RECENT NEWS
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,...
Canada Digest (2/20/02): Urbco Pays C$34Mln for 243 multifamily units in Northern Canada
February 20, 2002 Urbco pays C$34Mln for 243 multifamily units in Northern CanadaCALGARY, Alberta – Urbco Inc. has agreed to purchase 243 residential rental units in Yellowknife and Inuvik in the Northwest Territories and Iqaluit in the Nunavut...
FINAL PRICING: $826 Mln Banc of America Large Loan, 2002-FLT1
February 20, 2002 Class Amount Sub. rate Rating Fitch Rating S&P Rating Moody's Avg. Life Price Talk (bps) Priced (bps) Benchmark A1 305 26.5 AAA AAA Aaa 1.48 +37-38 +37 Libor A2 302.4 26.5 AAA AAA Aaa 2.63...
Archstone-Smith Pays $18.1Mln for NY Apartments
February 20, 2002 WHITE PLAINS, N.Y. – Archstone-Smith (NYSE:ASN) has purchased the Plaza 25 apartments, a 124-unit building that is part of the downtown Westchester Financial Center.As reported earlier this month, Mack-Cali Realty Corp. (NYSE:CLI) sold the high-rise...
Mass. Office Building Sells for $242/sf
February 20, 2002 CAMBRIDGE, Mass. – The Davenport Building, a Class-A office renovation in Cambridge, Mass., has traded hands for $53.5 million, or about $242/sf.A venture between Paradigm Properties and Westbrook Partners sold the property at 25 First...
Va. Apartments Receive $28.5Mln From Key Commercial
February 20, 2002 ARLINGTON, Va. – Key Commercial Mortgage and Freddie Mac have provided a $28.5 million in permanent financing for a 531-unit apartment complex.The 25-year loan has a 6.93 percent interest rate. It was used to pay...
S&P Puts Retirement Residences REIT Bonds on Credit Watch
February 20, 2002 TORONTO – Standard & Poor's has placed its triple-B-minus ratings on Retirement Residences REIT's secured mortgage bonds classes A, B, C and D on credit watch with implications.The credit watch placement reflects the REIT's merger...
S&P Lowers Ratings on Greenwich Capital Acceptance, 2001-ZC-1
February 20, 2002 NEW YORK – Standard & Poor's has lowered its rating on Greenwich Capital Acceptance, 2001-ZC-1, because of the transaction's dependence on the surety and guarantee of ZC Specialty Insurance Co. and Centre Reinsurance Ltd.The class...
Key Provides $37.5Mln for Md. Apartments
February 20, 2002 OWINGS MILLS, Md. – Key Commercial has provided $37.5 million in financing for the Red Run Apartments on Flint Hill Drive.Of the $37.5 million, Key provided $14.7 million through its Fannie Mae Delegated Underwriting and...
REITs Reporting Last Week Post Mixed Results for 2001 FFO
February 20, 2002 Commercial Real Estate Direct Staff ReportThe 14 REITs that reported earnings over the past week had mixed results.Two hotel companies, Equity Inns and Winston Hotels, saw double-digit drops in funds from operations, while most of...
Kennedy-Wilson Completes IPO of Japanese Subsidiary
February 19, 2002 BEVERLY HILLS, Calif. – Kennedy-Wilson (Nasdaq:KWIC) has completed the initial public offering of its subsidiary Kennedy-Wilson Japan.The share price was set at 440,000 yen ($3,300), and the stock closed its first day of trading at...
WP Carey Provides $10.8Mln for Auto Training Site in NC
February 19, 2002 MOORESVILLE, N.C. – WP Carey & Co. (NYSE:WPC) will provide $10.8 million for the construction of an automotive training facility that will be leased by Universal Technical Institute and Nascar Technical Institute.Under the terms of...
Investors Buy Stake in Trophy Office in Germany
February 19, 2002 FRANKFURT, Germany – A consortium of European investors has bought an 85 percent interest in MesseTurm Building, a trophy office tower.Kajima Corp. of Japan sold the stake in the Trade Fair Tower for an undisclosed...
FINAL PRICING: $728.3 Mln First Union National Bank Commercial Mortgage Trust, 2002-C1
February 19, 2002 Class Amount Sub. Rate (%) Rating S&P Rating Moody's Avg. Life Price Talk Priced Benchmark A-1 131.1 22.88 AAA Aaa 5.7 +49 area +47 Swaps A-2 430.67 22.88 AAA Aaa 9.63 +49 area +49 Swaps...
Lend Lease Sells Stake in New Zealand Property Firm
February 19, 2002 Colonial First State Property, an Australian property management company, is buying Kiwi Income Properties Ltd. from a group of investors that includes Lend Lease Corp. Ltd.Lend Lease owns 50 percent of Kiwi, a New Zealand...
Pricewaterhouse Predicts Real Estate Contraction Through 2003
February 19, 2002 NEW YORK – The national office market will be the hardest hit of the major property sectors over the coming two years, according to a study by PricewaterhouseCoopers.The consulting firm, in its "Real Estate Value...
Freddie Mac Buys Va. Data Center for $19.5Mln
February 19, 2002 HERNDON, Va. – Freddie Mac has paid $19.5 million, or about $177/sf, for a data center at 544 Herndon Parkway that it plans to occupy.Goldman Sachs' Whitehall Fund sold the 110,000-square-foot property, which was formerly...
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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.
