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...
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...
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...
Jack Cohen Joins Precept’s Board
March 5, 2002NEW YORK – Precept Corp. has named Jack M. Cohen, chief executive of Cohen Financial, to its board of directors. Cohen joins four other real estate executives on Precept's board. However, he's the first mortgage banker....
Salomon Provides $13Mln Loan on Fla. Retail
March 5, 2002 DAVIE, Fla. – Salomon has provided a $13 million mortgage for the Shenandoah Square shopping center.Ramco/Shenandoah LLC, a joint venture headed by Ramco-Gershenson Properties Trust (NYSE:RPT), bought the 120,000-square-foot shopping center last fall for $16.3...
Starwood to Manage, Reflag Hotel in Japan
March 5, 2002 KYOTO, Japan – Starwood Hotels and Resorts Worldwide Inc. (NYSE:HOT) and Kintetsu Hotel Systems have agreed to rebrand the Miyako Hotel as The Westin Miyako, effective April 1.The historic 110-year old Kyoto hotel is a...
GMAC Institutional Advisors to Manage $75Mln CMBS Program for Pension Fund
March 5, 2002 GMAC Institutional Advisors will manage $75 million in an investment grade CMBS/whole loan program for the Southern California United Food & Commercial Workers Unions and Food Employers Joint Pension Trust Fund.GMAC Institutional Advisors has committed...
Two Gainesville, Fla., Apartments Trade Hands
March 5, 2002 GAINSVILLE, Fla. – Greystone has provided Paradigm Properties with $32.2 million in financing to buy two apartment properties. Paradigm Properties used the two 10-year mortgages for its purchase in January of the 168-unit Cobblestone Apartments...
Corporate Office Properties to Raise $25.1Mln from Offering
March 5, 2002 COLUMBIA, Md. – Corporate Office Properties Trust (NYSE:OFC) expects to raise gross proceeds of $25.1 million from a 9.7 million share offering, now that the deal's underwriters have fully exercised their over-allotment option to purchase...
Lend Lease Puts Suburban Houston Offices on the Market
March 5, 2002 HOUSTON – Lend Lease Real Estate Investments is looking to sell 363 North Belt Parkway, a Class-A office building in suburban Houston's Greenspoint office submarket.Holliday Fenoglio Fowler LP, in conjunction with Insignia ESG, is marketing...
Borrowers Push Loans to Special Servicers, Higher Delinquencies Might Follow
March 5, 2002 Borrowers of mortgages that have been securitized are increasingly moving to have their loans transferred to special servicing in order to gain debt relief.According to a survey by Standard & Poor's – "Do CMBS Borrowers...
GMAC Hires James L. Cooper in Phoenix
March 5, 2002 PHOENIX – James L. Cooper has joined GMAC Commercial Mortgage Corp. as vice president of the firm's local office.Cooper will be responsible for retail loan production with a focus on loan origination for correspondent life...
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...
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...
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...
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.
