RECENT NEWS
Fitch Upgrades Merrill Lynch 1994-C1
September 10, 2001 NEW YORK – Fitch has upgraded class E and F in Merrill Lynch Mortgage Investors' 1994-C1.The $16 million class E was raised to triple-A from double-A, and the $10.2 million class F was raised to...
Fitch Upgrades 3 Classes in NB Commercial Mortgage’s FSI
September 10, 2001 NEW YORK – Fitch has upgraded three classes in NB Commercial Mortgage's FSI deal, which has seen a 66 percent mortgage pool reduction to $25.4 million from $75.1 million. The upgraded ratings are the following:...
Staubach Co. Hires J.D. Cook as Senior VP
September 10, 2001 Commercial Real Estate DirectJ.D. Cook has joined The Staubach Co. as senior vice president in the corporate real estate firm's Los Angeles office.Cook spent most of his career at Cushman Realty Corp., managing its Century...
Simon Property Group Files $500Mln Mixed Securities Shelf
September 10, 2001Commercial Real Estate Direct Staff ReportSimon Property Group Inc. (NYSE:SPG) has filed to sell up to $500 million of common stock, preferred stock, depositary shares and warrants from time to time, according to a shelf registration...
Edward I. Geisinger, DC broker with Julien J. Studley, Dies
September 10, 2001WASHINGTON, D.C. – Edward I. Geisinger, 54, a veteran of the Washington, D.C., commercial real estate market, died on Sept. 3 of respiratory failure as a result of his battle with pancreatic cancer.Mr. Geisinger, a native...
BRE Properties Files $700Mln Mixed Securities Shelf
September 10, 2001 Commercial Real Estate Direct Staff ReportBRE Properties Inc. (NYSE:BRE) has filed to sell up to $700 million in debt securities, preferred stock and common stock from time to time, according to a shelf registration filed...
Nev. Pension System Buys Calif. Industrial Buildings for $16.5Mln
September 10, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterL&B Realty Advisors, on behalf of the Nevada Public Employees' Retirement System, has purchased a pair of adjacent Anaheim, Calif., industrial buildings totaling 245,503 square feet for...
CMBS Pricing Matrix Updated for Week Ended 9/7/01
September 10, 2001 Commercial Real Estate Direct Staff Report.Spreads on CMBS remained flat last week.According to the Commercial Real Estate Direct CMBS Pricing Matrix – which has been updated for the week ended Sept. 7, 2001 – 10-year,...
Shareholders Approve Equity One’s Buy of Centrefund Subsidiary
September 10, 2001 Shareholders of Equity One Inc. (NYSE:EQY) and Centrefund Realty Corp. (TSE:CFE) have approved Equity One's deal to buy Centrefund's U.S. subsidiary in a stock-for-stock exchange valued at $280 million.Centrefund Realty (U.S.) Corp. owns 28 properties...
PRICE TALK: $177.7 Mln Freehold Raceway Mall Trust, Series 2001-FRM
September 10, 2001 Class Amount Rating Moody's Rating Fitch Rating S&P Avg. Life Price Talk Benchmark A-1 22.5 Aaa AAA AAA 5.49 +28-30 Libor A-2 85.1 Aaa AAA AAA 9.8 +40-42 Libor B 4.8 Aa1 AA+ AA 9.8...
Kimco Completes Investment in RioCan as Part of JV Deal
September 10, 2001 Kimco Realty Corp. (NYSE:KIM) has completed its investment in RioCan Real Estate Investment Trust (TSE:REI.UN) by buying 2.5 million special warrants from RioCan for C$10.50.The private placement, valued around US$16.9 million, results in gross proceeds...
Atlanta-area Apartments Sell to Out-of-State Investor
September 10, 2001DOUGLASVILLE, Ga. – The Crestmark Apartment complex, a 334-unit Class-A property, was sold to SMF Property Acquisitions, a Denver-based limited partnership.As reported in July, Atlanta-based Roberts Realty Investors Inc. (AMEX:RPI) sold the property at 945 Crestmark...
Philadelphia Real Estate Legend Sylvan M. Cohen Dies
September 10, 2001 PHILADELPHIA – Sylvan M. Cohen, who in 1960 founded one of the nation's first REITs, died Saturday at his home in Center City Philadelphia. He was 87.He was chairman of Pennsylvania Real Estate Investment Trust,...
Calif. Retail Center Fetches $11Mln
September 10, 2001 RIVERSIDE, Calif. – Marcus & Millichap has brokered the sale of the Chicago Plaza, a 98,483-square-foot neighborhood retail center in Riverside, for $11 million.A St. Louis-based limited partnership bought the property at Chicago and University...
Southeast Regional Digest (9/10/01): Lincoln Property set to begin construction on Georgia industria
September 10, 2001 Industry news: South Fulton industrial project ready to startAtlanta Business ChronicleSOUTH FULTON, Ga. – Lincoln Property Co. is set to start construction on an industrial project on more than 50 acres at World Business Center,...
CSFB Knocks Morgan Off Top of CMBS Domestic Bookrunner Ranking
September 7, 2001 By Christina Caprio, Commercial Real Estate Direct Staff WriterCredit Suisse First Boston has knocked Morgan Stanley out of the top position in Commercial Real Estate Direct's domestic bookrunner ranking by virtue of a $487 million...
Corporate Office Prices $31Mln of Preferred Stock
September 7, 2001 COLUMBIA, Md. – Corporate Office Properties Trust (NYSE: OFC) has priced 1.2 million shares of series F cumulative redeemable preferred shares at $25/share.Proceeds of $31 million will be used to pay down debt under the...
Wells REIT Buys Houston Offices for $20.8Mln
September 7, 2001 HOUSTON – Wells Real Estate Investment Trust has purchased a 157,792-square-foot office property in Houston for about $20.8 million, or $132/sf. The property, in the city's Greenspoint District, will provide the private REIT with a...
First Union to Fund $155Mln Floater for Manhattan’s Chelsea Market
September 7, 2001Commercial Real Estate Direct Staff ReportFirst Union has agreed to proved a $155 million three-year floating-rate mortgage for the Chelsea Market on Manhattan's west side.The financing replaces a $77 million three-year loan that Deutsche Bank had...
Peter McMillan Resigns as President and COO of Mills Corp.
September 7, 2001 ARLINGTON, Va. – Peter B. McMillan, president and chief operating officer of the Mills Corp. (NYSE: MLS), has resigned to pursue other interests. Laurence Siegel, the company's chairman and chief executive officer, will assume McMillan's...
Regal Cinemas Bankruptcy to Affect 22 CMBS Deals
September 7, 2001 Commercial Real Estate Direct Staff ReportA total of 22 CMBS transactions contain loans on theaters run by Regal Cinemas, which plans to file for Chapter 11 bankruptcy protection. According to an analysis by Merrill Lynch,...
Southeast Regional Digest (9/7/01): Georgia officials okay convention center expansion
September 7, 2001 Georgia officials approve convention center expansion in Atlanta Atlanta Journal-ConstitutionATLANTA – Georgia legislators have approved the expansion of the Georgia World Congress Center. The conference center will have more than 400,000 square feet of exhibit...
Home Properties Pays $49.2Mln for 2 Apartment Complexes, Sells Others
September 7, 2001NAPERVILLE, Ill. – Home Properties (NYSE: HME) has acquired two apartment buildings, one in Silver Spring, Md. and one in Naperville, Ill., for $49.2 million. The 435-unit Manor apartment complex, in the Aspen Hill area of...
AvalonBay Prices $300Mln Medium-Term Notes
September 7, 2001 ALEXANDRIA, Va. – AvalonBay Communities Inc. (NYSE: AVB) has priced a $300 million offering of medium-term notes under its existing shelf registration statement.The 10-year notes are rated Baa1 by Moody's and triple-B-plus by Standard &...
Canada Digest (9/7/01): Joe Segal buying heritage Granville bank building in Vancouver
September 7, 2001 Joe Segal buying heritage Granville bank buildingVancouver SunVANCOUVER – Joe Segal, president of his privately-held Kingswood Capital Corp., is paying about C$5 million (US$3.2 million) for the former Bank of Montreal building at Granville and...
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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.
