RECENT NEWS
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...
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...
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...
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...
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,...
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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.
