RECENT NEWS
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...
S&P Raises Ratings on Chase Commercial Mortgage Securities 1998-1
February 4, 2002 NEW YORK – Standard & Poor's has raised its rating on class B of Chase Commercial Mortgage Securities Corp.'s 1998-1 because of increased credit-support levels.Class B was raised to double-A-plus from double-A.The mortgage pool balance...
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...
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...
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...
W.P. Carey Registers $100Mln Shelf Offering
January 31, 2002 W.P. Carey & Co LLC (NYSE:WPC) has filed to sell up to $100 million of shares and warrants.The REIT will use proceeds from any sales under the offering for general corporate purposes, according to a...
Gateway HQ in Poway, Calif., Fetches $15.4Mln
January 31, 2002 POWAY, Calif. – Lexington Properties Trust has purchased the 135,755-square-foot office building that serves as the corporate headquarters for computer company Gateway.The REIT paid $15.4 million, or about $113/sf, for the Parkway Centre Four building...
Prudential Provides TA Associates With $67.5Mln Mortgage
January 31, 2002 ATLANTA – Prudential Mortgage Capital Co., the commercial mortgage lending business of Prudential Financial Inc. (NYSE:PRU), has provided TA Associates with a $67.5 million mortgage to refinance part of its portfolio of properties.The loan is...
About
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.
