RECENT NEWS
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...
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...
Freddie Mac Provides $19.6Mln Loan for NJ Apartments
February 22, 2002 LAKEWOOD, N.J. – Freddie Mac has provided $19.6 million of fixed-rate permanent financing for a 288-unit apartment property on 19.5 acres.Jon Mikula, senior director, and Jim Cadranell, associate director, of Holliday Fenoglio Fowler's Edison, N.J.,...
S&P Raises Ratings on Lakewood Mall Finance, 1995-C1
February 22, 2002 NEW YORK – Standard & Poor's raised its ratings on three classes of Lakewood Mall Finance Co., 1995-C1, due to the improved financial performance of the shopping center in Lakewood, Calif., its strong occupancy levels...
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'...
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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.
