RECENT NEWS
Hammerson Buys 2 Malls in France, England for $277Mln
March 4, 2002 Hammerson PLC has acquired interests in two shopping centers in France and England for 195 million pounds ($277.4 million).Hammerson paid Wereldhave 139 million euros ($120.7 million) for a 57.5 percent interest in Parinor, a 904,200...
New Plan Excel Closes Acquisition of 92 Shopping Centers
March 4, 2002 New Plan Excel Realty Trust Inc. (NYSE:NXL) has closed its $654 million acquisition of 92 community and neighborhood shopping centers.The REIT, advised by Salomon Smith Barney, bought the portfolio from CenterAmerica Property Trust LP, a...
Moody’s Upgrades DLJ 1993-MF17
March 4, 2002 NEW YORK – Moody's Investors Service has upgraded DLJ Mortgage Acceptance Corp., 1993-MF17, because of an increase in subordination levels. In addition, the rating agency said the collateral pool has suffered no losses and is...
CMBS Spreads Unchanged for Week
March 4, 2002 Commercial Real Estate Direct Staff ReportCMBS spreads last week were relatively unchanged when compared to the week before, according to the Commercial Real Estate Direct CMBS Pricing Matrix.Spreads for 10-year triple-A bonds ranged from 46...
Moody’s Upgrades Sasco Floating Rate 2000-C2
March 4, 2002 NEW YORK – Moody's Investors Service has upgraded Sasco Floating Rate Commercial Mortgage Trust, 2000-C2, because loan payoffs and prepayments have resulted in improved subordination levels. The rating agency upgraded the deal's:– $33.1 million class...
Florsheim Files Chapter 11
March 4, 2002 CHICAGO – Florsheim Group, a retailer of men's shoes, has filed for Chapter 11 bankruptcy. The filing is significant because most of Florsheim's stores are in regional malls. The company said it distributes its shoes...
Southeast Regional Digest (3/4/02): Foreclosed Mall Near Miami Fetches $25.5Mln
March 4, 2002 Industry news: Foreclosed mall near Miami fetches $25.5MlnMiami HeraldMIAMI – Prudential Insurance Co. of America has sold the Aventura Shopping Center at 20401 to 20669 Biscayne Blvd. for $25.5 million, or $81/sf. National City Bank...
Moody’s Upgrades 2 FDIC CMBS Deals
March 4, 2002 NEW YORK – Moody's Investors Service has upgraded two FDIC CMBS transactions, FDIC Remic Trust, 1996-C1, and FDIC Remic Trust, 1994-C1, because both have been paid down substantially, leading to big increases in credit-support levels.Moody's...
Northern Calif. Retail Center Fetches $17.4Mln
March 4, 2002 SANTA CLARA, Calif. – Fifty Associates and Demartini Trust have sold the Mariposa Shopping Center for $17.4 million, or about $137/sf.The venture between the Boston-based and Marin County, Calif., firms sold the 126,576-square-foot center to...
Newman Provides $21.1Mln Financing for Texas Apartments
March 4, 2002 FORT WORTH, Texas – Newman Financial Services Inc. has provided $21.1 million of financing for Paradise Hills, a 321-unit apartment complex. The financing is comprised of a $19.2 million bridge and a $1.9 million mezzanine...
PS Business Parks Gets $50Mln Unsecured Term Loan
March 4, 2002 GLENDALE, Calif. – PS Business Parks Inc. (AMEX:PSB) has secured a $50 million unsecured term loan with Fleet National Bank. The seven-year loan bears interest at Libor plus 145 basis points and is due on...
Canada Digest (3/4/02): Westbank Towne Centre in B.C. sells for C$9.4Mln
March 4, 2002 Westbank Towne Centre in B.C. sells for C$9.4MlnWESTBANK, British Columbia – Anthem Properties Corp.'s shopping center subsidiary, Anterra Retail Properties Ltd., has paid $9.4 million (US$5.9 million) for Westbank Towne Centre. Consolidated Properties Ltd. sold...
Fitch Puts Taubman Centers Stock on Rating Watch Negative
March 1, 2002 NEW YORK – Fitch Ratings has placed its double-B preferred stock rating for Taubman Centers Inc. (NYSE:TCO) on rating watch negative because of concerns regarding the shopping center owner's $1.3 billion development pipeline and related...
Istar Files to Sell Up to $500Mln of Securities
March 1, 2002 IStar Financial (NYSE:SFI) has filed with the SEC to sell up to $500 million in debt securities, preferred and stock, depositary shares and warrants. The company plans to use the proceeds for debt repayment, investments...
LaSalle Hotel Raises $87Mln From Preferred Offering
March 1, 2002 BETHESDA, Md. – LaSalle Hotel Properties (NYSE:LHO) is offering $87 million of series A cumulative redeemable preferred shares, its first effort to raise capital via a preferred-stock sale. The shares carry a 10.25 percent coupon...
Essex Raises $250Mln for Apartment Fund
March 1, 2002 PALO ALTO, Calif. – Essex Property Trust Inc. (NYSE:ESS) has raised $250 million in equity commitments for its Essex Apartment Value Fund LP – $50 million more than it initially planned.The fund, which postponed its...
UBS Warburg Hires Jackson Hsieh to Lead Investment Unit
March 1, 2002 NEW YORK – Jackson Hsieh is joining UBS Warburg in April as a managing director and head of the firm's U.S. real estate, lodging and leisure investment banking group.Hsieh will be based in New York...
Price Legacy to File $500Mln Shelf Registration
March 1, 2002 SAN DIEGO, Calif. – Price Legacy Corp. (AMEX:XLG) plans to file a universal shelf registration statement with the SEC for the eventual sale of up to $500 million of debt securities, stock and warrants.The open-air...
Deal for Cleveland’s Galleria at Erieview Stalls
March 1, 2002 By Patrick Crowley, Commercial Real Estate Direct WriterThe sale of the Galleria at Erieview, a retail and office complex in downtown Cleveland, has hit a snag.Alex Sassoon – a principal at McKnight Development of Pittsburgh,...
Developers Diversified Buys 2 Burnham Properties for $65Mln
March 1, 2002 CLEVELAND – Developers Diversified Realty (NYSE:DDR) has paid $65 million for two shopping centers, in San Francisco and Richmond, Calif., from Burnham Pacific Properties Inc. (NYSE:BPP), a REIT that is liquidatingThe REIT funded its purchase...
Philadelphia Agency Launches Competition to Develop Navy Yard
March 1, 2002 PHILADELPHIA – The city will launch a competition today among private real estate firms for the right to develop an office park on a 60-acre tract at the old Philadelphia Navy Base.Bringing in a private...
Southeast Regional Digest (3/1/02): New SC Apartment Complex on the Market
March 1, 2002New SC apartment complex on the market SIMPSONVILLE, S.C. – Marcus & Millichap is marketing for sale The Arbors at Fairview, a 168-unit apartment complex under construction in this fast-growing city near Greenville and Spartanburg. The...
Baltimore Biotech Facility Fetches $212/sf
March 1, 2002 BALTIMORE – Dome Corp., a subsidiary of the Johns Hopkins Institutions, has sold the leasehold interest of the Triad Technology Center, an office and biotech facility on the 130-acre Johns Hopkins Bayview Research Campus.Wolverine Holdings...
Canada Digest (3/1/02): Staubach Makes Canada a Bigger Part of Game Plan
March 1, 2002 Staubach makes Canada a bigger part of game planThe Financial PostVANCOUVER, B.C. – Roger Staubach said yesterday his company is considering a move into the Vancouver market. Staubach Canada Inc., which expanded into Calgary late...
Brandywine to Sell $126Mln of Properties
February 28, 2002 NEWTOWN SQUARE, Pa. – Brandywine Realty Trust (NYSE:BDN) has struck agreements or sold a total of $126 million of properties as part of its ongoing capital recycling program.The 22 properties it is selling total 1.4...
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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.
