RECENT NEWS
Southeast Regional Digest (2/27/02): Charlotte’s Galleria to Expand by 57 Acres
February 27, 2002 Charlotte's Galleria expanding by 57 acresThe Charlotte (N.C.) ObserverCHARLOTTE, N.C. – Developers plan to add a pedestrian friendly village of restaurants, offices, shops and a Wal-Mart Super Center to the Galleria, an office-retail complex on...
Colonial Properties Trust to Raise $17.8Mln From Equity Offering
February 27, 2002 BIRMINGHAM, Ala. – Colonial Properties Trust (NYSE:CLP) is selling 560,380 common shares in two separate offerings for $33.37/share.Cohen & Steers Quality Income Realty Fund Inc. bought 299,670 shares, giving Colonial Properties $9.5 million in net...
Weingarten Raises $10Mln in Share Sale
February 27, 2002 HOUSTON – Weingarten Realty Investors (NYSE:WRI) has sold 198,098 of its common shares to the Cohen & Steers Quality Income Realty Fund Inc. (NYSE:RQI) for $50.48/share.The Houston-based REIT plans to use the net proceeds from...
LaSalle Asia Recovery Fund Pays $57Mln for South Korea Office Building
February 27, 2002 SEOUL, South Korea – LaSalle Investment Management Inc. has acquired the Chokson Building, a Class-A office building in the capital city's central business district.LaSalle paid 75 billion won ($57 million) for the 12-story building on...
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...
RFS Completes $125Mln Note Offer
February 26, 2002 MEMPHIS, Tenn. – RFS Hotel Investors Inc. (NYSE:RFS) has sold $125 million of senior unsecured notes through a syndicate led by Credit Suisse First Boston and Banc of America Securities LLC.The notes, which were priced...
3 Grocery-Anchored Retail Properties in Pa. for Sale
February 26, 2002 Commercial Real Estate Direct Staff ReportA portfolio of three grocery-anchored retail centers near Harrisburg, Pa., has hit the market with an asking price of $23.5 million, or about $117/sf.The three properties, which total 201,700 square...
Real Estate Joint Venture Proposed in China
February 26, 2002 Cushman & Wakefield's Asia Pacific and CapitaLand's asset services company, Premas International, have teamed to form a real estate services business in China.Existing subsidiaries of Cushman & Wakefield and Premas International in Shanghai will be...
Boykin Lodging Hires Former CSFB Exec to Investment Post
February 26, 2002 CLEVELAND, Ohio – Boykin Lodging Co. (NYSE:BOY) has named Shereen P. Jones executive vice president and chief financial and investment officer, effective immediately.Jones will be responsible for capital raising as well as finance and investor...
Del Cano Completes $107.6Mln Property Sale
February 26, 2002VANCOUVER – Del Cano Properties Trust, a Canadian firm, has completed its US$107.6 million sale of its real estate portfolio to Aspen Square Management Inc.Gross proceeds of the sale amount to an estimated US$7,202/share, after costs...
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...
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...
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