RECENT NEWS
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...
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...
Nationwide Provides $22Mln for 2 Austin, Texas, Retail Properties
March 6, 2002 AUSTIN, Texas – Nationwide Life Insurance Co. has provided $22 million in fixed-rate financing for two retail properties in the city's Golden Triangle section.The two 10-year loans comprise a $19 million mortgage on the 201,155-sf...
Oregon Retail Center Gets $38.5Mln Mortgage
March 6, 2002 GRESHAM, Ore. – John Hancock Life Insurance Co. has provided $38.5 million in financing for Gresham Station, a newly completed 297,190-square-foot retail center.A joint venture between Center Oak Properties LLC and Oaktree Capital Management LLC...
S&P Raises Ratings on Mortgage Capital Funding, 1996-MC1
March 6, 2002NEW YORK – Standard & Poor's has raised its ratings on five classes of Mortgage Capital Funding Inc., 1996-MC1, because of the improved financial operating performance of the collateral pool and increases in subordination.The upgrades are...
Correction: S&P Removes Crown NorthCorp From Select Servicer List
March 6, 2002 Standard & Poor's yesterday removed Crown NorthCorp. Inc. from the March 2002 version of its Select Servicer List.A story published yesterday, "S&P Removes Crown NorthCorp From Select Servicer List", listed the incorrect date for the...
Southeast Regional Digest (3/6/02): Fort Lauderdale Approves $200Mln Mixed-Use Project
March 6, 2002 $200Mln Capri site plan approvedSouth Florida Business Journal FORT LAUDERDALE, Fla. – The city commissioners have approved the final site plan for the Capri, a $200 million hotel, timeshare and retail project slated to rise...
Canada Digest (3/6/02): Edmonton, Alberta’s Office Vacancy Rate Falls Below 10 Percent
March 6, 2002 Edmonton, Alberta's office vacancy rate falls below 10 percentEdmonton Journal EDMONTON – After years of stagnation, the downtown office vacancy rate is pegged below 10 percent for the first time in nearly two decades. Avison...
Fitch Gives CSS2 Rating to Yamato as Special Servicer
March 6, 2002TOKYO – Fitch Ratings has assigned its CSS2-(JPN) rating to Yamato Servicing KK as a CMBS special servicer, based on the company's ability to service non-performing commercial mortgage loans and meet investors' reporting requirements.Fitch noted the...
Chateau Communities Says Property Sales Will Affect 2002 FFO
March 6, 2002 Commercial Real Estate Direct Staff ReportGREENWOOD VILLAGE, Colo. – Chateau Communities (NYSE:CPJ) expects its 2002 funds from operations to be negatively affected because it sold $42 million of properties late last year. Because it now...
Host Marriott’s 4th Qtr 2001 RevPAR Sinks 28.3%
March 6, 2002 Commercial Real Estate Direct Staff ReportBETHESDA, Md. – Host Marriott Corp.'s (NYSE:HMT) revenue per available room for the fourth quarter 2001 declined 28.3 percent while operating profit margins declined by 5 percentage points.The RevPAR decline...
DC Office Building Sells for $273/sf
March 6, 2002 Commercial Real Estate Direct Staff ReportWASHINGTON – The Halle Cos. has paid $112.5 million for a 412,052-square-foot office building in downtown Washington, D.C. The Silver Spring, Md.-based real estate firm bought the 13-story building at...
Investcorp Buys Office, Industrial Portfolio in Colo.
March 6, 2002 BOULDER, Colo. – Investcorp has acquired a 591,000-square-foot portfolio of office and industrial, including research and development, properties.Investcorp bought the downtown properties in partnership with Bancroft Capital LLC of Manhattan Beach, Calif., which already owned...
BRE Properties Prices $150Mln Senior Unsecured Notes
March 5, 2002 SAN FRANCISCO – BRE Properties Inc. (NYSE:BRE) has priced a $150 million offering of senior unsecured notes under its existing shelf registration statement. The five-year notes were issued at 99.982 percent of par value, with...
S&P: JP Realty, Price Development Co. on Watch Negative
March 5, 2002 NEW YORK – Standard & Poor's today placed its ratings for JP Realty Inc. (NYSE:JPR) and Price Development Co. LP on credit watch with negative implications as a result of the agreement to merge into...
Aztar Buys Tropicana in Vegas; Looking into Development
March 5, 2002 LAS VEGAS – Aztar Corp. (NYSE:AZR) has completed its $166.5 million purchase of the Tropicana Resort and Casino.The Phoenix-based company paid $117.5 million and assumed $49 million of existing debt for the half interest it...
Forest City Increases Bank Line to $350Mln
March 5, 2002CLEVELAND – Forest City Enterprises Inc. (NYSE:FCEA) has expanded its credit facilities by $100 million to $350 million.The 12-bank syndicate led by KeyBank and National City Bank includes existing line banks – Comerica Bank, Credit Lyonnais,...
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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.
