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...

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...

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...

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...

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...

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....

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...

March 12, 2002 U.K. hotel company Thistle Hotels PLC has agreed to sell 37 hotels – 31 regional and six in London – for 600.4 million pounds ($850 million) in cash. The deal will also take out 555.4...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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."

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....

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...

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...

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,...

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...

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...

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...