RECENT NEWS
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...
Glimcher Sells Ohio Center for $19.6Mln
March 11, 2002 COLUMBUS, Ohio – Glimcher Realty Trust (NYSE:GRT) has completed the $19.6 million sale of Georgesville Square, a 241,000-square-foot shopping center in Columbus that is anchored by a Kroger and Lowe's.The buyer of the property, which...
Aimco Completes $1.5Bln Buy of Casden Properties
March 11, 2002 Apartment Investment and Management Co. (NYSE:AIV) has completed its purchase of Casden Properties, a private REIT that owns 17,383 apartment units.The $1.5 billion deal, agreed to late last year, gives Denver-based Aimco 6,356 apartment units...
Philly Apartments on the Sales Block for $81Mln
March 11, 2002 PHILADELPHIA – An opportunity fund managed by local financiers Ira Lubert and Dean Adler has put the 988-unit Presidential City Apartments on the sales block for $81 million, or $79,487/unit.The fund bought the property, which...
Correction: Merrill Lynch Traders Jump to JP Morgan Chase
March 11, 2002 John Mulligan, the head of CMBS trading at Merrill Lynch, was incorrectly identified in a story published Friday, "Merrill Lynch Traders Jump to JP Morgan Chase."
Southeast Regional Digest (3/11/02): Colonnade Development in Birmingham, Ala., Sold for $55.5Mln
March 11, 2002 Colonnade development in Birmingham sold for $55.5MlnBirmingham (Ala.) Business Journal BIRMINGHAM, Ala. – Koger Equity has sold the Colonnade office and retail development off U.S. Highway 280 to AP Knight LP for roughly $55.5 million....
Lend Lease Buys Seattle-area Industrial Park as Value-added Play
March 11, 2002 KENT, Wash. – Lend Lease Real Estate Investments Inc. has acquired the Valley Industrial Park from TrizecHahn Corp. (NYSE:TZH).Lend Lease did not disclose how much its Value Enhancement Fund V paid for the 961,000-square-foot industrial...
Equity Residential Set to Name Bruce W. Duncan as President
March 11, 2002 Equity Residential is expected to name Bruce W. Duncan as president – succeeding Douglas Crocker II, who is stepping down as president but retaining his title and duties as chief executive.Duncan is a director and...
JP Morgan Mortgage Provides $13.3Mln for Indianapolis Retail Center
March 11, 2002 PLAINFIELD, Ind. – J.P. Morgan Mortgage Capital has provided $13.3 million in permanent financing for a 173,000-square-foot retail center two miles west of Indianapolis International Airport.The 20-year fixed-rate financing was arranged by David B. Keller,...
Kmart Closing 1 Store Leased From JDN
March 11, 2002 ATLANTA – JDN Realty Corp. (NYSE:JDN) has one lease for an 86,479-square-foot Kmart store in Stockbridge, Ga. that the discount retailer plans to close.The store represents about $329,000 in annual rent.JDN is also in preliminary...
Fitch Ratings Downgrades ASC 1997-D5
March 11, 2002 NEW YORK – Fitch has downgraded Asset Securitization Corp.'s 1997-D5 because of further deterioration of the pool due in part to exposure to Kmart.Fitch downgraded the:– $39.5 million class A-5 to triple-B from triple-B-plus;– $43.9...
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...
RAIT Prices 1.2Mln Common Shares at $18.05/Unit
March 8, 2002 PHILADELPHIA – RAIT Investment Trust (NYSE:RAS) has priced 1.2 million common shares at $18.05/share.Proceeds of $20.7 million will be used to originate and buy loans and to buy property interests.The underwriter in the offering was...
Sale of Rreef Provides Handsome Profits
March 8, 2002 Commercial Real Estate Direct Staff ReportThe three owners of Rreef Funds are projecting hefty profits from their $440 million sale of the pension-fund advisory firm to Deutsche Bank.The sale will generate $406 million of proceeds,...
Stiles Corp. Buys Tenn. Industrial Building for $14.5Mln
March 8, 2002 LAVERGNE, Tenn. – The Stiles Corp. has purchased a 518,667-square-foot warehouse for $14.5 million from Perrigo Co.The warehouse sits within the Midsouth Logistic Center Industrial Park and was built in 1998. Stiles plans to expand...
Canada Digest (3/8/02): TrizecHahn Expects Restructuring to Save US$1Bln in Taxes
March 8, 2002 TrizecHahn expects restructuring to save US$1B in taxesFinancial Post TORONTO – TrizecHahn Corp. said yesterday it could be trading as a REIT as early as mid-May and expects its dividend to quadruple as part of...
Developers Diversified Buys NH Shopping Center
March 8, 2002 SALEM, N.H. – Developers Diversified Realty (NYSE:DDR) and its majority-owned affiliate, Coventry Real Estate Partners, have acquired Prudential Real Estate Investors' 74.25 percent joint venture interest in an open-air shopping center.Terms were not disclosed.The Village...
WestCoast Hospitality Sells 80% Interest in Wash. Building
March 8, 2002 SPOKANE, Wash. – WestCoast Hospitality Corp. (NYSE:WEH) has agreed to sell an 80.1 percent interest in the WHC Building for $10.6 million to an investment group.The company will retain a 19.9 percent stake in the...
Kramont Not Affected by Recent Kmart Store Closings List
March 8, 2002 PLYMOUTH MEETING, Pa. – Kramont Realty Trust's (NYSE:KRT) seven Kmart stores in its centers are not among the 284 additional stores the bankrupt retailer is seeking to close.The Kmart stores in Kramont's portfolio are 90,000-square-feet...
Correction: Another LA Office Complex May Hit the Block
March 8, 2002 A story posted yesterday – "Another LA Office Complex May Hit the Block" – provided an incorrect estimated price for the Arco Center at 333 S. Hope St. in Los Angeles. The pricing should read...
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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.
