RECENT NEWS
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8, 2002 NEW YORK – Grubb & Ellis Co. (NYSE:GBE) has restructured its credit agreement with its banking syndicate and withdrawn a rights offering through which it was aiming to raise up to $11 million.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...
Fitch Warns CMBS Deals Could See Increasing Downgrades
March 8, 2002 NEW YORK – Fitch Ratings warned that CMBS deals with concentrations of retail, hotel and healthcare loans could see downgrades this year because of the expectation that such loans will have increasing delinquencies.The rating agency...
Southeast Regional Digest (3/8/02): Orlando Office Market Rent Ranks 53rd
March 8, 2002 Orlando's office market ranks 53rd in the world for rent per sfOrlando (Fla.) SentinelORLANDO, Fla. – The local office market ranked 53rd in the world among 61 markets in terms of average rent per square...
FINAL PRICING: $1.1 Bln Bear Stearns Commercial Mortgage Securities Trust, 2002-TOP6
March 8, 2002 Class Amount (mlns) Sub. Rate (%) Rating S&P Rating Moody's Avg. Life Price Talk Priced Benchmark A-1 305 14.75 AAA Aaa 5.7 +44 area +44 Swaps A-2 647.95 14.75 AAA Aaa 9.7 +46 area +46...
Insignia, CB Deny Talk of Merger to Staff
March 8, 2002 Commercial Real Estate Direct Staff ReportBoth Insignia Financial Group and CB Richard Ellis, which are said to be in talks to merge, last night sent memos to their staffs denying that such negotiations were taking...
FINAL PRICING: $484.15 GMAC Commercial Mortgage Securities, 2002-FL1
March 8, 2002 Class Amount (mlns) Rating Fitch Rating Moody's Avg. Life Price Talk Priced Benchmark A 294.1 AAA Aaa 2.4 +42 area +39 Libor B 56.9 AA Aa2 2.4 +75 area +75 Libor C 43.57 A A2...
Kmart Identifies 284 Additional Store Closures
March 8, 2002 Commercial Real Estate Direct Staff ReportKmart Corp. has identified another 284 stores for closure.The stores, which are all operating, are considered underperforming. The retailer, which has been operating under bankruptcy protection since Jan. 22, has...
46 CMBS Deals Affected By Latest Kmart Closures
March 8, 2002 A total of 46 CMBS transactions have exposure to Kmart stores that were included in a list of 284 that the retailer said it would seek to close, according to an analysis conducted by Trepp...
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...
Archstone-Smith Hires Mark Schumacher as Controller
March 7, 2002 DENVER, Colo. – Archstone-Smith (NYSE:ASN) has hired Mark A. Schumacher to serve as senior vice president and corporate controller.Schumacher joined the Denver-based apartment REIT from Qwest Communications, where he was the vice president and controller.Comments?...
PRICE TALK: $484.15 GMAC Commercial Mortgage Securities, 2002-FL1
March 7, 2002 Class Amount (mlns) Rating Fitch Rating Moody's Avg. Life Price Talk Benchmark A 294.1 AAA Aaa 2.4 +42 area Libor B 56.9 AA Aa2 2.4 +75 area Libor C 43.57 A A2 2.4 +145 area...
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...
About
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.
