RECENT NEWS
Canada Digest (2/4/02): Anthem Properties Names Stephen Bellringer Non-executive Chairman
February 4, 2002 Anthem Properties names Stephen Bellringer non-executive chairmanVANCOUVER, British Columbia – Anthem Properties Corp. has appointed Stephen Bellringer as the company's non-executive chairman, effective Feb. 1. Eric Carlson is stepping aside as chairman, but will continue...
S&P Raises Ratings on LB Commercial Conduit Mortgage Trust’s 1995-C2
February 4, 2002 NEW YORK – Standard & Poor's has raised its ratings on three classes of LB Commercial Conduit Mortgage Trust's 1995-C2 due to increased subordination levels.The ratings are as follows: class B to triple-A from double-A;...
S&P Lowers Ratings on Conseco Commercial Mortgage Trust I 1989-1
February 4, 2002 NEW YORK – Standard & Poor's has lowered its rating on class A-3 of Conseco Commercial Mortgage Trust I's 1989-1 due to the downgrades of Kmart Corp.The rating was removed from credit watch with negative...
HypoVereinsbank Launches First Global Public Jumbo Pfandbrief
February 4, 2002 HVB Real Estate has launched its first global public jumbo Pfandbrief, a mortgage bond.The 2 million euro ($1.72 million) bond has a maturity of five years. The bond is expected to be priced on Feb....
JDN Hires John Lambert as Director of Asset Management
February 4, 2002 ATLANTA – JDN Realty Corp. (NYSE:JDN) has hired John R. Lambert as senior vice president and director of asset management. Lambert will be responsible for JDN's shopping center portfolio, which encompasses 11.1 million square feet...
Southeast Regional Digest (2/4/02): Alstom Power signs lease in Ga.
February 4, 2002 Industry news: Alstom Power signs lease in Ga.Atlanta Business ChronicleGWINNETT COUNTY, Ga. – Alstom Power Inc., a subsidiary of French conglomerate Alstom, has taken 90,000 square feet at Suwanee Creek Distribution Center in Gwinnett County....
ProLogis Invests $135.2Mln in European Facilities
February 4, 2002 LUXEMBOURG – ProLogis European Properties Fund has purchased 10 distribution facilities in Europe for $135.2 million.The properties, which were purchased through five transactions, total 2.2 million square feet and are fully leased. They are in...
Jones Lang LaSalle Names Mark Rose CFO for the Americas
February 4, 2002 CHICAGO – Jones Lang LaSalle (NYSE:JLL) has named Mark Rose chief financial officer for its Americas region. Rose will also continue to manage the e-procurement and transaction platforms that he has overseen in his previous...
MortgageRamp Signs Up LJ Melody
February 4, 2002 CHARLOTTE, N.C. – MortgageRamp has signed up L.J. Melody & Co., one of the country's most active commercial mortgage banks, to its DealCentral mortgage software.LJ Melody, a unit of CB Richard Ellis, will rely on...
Post Sells 3 Properties for $30.3Mln
February 4, 2002 ATLANTA – Post Properties (NYSE:PPS) has sold three properties, two in Texas and one in Florida, for about $30.3 million. Proceeds will be used to reduce debt. The properties sold were:– the 65,410-square-foot Campus Circle,...
Italian Bank Raises Realty Fund; AEW to Manage
February 4, 2002 BOSTON – Banca Nazionale del Lavoro SpA, a large Italian bank, has raised 174 million euros ($154 million) for Portfolio Immobiliare Crescita, a closed-end real estate investment fund. The fund is the second raised by...
Moody’s Lowers Post Properties’ Debt Ratings
February 4, 2002 NEW YORK – Moody's Investors Service has lowered the senior unsecured debt and preferred stock ratings of Post Properties Inc. because of the deterioration in the REIT's financial profile. The rating agency said it downgraded...
Shurgard to Close 2 Warehouses as Part of Restructuring
February 4, 2002 SEATTLE – Shurgard Storage Centers (NYSE:SHU) will close two of its five Shurgard Storage To Go warehouses and restructure its management to cut overhead costs.The company anticipates that charges related to these changes will total...
Mack-Cali Sells Last Apartment Property for $18.1Mln
February 1, 2002 WHITE PLAINS, N.Y – Mack-Cali Realty Corp. (NYSE:CLI) has sold an apartment building at 25 Martine Ave. for $18.1 million, or $146,000/unit.The 124-unit property was the last multifamily property in Mack-Cali's portfolio. The REIT will...
First Capital Completes Buy of Retail Portfolio
February 1, 2002 TORONTO – First Capital Realty (TSE:FCR) has completed its purchase of six shopping centers from Ivanhoe Cambridge for about C$58 million (US$36 million).Of the C$58 million, First Capital placed a C$27.4 million, 10-year fixed-rate mortgage...
2 Edmonton, Alberta, Office Towers to Trade Hands
February 1, 2002 EDMONTON, Alberta – Cadillac Fairview, a subsidiary of the Ontario Teachers' Pension Plan Board, is selling the Canadian Western Bank Building and Enbridge Tower, two Class-A office buildings in downtown Edmonton, for C$41.2 million (US$25.9...
Barrow Street Hires CFO
February 1, 2002 NEW YORK – Barrow Street Capital has hired Jackie L. Gaines from Sterling Equities to be its chief financial officer and controller. Gaines had served as controller of Sterling, an opportunistic investment firm, since 1995....
Gables Sells Suburban Houston Property
February 1, 2002 Gables Residential (NYSE:GBP) has sold a suburban Houston apartment community along with a 13.3-acre contiguous tract of land for $18.5 million.The Atlanta-based REIT considered the 256-unit Gables New Territory not consistent with its investment strategy.The...
Colo. Ski Resort Sells for $91.4Mln, Hotel Still on the Block
February 1, 2002 Commercial Real Estate Direct Staff ReportAmerican Skiing Co. (NYSE:SKI) has agreed to sell its Steamboat ski resort in Steamboat Springs, Colo., for $91.4 million. The property's Steamboat Grand Resort Hotel and Conference Center remains on...
BofA-Wachovia $826.5Mln Floater in the Market
February 1, 2002 Commercial Real Estate Direct Staff ReportIn what looks like the largest CMBS transaction so far this year, joint bookrunners and co-lead managers Banc of America Securities and Wachovia Securities have launched Banc of America Large...
Court Dismisses Prime Group Chairman’s Bankruptcy Petition
February 1, 2002 Commercial Real Estate Direct Staff ReportThe U.S. District Court for Delaware this week affirmed a bankruptcy court's dismissal last month of a bankruptcy petition that Primestone Investment Partners LP issued to stave off a bankruptcy...
Southeast Regional Digest (2/1/02): Jones Lange LaSalle Retained to Finalize Miami Hotel Operator
February 1, 2002 Jones Lang LaSalle retained to find hotel operator for Miami mixed-use projectMIAMI – Jones Lang LaSalle Hotels has been retained by Portuguese concern Estoril to assist in finalizing the hotel operator selection for its Espirito...
Southeast Regional Digest (1/31/02): Army’s Hotel in Orlando Expanding
January 31, 2002 Shades of Green expandingOrlando (Fla.) SentinelORLANDO, Fla. – About 265 employees of the U.S. Army's Shades of Green resort at Walt Disney World will be laid off April 1 when construction begins on a $50...
Regal Cinemas Emerges From Voluntary Chapter 11 Proceeding
January 31, 2002 KNOXVILLE, Tenn. – Regal Cinemas Inc. has emerged from Chapter 11 bankruptcy.Regal operates 3,655 screens in 302 theatres, most of which are in shopping centers.In September, when Regal Cinemas was planning to file for bankruptcy,...
CalSTRS Extends Due Date for Leverage Advisers
January 31, 2002 The California State Teachers Retirement System has extended its deadline, to Feb. 7, for firms to turn in their applications to advise it on managing its property debt.The previous deadline was Jan. 31.The idea behind...
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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.
