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January 4, 2001 PALO ALTO, Calif. – Pacific Property Co. has purchased two apartment communities, totaling 126 units in southern California for $10.3 million.The properties, located about four miles apart, are the 84-unit Casa Del Prado in South Pasadena and...
January 4, 2001 MEMPHIS, Tenn. – RFS Hotel Investors Inc. (NYSE:RFS) on Jan. 1 terminated its operating lease and management contract relationships with Hilton Hotels Corp. (NYSE:HLT).Following a recently laid out plan, RFS paid Hilton about $60 million in cash...
January 4, 2001 WASHINGTON – Millennium Hotels and Resorts will spend $70 million renovating 12 hotels.The properties were purchased this year by London-based Millennium and Copthorne Hotels and are located in various cities.As each of the Regal hotel is renovated,...
January 4, 2001 NEW YORK – Lexington Corp. Properties Trust (NYSE:LXP) has raised $39 million through fixed-rate mortgages on three properties in Pennsylvania, South Carolina and Virginia.The properties are the Jones Apparel property in Bristol, Pa., the Fleet Mortgage Co....
January 4, 2001 ATLANTA – David P. Stockert has joined Post Properties Inc. (NYSE: PPS) as president and chief operating officer.Stockert will replace Jeffrey A. Harris, who is leaving the company to pursue other opportunities.Previously, Stockert was senior vice president...
January 4, 2001 ATLANTA – Summit Properties Inc. (NYSE:SMT) has sold a 323-unit apartment community, formerly known as Summit Village, for $22.6 million, or $70,200 per home, to a pension fund adviser.Proceeds from the sale will fund company's ongoing development,...
January 4, 2001 Commercial Real Estate Direct Staff ReportColonial Bank of Birmingham, Ala., has provided $48 million of construction financing for Bentley Bay Towers, a proposed residential condominium development in South Miami Beach, Fla.The ultra-luxury property will feature two buildings,...
January 4, 2001 PHILADELPHIA – Pennsylvania REIT (NYSE:PEI) has entered into a three-year interest-rate swap agreement with Fleet Bank and Wells Fargo.The swap agreement covers a total debt of $75 million. PREIT will pay the counterparties a fixed rate of...
January 4, 2001 NEW YORK – Fitch has upgraded the $35 million cumulative perpetual preferred stock of Urstadt Biddle Properties Inc. (NYSE:UPB) to double-B from double-B-minus. The rating agency's outlook on the stock is stable.The upgrade was due to the...
January 3, 2001 DALLAS – Cousins Properties Inc. (NYSE:CUZ ) has purchased a 200,000-square-foot Class-A office building in Dallas for $25.4 million. The four-story building, on 15 acres, is located at 3400 Waterview Parkway in Synergy Business Park.The building will...
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