RECENT NEWS
Summit REIT to Buy Industrial Properties for $33.1Mln
January 31, 2002 TORONTO – Summit REIT has agreed to buy a portfolio of industrial/flex properties with 1.2 million square feet, for C$52.7 million (US$33.1 million.)The portfolio contains four properties in Calgary and four in Edmonton and are...
Terrorism Insurance Threatens Sale of Manhattan Trophy
January 31, 2002 Marvin Davis's difficulty in obtaining terrorism insurance for 450 Lexington Ave. is jeopardizing the billionaire investor's pending $350 million deal to buy the office tower next to Manhattan's Grand Central Terminal, according to reports in...
Greenwich Announces Hiring of Finerman
January 31, 2002 GREENWICH, Conn. – Greenwich Capital Markets has formally announced the hiring of Mark Finerman, the former head of Credit Suisse First Boston's real estate operation. Finerman joins Greenwich as managing director and head of its...
Moody’s Upgrades Thornburg’s Preferred Stock Rating
January 31, 2002 NEW YORK – Moody's Investors Service has upgraded the preferred stock of Thornburg Mortgage Inc., a mortgage REIT, to Ba3 from B1.The rating agency said its action results from Thornburg's "strong and profitable growth" and...
Canada Digest (1/31/02): TrizecHahn’s Plans for REIT Vex Investors
January 31, 2002 TrizecHahn's plans for REIT vex investorsThe Financial PostTORONTO – TrizecHahn's plans to become a publicly traded U.S. REIT are running into trouble because of chairman Peter Munk's plan to control the board of directors. Under...
S&P Adds Bank of America to Select Servicer List
January 31, 2002 NEW YORK – Standard & Poor's today added Bank of America to the January 2002 version of its select servicer list as a commercial mortgage master servicer.Bank of America is already ranked a select servicer...
CBL Sells 3 Shopping Centers to JV It Formed
January 31, 2002 CHATTANOOGA, Tenn. – CBL & Associates Properties Inc. (NYSE:CBL) has sold three shopping centers for $63 million to a joint venture it has formed with Partners Property Group of New York City. CBL contributed to...
Rouse Raises $456.9Mln Through Stock Offering
January 31, 2002 COLUMBIA, Md. – The Rouse Co. (NYSE:RSE) has raised net proceeds of $456.9 million from its recent stock sale.Deutsche Banc Alex. Brown, the sole underwriter of the 14.5 million common shares offering, has exercised its...
Moody’s Puts Toys R Us Ratings on Review
January 31, 2002 NEW YORK – Moody's Investors Service has placed the debt ratings of Toys R Us Inc. on review for possible downgrade because of its concern that the retailer's restructuring plans will face hurdles.The company plans...
Jones Lang Hires Rockwell as Real Estate Service Provider
Correction (January 31, 2002): Rockwell Automation has hired Jones Lang LaSalle to provide real estate services for its 450 properties around the world. The headline is incorrect.January 31, 2002CHICAGO – Rockwell Automation has hired Jones Lang LaSalle as...
Bresler & Reiner Unit Buys Owner of Va. Office Park
January 31, 2002 SPRINGFIELD, Va. – A subsidiary of Bresler & Reiner Inc. (OTC BB:BRER.OB) has just this week acquired the owner/operator of an office park.The company paid about $20 million in cash and in assumed debt for...
Correction: Jones Lang LaSalle Hired as Real Estate Service Provider
January 31, 2002 Rockwell Automation has hired Jones Lang LaSalle to provide real estate services for its 450 properties around the world. The headline of a story published today incorrectly stated the relationship between Rockwell and Jones Lang...
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...
H&R REIT to Buy Ottawa Office Property for C$211Mln
January 31, 2002 OTTAWA – H&R Real Estate Investment Trust (TSE:HR) has agreed to pay C$211 million (US$133 million) for Place Bell Canada, a Class-A downtown office building.The deal for the 990,000-square-foot building at 160 Elgin St. marks...
AMC to Buy Operations of New Orleans Theater Chain
January 30, 2002 AMC Entertainment Inc. has agreed to acquire the operations of Gulf States Theatres, a movie theater operator with five stadium-style megaplex theaters and 68 screens in the New Orleans area.In a related transaction, AMC will...
InTown Suites to Acquire Suburban Lodges for $8.25/share
January 30, 2002 ATLANTA – InTown Suites Management Inc. has agreed to acquire Suburban Lodges of America Inc. (Nasdaq:SLAM) by purchasing all of Suburban Lodges' outstanding common stock for $8.25/share in cash, plus a proportionate interest in a...
Southeast Regional Digest (1/30/02): $600Mln Trump Project Begins in Fla.
January 30, 2002 $600Mln Trump project under way in Fla.Sun Sentinel (Fort Lauderdale, Fla.)MIAMI-DADE, Fla. – Local father-and-son development team Michael and Gil Dezer have signed a joint venture agreement with Donald J. Trump to develop a three-phase...
Medical Office Building in Oakland, Calif., Fetches $17.8Mln
January 30, 2002 OAKLAND, Calif. – The Broadway Webster Medical Plaza, the largest privately held medical office building in the East Bay, has traded hands for $17.8 million.Broadway Webster Medical Plaza Ltd. LP, the property's original development group,...
FBR Asset Raises $127.2Mln in Follow-on Stock Offering
January 30, 2002 ARLINGTON, Va. – FBR Asset Investment Corp. (AMEX:FB) has raised $127.2 million in a follow-on offering that priced on Monday, Jan. 28.The REIT, a unit of Friedman, Billings, Ramsey & Co. Inc., sold 4.8 million...
TrizecHahn Takes Write-Downs on Non-core Assets
January 30, 2002 TORONTO – TrizecHahn Corp. (NYSE:TZH) will take a $285 million pretax loss for 2001 to account for the drop in value of some non-core assets, most of which are being held for disposition.The write-downs, which...
Nick Jacobson to Head Deutsche’s European, Asia/Pacific Unit
January 30, 2002 LONDON – Deutsche Bank has named Nick Jacobson managing director and head of European real estate investment banking within its global corporate finance division. Based in London, Jacobson will also have day-to-day management oversight for...
AMB Prices $20Mln of Medium-term Notes
January 30, 2002AMB Property LP has priced $20 million senior unsecured medium-term notes that mature on Jan. 17, 2007.Proceeds of $19.9 million will be used for general corporate purposes, which may include paying down debt as well as...
Weingarten Prices $35Mln of Medium-term Notes
January 30, 2002 Weingarten Realty Investors has priced $35 million of senior unsecured medium-term notes that mature on Jan. 15, 2014.Goldman Sachs is underwriting the deal.Comments? E-mail
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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.
