December 13, 2001 ALEXANDRIA, Va. – AvalonBay Communities (NYSE:AVB) has begun construction on two luxury apartment communities totaling $95.9 million.Avalon at Rock Spring, in North Bethesda, Md., will have 386 units in six four-story buildings. The cost to...

December 13, 2001 CHICAGO – General Growth Properties (NYSE:GGP) has sold 8 million common shares at $39.43/share.Proceeds from the sale total about $300 million. Lehman Brothers Inc. served as the underwriter. Comments? E-mail

December 13, 2001 MESQUITE, Texas – Skyline II and Skyline III, two industrial buildings in the Skyline Business Park, sold for $29.5 million, or nearly $32/sf.An earlier story, Hillwood Sells 2 Dallas-area Industrial Buildings, had only an estimated...

December 13, 2001 BETHESDA, Md. – Shareholders of Crestline Capital Corp. (NYSE:CLJ) have approved of the sale of the company's senior living business.Crestline will sell its 31 senior living communities to Senior Housing Properties Trust (NYSE: SNH) for...

December 13, 2001 Hollywood, Fla., extends height restrictions on buildingsSouth Florida Sun-SentinelHOLLYWOOD, Fla. – The city commissioner has voted to extend a law that limits the height of future building on the beach. The temporary zoning in progress...

December 13, 2001 WASHINGTON – GLL Real Estate Partners has purchased a 65 percent interest in 1201 F St. on behalf of Hannover Reinsurance for an undisclosed sum from an entity advised by JPMorgan Fleming.CarrAmerica Realty Corp. (NYSE:CRE)...

December 13, 2001 SAN FRANCISCO – Catellus Development Corp. (NYSE:CDX) has agreed to buy 10.6 million shares of its common stock from the California Public Employees Retirement System for $183.1 million, or $17.27/share.The transaction, which is expected to...

December 12, 2001 Disney hotels still hurtingThe Wall Street JournalORLANDO, Fla. – Big crowds have yet to return to Disney World and other Orlando, Fla., attractions, much to the disappointment of the local tourism industry. November hotel occupancy...

December 12, 2001ORLANDO, Fla. – CNL Retirement Corp. has purchased two assisted living residences, one each in Texas and Florida, for about $20 million. The Broadway Plaza at Pecan Park, Arlington, Texas, has 80 assisted living units and...

December 12, 2001 NEW HYDE PARK, N.Y. – Kimco Realty Corp. (NYSE:KIM) has completed the sale of 1 million shares of common stock priced at $50.36/share.Proceeds of about $47.8 million will be used to fund 2002 investments.Salomon Smith...

December 12, 2001 BALTIMORE – Preferred shareholders of Prime Retail Inc. (OTC:PMRE) have elected Howard Amster and Robert H. Kanner to the REIT's board. Their election was made possible as a result of Prime Retail not paying a...

December 12, 2001 Cardigan Realty has sold an industrial loft building at 345-351 W. 35th St. in Manhattan for $12.6 million, or $126/sf. The sales price represents one of the highest prices ever paid for an industrial loft...

December 12, 2001 NEWPORT BEACH, Calif. – Chicago-based mortgage lender and broker Cohen Financial has hired a 24-year industry veteran and relocated one of its Chicago associates to boost business for its Capital Markets division in Los Angeles,...

December 12, 2001 MIDLOTHIAN, Va. – Cornerstone Realty Income Trust (NYSE:TCR) has purchased the Waterford Apartments for $22.5 million from Summit Properties. The garden-style community comprises 312 units in 26 three-story buildings set on 31 acres. The property...

December 11, 2001HEBRON, Ohio – Lexington Corporate Properties Trust (NYSE:LXP) has purchased two warehouse properties for $13.6 million.The properties are net leased to Owens Corning and generate annual revenues of about $1.6 million, or roughly 11.9 percent of...

December 11, 2001 TAMPA, Fla. – IRT Property Co. (NYSE:IRT) has purchased the Carrollwood Center for $6.7 million.The REIT will spend $2.4 million to renovate and redevelop the 96,242-square-foot center that will include a 27,881-sf store for Publix...

December 11, 2001 NEW YORK – Standard & Poor's has raised its ratings on seven classes of Morgan Stanley Capital I Inc.'s 1996-BKU1 and affirmed other rated classes.The raised ratings are as follows:– class B to triple-A from...

December 11, 2001 RED BANK, N.J. – GMAC Commercial Mortgage Corp. has named John D. Motzel as senior vice president.Motzel will continue to generate major loans at the company's Red Bank retail production office.Motzel, who joined GMAC in...

December 11, 2001 DALLAS – Jeffery M. Stone and Andrew S. Levy have been hired by Holliday Fenoglio Fowler to lead its Dallas Investment Sales Group.Prior to joining Holliday Fenoglio, Stone and Andrew were both managing directors in...

December 11, 2001 NOTE: Table does not include the deal's 16 "H", "J" and "K" classes, which were to be privately placed. Most were rated in the triple-B range. They total about $156.9 million. Class Amount Rating Fitch...

December 11, 2001 MCLEAN, Va. – Capital Automotive REIT (Nasdaq:CARS) expects its adjusted funds from operations for the fourth quarter and year ending to be 48 cents and $1.85/share – exceeding its expected guidance.The better than expected financial...

December 11, 2001 Class Amount Rating Fitch Rating Moody's Avg. Life (w/extension) Price Talk Benchmark A 321.9 AAA Aaa 1.7 (2.4) +42 area DM* Libor B 25.6 AA+ Aa1 1.7 (2.8) +70 area Libor C 32.9 AA Aa2...

BLOOMFIELD HILLS, Mich. – A. Alfred Taubman has stepped down from his post as chairman of Taubman Centers Inc. (NYSE:TCO).Taubman, 76, was also the former chairman of Sotheby's Holdings Inc. and was recently convicted of colluding with Christie's...

December 11, 2001 NEW YORK – Fitch has withdrawn its ratings on six classes of GGP Ala Moana LLC 1999-C1 because classes A, B, C, D, E and F have been paid in full.Comments? E-mail

December 11, 2001 The Pritzker family, the billionaire Chicago family that owns Hyatt Hotels Corp., will pay $460 million to the federal government over 15 years in what officials call the largest settlement over a failed lending institution,...