RECENT NEWS
Canadian Real Estate Company to Review, Sell Properties
June 27, 2001WINNIPEG – Consolidated Properties Ltd. (TSE:COP) plans to review its asset mix and dispose of smaller non-core retail assets. "Our corporate goal is to methodically dispose of smaller retail and residential assets and acquire larger assets...
Correction: S&P Upgrades Criimi Mae, 1998-C1
June 26, 2001 Criimi Mae Commercial Mortgage Trust, 1998-C1, does, in fact, own first-loss pieces of CMBS. A story published June 26, S&P Upgrades Criimi Mae, 1998-C1, incorrectly described the trust's collateral pool. The deal is backed by...
TrizecHahn Plans Cost-Cutting, Realigns Executive Management
June 26, 2001 TORONTO – TrizecHahn Corp. (NYSE:TZH) is putting in place a massive structural reorganization that will result in the lay-off of 200 of its employees, or 15 percent of its workforce, by the end of next...
Cornerstone Realty Buys Richmond Apartment Community for $21.2Mln
June 26, 2001 RICHMOND, Va. – Cornerstone Realty Income Trust ((NYSE:TCR) has purchased a 328-unit garden-style apartment community for $21.2 million.The Chase Gayton Apartments, built in 1984, consist of 16 two- and three-story buildings on about 28 acres....
Pension Fund was REIT’s Partner in Va. Industrial Building Deal
June 26, 2001The New York State Common Retirement Fund was the joint venture partner that teamed with Lexington Corporate Properties Trust (NYSE:LXP) to buy the Kraft Foods Distribution Center in Winchester, Va., last month.The Lexington Acquiport Joint Venture's...
Crescent Sells Stake in Houston Office Building to JPMorgan Unit
June 26, 2001 FORT WORTH, Texas – Crescent Real Estate Equities Co. (NYSE:CEI) has sold a 75 percent interest in 5 Houston Center, a 577,000-square-foot office building it is constructing in Houston, to JPMorgan Fleming Asset Management.Although Crescent...
Southeast Regional Digest (6/26/01): Noble Investment buys hotel in Tenn. for $32.5Mln
June 26, 2001 Noble Investment buys hotel in Tenn. for $32.5MlnThe Atlanta Journal-ConstitutionFRANKLIN, Tenn. - Noble Investment Group bought the 300-room Franklin Marriott Cool Spring Hotel for $32.5 million. The company bought the 11-story hotel from Stromont Trice...
Mack-Cali Sells N.J. Multifamily Complex for $20Mln
June 26, 2001DELRAN, N.J. – Mack-Cali Realty Corp. (NYSE:CLI) has sold the Tenby Chase multifamily complex for $20 million to an affiliate of Pantzer Properties Inc.Proceeds from the sale of the 327-unit community will be used to buy...
Canada Digest (6/26/01): Cominar buys 2 greater Montreal area properties
June 26, 2001 Cominar buys 2 greater Montreal area propertiesQUEBEC CITY - Cominar REIT has purchased two industrial and mixed-use properties in the Montreal region for $13.4 million (US$8.8 million) plus a mezzanine loan of $9 million. The...
Makar Properties Buys Cerritos Corporate Tower in Calif. for $26.5Mln
June 26, 2001 CERRITOS, Calif. – An affiliate of Makar Properties LLC has paid $26.5 million, or nearly $142/sf, for the Cerritos Corporate Tower.Rob Mitchell and Peter Castleton of Voit Commercial Brokerage's Anaheim Metro office represented both buyer...
FINAL PRICING: $448.5 Mln GMAC Commercial Mortgage Asset Corp., 2001-FL-A (Newman, Greenwich)
June 26, 2001 Class Amount Sub. Rate Rating Moody's Rating S&P Avg. Life Price Talk (June 12) Priced Benchmark A-1 210 38 Aaa AAA 2.1 +24-25 area +30 Libor A-2 62.55 NA NR AAA 2.6 +50 area +60...
Post Sells Three Properties for $99Mln
June 25, 2001DALLAS – Post Properties Inc. (NYSE:PPS) has recovered $99 million for two Dallas apartment communities totaling 1,222 units and a parcel of land in North Carolina. Proceeds will be used to fund new developments and to...
Precept Opens Up Shop in New York Suburbs
June 25, 2001MELVILLE, N.Y. – Precept Corp. has opened an office in suburban New York.The office is in Melville, N.Y.The loan-underwriting firm will continue to be headquartered in Oakland, Calif., but opening up shop in New York allows...
Southeast Regional Digest (6/25/01): Champion sells TradeCenter II to pension fund for $17Mln in Mem
June 25, 2001 Champion sells TradeCenter II to pension fund for $17Mln in MemphisMemphis (Tenn.) Business JournalMEMPHIS - Champion Partners has sold its 629,000-square-foot TradeCenter II facility for about $17 million to L&B Realty Advisors Inc. The pension...
Boston Offices Sell for $237/sf
June 25, 2001 BOSTON – Boston Devonshire Investors LLC has paid $18.72 million, or $237/sf, for 185 Devonshire St. in downtown Boston's financial district.The investment group purchased the 79,000-square-foot office building from AEW Capital Management. AEW was advised...
Moody’s Outlines Views on ‘Notching’ Ratings for CDO Collateral
June 25, 2001 Commercial Real Estate Direct Staff ReportMoody's Investors Service has published a special report explaining why it maintains a critical eye toward bonds that were rated by other services and are included in collateralized debt obligations...
Allete Properties Sells Stake in Fla. Marina for $29Mln
June 25, 2001FORT MYERS, Fla. - Allete Properties Inc. has completed the sale of its interest in Tarpon Point Marina and surrounding 150 acres of development property in Cape Coral to the Grosse Point Development Co.The transaction, announced...
S&P Upgrades Criimi Mae, 1998-C1
Correction (June 26, 2001): Criimi Mae Commercial Mortgage Trust, 1998-C1, does, in fact, own first-loss pieces of CMBS. The story below incorrectly described the trust's collateral pool. The deal is backed by bonds from 20 CMBS transactions, one...
Pension Fund Pays $238/sf for Office Property Outside DC
June 25, 2001 By Susanna Potter, Commercial Real Estate Direct Staff WriterThe California State Teachers' Retirement System has paid $15.4 million for a 64,600-square-foot office building in Reston, Va.Thomas Properties Group LLC, one of the pension fund's advisers,...
Parkway Properties Completes $173.5Mln Chicago Tower Buy
June 25, 2001 Parkway Properties Inc. (NYSE:PKY) has closed on its purchase of 233 North Michigan Ave. in downtown Chicago. The Jackson, Miss., REIT, bought the 1 million-square-foot office building and its adjacent, four-level structured parking garage for...
Metropolitan Properties of America Buys 2 Apartment Properties in Texas
June 22, 2001 Metropolitan Properties of America has bought two upscale apartment communities in Texas that it will place under a brand of management it's launching.MPA bought the former Post Shores at 385 E. Las Colinas Blvd. in...
Getty Realty Elects Liebowitz President, CEO
June 22, 2001 JERICHO, N.Y. – The Board of Directors of Getty Realty Corp. (NYSE:GTY) has elected Leo Liebowitz as president and chief executive officer of the company.The board also elected Thomas J. Stirnweis as corporate controller and...
Aimco Pays $57.5Mln for Half Stake in Calif. Apartments
June 22, 2001 DENVER – Apartment Investment and Management Co. (NYSE:AIV) has paid $57.5 million for a 50 percent interest in Lincoln Place Apartments, a 795-unit complex in Venice, Calif.Aimco's purchase price included the assumption of $20 million...
AMLI Commercial Liquidates; Pru, Panattoni to Buy Chicago Portfolio
June 22, 2001CHICAGO – Prudential Real Estate Investors and Panattoni Development Co. have signed an agreement to purchase AMLI Commercial Properties Trust's Chicago portfolio, four business parks in the Chicago suburbs. Terms of the deal, expected to close...
Canada Digest (6/22/01): Summit REIT to sell Halifax office property
June 22, 2001 Summit REIT to sell Halifax office propertyTORONTO - Summit REIT has agreed to sell its Halifax office property for C$11.8 million (US$$7.7million), according to a company statement. The Class-B office tower, at 5991 Spring Garden...
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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.
