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...

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....

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...

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...

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...

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...

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...

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...

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...

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...

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...

January 14, 2002 WASHINGTON, D.C. – The General Services Administration has awarded partners Julien J. Studley Inc. and Kilpatrick Stockton LLP a five-year contract to provide real estate brokerage and consulting services to the administration in its southwest...

January 14, 2002 Credit Suisse First Boston's upcoming CMBS pipeline totals were "significantly overstated" in a story posted earlier today, according to CSFB Managing Director and head of CMBS Robert Brennan. Brennan said that the foreseeable future has...

January 14, 2002 CLEVELAND – Boykin Lodging Co. (NYSE:BOY) has acquired leasehold interests for 28 of its hotels from two of its operators, Boykin Management Co. and Meristar Hotels & Resorts (NYSE:MMH).The hotel REIT acquired leasehold interests in...

January 14, 2002 Equity Resources buys apartments in OrlandoBirmingham Business JournalORLANDO – Equity Resources Inc. has purchased a 532-unit apartment complex for $47.7 million. Jointly financed by SouthTrust Bank and Regions Bank, the deal increases the company's apartment...

January 14, 2002 WHITE PLAINS, N.Y. – Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT) has formally put its Ciga hotel portfolio up for sale. The hotel company had long been expected to do so, and last July hired...

January 14, 2002 CHICAGO – Jones Lang LaSalle Inc. (NYSE:JLL) has named Lauralee E. Martin as executive vice president and chief financial officer.Martin succeeds Peter C. Roberts, who became the firm's chief operating officer on Jan. 1. Martin...

January 14, 2002 NEW YORK – Moody's Investors Service has downgraded six lease-backed notes involving Kmart leases or lease guarantees. The notes have also been placed on review for further possible downgrades.The move comes on the heels of...

January 14, 2002 LONDON – Le Meridien Hotels and Resorts has named David Maloney chief financial officer and James Lamb chief information officer, effective immediately.Maloney joins the firm from Thomson Travel Group PLC, where for the last two...

January 14, 2002Commercial Real Estate Direct Staff ReportWestfield America Trust will rely entirely on fresh equity to fund its share of the $5.3 billion acquisition of Rodamco North America NV.Westfield's share of the acquisition amounts to 43 percent...

January 14, 2002 NASHVILLE, Tenn. – Central Parking Corp. (NYSE:CPC) has acquired a privately held parking company based in New Orleans.Central Parking's deal to buy Park One of Louisiana LLC will give the Nashville, Tenn., company 40 locations...

January 11, 2002 NEWTON, Mass. – Five Star Quality Care (AMEX:FVE) has leased 31 senior living properties, totaling 7,487 units, from Senior Housing Properties Trust (NYSE:SNH).The leases run through 2017 and include renewal options. The rent paid to...

January 11, 2002 LONG BEACH, Calif. – Channel Point Apartments, a luxury 212-unit apartment complex here, has traded hands for more than $31 million, or about $148,585 per unit.Seattle-based Security Properties Inc. bought the complex at 5926 Bixby...

January 11, 2002 EAGAN, Minn. – Duke Realty Corp. has sold a 128,000-square-foot office/warehouse building in the southeastern edge of the Eagan industrial market.PM Realty Advisors purchased 3169 Dodd Road, which is fully leased to Eagle Global Logistics...

January 11, 2002 ATLANTA – GMAC Commercial Mortgage has named James Rickard as vice president and manager of its asset management office here. Rickard joined GMAC following the acquisition of Univest Financial Services by a GMAC Commercial subsidiary...