RECENT NEWS
Chelsea Property Group to Buy Retail Center Portfolio From Konover
July 17, 2001 ROSELAND, N.J. – Chelsea Property Group Inc. (NYSE:CPG) has agreed to buy a portfolio of retail centers from Konover Property Trust Inc. (NYSE:KPT) for $180 million.Konover early this year retained Credit Suisse First Boston to...
Wells REIT Venture Buys Fla. Call Center for $12.5Mln
July 17, 2001 A joint venture of Wells REIT and Wells LP Fund XIII has paid $12.5 million for a Class-A office building in Clay County, Fla., 20 miles south of downtown Jacksonville. The 85,000-square-foot building at 2310...
Modern Continental Enterprises Receives $19.5Mln Financing for Mass. Property
July 17, 2001 CAMBRIDGE, Mass. - Modern Continental Enterprises has received a $19.5 million loan from Key Bank to refinance an office building on 600 Memorial Drive.The Class-A facility contains 75,000 square feet and is situated along the...
Matthew Banks to Leave Lend Lease
July 17, 2001 Matthew Banks, chief executive of Lend Lease Real Estate Investments – International, is leaving the firm at the end of August. He has decided to return to Australia later this month after nearly five years...
Southeast Regional Digest (7/17/01): Sprawling medical complex under way in Clermont, Fla.
July 17, 2001 Sprawling medical complex under way in Clermont, Fla.Orlando (Fla.) SentinelCLERMONT, Fla. – Ground has been broken on the Clermont Professional Center, a four-building complex that will cost $8 million to $10 million. The project's first...
Canada Digest (7/17/01): Wal-Mart rumored anchor of new St. Albert center
July 17, 2001 Wal-Mart rumored anchor of new St. Albert center The Edmonton Journal EDMONTON, Alberta - First Professional Management Inc. has begun site preparation on a new C$25 million (US$16.2 million) power center at the north end...
Lend Lease to Merge Apartment Affiliate Into Winn Management
July 17, 2001 BOSTON – Lend Lease Real Estate Investments Inc. and Winn Management Co. have agreed to merge Lend Lease's apartment management subsidiary into Winn.Under terms of the agreement Lend Lease will retain a minority interest in...
PRICE TALK: $1.378 Bln LB-UBS Commercial Mortgage Trust 2001-C3
July 17, 2001 Class Amount Sub. Rate Rating Fitch Rating S&P Avg. Life Price Talk Benchmark A-1 350.2 18 AAA AAA 5.8 +42 area Swaps A-2 779.4 18 AAA AAA 9.7 +45 area Swaps B 55.1 14 AA...
Investor Buys Calif. Apartment Community for $30Mln-plus
July 16, 2001 Special To Commercial Real Estate DirectA pension fund client of Dallas-based Invesco Realty Advisors has acquired the 280-unit garden-style Village Oaks Apartments in suburban Chino Hills, Calif., for $30.35 million, or about $108,400/unit.The seller is...
Duke Sells $114Mln of Properties
July 16, 2001 INDIANAPOLIS – Duke Realty Corp. (NYSE:DRE) sold nearly $114 million of industrial, office and retail properties, at a 9.8 percent capitalization rate, during the second quarter.The sales included more than 2.6 million square feet, totaling...
Southeast Regional Digest (7/16/01): Satellite Place office buildings put on market in Atlanta
July 16, 2001 Satellite Place office buildings put on market in AtlantaAtlanta Business ChronicleATLANTA - Crescent Resources LLC is putting its project up for sale. The real estate arm of Duke Energy Corp. is looking to sell six...
Subleases in San Diego Push Office Vacancies Into Double Digits
July 16, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterLike many other technology-heavy office markets around the country, San Diego is seeing office subleases and vacancies rise as absorption dwindles.San Diego's office market, like the rest...
ING Provides $59Mln Mortgage for Conn. Office Complex
July 16, 2001 STAMFORD, Conn. – ING Investment Management has provided a $59 million loan to the owner of a five-building office complex.Harbor Plaza Associates will use the interim to permanent financing to refinance the 730,000-square-foot property known...
CMBS Pricing Matrix Updated for Week Ended 7/13/01
July 16, 2001 The Commercial Real Estate Direct weekly CMBS Pricing Matrix has been updated. Click Here to view the latest Matrix.Comments? E-mail
Canada Digest (7/16/01): Centrefund announces wind-up of partnership
July 16, 2001 Centrefund announces wind-up of partnershipTORONTO - Centrefund Realty Corp. has completed the wind-up of its Canadian partnership with North American Realty Group. The company acquired all of North American's interest in three neighborhood shopping centers...
New York Life Investment Management Names Steven A. Schneider Senior Managing Director, CFO
July 16, 2001 PARSIPPANY, N.J. - New York Life Investment Management LLC has named Steven A. Schneider senior managing director and chief financial officer. Schneider will oversee the financial operations of the firm.Prior to joining New York Life...
AmTrust Provides $51.5Mln Construction Loan for Boca Raton, Fla., Multifamily Project
July 16, 2001 BOCA RATON, Fla. – AmTrust has provided $51.5 million in construction financing for the 256-unit Palmetto Place Apartments.The nine-story apartment complex, which is being built by Palmetto Place Apartments LLC, is on Mizner Boulevard and...
Olympus Partners Names Gregory C. Adair Head of Investor Relations
July 16, 2001 DALLAS - Olympus Real Estate Partners has named Gregory C. Adair head of investor relations. He will also coordinate raising future investment funds. During the past four years, Adair has acquired about $2.5 billion of...
Aetna Provides $12.3Mln Financing for Apartments in Port Richey, Fla.
July 16, 2001 PORT RICHEY, Fla. - MLG Port Richey LLC has received $12.3 million in acquisition financing from Aetna Inc. for the Port Richey Apartments.The complex consists of 420 units and offers 840 parking spaces.L.J. Melody's Milwaukee...
Insurer Provides $27Mln Loan for Ind. Industrial Buildings
July 16, 2001 INDIANPOLIS – Security Life of Denver Insurance Co. has provided Dugan SSP Realty LLC with $27 million in financing for eight buildings in the Park Fletcher Industrial Park.The loan is backed by eight facilities that...
Roberts Buys Development Sites; Plans $23Mln Multifamily Project
July 16, 2001 ATLANTA – Roberts Realty Investors Inc. (AMEX:RPI) has purchased four development sites, totaling $13.4 million. The sale completes the company's 1031 tax-deferred exchange from the sale of its Rosewood Plantation apartment community.One site is 10.7...
Moody’s Upgrades GGP-Ivanhoe, 1999-C1
July 16, 2001 NEW YORK – Moody's Investors Service has upgraded GGP-Ivanhoe Commercial Mortgage Backed Securities, 1999-C1, because a loan prepayment and amortization have resulted in improved credit support levels.The rating agency upgraded the deal's class C to...
MortgageRamp, Vertical Lend Form Partnership
July 16, 2001 CHARLOTTE, N.C. - MortgageRamp and Vertical Lend will form a partnership to deliver direct access to MortgageRamp's services from Vertical Lend's network of independent financial professionals.The partnership extends MortgageRamp's services to reach Vertical Lend's customer...
PRICE TALK: $300 Mln Sawgrass Mills Trust, Series 2001-XLSGM
July 16, 2001 Note: Final pricing is scheduled for Wednesday morning. Class Amount Rating Moody's Rating S&P Avg. Life Price Talk Benchmark A 176 Aaa AAA 4.7 +30-32 Libor B 33 Aa2 AA 4.9 +43-45 Libor C 34...
RAIT Investment Trust Prices 2.5Mln Share Offering
July 16, 2001 PHILADELPHIA - RAIT Investment Trust's offering of 2.5 million of its common shares priced on July 12 at $15.25/shr. The offering was priced through co-lead underwriters Friedman, Billings, Ramsey & Co. Inc. and U.S. Bancorp...
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