RECENT NEWS
Lucent Sells 3-building Campus in Mass. for $14.25Mln
February 12, 2002 HYANNIS, Mass. – Excel Switching, a subsidiary of Lucent Technologies, has sold and leased back most of the space in a 185,039-square-foot high-tech campus.The technology company sold the three-building complex at 255 Independence Drive to...
National Golf, American Golf Discuss Possible Merger
February 12, 2002 SANTA MONICA, Calif. – National Golf Properties (NYSE:TEE) is in discussions with its primary tenant, American Golf Corp., regarding a possible merger.National Golf, which is evaluating restructuring alternatives, has reached a forbearance agreement with its...
Lease-backed Deals Involving Kmart Get Repaid
February 12, 2002 NEW YORK – Five lease-backed deals involving Kmart Corp. have been repaid.The five deals involved mortgages on properties leased to former Kmart units – Office Max, Borders Inc. and Sports Authority Inc. Those deals included...
FINAL PRICING: $734.2 Mln Fannie Mae Grantor Trust, 2002-T3 (MAST)
February 12, 2002 NOTE: Click here for underwriter information and other details on this transaction. Class Amount Rating Avg. Life Priced Benchmark A 103.5 FNMA 5.48 +10 Swaps B 630.7 FNMA 9.82 +17 Swaps IO* 734.2 FNMA 9.21...
Magellan Health Services Signs $35Mln Lease in St. Louis
February 12, 2002 ST. LOUIS – Magellan Health Services Inc. has signed a lease for 268,000 square feet at the Riverport Commons in suburban Maryland Heights.The lease, valued at $35 million, allows the managed health care firm to...
Carey Buys, Leases Back Schools in $10.1Mln Deal
February 12, 2002 NEW YORK – W. P. Carey & Co. (NYSE:WPC) has acquired four schools from Lincoln Technical Institute, which is leasing the properties back.The $10.1 million transaction calls for Lincoln to lease the four facilities under...
PRICE TALK: $728 Mln First Union National Bank Commercial Mortgage Trust, 2002-C1
February 12, 2002 Class Amount Sub. Rate (%) Rating S&P Rating Moody's Avg. Life Price Talk Benchmark A-1 131.1 22.88 AAA Aaa 5 +49 area Swaps A-2 430.67 22.88 AAA Aaa 10 +49 area Swaps B 26.4 19.25...
4th Qtr Earnings Table Updated
February 12, 2002 The Commercial Real Estate Direct fourth quarter earnings table has been updated.Click here to view the updated table.Comments? E-mail
PRICE TALK: $950 Mln CalWest Industrial Trust, 2002-CALW
February 12, 2002 Goldman Sachs is the lead manager and book runner on this transaction. Banc of America Securities, Deutsche Bank and Lehman Brothers are co-managers. The issuer is CalWest Industrial Properties, a joint venture between Rreef Funds...
Terrorism Insurance Costs Won’t Affect Cousins’ Operations
February 12, 2002 Commercial Real Estate Direct Staff ReportATLANTA – Cousins Properties' (NYSE:CUZ) said this week that an increase in property insurance premiums, particularly for terrorism coverage, will not significantly affect its financial results."The costs are still reasonable,"...
Rodamco Sets Shareholders’ Meeting to Vote on Liquidation
February 12, 2002 Rodamco North America NV has set Feb. 26 as the date for shareholders to vote on the Dutch company's decision to liquidate via a $5.3 billion property sale.The company agreed last month to sell its...
Wachovia Finances Newark, NJ, Office Buy
February 12, 2002 NEWARK, N.J. – Wachovia Securities has provided an $80 million floating-rate loan to the buyer of Two Gateway, an office building in Newark, N.J.'s Gateway Center complex.The buyer, American Landmark Properties, used the proceeds from...
Fitch Withdraws RTC 1994-C2
February 11, 2002 NEW YORK – Fitch Ratings has withdrawn its ratings on Resolution Trust Corp.'s 1994-C2 because the sale of the trust's underlying mortgage loans and foreclosed properties has been completed and the trust terminated as a...
LA Hotel Project Gets $50Mln Equity, Debt Infusion
February 11, 2002 LOS ANGELES – A Los Angeles-based development firm has secured a mix of debt and equity financing totaling $55 million for a proposed hotel redevelopment project.The $50 million infusion consists of $35 million of debt...
Southeast Regional Digest (2/11/02): Huston Land Plans Master Development in Fla.
February 11, 2002 Huston Land plans Fla. communityThe Business Journal of Jacksonville (Fla.)JACKSONVILLE, Fla. – Hutson Land Co. plans to create a master planned community with 3 million square feet of industrial space, more than 2.3 million sf...
Canada Digest (2/11/02): Claridge Ready to Select Retailers for Daly site in Ottawa
February 11, 2002Claridge ready to select retailers for Daly site in OttawaOttawa Business JournalOTTAWA – Claridge Building Corp. is close to selecting retailers for the ground floor of its condominium development on Rideau Street. There are about 31,000...
AllFirst Provides $15Mln of Financing for NJ Apartments
February 11, 2002 Commercial Real Direct Staff ReportBERKELEY TOWNSHIP, N.J. – AllFirst Mortgage has provided $15 million of fixed-rate financing for the purchase of a 236-unit apartment complex here.The 10-year loan has a 7 percent interest rate and...
John Hancock Provides $29.8Mln for NJ Office Building
February 11, 2002 FRANKLIN TOWNSHIP, N.J. – John Hancock has provided $29.8 million in permanent, fixed-rate financing for the purchase of a 200,000-square-foot office building.Phillips Lighting Co. sold the property at 200 Franklin Square Drive, in the Somerset...
Prudential Sells Fla. Office Building for $13.2Mln
February 11, 2002 TAMPA, Fla. – Prudential Real Estate Investors has sold a 97,000-square-foot office building for roughly $13.2 million to an undisclosed buyer.The Fountain Square Centre, at 4301 Anchor Plaza Parkway, is 95 percent occupied, with such...
JV Buys Md. Apartment Complex From Acadia for $35.1Mln
February 11, 2002 Commercial Real Estate Direct Staff ReportGREENBELT, Md. – A joint venture between UBS Realty Advisors and Ross Development and Investment has purchased a 463-unit multifamily complex from Acadia Realty Trust for $35.1 million.The Glen Oaks...
Gregory Rickard to Head Key Commercial’s LA Office
February 11, 2002 Key Commercial Real Estate has named Gregory T. Rickard as district manager in its Los Angeles office, where he will be responsible for construction and interim financing, permanent lending and equity products.Rickard has more than...
San Francisco-area Mall to Fetch $119Mln
February 8, 2002 Commercial Real Estate Direct Staff ReportDALY CITY, Calif. – A London-based property company has contracted to pay $119 million, or about $140/sf, for the Serramonte Shopping Center, a major regional mall just south of San...
Canada Digest (2/8/02): RioCan to Buy 2 Retail Centers
February 8, 2002 RioCan to buy 2 retail centersTORONTO – RioCan REIT is buying the Centre RioCan Kirkland in Montreal by exercising its option to acquire 50 percent in the 280,000-square-foot property and at the same time buying...
First Industrial Buys NJ Complex for $15Mln
February 8, 2002 MONTVILLE, N.J. – First Industrial Realty Trust (NYSE:FR) has purchased 203,000 square feet of industrial space within the Raritan Center Business Park for $15 million from Principal Capital Management.First Industrial has purchased 400 Raritan Center...
Dime Savings Provides $28Mln for NJ Office Building
February 8, 2002 NEWARK, N.J. – The Dime Savings Bank of New York has provided $28 million of fixed-rate, permanent financing for Matrix Development Group's purchase of the leasehold interest in a 418,000-square-foot, 20-story office tower.The 10-year loan...
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