RECENT NEWS
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...
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...
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...
Fitch Upgrades Capstone’s Primary Servicer Status; Issues Master Servicer Rating
August 14, 2001 NEW YORK – Fitch has raised Capstone Realty Advisors primary servicer rating to CPS3-plus from CPS3 and has issued the company a master servicer rating of CMS3.The primary servicer rating upgrade reflects Capstone's continued ability...
S&P Raises Commercial Mortgage Acceptance Corp.’s 1998-C-2 Ratings
August 14, 2001 NEW YORK – Standard & Poor's raised its ratings on three classes of Commercial Mortgage Acceptance Corp.'s 1998-C2 and affirmed seven other classes it rates.The ratings are as follows: class A to single-A-plus from single-A;...
Green Park Provides $14.3Mln for Phoenix Apartments
August 14, 2001 PHOENIX – Green Park Financial has provided Pace Management of Deerfield, Ill., $14.3 million in fixed-rate financing to buy the Riverwalk Apartments.The loan has a 30-year amortization schedule and bears a 6.94 percent interest rate.Fairfield...
BlackRock Raises $153Mln for Mezzanine Fund
August 14, 2001 BlackRock Inc. has completed raising the first leg of a planned $250 million fund that will make mezzanine loan investments. The New York investment management firm has raised $153 million of equity for Carbon Capital...
Aztar Plans $225Mln Expansion at NJ Resort
August 14, 2001 Commercial Real Estate Direct Staff ReportAztar Corp. (NYSE:AZR) is preparing to launch a $225 million expansion of its Atlantic City Tropicana resort in Atlantic City, N.J.The company expects to begin construction of a 500-unit hotel...
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...
Washington, D.C., Developer Selling Office Property Stakes
August 13, 2001 Kaempfer Co. is structuring the sale of interests in two office buildings in downtown Washington to a group of German investors for well north of $400/sf, according to a report in today's Washington Post.The German...
Goldman Sachs Hires William Young for European Structured Finance
August 13, 2001 LONDON – Goldman Sachs International has hired William J. Young to be a managing director and co-head of its London-based European structured and principal finance group. Young, along with co-head and managing director Mark Kogan,...
JP Morgan Provides $28.6Mln in Bridge Financing for Illinois Apartments
August 13, 2001 NAPERVILLE, Ill. – J.P. Morgan has provided a $28.6 million, three-year bridge loan for a 321-unit apartment property.Proceeds were used to replace a construction loan. The Glenmuir Apartments, owned by Fairfield Residential, are 95 percent...
Corporate Office Buys 2 Buildings Near Baltimore Airport
August 13, 2001 BALTIMORE – Corporate Office Properties Trust (NYSE:OFC) has purchased two office buildings totaling 97,161 square feet near the Baltimore-Washington International Airport Terms of the transaction were not disclosed, but the REIT acquired the property at...
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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.
