RECENT NEWS
Security Capital to Raise $478.7Mln From Sale of CarrAmerica Shares
December 14, 2001 CHICAGO – Security Capital Group (NYSE:SCZ) plans to raise nearly $478.7 million from the sale of about 16.9 million common shares of CarrAmerica Realty Corp. (NYSE:CRE) for $28.37/share.Goldman Sachs & Co. is the sole bookrunner...
Southeast Regional Digest (12/14/01): Former Gerber plant to become urban village
December 14, 2001 Former Gerber plant to become urban villageASHEVILLE, N.C. – Gulfside Development will build the Village of Gerber, a mixed-use urban village situated on a 24-acre parcel that once housed the Gerber baby food factory. The...
Equity One to Develop Publix-Anchored Center in Fla.
December 14, 2001 MIAMI – Equity One (NYSE:EQY) plans to develop an 84,000-square-foot shopping center in southwest Miami-Dade County.The $10 million Plaza Allegre will sit on 8.5 acres on the southeast corner of S.W. 147th Avenue and Coral...
Sasco Floater to Price Monday
December 14, 2001 Commercial Real Estate Direct Staff ReportThe $731.5 million Sasco Floating Rate Commercial Mortgage Trust, 2001-C8, CMBS deal is due to price at midday Monday, sources say. The deal's $321.9 million triple-A tranche, with an average...
S&P Raises Ratings on JP Morgan Commercial Mortgage Finance, 1998-C6
December 14, 2001 NEW YORK – Standard & Poor's has raised its ratings on three classes of JP Morgan Commercial Mortgage Finance Corp.'s 1998-C6 and affirmed other rated classes.The ratings are as follows: class B to double-A-plus from...
Aegon Provides $12.4Mln Mortgage for Seattle Industrial Facility
December 14, 2001 SEATTLE – Aegon USA Realty Advisors has provided roughly $12.4 million in fixed-rate, permanent financing for a 123,000-square-foot industrial facility.The 20-year mortgage replaces construction financing of about the same amount.The Samis Foundation owns the building...
CMBS Global and Domestic Bookrunner Ranking Updated for Week Ended 12/14/01
December 14, 2001 The Commercial Real Estate Direct CMBS global and domestic bookrunner rankings have been updated.Click here to view the updated global and domestic bookrunner rankings. Comments? E-mail
Clarion Partners Buys Dallas Office Building
December 14, 2001 DALLAS – Clarion Partners has acquired a 185,000-square-foot office building in the Preston Center for its Clarion Lion Properties Fund.The investment adviser bought The Berkshire at Preston Center from an offshore pension fund advised by...
Moody’s Upgrades COMM 2000-FL1
December 14, 2001 NEW YORK – Moody's Investor Service has upgraded the COMM 2000-FL1 CMBS transaction as a result of rising credit enhancements due to prepayments and loan payoffs.The upgrades of the nine classes are as follows:– class...
Fog Cutter Affiliate Sells Property in England
December 14, 2001 LEIGHTON BUZZARD, England – Fog Cutter Capital Group's (Nasdaq:FCCG) Bourne End Properties has sold the 80,000-square-foot Waterbourne Walk Shopping Center for roughly 5.8 million pounds (US$8.2 million).Waterbourne Walk is the sixth property sold since Fog...
Real Estate Investments Remain Healthy in 3rd Qtr Despite Recession
December 14, 2001 CHICAGO – Despite a recession, the commercial real estate market remained healthy during the third quarter. The average capitalization rate, or initial yield, on properties rose to 9.6 percent during the third quarter, after dipping...
First Bids Due Soon on Dallas Apartment Property
December 14, 2001 DALLAS – Preliminary bids are due in a couple weeks for a 662-unit luxury apartment property in North Dallas, and by all indications, investor interest has been strong.The Dallas investment sales office of Holliday Fenoglio...
SNH Prices $200Mln Senior Unsecured Notes Due 2012
December 14, 2001 NEWTON, Mass. – Senior Housing Properties Trust (NYSE:SNH) has priced $200 million of its 8.625 percent senior unsecured notes due 2012. The sale is expected to be on Dec. 20.Proceeds will be used to buy...
Allstate Provides $15Mln for Massachusetts Retail Center
December 13, 2001 MARLBORO, Mass. – Allstate Life Insurance has provided $15 million in permanent, fixed-rate financing for the R.K. Centre.The seven-year mortgage bears a 6.64 percent interest rate with a 25-year amortization schedule. The loan replaces an...
MeriStar Sells $250Mln of 7.5-year Notes
December 13, 2001WHITE PLAINS, N.Y. – MeriStar Hospitality Operating Partnership, a subsidiary of MeriStar Hospitality Corp. (NYSE:MHX), has sold $250 million of 7.5-year senior notes.The offering, which was increased to $250 million from $200 million, was underwritten by...
PRICE TALK: $1.04 Bln Morgan Stanley Dean Witter Capital I Trust, Series 2001-TOP5
December 13, 2001 Class Amount Sub. rate Rating S&P Rating Moody's Avg. Life Price Talk (bps) Benchmark A-1 63.3 15 AAA Aaa 3.4 +44-46 Swaps A-2 194 15 AAA Aaa 5.7 +51-53 Swaps A-3 130.6 15 AAA Aaa...
Koger Equity Sells Non-Core Assets for $303Mln
December 13, 2001 BOCA RATON, Fla. – Koger Equity (NYSE:KE) has closed on the sale of selected non-core assets to an affiliate of Apollo Real Estate Investment Fund for $303 million.The transaction comprises $207 million of cash and...
Senior Housing Properties Off Credit Watch; Outlook Stable
December 13, 2001 NEW YORK – Standard & Poor's has removed Senior Housing Properties Trust from credit watch, and the outlook is stable.The credit watch listing was a result of the company's agreement to buy 31 senior housing...
Downtown Manhattan Office Building Fetches $19Mln
December 13, 2001Commercial Real Estate Direct Staff ReportC&K Properties has purchased a 200,000-square-foot office building at the northwest corner of Fulton Street and William Street in downtown Manhattan.C&K Properties, headed by local real estate investors Meir Cohen and...
Prime Group Sues Cadim, Seeks $150Mln Over Scuttled Deal
December 13, 2001 Commercial Real Estate Direct Staff ReportPrime Group Inc. is suing Cadim Inc. alleging the Caisse de depot et placement du Quebec affiliate breached terms of an agreement to buy Prime Group Realty Trust (NYSE:PGE) with...
Auto Maker Agrees to Sell Land Outside Paris for $517Mln
December 13, 2001 French automaker Renault has agreed to sell land it owns in a suburb of Paris to Developpement Boulogne Seguin – a consortium of three companies: Hines, Nexity and Sorif (Vinci Group).The deal covers 45.8 hectares...
AvalonBay Begins Construction on $95.9Mln Apartment Projects in DC-area
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...
General Growth Sells of 8Mln Common Shares
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
Dallas-area Industrial Buildings Fetch $29.5Mln
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...
Crestline Capital Shareholders Approve Sale of Senior Living Business
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...
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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.
