RECENT NEWS
Storage Firm Buys 7 Properties for $42Mln
September 4, 2001 LOS ANGELES – Laaco Ltd., a self-storage company, has paid $42 million for seven self-storage properties in Arizona, Nevada and southern California under a deal it first structured last year. The company last year had...
Flagler Names Melinda McDonald Thompson VP
September 4, 2001 JACKSONVILLE, Fla. – Flagler Development Co. (NYSE:FLA) has named Melinda McDonald Thompson as vice president.Thompson, who also will continue as controller, will oversee all accounting, financial reporting and human resources functions for Flagler. Previously, she...
CMBS Pricing Matrix Updated for Week Ended 8/31/01
September 4, 2001 Commercial Real Estate Direct Staff ReportSpreads on commercial mortgage-backed securities remained flat last week. According to the Commercial Real Estate Direct CMBS Pricing Matrix, which has been updated for the week ended Aug. 31, 2001,...
Corporate Office Properties Buys Office Portfolio in Md.
September 4, 2001 COLUMBIA, Md. – Corporate Office Properties Trust (NYSE:OFC) has purchased a portfolio of four office buildings, totaling 187,132 square feet, in the 630-acre Columbia Gateway business park.Terms of the transaction were not disclosed. However, going...
CB Richard Ellis Buys Santa Ana, Calif., Offices
September 4, 2001 Special To Commercial Real Estate DirectCB Richard Ellis Strategic Partners, a value-added investment fund, has purchased 3 Hutton Centre, an office building in Santa Ana, Calif.The 200,000-square-foot office property was purchased from Japanese-controlled ORIX Real...
HomeStreet Provides $24Mln Construction Loan for Ore. Condos
September 4, 2001 PORTLAND, Ore. – HomeStreet Capital has provided $24 million in financing for the Marshall Wells Lofts condo project.Evergreen Northern LLC will convert the 280,000-square-foot, seven-story warehouse building constructed in 1910 into an eight-story building with...
S&P: Defaulted CMBS Have Good Recovery Rate
September 4, 2001 NEW YORK – Commercial mortgage-backed securities that default generally have a good chance of recovering. Standard & Poor's, which today released, "Life After Death: Recoveries of Defaulted Structured Finance Securities," found that CMBS that go...
Gables Buys DC Apartments for $24.2Mln
September 4, 2001 WASHINGTON, D.C. – Gables Residential (NYSE:GBP) has purchased the 82-unit Ambassador House apartment high-rise in the city's Dupont Circle neighborhood for $24.2 million from an undisclosed source.The REIT plans to rename the property Gables Dupont...
Public Storage to Raise About $500Mln in Share Offering
September 4, 2001 GLENDALE, Calif. – Public Storage Inc. (NYSE:PSA) plans to raise about $500 million from the sale of 20 million depositary shares.The shares represent 1/1000 of share of 8 percent cumulative preferred stock series R.Salomon Smith...
Forest City Sees $51Mln Gain From Sale of Mall
September 4, 2001 Forest City Enterprises Inc. (NYSE:FCEA) said its sale of the Tucson Mall last month resulted in an after-tax gain of $51 million. The sale of the Tucson, Ariz., property to General Growth Properties provided cash...
Network of Commercial Real Estate Women Forms NY Unit
September 4, 2001 NEW YORK – The Network of Commercial Real Estate Women has formed a New York chapter. The group, which has 43 chapters in the United States and Toronto, is the top organization for women in...
S&P Raises Ratings on 3 Classes of Aventura Mall Notes
August 31, 2001 MIAMI BEACH, Fla. – Standard & Poor's has upgraded three classes of Aventura Mall Venture's commercial mortgage backed notes due April 6, 2008.The rating changes of the 10-year interest only loan are as follows: class...
Southeast Regional Digest (8/31/01): Equity Selling Nashville Building; Could fetch $40Mln to $50Mln
August 31, 2001 Bank of America office building put up for saleTennesseanNASVHILLE, Tenn. – Equity Office Properties has retained Jones Lang LaSalle to market for sale its Bank of America Plaza. Local real estate agents projected the building,...
GMAC’s Realpoint Seen Making Bid for Visible Markets
August 31, 2001 Commercial Real Estate Direct Staff ReportGMAC Institutional Advisors is expected to make an offer for some of Visible Markets Inc., a Boston firm that had tried building an online trading platform for fixed-income securities. GMAC's...
Paul, Hastings Adds Nigel Heilpern to London Practice
August 31, 2001 LONDON – Paul, Hastings, Janofsky & Walker LLP has hired Nigel Heilpern, who formerly was with London property firm Nabarro Nathanson, as senior property finance partner. Heilpern practices both property and finance law, which are...
Canada Digest (8/31/01): Boardwalk looks at REIT route
August 31, 2001 Boardwalk looks at REIT routeFinancial PostCALGARY – Boardwalk Equities Inc. is mulling changing to REIT status. The Calgary-based apartment building owner made no secret of the consideration during a conference call last week. If Boardwalk...
CalSTRS Commits Additional $20Mln to MSREF IV
August 31, 2001 The California State Teachers' Retirement System will commit an additional $20 million to Morgan Stanley Real Estate Fund IV-International, a $2 billion opportunistic investment fund.CalSTRS earlier this year had committed $200 million to the fund....
Canada Digest (8/30/01): Pension fund manager unveils major overhaul
August 30, 2001 Pension fund manager unveils major overhaulThe Globe and MailMONTREAL – The Caisse de d?p?t et placement du Qu?bec is restructuring to reflect its increasingly global role as a portfolio manager. The C$125 billion pension fund...
Harbor Group Buys Tenn. Apartments From Aimco for $11.6Mln
August 30, 2001 MEMPHIS, Tenn. – Harbor Group International has purchased a 378-unit apartment complex for $11.6 million from the Apartment Investment and Management Co. (NYSE:AIV).GE Capital Corp. provided an $8.7 million bridge loan to buy and renovate...
LJ Melody Arranges $25.4Mln Loan for Fla. Apartments
August 30, 2001 SARASOTA, Fla. – Aegon USA Realty Advisors Inc. has provided a $25.4 million loan for Travini Apartments, a new 312-unit apartment complex.Vestcor, a Florida-based multifamily investor and developer, completed construction of the property at 5401...
Land Available for Orlando Hotel Development Near Disney
August 30, 2001 ORLANDO, Fla. – Jones Lang LaSalle is marketing a 50-acre parcel of developable land near Walt Disney World on behalf of UBS Warburg.The prime piece of property at 8800 Meadow Creek Drive, between U.S. Interstate...
Prime Retail Investors Seek 2 New Board Seats
August 30, 2001 Commercial Real Estate Direct Staff ReportA group of investors that has recently increased its stake in Prime Retail Inc. (NYSE:PRT) is looking to add two seats to the REIT's board.The investors are requesting a special...
Southeast Regional Digest (8/30/01): Cadillac puts Shannon Mall in Atlanta on sales block
August 30, 2001 Atlanta's Shannon Mall up for saleThe Atlanta Journal-ConstitutionATLANTA – Cadillac Fairview has put the 770,000-square-foot Shannon Mall up for sale. The mall has only two of four anchor department store slots filled. Despite a $10...
Rodamco North America Rebuffs Westfield
August 30, 2001 Commercial Real Estate Direct Staff ReportRodamco North America NV has rejected Westfield Holdings Ltd.'s (ASX:WSF) proposal to take over management of the company's portfolio. Australian-based Westfield earlier this week paid $486 million for a 23.9...
Westfield America Details $100Mln Loan for WTC Lease
August 29, 2001Commercial Real Estate Direct Staff ReportThe loan that UBS Warburg provided Westfield America Inc. (NYSE:WEA) for its initial lease payment for the retail component of the World Trade Center totaled $100 million.The three-year loan carries an...
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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.
