RECENT NEWS
Brandywine CFO Resigns to Form Advisory Firm
August 16, 2001 NEWTOWN SQUARE, Pa. – Jeffrey F. Rogatz has resigned as senior vice president and chief financial officer of Brandywine Realty Trust (NYSE:BDN) to establish his own real estate investment and advisory firm.Rogatz, who joined Brandywine...
Manchester Resorts Secures $230Mln for San Diego Hotel Expansion
August 16, 2001 SAN DIEGO – Manchester Resorts has received a $230 million loan from Teachers' Insurance and Annuity Association-College Equity Fund and the New York State Teachers Retirement System to expand its flagship Manchester Grand Hyatt.Of the...
Brookfield Raises $75Mln Through Shares
August 16, 2001 NEW YORK – Brookfield Properties Corp. (NYSE:BPO) has raised $75 million through the issuance of 5.1 million common shares.The company will use the funds "to eliminate the last senior convertible instruments from the balance sheet,...
Prime Group Realty’s Portfolio Sale Not Likely to Close
August 15, 2001 Prime Group Realty Trust's (NYSE:PGE) pending deal to sell a large part of its industrial and suburban office property portfolio will likely not materialize.During a conference call Monday, the company's chairman, Michael Reschke, confirmed the...
Secured Capital Hires Former Lend Lease Exec
August 15, 2001 LOS ANGELES – Secured Capital Corp. has hired Chris Casey to be a managing director in its Los Angeles office.Prior to joining the Los-Angeles-based real estate investment bank, Casey was a principal at Lend Lease,...
Canada Digest (8/15/01): Revenue Properties to Buy Stake in Alberta Mall
August 15, 2001 Revenue Properties to buy stake in Alberta mallGRAND PRAIRIE, Alberta – Revenue Properties Co. Ltd. has agreed to buy a 50 percent interest in the 300,000-square-foot Prairie Mall, according to a company statement. Terms were...
Price Buys Ariz. Retail Centers for $55.3Mln
August 15, 2001 MESA, Ariz. – Price Enterprises Inc. (Nasdaq:PREN) has purchased two open air shopping centers, one each in Mesa and Tempe, Ariz., for about $55.3 million. Price purchased the Mesa Pavilions, in Mesa for about $31.4...
FINAL PRICING: $709.6 Mln GS Mortgage Securities Corp. II, Series 2001-GL III
August 15, 2001 Class Amount Credit Support* Rating Moody's Rating Fitch Avg. Life Priced Benchmark A-1 90.4 19.5 Aaa AAA 5.7 +57 Swaps A-2 412.7 19.5 Aaa AAA 9.8 +63 Swaps B 50 11.5 Aa2 AA 10 +76...
San Diego Hospital Association Buys Building for $32.7Mln
August 15, 2001 By Brad Berton, Commercial Real Estate Direct Contributing Writer The San Diego Hospital Association has purchased the 190,400-square-foot office building it occupies in San Diego's Spectrum for $32.7 million, or $171/sf.The Spectrum is the mixed-use...
LaSalle Sells Tampa, Fla., Hotel for $15Mln
August 15, 2001 TAMPA, Fla. – LaSalle Hotel Properties (NYSE:LHO) has sold the Radisson Tampa Hotel to a private investor for about $15 million.Proceeds from the sale will be used to reduce the REIT's $210 million credit facility.The...
Amstar Hires Phillip Hutchins as Hotel Investment Manager
August 15, 2001 DENVER – Amstar Group Ltd. has named Phillip W. Hutchins hotel investment manager.Hutchins will assist with hotel/resort acquisitions and dispositions, supervising hotel redevelopment projects and general asset management.Prior to joining Amstar, he was development project...
U.S. Restaurant Properties Completes $180Mln Financing
August 15, 2001 DALLAS – U.S. Restaurants Properties Inc. (NYSE:USV) has completed its $180 million offering of triple net lease mortgage certificates through its USRP Funding 2001-A subsidiary.Proceeds were primarily used to repay about $158 million of outstanding...
S&P Puts Senior Housing Properties Trust on Watch Negative
August 15, 2001 NEW YORK – Standard & Poor's has placed its ratings on Senior Housing Properties Trust (NYSE:SNH) on credit watch with negative implications. The placement is a response to the company's agreement to buy a portfolio...
Cornell Sells 11 Properties in $173Mln Deal; Exits Real Estate Business
August 15, 2001 HOUSTON – Cornell Cos. has agreed to sell and lease back most of its real estate in a $173 million deal to Municipal Corrections Finance, according to the Wall Street Journal.Cornell will pay off all...
Konover Discloses Details on Portfolio Sale to Chelsea
August 15, 2001 Konover Property Trust (NYSE:KPT), which recently agreed to sell a portfolio of retail centers for $180 million, has released more details about the sale.Konover last month agreed to sell a portfolio of properties to Chelsea...
Capital Automotive Closes Purchase of 9 Automotive Stores
August 15, 2001 RICHMOND, Va. – Capital Automotive REIT (Nasdaq:CARS) has closed on its purchase of nine CarMax Automotive superstores in a deal valued at $102.4 million.The REIT purchased the properties with $65 million it raised from the...
Southeast Regional Digest (8/15/01): Kendall Town Center posts plans for site in Arlington, Fla.
August 15, 2001 Kendall Town Center posts plans for siteFlorida Times-Union (Jacksonville)ARLINGTON, Fla. - Gate Petroleum Co. plans to develop the Kendall Town Center, an almost 300-acre office, retail, hotel and apartment project. Gate filed preliminary site plans...
Grubb & Ellis Names Director of New Health Care Division
August 15, 2001 NORTHBROOK, Ill. – Grubb & Ellis Co. (NYSE:GBE) has appointed Michael Berne as senior managing director of its new Real Estate Healthcare Advisory Group.Berne was a director at KPMG, an international consulting, assurance and financial...
Northeast Regional Digest (8/15/01): Trump negotiating to buy 30 Wall
August 15, 2001 Trump negotiating to buy 30 WallThe Wall Street JournalNEW YORK – Donald Trump is negotiating to buy 30 Wall St. He would even settle for a long-term lease from Germany's Hinneberg family, which owns both...
Southeast Regional Digest (8/14/01): Fla. firm buys Old Alabama Square in Atlanta
August 14, 2001 Fla. firm buys Old Alabama Square in AtlantaATLANTA - Hollywood Atlantic Real Estate Group of Hollywood, Fla., has purchased Alabama Square for about $15.8 million from Piedmont/Old Alabama Partners. The 89,000-square-foot center has anchors such...
WP Carey Buys 3 Conn. Properties for $19.7Mln
August 14, 2001 SOUTH WINDSOR, Conn. – W.P. Carey & Co. have purchased three properties from Gerber Scientific Inc. for $19.7 million on behalf of Corporate Property Associates 14 Inc.Under the terms of the transaction, Gerber will lease...
Capital Trust Sees 3rd Qtr Net of 10-12 cents/share
August 14, 2001 NEW YORK – Capital Trust Inc. (NYSE:CT), which has just completed raising an $845.2 million mezzanine fund, said it expects to earn 10 to 12 cents/share for the third quarter. That compares to 8 cents/share...
Great Lakes Buys Illinois Office Building for $31.8Mln
August 14, 2001 Commercial Real Estate Direct Staff Report BANNOCKBURN, Ill. – Great Lakes REIT (NYSE:GL) has purchased a 202,000-square-foot, three-story office building from an affiliate of the Pizzuti Cos. for $31.8 million. The Bannockburn Corporate Center, at...
Brickstone Sells Piece of Philly’s Mellon Independence Center
August 14, 2001 PHILADELPHIA – Zurich Structured Finance Inc. has taken a majority interest in Mellon Independence Center, an 811,180-square-foot landmark office and retail complex in Center City.The deal makes Zurich, the New York finance arm for Switzerland-based...
PRICE TALK: $1.17 Bln Credit Suisse First Boston Mortgage Securities Corp., Series 2001-CP4
August 14, 2001 Class Amount Sub. Rate Rating S&P Rating Fitch Avg. Life Price Talk Benchmark A-1 102 22.75 AAA AAA 3.7 +35 area Swaps A-2 86.9 22.75 AAA AAA 6.3 +38 area Swaps A-3 110 22.75 AAA...
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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.
