RECENT NEWS
PRICE TALK: $914.6 Mln Salomon Bros. Commercial Mortgage Trust 2000-C3
December 7, 2000 Salomon Bros. Commercial Mortgage Trust 2000-C3ClassAmount($mln)Sub. Level(%)RatingS&PRatingMoody'sAvg.LifePriceTalk(BP)BenchMarkA-1180.723AAAAaa5.7+28-29SwapsA-2523.623AAAAaa9.37+41-42SwapsB43.418.25AAAa29.82+56-59SwapsC35.514.25AA29.9+71-74SwapsD13.712.75A-A39.91+81-84SwapsE13.711.25BBB+Baa19.91+120 areaSwapsF13.79.75BBBBaa29.91+130 areaSwapsG13.78.25BBB-Baa39.91+280 areaTreas.IO914.6NAAAAAaa8.82NANA
First Industrial Completes $180 Mln Portfolio Sale
December 7, 2000 First Industrial Realty Trust Inc. has sold 35 industrial holdings on Long Island, N.Y., to Long Island Industrial Investors LLC, an investor group led by Ruben Schron for $180 million.The properties total 3.5 million square...
Southeast Regional Digest (12/7/00): Tampa Bay Hotel planned
December 7, 2000 Tampa Bay Hotel plannedThe Tampa Tribune, December 7, 2000TAMPA BAY, Fla. – Westin Hotels & Resorts will build a 300-unit luxury hotel at Tampa Bay 1, the $200 million office and retail center planned for...
Former Bradley Exec Joins Prison REIT
December 7, 2000 NASHVILLE, Tenn. – Irving E. Lingo Jr. has joined Corrections Corporation of America (NYSE:CXW) as chief financial officer. Lingo will be responsible for financial accounting and reporting, including SEC compliance, and also will coordinate investor...
Malan Realty Investors Elects Seventh Board Member
December 7, 2000 BINGHAM FARMS, Mich. – Malan Realty Investors Inc. (NYSE:MAL) has elected Edward T. Boutrous to its board of directors. Boutrous, is the managing member of The Boutrous Cos. LLC, an Auburn Hills, Mich.-based developer of...
Most Public Realty Firms Had Strong Profit Gains in 3rd Qtr
December 6, 2000 WASHINGTON – Public equity REITs saw funds from operations climb by 10.2 percent in the third quarter when compared to the same period last year.And when equity REITS are combined with public real estate operating...
Burnham Closes First Leg of Sale to Prudential/DDR Venture
December 6, 2000 SAN DIEGO – Burnham Pacific Properties has recovered $48.7 million from the sale of two retail centers, one in California and one in Washington to the Retail Value Investment Program, a joint venture between Developers...
Southeast Regional Digest (12/06/00): CarrAmerica to develop build-to-suit for NAC Int’l in Atlanta
December 6, 2000 CarrAmerica to develop build-to-suit for NAC Int'l in Atlanta PRNewswire, December 5ATLANTA – NAC International has agreed to lease 65,000 square feet in a 90,000-sf office building that CarrAmerica Development Inc. is constructing at the...
Sterling American Team to Buy Stake in $940 Mln Portfolio
December 6, 2000Parkway Properties Inc. (NYSE:PKY) and Sterling American Equities have agreed to buy a 75 percent interest in a portfolio of 11 office buildings from Equitable Life Assurance Society of the U.S. in a deal that values...
Group Buys Southern California Offices for $9.6 Mln
December 6, 2000 By Brad Berton, Commercial Real Estate Direct Contributing WriterA group of local investors operating as Signal Hill LLC has acquired twin three-story office buildings totaling 108,863 square feet in Signal Hill, Calif., for $9.6 million,...
Lend Lease Sells Va. Office Building for $25 Mln
December 6, 2000 RESTON, Va. – Access Properties, a California investment firm, has purchased the Sunrise Plaza office building in Reston, Va., from Lend Lease Real Estate Investments for about $25 million or $179/sf.The six-story building contains of...
Security Capital Lowers Stake in Archstone
December 6, 2000 Security Capital Group Inc. (NYSE:SCZ) has reduced its stake in Archstone Communities Trust (NYSE:ASN) to 25.9 percent, after an $86.7 million stock sale closed yesterday.Security Capital last week agreed to sell nearly 3.8 million shares...
Canada Regional Digest (12/6/00): Building permits top C$1 Bln
December 6, 2000 Building Permits Top C$1 BlnThe Ottawa Citizen, December 6OTTAWA – Ottawa builders have broken the C$1-billion mark with upcoming projects. According to the Ottawa Construction Association, developers are planning 41 percent more residential and commercial...
Great Lakes REIT Sells Denver-Area Office Property for $148/sf
December 6, 2000 DENVER – Great Lakes REIT (NYSE:GL) has sold an office building in Englewood, Colo., to AT& T Broadband for $27.4 million, or about $148/sf. The REIT bought the 184,000-square-foot office at 183 Inverness Drive two...
Bernstein, Lerner Team Pay $56 Mln for Washington Offices
December 6, 2000 WASHINGTON – Bernstein Cos.' Consortium Capital Fund and an affiliate of Lerner Enterprises have acquired 2100 M Street NW in Washington, D.C., for $56.6 million, or $190/sf.The eight-story building has about 300,000 square feet and...
Wells Fargo, BofA Rework $219 Mln Credit Line for Newhall Land
December 5, 2000 Commercial Real Estate Direct Staff ReportWells Fargo and Bank of America have provided Newhall Land and Farming Co. (NYSE:NHL) with a total of $220 million of financing to replace maturing credit lines.The two lenders provided...
Charlesbank, Divco Buy LA-Area Office
December 5, 2000 BOSTON – Charlesbank Capital Partners LLC has formed a joint venture with Divco West Properties to purchase Manhattan Towers, a 310,000-square-foot office complex in Manhattan Beach, Calif.As previously reported, Charlesbank and Divco paid $55 million,...
Grocer Buys Pomona, Calif., Retail Center
December 5, 2000 By Brad Berton, Commercial Real Estate Direct Contributing WriterSuperior Super Warehouse, a grocery chain, has purchased a 111,600-square-foot retail center in Pomona, Calif., which straddles the Los Angeles/San Bernardino County border.The Lynwood, Calif.-based grocery operator,...
Keystone Property Names Robert Savage COO
December 5, 2000 WEST CONSHOHOCKEN, Pa.– Keystone Property Trust (Amex:KTR) has named Robert Savage its chief operating officer.Savage was formerly partner of Hudson Bay Partners LP, a private equity firm. Before that, he was with Merrill Lynch, where...
High-tech Still Dominates Calif. County
December 5, 2000 By Brad Berton, Commercial Real Estate Direct Contributing WriterHigh-tech businesses, and companies that serve them, have altered demand over the last four years for commercial space in southern Orange County, Calif., according to a just-completed...
Pan Pacific Registers 3 Mln Shares for Revenue Properties
December 5, 2000 (NewsTraders.com) – Pan Pacific Retail Properties Inc. (NYSE:PNP) today filed a shelf registration statement with the SEC to register 3 million shares of common stock for future issuance.The Vista, Calif., REIT said it is registering...
BRT Writes $10.4 Mln of Mortgages
December 5, 2000 GREAT NECK, N.Y.– BRT Realty Trust (NYSE:BRT) has originated two bridge mortgages.The loans are a $7.8 million first mortgage on a 168-unit apartment building in Miami and a $2.6 million first mortgage on an 85,000-square-foot...
Canada Digest (12/5/00): REIT to buy hotels for C$305 Mln
December 5, 2000 Legacy Hotels to buy two hotels for C$305 MlnCanada Newswire, December 5TORONTO – Legacy Hotels REIT has received shareholder approval to purchase the Fairmont Express and the Fairmont Ch?teau Frontenac hotels from Canadian Pacific Hotels...
Washington-Area Shopping Center Sells for $15.3 Mln
December 5, 2000 STERLING, Va. – Plank Inc. purchased the 123,000-square-foot Village Mart shopping center in Sterling, Va., for $15.3 Million , or $124/sf.The retail center, which opened in 1987, is on Route 7 near Tysons Corner. It...
Boston Properties Buys 2nd Times Square Site for $165 Mln
December 4, 2000 NEW YORK – Boston Properties Inc. (NYSE:BXP) has acquired the 100 percent leasehold interest and ground rent credits for the site of the future "Times Square Tower" from The Prudential Insurance Co. of America for...
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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.
