RECENT NEWS
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...
Pan Pacific Not Exposed to Stores in Kmart’s Recent Closings List
March 8, 2002 SAN DIEGO – Pan Pacific Retail Properties (NYSE:PNP) said it does not have any exposure to Kmart store closings based upon the new list Kmart has issued.Comments? E-mail
PRICE TALK: $992.9 Mln Credit Suisse First Boston Mortgage Securities Corp., 2002-CKP1
March 8, 2002 Class Amount (mlns) Sub. Rate (%) Rating S&P Rating Moody's Avg. Life Price Talk Benchmark A-1 54.7 22.625 AAA Aaa 2.5 +35 area Swaps A-2 112.4 22.625 AAA Aaa 7.5 +45 area Swaps A-3 601.1...
Grubb & Ellis Revamps Credit Arrangement, Pulls Rights Offering
March 8, 2002 NEW YORK – Grubb & Ellis Co. (NYSE:GBE) has restructured its credit agreement with its banking syndicate and withdrawn a rights offering through which it was aiming to raise up to $11 million. Warburg Pincus,...
JDN’s Year-End 2001 FFO Drops After Settlement Charge
March 8, 2002 Commercial Real Estate Direct Staff ReportJDN Realty Corp.'s 2001 funds from operations plunged to negative 5 cents/share as a result of a massive settlement of a lawsuit suit against the REIT.The firm was one of...
Rodamco Sets New Date for Shareholder Meeting
March 7, 2002Rodamco North America NV has rescheduled to March 25 its shareholders meeting to vote on its planned liquidation.The meeting, originally set for Feb. 26, was deferred after the Enterprise Chamber of the Amsterdam Court of Appeal...
Calif. Apartments Fetch $20.7Mln
March 7, 2002 SAN JOSE, Calif. – The Hidden Brook apartment complex, a Class-B complex at 463 Wooster Ave., has traded hands for its asking price of $20.65 million – that's $102,736/unit or $177/sf.Tustin, Calif.-based RHC Communities bought...
Southeast Regional Digest (3/7/02): DLC Buys Tenn. Retail Center for $16.2Mln
March 7, 2002 DLC buys retail center in Lebanon, Tenn.LEBANON, Tenn. – DLC Management Corp. has purchased Cedars Square, a 280,000-square-foot retail center that is anchored by Wal-Mart and Goody's, for about $16.2 million from AB/Lebanon LP. Jacksonville...
Deutsche Confirms $440Mln Buy of Rreef
March 7, 2002Deutsche Bank has confirmed that it is buying the holding company of Rreef Funds, a pension fund adviser with $16.2 billion of assets under management. Deutsche has agreed to pay $440 million for the company plus...
Fitch Places JP Realty BBB Senior Notes on Rating Watch Negative
March 7, 2002 NEW YORK – Fitch has placed its triple-B rating for JP Realty's senior unsecured notes on watch negative as a result of General Growth Properties purchase of the company for $1.1 billion.The rating watch affects...
Pyramid Buys Back Loan on Mass. Mall
March 7, 2002By Orest Mandzy, Commercial Real Estate Direct Managing EditorPyramid Cos., a shopping center owner, has paid off the $25.5 mortgage on the Hampshire Mall in Hadley, Mass., after its lender, Deutsche Bank, started offering the loan...
Mid-Atlantic Could Raise $30Mln from Share Sale
March 7, 2002 LUTHERVILLE, Md. – Mid-Atlantic Realty Trust (NYSE:MRR) plans to raise $30.2 million from the sale of 2 million common shares at $15.10/share.Proceeds will be used to repay fixed-rate mortgage debt and to reduce the REIT's...
Joseph Osborne Named COO of Archon Financial
March 7, 2002 DALLAS – Archon Financial, the conduit lending arm of Goldman Sachs, has named Joseph Osborne chief operating officer. Osborne, who has been with Archon for four years, was most recently vice president and general counsel....
GMAC Names George A. O’Brien III as VP in Manhattan
March 7, 2002 NEW YORK – GMAC Commercial Mortgage Corp. has named George A. O'Brien III as vice president and retail loan origination producer in its Manhattan office.Prior to joining GMAC, he was a vice president at GE...
RioCan to Buy 50% Interests in Five Canadian Retail Centers
March 7, 2002 TORONTO – RioCan Real Estate Investment Trust has acquired a 50 percent interest in five retail centers, encompassing roughly 1.5 million square feet, from affiliates of the First Professional Group for about US$84 million.The transaction...
Vornado to Buy Office Building in Arlington, Va.
March 7, 2002 ARLINGTON, Va. – Vornado Realty Trust (NYSE:VNO) has paid $55 million for the mortgage as well as an option to purchase Crystal City Gateway One.Vornado expects to exercise its option to acquire the 360,000-square-foot office...
Insignia Said to Be in Talks With CB
March 7, 2002 Insignia Financial Group and CB Richard Ellis are said to be in talks to merge, according to the New York Post.The newspaper, which cited unnamed sources, said the talks have entered a "serious" stage and...
Transwestern Pays $27.6Mln for NJ Office Complex
March 7, 2002 PARSIPPANY, N.J. – Transwestern Investment Co. has acquired Lanidex Plaza, a 280,000-square-foot office campus, for $27.6 million, or about $99/sf.Lincoln Property Co. sold the six-building office campus at 200 to 700 Lanidex Plaza Road.Lincoln bought...
PRICE TALK: $335 Mln GMAC Commercial Mortgage Securities Corp, 2002-LT (Lucent)
March 7, 2002 Guidance as of Feb. 28. Class Amount (mlns) Rating S&P Rating Moody's Avg. Life Price Talk Benchmark A-1 60 AAA Aaa 1 +70 area Swaps A-2 60 AAA Aaa 2.3 +115 area Swaps B 10...
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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.
