RECENT NEWS
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...
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...
Realty Income Raises $8.2Mln in Stock Offering
February 28, 2002 ESCONDIDO, Calif. – Realty Income Corp. (NYSE:O) has raised about $8.2 million by selling 273,150 of its common shares to a unit investment trust. The shares were sold to Salomon Smith Barney, which served as...
New Jersey Retail Market Sees Higher Vacancies
February 28, 2002 Bankruptcy-related store closings have led to an increase in retail vacancies in New Jersey's retail-heavy central corridor.The vacancy rate in the region, which encompasses Mercer, Monmouth, Ocean and Middlesex counties, rose to 5.7 percent at...
Southeast Regional Digest (2/28/02): Investors Offer $24Mln for Sandy Lake Towers in Orlando
February 28, 2002 Investors offer $24Mln for Sandy Lake Towers in OrlandoOrlando (Fla.) SentinelORLANDO, Fla. – Attorneys for Brazilian developer Sergio Naya said they have a buyer for the troubled Sandy Lake Towers hotel, which has been in...
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...
Canada Digest (2/28/02): Apartment REIT sits on C$250Mln war chest for acquisitions
February 28, 2002 Apartment REIT sits on C$250Mln war chest for acquisitionsFinancial Post TORONTO – Canadian Apartment Properties REIT said yesterday it has built up a C$250 million (US$155.8 million) war chest to spend on acquisitions. CAP REIT...
Greenspan Endorses Federal Backstop for Terrorism Insurance
February 28, 2002 WASHINGTON – During his latest appearance before the U.S. House of Representatives Financial Services Committee yesterday, Federal Reserve Chairman Alan Greenspan said he supported a federal backup plan for terrorism insurance. Greenspan, quoted in today's...
GMAC Floater Out as New Issuance Stays Light
February 28, 2002 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterUnderwriters Goldman Sachs and Deutsche Bank are securitizing 22 loans on 35 properties in a new $484 million floating-rate CMBS deal.The one triple-A tranche totals just...
Starwood Could Soon Sell $300Mln in Ciga Assets
February 28, 2002 NEW YORK – Within the next few months, Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT) will likely sell up to $300 million of assets from its CIGA portfolio of luxury European hotels.That's according to Dow...
GMAC Hires Ronald Verrilli to Head St. Louis Office
February 28, 2002 GMAC Commercial Mortgage Corp. has named Ronald O. Verrilli vice president and branch manager in its St. Louis office, where he will be responsible for the office's overall loan production. Verrilli joins GMAC from NorthMarq...
Mall Trouble Leads to Downgrades, Rating Watch for Nomura 1994-MD1
February 28, 2002 CHICAGO – Fitch Ratings has downgraded four classes of Nomura Asset Securities Corp.'s 1994-MD1 and put them on rating watch negative because of two specially serviced loans in the transaction, Rolling Acres and Canton Centre,...
FBR Asset to Raise Another $18Mln From Offering
February 28, 2002 ARLINGTON, Va. – FBR Asset Investment Corp. (NYSE:FB) expects to raise $18.1 million because the underwriters for a recent offering fully exercised their over-allotment options of 720,000 common shares.The $18.1 million is in addition to...
Fitch Upgrades Merrill Lynch, 1994-C1
February 27, 2002 NEW YORK – Fitch Ratings has upgraded Merrill Lynch Mortgage Investors Inc., 1994-C1, as a result of an increase in the deal's subordination levels because of loan paydowns.The rating agency upgraded the deal's $10.2 million...
Mortgage on Globix Building in NY was Securitized
February 27, 2002 Commercial Real Estate Direct Staff ReportThe $20.6 million mortgage on 139 Centre St., a Manhattan office building owned by Globix Corp., was securitized in Credit Suisse First Boston Mortgage Securities Corp., 2000-C1, according to Trepp...
Deutsche Combines Investment Management Units
February 27, 2002 Deutsche Asset Management has combined its various real estate investment management platforms into one operation, DB Real Estate, that is headed by Richard M. Gunthel.The six platforms, which provide investment management services to clients in...
Fitch Upgrades Sasco 1997-LL1
February 27, 2002 CHICAGO – Fitch Ratings has upgraded the $114.1 million class D in Structured Asset Securities Corp., 1997-LL1, to A-minus from triple-B-plus and affirmed the other classes it rates in the series due to the prepayment...
CB Richard Ellis Pays $12.4Mln for Md. Industrial Property
February 27, 2002 CAPITAL HEIGHTS, Md. – CB Richard Ellis Investors LLC, on behalf of a separate account investor, has purchased 240,000 square feet of industrial warehouse space and land for $12.4 million.TA Associates Realty sold the property,...
LTC Healthcare Changes Name, Trading Symbol
February 27, 2002 IRVING, Texas – LTC Healthcare Inc. (OTC:LTHT) has completed its name change to CLC Healthcare Inc. and will now be listed under its new OTC trading symbol – CLCE.The changes were approved at the REIT's...
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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.
