November 21, 2000 By Brad Berton, Commercial Real Estate Direct Contributing WriterAn opportunistic investment fund managed by Boston's Beacon Capital Partners has purchased a 118,000-square-foot Irvine, Calif., industrial building for $15.4 million, or about $130/sf, and plans to...

November 21, 2000 NASHVILLE, Tenn. – Corrections Corp. of America has avoided a default under its $1 billion secured credit facility by obtaining amendments to the agreement that governs it.The credit line is provided by a group of...

November 21, 2000 NEW YORK –Standard & Poor's lowered the rating on class B-2 of Asset Securitization Corp., 1995-D1, to triple-C from single-B because of a loss experienced from the sale of a collateral property. The ratings on...

November 21, 2000 By Brad Berton, Commercial Real Estate Direct Contributing WriterNewmark & Co., a New York commercial real estate firm, is continuing its aggressive geographic expansion with the opening of an office in Los Angeles that is...

November 21, 2000PHILADELPHIA – Prentiss Properties (NYSE:PP) has begun construction on an $18.9 million, Class-A office building in King of Prussia. The 103,000-square-foot is part of the First Avenue Corporate Center project, which will consist of two four-story...

November 21, 2000FFCA Secured Lending Corp., Series 2000-1ClassSub. Level(%)RatingFitchRatingMoody'sAvg.LifePriceTalk(BP)Priced(BP)BnchMarkA-1*20.5AAAAaa5.7+55-60+60SwapsA-2*20.5AAAAaa14.6+95-100+95SwapsB16.5AA-AA218.4+255-265+250Treas.C13A-A118.9+285-295+280Treas.D10.50BBBA319.3+335-345+330Treas.E9.25BBB-Baa1NA+375 area+375Treas.IONAAAAAaaNANA+525Treas.* Insured by MBIA Insurance Corp.

November 21, 2000 AUSTIN, Texas – Extended Stay America Inc. (NYSE:ESA) has opened a 101-unit Extended Stay America Efficiency Studios at 600 Guadalupe St.Weekly rates at the hotel range from $399 to $429 and nightly rates are available...

November 21, 2000 Commercial Real Estate DirectThe $1.2 billion floating-rate commercial mortgage-backed securities deal launched last week by underwriters Deutsche Banc Alex. Brown and Chase Securities is due to price today by 4 p.m., sources say. Commercial Real...

November 21, 2000 CHICAGO – Equity Office Properties Trust (NYSE:EOP) said its operating partnership unit has completed the sale of $1 billion of senior unsecured notes.The issue priced Nov. 16 and was lead managed by Morgan Stanley Dean...

November 21, 2000COMM 2000-FL3 (Deutsche, Chase)ClassAmount($mln)Sub. Level*(%)RatingS&PRatingMoody'sRatingFitchAvg.LifePriceTalk(BP)Priced(BP)BenchMarkA794.433.4AAAAaaAAA2.47+22-24+22LiborB58.4528.5AAAa2AA2.92+35-38+37LiborC90.920.9ANRA2.92+75 area+80LiborD28.818.5A-NRA-2.92+100 area+133LiborX**972.6NAAAAAaaAAANANANA--* S&P.** Interest only. The COMM 2000-FL3 deal is structured in an A-B fashion with "C interests" – or junior interests that are held outside of the trust.For more details...

November 21, 2000 Special To Commercial Real Estate DirectIngram Micro Inc., the world's biggest computer-products distributor, has agreed to occupy 800,000 square feet in a manufacturing and distribution facility that will be built for it in Mira Loma...

November 21, 2000 NEW YORK – Fitch has affirmed the primary and special servicer ratings of Conning Asset Management Co.The firm's primary servicer rating is CPS2 while its special servicer rating is CSS3. Fitch said its rating action...

November 20, 2000 Special to Commercial Real Estate DirectSANTA ANA, Calif. – Werdin Corp. has teamed up with Hanover Financial to develop a 101,000-square-foot industrial complex in Santa Ana, Calif. – the first such undertaking in Orange County's...

November 20, 2000 SAN FRANCISCO – The Martin Group has put 600 Battery St., a 112,208-square-foot building, on the market for $45 million, or $401/sf.Grubb & Ellis is listing the building, which is 100 percent occupied, according to...

November 20, 2000 Industry news: St. Joe dropping plans for mixed-use project, will sell Glenlake siteAtlanta Journal Constitution, November 20ATLANTA – The St. Joe Co. has decided to sell 18 acres at Ga. 400 and Abernathy Road instead...

November 20, 2000 NEW YORK – Standard & Poor's has lowered Highwoods Properties' corporate rating to triple-B-minus from triple-B and its preferred stock rating to double-B-plus from triple-B-minus in part because of the REIT's exposure to markets that...

November 20, 2000DENVER – Bedford Property Investors Inc. (NYSE:BED) has acquired a 165,191-square-foot office complex for $21.5 million, or $130/sf. The complex is about one quarter mile southwest of the company's 206,000-square-foot Waterpark @ Briarwood project.The property is...

November 20, 2000 Essex Realty Management Inc. of Costa Mesa, Calif., has been selected by A&B Properties to manage its 895,000-square-foot Ontario Distribution Center complex in the Inland Empire of Southern California.The contract, one of the largest awarded...

November 20, 2000 NEW YORK – Clarion Partners paid $21.2 million, or nearly $125/sf, for the Offices at Kensington in Sugar Land, Texas. The fully leased property consists of two 85,000-square-foot office buildings on Highway 6 just north...

Correction (November 22, 2000): Northwest Mutual Life Insurance Co. provided a $12.3 million mortgage for the Rock Creek Village Shopping Center in Rockville, Md. Cassidy & Pinkard, which arranged the financing, misidentified the lender in a news release,...

November 20, 2000Wellsford Real Properties Inc. (AMEX:WRP) has completed the $22.6 million sale of Sonterra at Williams Centre apartment complex in Tucson, Ariz.The sale of the 344-unit development gives Wellsford a pre-tax gain of about $3.5 million.The buyer,...

November 20, 2000 MENLO PARK, Calif. – Wells Fargo Bank has arranged a three-year, $400 million unsecured credit facility for Spieker Properties Inc. (NYSE:SPK).The credit line includes a one-year extension option that can be used at the company's...

November 20, 2000 (NewsTraders.com) -- With the view that Macerich Co. (NYSE:MAC) is experiencing "slowing internal growth, redevelopment missteps and earnings slowdown," Lehman Brothers analyst David Shulman downgraded the stock to "neutral" from "outperform," and reduced his price...

November 20, 2000 (NewsTraders.com) -- Arden Realty (NYSE:ARI) is "comfortable" with current First Call estimates that have the company posting fourth-quarter and full-year 2001 funds from operations per share of $0.73 and $3.02, respectively, according to a regulatory...

November 17, 2000 MIAMI BEACH, Fla. – Equity One Inc. (NYSE:EQY) has named Doron Valero as president.Prior to his appointment, Valero served as the company's senior vice president and chief operating officer since 1994. Equity One also has...