RECENT NEWS
Summit REIT Raises C$151.2Mln in Share Sale
February 26, 2002 TORONTO – Summit REIT (TSE:SMU.UN) has raised C$151.2 million (US$93.9 million) in gross proceeds though a public offering.A syndicate of underwriters led by CIBC World Markets Inc. and BMO Nesbitt Burns Inc. bought the 10.5...
Vornado to Raise $57Mln in Share Sales
February 26, 2002 PARAMUS, N.J. – Vornado Realty Trust (NYSE:VNO) has agreed to sell roughly 1.4 million common shares in two separate deals for net proceeds of about $57 million.The shares will be sold for $42.96 each, the...
Southeast Regional Digest (2/26/02): 2 More Office-Condo Projects for Jacksonville, Fla.
February 26, 2002 Two more office-condo projects for Jacksonville, Fla.Jacksonville (Fla.) Times-UnionJACKSONVILLE, Fla. – Two more office-condominium projects are coming online. Developers plan to break ground in May on the $6.5 million Chimney Lakes Office Center in the...
Aimco Hires David Robertson to Head Affordable Properties Unit
February 26, 2002 DENVER – Apartment Investment and Management Co. (NYSE:AIV) has hired David Robertson to serve as executive vice president, head of affordable properties and as a member of its executive committee.The Denver-based REIT is increasing its...
Westin Michigan Again Draws Investor Interest
February 26, 2002 WHITE PLAINS, N.Y. – MacKenzie Patterson Inc., a California real estate investment manager, has launched a mini-tender offer for up to 2.8 percent of Westin Hotels LP, whose sole asset is the Westin Michigan Avenue...
New Cohen & Steers Fund to Raise $510Mln in IPO
February 26, 2002 NEW YORK – Cohen & Steers Capital Management Inc. has completed pricing for the initial public offering of its Cohen & Steers Quality Income Realty Fund Inc.Cohen expects to raise about $510 million to $585...
Mandarin Oriental to Open Luxury Hotel in Washington DC
February 26, 2002 WASHINGTON – Mandarin Oriental International Ltd. has agreed to develop a 400-unit luxury hotel that would be part of a mixed-use development in the southwest sector of Washington, D.C.Mandarin Oriental International will invest $19 million...
Pension Fund Buys Suburban Boston Office Building
February 26, 2002 QUINCY, Mass. – A pension fund advised by Lend Lease Real Estate Investments Inc. has acquired 150 Newport Ave., a 119,000-square-foot office building in this suburb five miles south of Boston.Lend Lease did not disclose...
Nortel Sells, Leases Back New Silicon Valley Campus
February 25, 2002 SANTA CLARA, Calif. – Prudential Real Estate Investors has bought Nortel Networks' new campus on behalf of investors in an open-ended commingled fund.Prudential acquired the 636,000-square-foot facility on Great America Boulevard through a development-leaseback transaction...
Mass. Industrial Property Sells for Redevelopment
February 25, 2002 CANTON, Mass. – Liberty Properties has bought 25 John Road, a former pharmaceutical manufacturing facility in the Canton Commerce Center that the Boston-based real estate investment and management firm plans to reposition.Teva Pharmaceuticals sold the...
New DC Office Building Sells
February 25, 2002 WASHINGTON – A joint venture of Polinger Development Co. and GE Investments has bought 601 New Jersey Ave. N.W., a recently completed downtown office building.Lowe Enterprises Mid-Atlantic last year hired the Washington office of Cassidy...
REITs Reporting Earnings Last Week Saw FFO Drop on Average
February 25, 2002 Commercial Real Estate Direct Staff ReportThe 11 REITs that reported earnings over the past week saw an average 9.59 percent decline in funds from operations for the 12 months ended Dec. 31, 2001.REITs that invest...
Dutch Court Investigating Rodamco Sale, Delays Shareholder Vote
February 25, 2002 Commercial Real Estate Direct Staff ReportRodamco North America's liquidation plan has had a hiccup.The company has been forced to delay its shareholders' meeting, which was set for tomorrow, to allow a Dutch court to look...
Wells REIT Buys Fully Leased Office in Sarasota, Fla.
February 25, 2002 SARASOTA, Fla. – Wells REIT has paid $21.4 million, or nearly $136/sf, for a Class-A office building that is fully leased to Arthur Andersen Technology Solutions through October 2009.Arthur Andersen in 1999 completed the three-story...
Southeast Regional Digest (2/25/02): DeBartolo Bids on Tampa Bay Center Mall
February 25, 2002 DeBartolo bids on Tampa Bay CenterThe Business Journal of Tampa BayTAMPA – DeBartolo Property Group is making an offer to buy the 895,000-square-foot, two-level Tampa Bay Center mall from the Rouse Co. DeBartolo Property Group...
GMAC Stops Funding Large Loans Without Terror Insurance
February 25, 2002GMAC Commercial Mortgage, among the biggest players in the commercial mortgage business, said it has stopped funding large loans on "trophy type" assets if they lack terrorism insurance.In what could be the first public admission that...
Wells Hires Directors of Acquisitions and Dispositions
February 25, 2002 ATLANTA – Wells Real Estate Funds has added three senior real estate professionals as directors of acquisitions and dispositions.Clay Adams, Jeff Gilder and Joe Pangburn will be responsible for meeting the company's regional investment and...
Canada Digest (2/25/02): Caisse Buys Another Montreal Office Trophy
February 25, 2002 Caisse buys another Montreal office trophyFinancial Post, February 23MONTREAL, Quebec – BCE Inc. has sold its head office in downtown to SITQ Immobilier, a subsidiary of the Caisse de depot et placement du Quebec. Terms...
GE Capital Real Estate Splits Into 3 Platforms
February 25, 2002 STAMFORD, Conn. – GE Capital Real Estate has reorganized into three units to better manage recent and upcoming acquisitions.Security Capital, which GE Capital is in the process of buying, will form the core of its...
Rouse Names Mary Bryant as VP
February 22, 2002 COLUMBIA, Md. – The Rouse Co. (NYSE:RSE) has elected Mary Catherine Bryant its newest vice president. Bryant will continue overseeing the operation of several regional shopping malls as group director in property operations.Bryant joined Rouse...
Canada Digest (2/22/02): Capital Health May Take Space in Alberta’s Old Hudson Bay Building
February 22, 2002 Capital Health may take space in Edmonton's Bay BuildingEdmonton JournalEDMONTON, Alberta – The Capital Health Authority is thinking about consolidating 1,000 administrative and information technology employees from six offices in the city to the old...
Westwood Buys Ariz. Shopping Center for $15.5Mln
February 22, 2002 SCOTTSDALE, Ariz. – Westwood Financial Corp. has purchased a 102,733-square-foot neighborhood shopping center in the north end of the city for roughly $15.5 million from the Pederson Group.The Terravita Marketplace sits at the southwest corner...
Westwood Seeks to Buy Western Industrial Properties
February 22, 2002 BRENTWOOD, Calif. – Westwood Financial Corp. is seeking to buy multitenant industrial buildings and/or portfolios that are $10 million and up.The company, which is looking to diversify its portfolio, will look at properties primarily in...
Sovran May Sell Properties to Ventures
February 22, 2002 Commercial Real Estate Direct Staff ReportSovran Self Storage (NYSE:SSS) will seek to sell up to $30 million of properties this year to joint ventures it plans to form.The ventures will be similar to the REIT's...
S&P Lowers Ratings on Salomon Brothers VII 2001-CDC
February 22, 2002 NEW YORK – Standard & Poor's has lowered its ratings on two classes of Salomon Brothers Mortgage Securities, VII 2001-CDC, because of the deterioration in operating performance of the GF Hotel portfolio, which is the...
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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.
