RECENT NEWS
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...
CDC Funds $83.5Mln Loan for LA-area Mall
February 22, 2002 CDC Mortgage Capital Inc. has provided $83.5 million of floating-rate financing to the Krausz Cos. to refinance the Puente Hills Mall outside of Los Angeles in the City of Industry.CDC's mortgage refinances existing debt on...
Canada Digest (2/21/02): Royal Host REIT Closes C$40Mln Debt Offering
February 21, 2002 Royal Host REIT closes C$40Mln debt offeringCALGARY, Alberta – Royal Host REIT has closed its offering of C$40 million (US$25.2 million) of 9.25 percent convertible unsecured subordinated debentures. The debentures mature on March 1, 2007,...
Boykin’s 4th Qtr 2001 RevPAR Declines 19%
February 21, 2002 Commercial Real Estate Direct Staff ReportBoykin Lodging Co.'s (NYSE:BOY) revenue per available room decreased 19 percent in the fourth quarter because of the recession and the drop in tourism following Sept. 11.RevPAR dropped to $46.51...
GMAC Provides $30.5Mln for Sovran Self Storage Portfolio
February 21, 2002 GMAC Commercial Mortgage Corp. has provided $30.5 million of fixed-rate, permanent financing for a portfolio of 11 self-storage facilities owned by Sovran Self Storage (NYSE:SSS).The financing amortizes over 30 years.The mortgages were secured by 11...
RFS Subsidiary Prices $125Mln of Senior Notes
February 21, 2002 RFS Partnership, a subsidiary of RFS Hotel Investors (NYSE:RFS), has offered $125 million of senior notes that mature on March 1, 2012.Proceeds from the offering will be used to repay secured debt and reduce outstanding...
Crescent Sells Dallas Area Office Building
February 21, 2002 Commercial Real Estate Direct Staff ReportDALLAS – Crescent Real Estate Equities Co. (NYSE:CEI) has sold the Cedar Springs Plaza in the city's Turtle Creek submarket.The sale boasted net proceeds of about $12 million. The 111,000-square-foot...
S&P Raises Ratings on Woodland Finance Corp., 1994-1
February 21, 2002 NEW YORK – Standard & Poor's has raised its rating on Woodland Finance Corp., 1994-1, class A mortgage notes to double-A-plus from double-A.The raised rating reflects improved financial performance for the Woodland Mall in Kentwood,...
JV Recapitalizes 10-property Shopping Center Portfolio
February 21, 2002 CLEVELAND – Developers Diversified Realty (NYSE:DDR) has sold two properties and is refinancing the others in its 10-property portfolio of community shopping centers it owns in a joint venture with DRA Advisors Inc.Since the venture...
Neuberger to Launch REIT Fund
February 21, 2002 Neuberger Berman (NYSE:NEU) is launching a real estate fund that will invest in real estate securities.The Neuberger Berman Real Estate Fund will not directly invest in real estate, but rather in securities issued by real...
Shareholder Suit Filed Against National Golf Properties
February 21, 2002 BALA CYNWYD, Pa. – The law firm of Schiffrin & Barroway LLP has filed a class action lawsuit against National Golf Properties Inc. (NYSE:TEE), charging the REIT and some of its management with issuing false...
FINAL PRICING: $950 Mln CalWest Industrial Trust, 2002-CALW
February 21, 2002 Goldman Sachs was lead manager and book runner on the transaction, which priced Feb. 15. Banc of America Securities, Deutsche Bank and Lehman Brothers are co-managers. The issuer is CalWest Industrial Properties, a joint venture...
Southeast Regional Digest (2/21/02): CBL Scales Back Ga. Mall Project
February 21, 2002 CBL scales back Ga. mall projectThe Atlanta Journal-ConstitutionATLANTA – CBL & Associates Properties have scaled backs its plan to build a 1.3 million-square-foot regional mall, dubbed the Mall at Newnan Crossing, in Coweta County, blaming...
Orient-Express Hotels Pays $40Mln for 2 Hotels in UK, Spain
February 21, 2002 Orient-Express Hotels Ltd. (NYSE:OEH) has paid Virgin Hotels $40 million for two luxury hotels in England and Spain and a half interest in a related English restaurant chain.Bermuda-based Orient-Express bought the Le Manoir Aux Quat'...
First Industrial Lowers Estimates for 2002
February 21, 2002 Commercial Real Estate Direct Staff ReportFirst Industrial (NYSE:FR) has lowered its estimates for 2002 funds from operations because of the softening economy.The REIT estimates 2002 FFO per share to be $3.95 to $4.05, and anticipates...
PS Business Parks Promotes William McFaul, Joseph Miller
February 20, 2002 GLENDALE, Calif. – PS Business Parks (AMEX:PSB) has promoted Willaim A. McFaul to vice president and Joseph E. Miller to vice president, corporate controller.McFaul, who has been with the company since 1999, will be responsible...
ProLogis Buys 8 Texas Distribution Centers
February 20, 2002 GRAND PRAIRIE, Texas – ProLogis Trust (NYSE:PLD) of Colorado has purchased eight buildings in two transactions that closed this week.The acquisitions bring the company another 1.3 million square feet of distribution space in the Great...
JV Raising Money for $300Mln Fund Targeted at Industrial Properties
February 20, 2002 Chanin Capital Partners and Cohen Asset Management Inc. are raising money for a $300 million fund that will target properties that financially troubled companies are trying to sell.The Sainte Pierre Real Estate Liquidity Fund will...
Southeast Regional Digest (2/20/02): Demolition Delays Won’t Stall Construction on Tampa, Fla., Offi
February 20, 2002 Demolition delay won't stall work on Ybor ComplexTampa (Fla.) TribuneTAMPA, Fla. – Delays in demolishing the last building on the Port Ybor project site won't hold back development of the $75 million industrial-office park. Construction...
Diamond Resorts to Build $240Mln Timeshare Resort on Vegas Strip
February 20, 2002 LAS VEGAS – Diamond Resorts International will build a $240 million, 30-story, four-tower timeshare resort on the Las Vegas Strip.The French-themed resort, dubbed the Chateau, will be built on Harmon Avenue adjacent to the Polo...
Robertson Builds $25Mln Industrial Development in Calif.
February 20, 2002 LOS ANGELES – Robertson Properties Group has completed development of the Pacific Gateway Business Center, a $25 million, two building, Class-A industrial development near the intersection Whittier and Paramount boulevards.The 549,000-square-foot center, which is comprised...
Bauer Partnership to Buy Resort in Mexico for $6.5Mln
February 20, 2002 PLAYA DEL CARMEN, Mexico – The Bauer Partnership Inc. (OTC BB:BUER) is buying The Mosquito Blue Resort for $6.5 million.The New York-based real estate investment company will acquire the resort through one of its subsidiaries,...
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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.
