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...
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...
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...
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...
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...
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...
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...
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...
January 3, 2001 Commercial Real Estate Direct Staff ReportInvestors are poised to turn in their offers Thursday for a package of multifamily and healthcare mortgages offered by the U.S. Department of Housing and Urban Development.The agency had originally...
January 3, 2001 SAN DIEGO, Calif. – Burnham Pacific Properties Inc. (NYSE:BPP) has sold three Los Angeles-area shopping centers for about $109.9 million.Retail Value Investment Program – a joint venture of Developers Diversified Realty Corp., Coventry Real Estate...
January 3, 2001 CARY, N.C. – Konover Property Trust Inc. (NYSE:KPT) has retained Credit Suisse First Boston to evaluate and sell its outlet portfolio.The Cary, N.C., shopping center REIT owns 145 shopping centers in 22 states totaling 17.1...
January 3, 2001 ROCKVILLE, Md. – Criimi Mae Inc., which is wriggling its way out of bankruptcy, has promoted David B. Iannarone to executive vice president.In his new post Iannarone, who has been the firm's general counsel since...
January 3, 2001 Industry news: St. Joe Commercial gears up for busy new yearOrlando Sentinel, January 2ORLANDO, Fla. – St. Joe Commercial plans to break ground on about 500,000 square feet of office space in Orlando this year....
January 3, 2001 FORT WORTH, Texas – Crescent Operating Inc., an affiliate of Crescent Real Estate Equities Co. (NYSE:CEI), is planning to restructure in the first quarter.Details of its plans have not been made known. The restructuring results...
January 3, 2001 FORT LAUDERDALE, Fla. – IRT Property Co. (NYSE:IRT) has bought the Pine Ridge Square shopping center in the Coral Springs area for about $11.6 million from a venture between Concorde Realty Partners LLC and an...
January 3, 2001 WEST HOLLYWOOD, Calif. – Mani Brothers, a private investment firm, has paid $36 million, or just over $257/sf, for 9000 West Sunset Blvd. in West Hollywood.The 15-story office building was sold by ING Realty Partners...
January 3, 2001 FORT LAUDERDALE, Fla. – Extended Stay America Inc. (NYSE:ESA) has opened a three-story, 116-room Extended Stay America Efficiency Studios hotel at 329 Newman Springs Road in Red Bank, N.J.Weekly rates at the hotel range from...
January 3, 2001 NEW YORK – Offices2share.com has expanded its offerings to include all types of short-term office space, regardless of size.The offerings include short-term shares, sublets, landlord-direct spaces, executive suites and business centers.The company now provides a...
January 2, 2001The following table shows final pricing for the CR 2000-ZC2 single-asset CMBS deal from December 14, 2000, made available today. Greenwich Capital Markets Inc. was the underwriter, with Midland Loan Services acting as master and special...
January 2, 2001 Centrefund sells Kingwood CentrePRNewswire, January 2TORONTO – Centrefund Realty Corporation has sold Kingwood Centre, a 257,000-square-foot shopping center in Houston, for C$6 million (US$9 million).Summit REIT Sells Edmonton Industrial PropertyPRNewswire, January 2TORONTO – Summit REIT...
January 2, 2001 OKLAHOMA CITY – Wells Real Estate Funds has acquired a 128,500-square-foot Class-A office building for $15.3 million.The property is 54 percent owned by Wells Limited Partnership Fund XII and 46 percent owned by Wells REIT....
January 2, 2001 NEW YORK – Fitch has upgraded three classes and withdrawn one class in Credit Suisse First Boston Mortgage Securities Corp.'s 1995-AEW1. Class G is not rated.The rating agency upgraded the $24.7 million class E to...
January 2, 2001 ATLANTA – Post Properties Inc. (NYSE:PPS) has leased properties in Atlanta, Austin, Texas, and Dallas.The properties are:– Post Stratford, located a block off Peachtree Street in Atlanta, includes more than 10 million square feet of...
Correction (Jan. 4, 2001): Glenborough Realty Trust, which sold a portfolio of 37 apartment complexes for about $400 million, used $37 million of the net proceeds to buy back 1 million of its stock. It also earmarked $23...
January 2, 2001 LOS ANGELES – Union Bank of California has purchased 1980 Saturn St. in Monterey Park, Calif., for about $50 million, or $119/sf.The 420,000-square-foot building was purchased from EIN Corp.The four-story building has served as Union...
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