RECENT NEWS
CalSTRS Team Buys Office Development for $72.3 Mln
December 4, 2000 VALENCIA, Calif. – The California State Teachers Retirement System and Thomas Properties Group has paid Newhall Land and Farming Co. (NYSE:NHL) $72.3 million, or about $183/sf, for four office buildings totaling 395,000 square feet.The buildings,...
RioCan Closes on Purchase of Ontario Mall
December 4, 2000 TORONTO – RioCan Real Estate Investment Trust (TSE:REI.UN) has closed on its $19.8 million purchase of the remaining interest in the Northumberland Mall in Cobourg, Ontario.The REIT, which had previously acquired a 50 percent interest...
Southeast Regional Digest (12/01/00): Software developer plans office building in Sunrise, Fla.
December 1, 2000 Geopak plans office complex in SunriseDaily Business Review, December 1MIAMI BEACH, Fla. – Geopak Corp., a software developer, plans to build an 80,000-square-foot office building on 4.3 acres of land in Sunrise, Fla. But it's...
Canada Digest (12/01/00): Vancouver’s apartment vacancy 50 percent lower than a year ago
December 1, 2000 Vancouver's vacancy rate plunges in halfVancouver Sun, December 1VANCOUVER – Greater Vancouver's apartment vacancy rate has dropped to 1.4 percent, nearly 50 percent lower than last year. Other parts of British Columbia have also tightened,...
Fitch Upgrades Nomura Asset Sec. Corp.’s 1996-MDV
December 1, 2000 NEW YORK – Fitch has upgraded two classes of Nomura Asset Securities Corp.'s 1996- MDV and affirmed the other classes it rated in the deal.Fitch lifted the $45 million class A-2 to double-A-plus from double-A...
Virginia Land Sells for $23 Mln, Carrier Hotel Planned
December 1, 2000 WASHINGTON, D.C. – US Data Port Inc. has paid more than $23 million for a 210-acre parcel of land at Virginia Gateway in Gainesville, Va.The San Jose, Calif., company plans to develop the land into...
SL Green to Sell NY Retail Condo for $13.3 Mln
December 1, 2000 NEW YORK – SL Green Realty Corp. (NYSE:SLG) has agreed to sell its interest in a retail condominium at 633 Third Avenue in Midtown Manhattan for $13.3 million.Third Avenue Realty LLC – a company owned...
Pru Invests in German Realty Firm
December 1, 2000 NEWARK, N.J. – Pricoa Property Private Equity Ltd., Prudential Insurance Co. of America's European real estate merchant banking arm, has completed an investment in Bauwert Property Group GmbH, a Berlin real estate development and investment...
The Rouse Co. Promotes 10 to VP
December 1, 2000 COLUMBIA, Md. – Rouse Co. has promoted 10 executives to vice president.The following are the executives and the roles they play at the firm: F. Scott Ball, vice president and group director of property operations,...
S&P Raises Ratings on LTC Commercial Mortgage, 1994-1
December 1, 2000 NEW YORK – Standard & Poor's has raised its ratings on several classes of LTC Commercial Mortgage 1994-1 and affirmed its ratings on three other classes in the transaction.S&P lifted Class B to triple-A from...
Fitch Upgrades Asset Securitization Corp., 1995-MD IV
December 1, 2000 NEW YORK – Fitch has upgraded two classes of Asset Securitization Corp.'s 1995- MD IV and affirmed the other classes that it rates in the transaction.The rating agency lifted the $67.7 million class A-2 to...
G&L Realty Execs Make Offer for REIT for $10/share
December 1, 2000 BEVERLY HILLS, Calif. – G&L Realty Corp.'s (NYSE:GLR) chief executive officer and president – Daniel M. Gottlieb and Steven D. Lebowitz, respectively – are making a run for the healthcare REIT.The two executives yesterday offered...
McDonald Starts AvalonBay, Archstone, 3 Other REITs
December 1, 2000 (NewsTraders.com) – Analysts from McDonald Investments held an open house on real estate investment trusts today, initiating coverage of five REITs, utilizing a grab bag of the firm's investment ratings that ran the gamut from...
Cousins, Pru Venture Buys Atlanta Offices for $35 Mln
December 1, 2000 ATLANTA – A venture between Cousins Properties Inc. (NYSE:CUZ) and Prudential Insurance Co. of America has paid $35 million, or about $92/sf, for an office building in midtown Atlanta. CP Venture Three LLC bought One...
Greg Laskody Joins Acme Realty Funding
December 1, 2000 FORT LAUDERDALE, Fla. – Greg Laskody has joined Acme Realty Funding as director.Laskody was most recently with First Union's Real Estate Capital Markets Group, where he was responsible for the production of conduit mortgages, equity...
First Union Upgrades Highwoods Props To Buy, $23.50 Target
December 1, 2000 (NewsTraders.com) -- Following a recent meeting with management of Highwoods Properties (NYSE:HIW), First Union Securities analyst Christopher Haley came away with a positive view of the stock and decided to upgrade it to "buy" from...
TrizecHahn Gets $312 Mln From Property Sales
December 1, 2000TORONTO – TrizecHahn Corp. (NYSE:TZH) said it has completed the sale of seven non-core office properties in the past two months, giving it proceeds of about $312 million, or $180 million after debt repayments.The real estate...
Cushman & Wakefield Names David Lawton Chief Administrator
December 1, 2000 By Brad Berton, Commercial Real Estate Direct Contributing WriterCushman & Wakefield has promoted company veteran David H. Lawton to chief administrative officer of U.S. Operations.Lawton, who joined C&W as an industrial broker in 1977, had...
PRICE TALK: $1.47 Bln Lehman Bros. Floating-Rate Commercial Mortgage Trust 2000-LLF C7
December 1, 2000Lehman Bros. Floating-Rate Commercial Mortgage Trust 2000-LLF C7ClassAmount($mln)Sub. Level(%)RatingS&PAvg.LifePriceTalk*(BP)BnchMarkA1,09624AAA1.59+22 area1-mo. LiborB39.721.25AA+2.49+32 area1-mo. LiborC3618.75AA2.53+37 area1-mo. LiborD21.617.25AA-2.58+45 area1-mo. Libor* Private "A-B-C" deal; price talk on only four of the deal's 27 tranches listed by Standard & Poor's available....
Fitch Upgrades SASCO 1995-C4
November 30, 2000 NEW YORK – Fitch has upgraded three classes of Structured Asset Securities Corp.'s 1995-C4. The $10 million class D has been lifted to triple-A from double-A-minus, the $25.7 million class E is raised to double-A...
RFS to Terminate Hilton Leases, Bring on New MeriStar Venture
November 30, 2000 MEMPHIS, Tenn. – RFS Hotel Investors Inc. (NYSE:RFS) is paying $60 million to terminate its operating leases and management contracts with Hilton Hotels Corp. (NYSE:HLT).RFS is forming a strategic alliance with hotel management company MeriStar...
Transcontinental Was Buyer of Mack-Cali’s Nebraska Asset
November 30, 2000 Transcontinental Realty Investors Inc. has purchased the Brandeis Building in Omaha, Neb., from Mack-Cali Realty Corp. As Commercial Real Estate Direct reported earlier this week, Mack-Cali sold the 319,230-square-foot office building to TCI Brandeis LP...
AIMCO to Modifiy Sr. Management Investment Program
November 30, 2000 DENVER – Apartment Investment and Management Co. (NYSE:AIV) plans to modify its senior management's investment program, effective Jan. 1. The modified High Performance Unit program will raise the minimum investment hurdle to an annual rate...
Vectiv Secures $13 Mln in Second Round Financing
November 30, 2000 BERKELEY, Calif. – Vectiv Corp., which is developing an online site selection service for retailers and hotel operators, has raised $13 million in its second round of financing. AC Ventures, the venture capital unit of...
Aimco to Buy Tax-Free Fund, Eyes Refinancing Mortgages
November 30, 2000 DENVER – Apartment Investment and Management Co. (NYSE:AIV) has agreed to acquire Oxford Tax-Exempt Fund II LP (Amex:OTF) for $206 million.The acquisition gives Aimco, which already owns the managing general partner of Oxford Tax-Exempt, the...
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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.
