RECENT NEWS
Investor Gets $15Mln Mortgage for Downtown NY Office Buy
December 21, 2001 NEW YORK – An undisclosed New York commercial bank has provided $15 million of fixed-rate financing for 151 William Street in lower Manhattan, in one of the first such transactions in the area since the...
Great Lakes REIT Gets $23Mln of Mortgage Finance
December 21, 2001 Allstate Life Insurance Co. has provided Great Lakes REIT (NYSE:GL) with two mortgages totaling $23 million.The insurance firm provided a $16.75 million mortgage for Woodfield Green, an office property at 1920 & 1930 Thoreau Drive...
NJ Industrial Park Sells for $51Mln
December 21, 2001 Curtiss-Wright Corp., a New Jersey manufacturing company, has sold a multi-tenant industrial property in Wood-Ridge, N.J., for $51 million. The Wood-Ridge Business Complex is a former manufacturing facility with about 2.3 million square feet of...
Parkway Properties Pays $30Mln for Nashville Offices
December 21, 2001 NASHVILLE, Tenn. – Parkway Properties Inc. (NYSE:PKY) has paid $30 million for the Bank of America Plaza in downtown Nashville, Tenn.The property was purchased from Equity Office Properties Trust (NYSE:EOP).The deal marks an entrance into...
Analyst Pens Holiday Song for TrizecHahn
December 21, 2001Commercial Real Estate Direct Staff ReportWachovia Securities analyst Christopher Haley penned a holiday ditty in a note this morning advising clients of his selection of TrizecHahn Corp. (NYSE:TZH) as his stock pick for next year.Haley, a...
Security Capital Closes $495Mln Sale of CarrAmerica Shares
December 20, 2001 CHICAGO – Security Capital Group Inc. (NYSE:SCZ) has raised net proceeds of $494.9 million from the sale of its entire ownership interest in CarrAmerica Realty Corp. (NYSE:CRE).As expected, Security Capital sold 19.4 million shares at...
Bankruptcy Court Rules in Vornado’s Favor in Prime Group Case
December 20, 2001 Commercial Real Estate Direct Staff ReportVornado Realty Trust (NYSE:VNO) is another step closer to foreclosing on two loans that are backed by a 30 percent stake in Prime Group Realty Trust (NYSE:PGE).The United States Bankruptcy...
Canada Digest (12/20/01): Toronto’s office sublease rates soar as downturn takes hold
December 20, 2001 Toronto's office sublease rates soar as downturn takes holdThe Financial PostTORONTO – The economic downturn has helped to create a record level of sublease space in the office property market – sublease space comprises 38.9...
Moody’s Reviews Hilton CMBS Deal for Possible Downgrade
December 20, 2001 NEW YORK – Moody's Investors Service is reviewing for possible downgrade Hilton Hotels Pool Trust, 2000-HLT.The rating agency said it is taking action on the deal because the collateral properties have been heavily impacted by...
CBL Sells Fla., NJ Shopping Centers for $41.5Mln
December 20, 2001 CHATANOOGA, Tenn. – CBL & Associates Properties (NYSE:CBL) has completed the sale of two shopping centers, one each in Bradenton and Mt. Olive, N.J., for $41.5 million.The REIT used proceeds to pay down debt. The...
Staubach Hires New CFO
December 20, 2001 DALLAS – The Staubach Co. has hired Bill Leiser to serve as chief financial officer. He replaces the previous CFO, Cathy Sweeney, who recently resigned. When he joins the firm next month, Leiser will develop...
Summit Properties Makes Senior Management Changes
December 20, 2001 CHARLOTTE, N.C. – A decreased development pipeline is prompting Summit Properties Inc. (NYSE:SMT) to make some senior management changes.Doug Brout, previously executive vice president of acquisitions and dispositions, has been promoted to the newly created...
Acadia Realty to Buy Up to 4.8Mln of Its Common Shares
December 20, 2001 NEW YORK – Acadia Realty Trust (NYSE:AKR) plans to purchase up to 4.8 million, or 14 percent, of its outstanding common shares and common operating partnership units.Under the terms of the offer, Acadia shareholders can...
Burnham Sells 8 Properties to Pacific Retail for $91.8Mln
December 20, 2001 SAN DIEGO – Burnham Pacific Properties (NYSE:BPP) has closed on the sale of eight properties to a joint venture led by affiliates of P. O'B. Montgomery & Co. and Apollo Real Estate Advisors for $91.8...
Sizeler Prices 3Mln Common Shares at $9.08/unit
December 20, 2001 NEW ORLEANS – Sizeler Property Investors (NYSE:SIZ) plans to raise roughly $27.2 million from the sale of 3 million common shares at $9.08/share.The offering is led by Ferris, Baker Watts, with JJB Hilliard, WL Lyons,...
Southeast Regional Digest (12/20/01): Developers vying to convert Nashville office building into apa
December 20, 2001 Developers vying to convert Nashville office building into apartmentsTennesseanNASHVILLE, Tenn. – Two local development groups are vying to convert the 95-year-old Stahlman Building from office space into living space. The Metro Development and Housing Agency...
Insignia Financial Group Closes Buy of Paris Firm
December 20, 2001 NEW YORK – Insignia Financial Group Inc. (NYSE:IFS) has completed its acquisition of Groupe Bourdais, a French commercial real estate services company.Insignia, which announced the planned acquisition in August, paid about $45.6 million, consisting of...
National Golf Hires Advisers to Evaluate Restructuring Alternatives
December 20, 2001SANTA MONICA, Calif. – National Golf Properties (NYSE:TEE) has retained Lazard Freres & Co. as financial adviser and Wachtell, Lipton, Rosen & Katz as its legal adviser to evaluate restructuring alternatives.National Golf is considering alternatives, including...
NYC Planning Commissioner Joins Georgetown Group as Partner
December 20, 2001 NEW YORK – Joseph B. Rose, the city's planning commissioner, next month will join the Georgetown Group Inc. as partner.Rose is finishing out an eight-year term as chairman of the New York City Planning Commission...
Fitch Places Security Capital, Storage USA on Rating Watch, Positive
December 19, 2001NEW YORK – Fitch has placed its ratings on the senior unsecured notes of Security Capital Group (NYSE:SCZ) Storage USA (NYSE:SUS) on rating watch, positive. The action is a result of GE Capital Corp.'s proposed purchase...
Lend Lease JV is Preferred Bidder for London Urban Renewal Project
December 19, 2001 LONDON – The British Government is in exclusive talks with Meridian Delta Ltd., a joint venture of Lend Lease Europe Ltd. and a British developer, to manage the redevelopment of the Greenwich Peninsula on the...
United Dominion to Raise $59Mln From Share Sale
December 19, 2001RICHMOND, Va. – United Dominion Realty Trust (NYSE:UDR) plans to raise $59 million from the sale of 4.1 million common shares at a price of $14.40 apiece.The sole underwriter for the offering is Salomon Smith Barney....
RAIT Investment Prices 2.5Mln Common Shares
December 19, 2001 PHILADELPHIA – RAIT Investment Trust (AMEX:RAS) plans to raise $40 million from the sale of 2.5 million of its common shares for $16/unit.Proceeds of $37.8 million will be used to originate and acquire loans and...
Opportunity Fund Exec Joins Resource America
December 19, 2001 PHILADELPHIA – David E. Bloom has joined Resource America Inc. (Nasdaq:REXI) as senior vice president and president of the company's real estate subsidiary, Resource Properties Inc.Bloom will manage an existing portfolio of restructured commercial loans...
S&P Puts Salomon Brothers Mortgage Securities VII Ratings on Watch Negative
December 19, 2001NEW YORK – Standard & Poor's has placed its rating on two classes of Salomon Brothers Mortgage Securities VII's 2001-CDC on credit watch with negative implications – reflecting the agency's concerns with the 10th largest loan...
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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.
