, paid about US$91/sf for the half stake in the Exchange Tower, a 1.1 million-square-foot...
Brandywine Realty Pays $67.2Mln for Pa. Offices
March 12, 2002 Brandywine Realty Trust (NYSE:BDN) has paid $67.2 million, or $186.50/sf, for the Plymouth Meeting Executive Campus, a 360,250-square-foot office complex in Plymouth Meeting, Pa.The property was purchased from Rubenstein Co., which had owned it since...
Shaner Sweetens Offer to Buy Interstate Hotels
March 12, 2002 PITTSBURGH – Shaner Hotel Group, a major shareholder of Interstate Hotels (Nasdaq:IHCO), has upped its bid for a controlling stake in Interstate with an all-cash offer of $40 million.Shaner, which has been looking to buy...
EastGroup Properties Elects New Director
March 12, 2002 JACKSON, Miss. – EastGroup Properties (NYSE:EGP) has elected Hayden C. Eaves III to serve as director of the REIT. He replaces John N. Palmer who resigned to become the U.S. Ambassador to Portugal. Eaves is...
GSA to Sell Union Station Air Rights in D.C.
March 12, 2002 WASHINGTON – The General Services Administration is offering nearly 15 acres of air rights for sale near Union Station in Northeast Washington. Ownership of the air rights will allow development from the railroad tracks immediately...
Grubb & Ellis Continues Streamlining
March 12, 2002 NEW YORK – Grubb & Ellis (NYSE:GBE) is acting to increase its immediate operating efficiencies by reducing its work force, but did not disclose how many employees would be affected by the cuts.Grubb & Ellis...
Malan Has 4 Kmarts Slated for Closure
March 12, 2002 BINGHAM FARMS, Mich. – Malan Realty Investors Inc. (NYSE:MAL) said four of its properties contain stores that have been earmarked for closure by Kmart Corp.The four properties – in Topeka, Kan., Forestville, Md., and Madison...
Allied Grabs B-piece of Upcoming GE Capital Conduit
March 12, 2002 Commercial Real Estate Direct Staff ReportAllied Capital has circled the subordinate bonds of an upcoming CMBS conduit from GE Capital, to be underwritten by Deutsche Bank and Bear Stearns.The deal is still formulating and is...
FINAL PRICING: Crest, 2002-1 (Wachovia, Deutsche)
March 12, 2002 Collateralized debt obligation, underwritten by Wachovia Securities and Deutsche Bank. Price talk and date of final pricing were not available as of this posting. Class Amount Rating Moody's Rating S&P Rating Fitch Avg. Life Priced...
Kmart Closures Affect 5 New Plan Properties; REIT Lowers Projections
March 12, 2002 NEW YORK – New Plan Excel Realty Trust Inc. (NYSE:NXL) said five Kmart Corp. stores at properties it owns are among the 284 that the retailer said it plans to close.The stores, which total 490,900...
Federal Realty Refocuses Business, Assembles New Management Team
March 12, 2002 ROCKVILLE, Md. – Federal Realty Investment Trust (NYSE:FRT) has adopted a new business plan to focus on its traditional business of acquiring and redeveloping community and neighborhood shopping centers. As a result, the company has...
Archon Funds $36.3Mln Mortgage for Crow Portfolio
March 12, 2002 DALLAS – Archon Financial has provided $36.3 million of mortgage debt on a portfolio of industrial and office properties in the St. Paul., Minn., area that is owned by Crow Holdings.The 10-year mortgage, which carries...
Dan Smith Named Head of GE Capital Debt Unit
March 12, 2002 STAMFORD, Conn. – GE Capital Real Estate has named Dan Smith senior vice president and head of its North American Debt business.Smith, a six-year veteran of GE Capital, was managing director of the firm's principal...
Haslemere Receives Buy Out Bid Valuing It At 1.5Bln Euros
March 12, 2002 ROTTERDAM, the Netherlands – Dutch based real estate company Haslemere NV, which last month said it was in bid discussion with a company looking to acquire it, said it will receive a buyout offer of...
CBL Offering to Raise Net Proceeds of $115Mln From Share Sale
March 12, 2002 CHATTANOOGA, Tenn. – CBL & Associates Properties (NYSE:CBL) plans to raise net proceeds of about $115 million from the sale of about 3.4 million shares of common stock at $34.30/share.Proceeds will be used to repay...
S&P Upgrades Chase Commercial, 1998-C2
March 12, 2002 NEW YORK – Standard & Poor's has upgraded Chase Commercial Mortgage Securities Corp., 1998-C2, because of the deal's improved debt service coverage ratio.The collateral pool has shrunk to $1.2 billion from $1.3 billion at issuance....
Morgan Stanley Takes More Space at 1 Hudson in NYC
March 12, 2002 Morgan Stanley Dean Witter has leased nearly another 100,000 square feet at One Hudson Square in downtown Manhattan.The investment bank, which last November subleased 150,000 sf from one of the building's main tenants, will now...
Vornado President Agrees to New 5-Year Contract
March 11, 2002 PARAMUS, N.J. – Vornado Realty Trust (NYSE:VNO) has extended its employment agreement with its president, Michael D. Fascitelli, for five years.Under the agreement, Fascitelli will receive a deferred payment in five years of 626,566 Vornado...
Underwriters Exercise Right to Buy LaSalle Shares
March 11, 2002 BETHESDA, Md. – The underwriters of LaSalle Hotel Properties' (NYSE:LHO) have exercised their option to buy an additional 511,9000 shares of the company's 10.25 percent series A cumulative preferred shares – making the total issue...
Equity Residential Prices $400Mln of Unsecured Notes
March 11, 2002NEW YORK – Equity Residential Properties Trust has priced $400 million of 6.625 percent senior unsecured notes due March 2012.The 10-year notes priced 145 basis points over Treasury.Fitch has rated the transaction single-A-minus, while Moody's assigned...
GMAC Unit Acquires French Real Estate Research Firm
March 11, 2002 HORSHAM, Pa. – GMAC Institutional Advisors, a subsidiary of GMAC Commercial Mortgage Corp., has acquired Grecam, France's leading provider of market surveys and information for real estate professionals.Terms were not disclosed.Grecam provides data for commercial...
Prudential Mortgage Capital Provides $17.9Mln for SC, Ga. Properties
March 11, 2002 Prudential Mortgage Capital has provided a $9.15 million loan secured by a 204-unit garden apartment complex in Columbia, S.C., and an $8.75 million loan for six self-storage properties throughout Georgia.The 10-year, $9.15 million loan, which...
Realpoint IDs 43 CMBS Deals With Exposure to Kmart Closures
March 11, 2002 Commercial Real Estate Direct Staff ReportRealpoint has identified 43 CMBS transactions that have an exposure to Kmart stores that are on the retailer's latest list of proposed lease rejections.Meanwhile, Trepp LLC has updated its findings...
CarrAmerica Names Stephen Riffee New CFO
March 11, 2002 WASHINGTON – CarrAmerica Realty Corp. (NYSE:CRE) has promoted Stephen E. Riffee to the position of chief financial officer, effective April 1. He will succeed Richard Katchuk, who is retiring March 31.Riffee, who has served as...
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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.
