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...

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...

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'...

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...

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,...

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...

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...

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...

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...

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,...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...