RECENT NEWS
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...
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...
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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.
