RECENT NEWS
Southeast Regional Digest (1/16/02): Hines Partnering with Atlanta Orchestra in Two-part Project
January 16, 2002 Hines partnering with Atlanta orchestra in two-part projectThe Atlanta Journal-ConstitutionATLANTA – The Atlanta Symphony Orchestra and Hines have proposed a six-year master plan for a new Symphony Center and two residential towers at Peachtree and...
Presale Report Out for $297.6Mln CSFB Floater
January 16, 2002Moody's Investors Service has issued its presale report for the first CMBS offering of the year, a $297.6 million floating-rate deal (2002-FL1) from Credit Suisse First Boston and its Column Financial origination unit.The mortgage pool consists...
RI Office Building Sold for $22.3Mln
January 16, 2002 PROVIDENCE, R.I. – Morris & Morse Co. has purchased the Providence Washington Plaza from Providence Washington Insurance Cos. for $22.3 million. The 11-story office and retail building, which encompasses 141,493 square feet, was purchased on...
Fitch Assigns Triple-B-plus Rating on Regency’s $250Mln Notes
January 16, 2002 NEW YORK – Fitch has assigned its triple-B-plus rating to Regency Centers (NYSE:REG) $250 million senior unsecured notes due 2012.Proceeds will be used to reduce bank borrowings. Fitch has placed Regency's ratings on rating watch...
Westfield Equity Offering Oversubscribed
January 16, 2002 Investors have flocked to an offering of ordinary units by Westfield America Trust (ASX:WFA), leading the company to increase the amount it plans to raise to A$1.15 billion ($593 million) from A$800 million.Westfield is orchestrating...
Canada Digest (1/16/02): Bids Due Monday for Giant Industrial Portfolio
January 16, 2002 Bids due Monday for giant industrial portfolioThe Financial PostTORONTO – Bids are due Monday for the 11 million-square-foot industrial portfolio that the Ontario Municipal Employment Retirement System has on the market. A final sale is...
Fitch to Withdraw Rating for Rodamco Bank Lines
January 15, 2002 NEW YORK – Fitch expects to withdraw its triple-B-minus rating for the bank acquisition and revolving credit facilities of Rodamco North America.The ratings will be withdrawn upon closing of Rodamco's $5.3 million purchase by Westfield...
Public Storage to Raise $150Mln From Share Sale
January 15, 2002 GLENDALE, Calif. – Public Storage (NYSE:PSA) plans to raise about $150 million from the sale of 6 million depositary shares.Each share represents 1/1,000 of a share of 7.625 percent of series T cumulative preferred stock.Salomon...
CenterPoint, Ford to Develop Supplier Park on Chicago’s Southeast Side
January 15, 2002 CenterPoint Properties Trust (NYSE:CNT) has finalized a joint venture agreement with Ford Motor Land Development Corp. to develop Ford's new automotive supplier manufacturing campus on Chicago's southeast side. Under the partnership deal, the Oak Brook,...
CSFB Floats $350Mln-plus Ginnie Mae Deal
January 15, 2002 Commercial Real Estate Direct Staff ReportCredit Suisse First Boston last week brought to market a $350 million Ginnie Mae project loans securitization. CSFB was sole underwriter on the offering.The bank says the deal could get...
Jeffrey Mazur Joins Pittsburgh-area Bank
January 15, 2002 PITTSBURGH – Jeffrey A. Mazur has joined Great American Federal's commercial lending department as assistant vice president and senior commercial real estate lender.Mazur joins Great American Federal from Mellon Bank's Risk Management Division in Pittsburgh,...
Salomon Brothers Provides $29.5Mln Floater for Fla. Retail Center
January 15, 2002 BOCA RATON, Fla. – Salomon Brothers Realty Corp. has provided $29.5 million of floating-rate financing for the Somerset Shoppes, a 186,000-square-foot retail center here.The financing, which replaces existing debt on the property, was arranged by...
Prime Retail Promotes Exec to General Counsel
January 15, 2002 BALTIMORE – Prime Retail Inc. (OTC Bulletin Board:PMRE) has promoted R. Kelvin Antill to executive vice president-general counsel and secretary of the company effective Jan. 31.Antill – who joined Prime Retail's legal department in 1995...
Kathy Corton Moves to Precept Full-time
January 15, 2002 NEW YORK – Kathy Corton, vice chairman and marketing adviser to Precept Corp., has joined the firm full-time as its executive managing director of marketing.The mortgage due diligence and auction firm also announced that Patricia...
Crown American Says 2001 FFO to Top Estimates
January 15, 2002JOHNSTOWN, Pa. – Crown American Realty Trust (NYSE:CWN) expects that final funds from operations for the fourth quarter and full year 2001 and for full year 2002 will exceed current analyst estimates.The REIT will release its...
First Capital Buys Retail Portfolio for $36.3Mln
January 15, 2002 MONTREAL, Quebec – First Capital Realty (TSE:FCR) is buying a portfolio of six shopping centers from Ivanhoe Cambridge for about C$58 million (US$36.3 million).The transaction, which comprises 800,000 square feet, is expected to close Jan....
Protective Life Names Carl Thigpen Chief Mortgage/Real Estate Officer
January 15, 2002 BIRMINGHAM, Ala. – Protective Life Corp. (NYSE:PL) has named Carl S. Thigpen as senior vice president, chief mortgage and real estate officer.He will manage the company's $3 billion commercial loan portfolio. Protective's loan production from...
RAIT Investment Trust Moves to NYSE
January 15, 2002PHILADELPHIA – RAIT Investment Trust (AMEX:RAS) plans to transfer its listing to the New York Stock Exchange, effective Jan. 28. The firm's ticker symbol will remain the same."We believe that joining the New York Stock Exchange...
Moody’s Upgrades Merrill Lynch Mortgage Investors 1998-ASP1
January 15, 2002 NEW YORK – Moody's Investors Service has upgraded Merrill Lynch Mortgage Investors Inc., 1998-ASP1, because of significant increases in subordination. Moody's, as a result, upgraded the deal's $51.4 million class B to Aaa from Aa2...
Local Firm Pays $9Mln for Conn. Office Building
January 15, 2002 STAMFORD, Conn. – The Ashforth Co. has paid Hoffman Investment Partners $9 million for 707 Summer St., a 72,500-square-foot downtown office building that it intends to use as it headquarters.The Stamford-based commercial real estate firm...
S&P Downgrades Kmart Paper, Keeps on Negative Watch
January 15, 2002 NEW YORK – Standard & Poor's has downgraded 14 Kmart Corp.-related credit lease deals and placed them on CreditWatch with negative implications. The move follows the rating agency's downgrade yesterday of Kmart's credit rating to...
Southeast Regional Digest (1/15/02): Kroger Pullout Derails Development Near Atlanta’s Centennial Ol
January 15, 2002 Kroger pullout derails plans for development near Centennial Olympic ParkAtlanta Journal-ConstitutionATLANTA – Kroger has pulled out of a city-backed downtown development, dashing the hopes of residents who craved their first full-service grocery. When the area's...
Potential Downgrade of Dillard’s May Affect $2.6Bln of CMBS
January 15, 2002By Orest Mandzy, Commercial Real Estate Direct Managing EditorDillard's Inc. – a Little Rock, Ark., retailer that saw sales fall over the all-important holiday period and is looking at a possible corporate credit downgrade – has...
Kmart Sees Moody’s Downgrade, Might See More
January 14, 2002 NEW YORK – Moody's Investors Service late last week downgraded the debt ratings of Kmart Corp. because of what it said was the retailer's "continued weak operating performance and a widening competitive gap against its...
Post to Sell Third-Party Management Subsidiary
January 14, 2002 ATLANTA – Post Properties Inc. (NYSE:PPS) has sold its wholly owned third-party management subsidiary, RAM Partners Inc., to employees of that company. RAM Partners, a Post subsidiary formed in 1989, managed 82 communities totaling more...
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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.
