RECENT NEWS
Displaced Trade Center Tenant Moves to Mack-Cali Building
December 27, 2001 CRANFORD, N.J. – Mack-Cali Realty Corp. (NYSE:CLI) said Garban Intercapital North America Inc., a broker-dealer that had occupied space in the World Trade Center, has signed a 15-year lease for 111,451 square feet at its...
W. P. Carey Closes $47Mln Sale-Leaseback Deal in Texas
December 26, 2001 RICHARDSON, Texas – W. P. Carey & Co. LLC (NYSE:WPC) has bought a class-A office building from Nortel Networks Inc. for about $47 million, or $167/sf, and leased it back to the telecommunications company.Eastdil Realty...
Wells Real Estate Buys Fla. Offices for $13.4Mln
December 26, 2001 ATLANTA – Wells Real Estate Investment Trust has paid $13.4 million, or $134/sf, for a 100,000-square-foot office building in Tamarac, Fla.The two-story office building, Convergys at Westpoint Business Centre, is fully leased to Convergys Customer...
Omega Healthcare Further Cuts 2002 Debt Maturities
December 26, 2001 ANN ARBOR, Mich. – Omega Healthcare Investors Inc. (NYSE:OHI), continuing a months-long effort to reduce debt, has struck arrangements with its lenders to modify its bank lines. The moves will result in Omega facing only...
Southeast Regional Digest (12/26/01): Louisville Building Trades Hands for Second Time in Two Years
December 26, 2001 Industry news: Louisville building trades hands for second time in two yearsThe Chicago TribuneLOUISVILLE, Ky. – Marc Realty Inc. has sold the Brown & Williamson Tower in downtown Louisville to investor Al Koplin in a...
Wells REIT Pays $13.1Mln for Denver Flex Building
December 26, 2001 ATLANTA – A joint venture involving Wells Real Estate Investment Trust and Wells Fund XIII LP has paid $13.1 million, or $88.40/sf, for a 148,200-square-foot office/industrial building in Denver.The property, whose industrial component allows for...
AmeriVest Pays $13.6Mln for Denver Offices
December 26, 2001 DENVER – AmeriVest Properties Inc. (Amex:AMV) has paid $13.55 million, or $120/sf, for the Kellogg Building in Littleton, Colo.The 112,738-square-foot property, in the Highline Professional Center in southwest metropolitan Denver, is 96 percent leased to...
Fitch Upgrades Nomura Asset Securities, 1995-MD III
December 26, 2001 NEW YORK – Fitch has upgraded Nomura Asset Securities Corp., 1995-MD III, because of increased subordination levels and the fact that two loans comprising more than half the pool balance have been defeased.The rating agency...
Rreef Venture Completes Industrial Portfolio Buy
December 26, 2001 CHICAGO – Equity Office Properties Trust (NYSE:EOP) said it has completed the sale of 5.5 million square feet of industrial properties to Rreef Funds for $212.9 million. The portfolio contains 14 properties and represents 40...
Fitch Withdraws Rating for CSFB 1994-CFB1
December 26, 2001 NEW YORK – Fitch has withdrawn its triple-A rating for class F of Credit Suisse First Boston Mortgage Securities Corp., 1994-CFB1, because the bonds have been paid in full.Comments? E-mail Susanna Potter, or call her...
Glimcher Raises $46Mln of Mortgage Financing
December 26, 2001 COLUMBUS, Ohio – Glimcher Realty Trust (NYSE:GRT) has raised $38 million of financing for its River Valley Mall in Lancaster, Ohio, and $7.9 million of financing for the Barren River Plaza in Glasgow, Ky.The mortgages...
Schron Group Gets $42.4Mln Financing for NJ Industrial Buy
December 26, 2001 Commercial Real Estate Direct Staff ReportAn investor group involving Ruben Schron has raised $42.4 million of floating-rate financing for its recent purchase of a New Jersey industrial park. As previously reported, the Schron group, Wood-Ridge...
Fort Worth Industrial Property Gets $25.7Mln Loan
December 26, 2001 Prudential Mortgage Capital has provided a $25.7 million mortgage for a 1 million-square-foot distribution center fully leased to Mattel in Fort Worth, Texas.The 10-year loan, fixed rate loan carries an interest rate of about 7.5...
S&P Revises Rodamco Outlook to Developing
December 24, 2001 NEW YORK – Standard & Poor's revised its outlook on Rodamco North America NV to 'developing' from 'stable' as a result of talks to sell a controlling interest in the company.Rodamco's board has countered an...
Southeast Regional Digest (12/24/01): Thomas Enterprise in Talks to Sell $300Mln Portfolio to Inland
December 24, 2001 Thomas Enterprises negotiating a $300 million shopping center dealAtlanta Business ChronicleATLANTA – Thomas Enterprises is in talks to sell more than $300 million of its shopping center portfolio to Inland Retail Real Estate Trust, which...
Reckson Completes Sale of 49% Stake in Manhattan’s 919 Third Ave.
December 24, 2001 Reckson Associates Realty Corp. (NYSE:RA) has received about $98 million in net proceeds from the sale of a 49 percent interest in 919 Third Ave. in Midtown Manhattan. As previously reported, Reckson sold the property...
IRT to Redeem Convertible Subordinated Debentures
December 24, 2001 ATLANTA – IRT Property Co. (NYSE:IRT) plans to redeem on Jan. 24 all its 7.3 percent convertible subordinated debentures due 2003.Up until Jan. 24, the debentures can be converted into shares of the REIT's common...
Moody’s Upgrades GMAC Commercial Mortgage, 1999-FL1
December 24, 2001 NEW YORK – Moody's Investors Service has upgraded GMAC Commercial Mortgage Securities Inc., 1999-FL1, because of "significant" increases in subordination stemming from loan maturities and prepayments.The rating agency up graded the deal's class C to...
Canada Digest (12/24/01): Old Navy Docks Plans for Growth in Canada
December 24, 2001 Old Navy docks plans for growth in CanadaFinancial PostTORONTO – Old Navy has been forced to slow its expansion plans here due to problems at its U.S. parent, Gap Inc., real estate sources say. When...
Receiver Appointed for Hyatt Regency St. Lucia
December 24, 2001 PricewaterhouseCoopers has been appointed receiver for Pigeon Point Hotel Ltd., the owner of the recently built Hyatt Regency St. Lucia in the West Indies.While PricewaterhouseCoopers considers its options for the 280-unit resort, including a sale,...
Fitch Upgrades 1996 Criimi Mae Re-Remic
December 21, 2001 NEW YORK – Fitch has upgraded Criimi Mae Trust I, 1996-C1, because of improved subordination levels.The rating agency upgraded the deal's $18.5 million class A-2 to single-A-minus from triple-B and affirmed the other classes it...
Lodgian Files for Bankruptcy Protection
December 21, 2001 Lodgian Inc. has filed for Chapter 11 Bankruptcy protection, largely as a result of disappointing results since the Sept. 11 terrorist attacks. Lodgian, a hotel owner that has a portfolio of 106 hotels throughout the...
Reichmanns Form Public REIT to Invest in U.S. Realty
December 21, 2001 TORONTO – IPC US Income Commercial Real Estate Investment Trust has completed its initial public offering of 15.5 million units at C$10.00/unit (US$6.40/unit) for total proceeds of C$155 million (US$99.2 million).The REIT will invest solely...
Lehman Floating Telecom Hotel CTL Deal
December 21, 2001 Lehman Brothers is marketing a $72.6 million securitization backed by a fixed-rate loan on a telecommunications hotel leased to Qwest Communications Corp. The deal, Tuckahoe Credit Tenant Lease Trust 2001-CTL1, is a one-tranche offering that...
Del Cano Agrees to Sell Portfolio for $107.6Mln
December 21, 2001 VANCOUVER – Del Cano Properties Trust has agreed to sell its entire real estate portfolio to Aspen Square Management Inc. of Springfield, Mass., for $107.6 million.Del Cano, a Canadian firm, decided in November to liquidate...
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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.
