RECENT NEWS
ProLogis Receives $208Mln Credit Line
September 18, 2001 DENVER – ProLogis (NYSE:PLD) has received a 24.5 billion yen (US$208 million) revolving credit line through a syndicate of 11 banks.The three-year line is priced at 100 basis points over Tokyo Interbank Offer Rate, which...
Equivest Receives $37Mln for Timeshare Resorts
September 18, 2001 GREENWICH, Conn. – Equivest Finance Inc. (Nasdaq:EQUI) has received $37 million in financing from CapitalSource Finance LLC.The facility will be used to pay off outstanding debt, totaling $35 million, provided by CS First Boston LLC,...
Southeast Regional Digest (9/18/01): CBL plans renovations of Nashville mall
September 18, 2001 Renovation set for Hickory Hollow Mall in NashvilleTennesseanNASHVILLE, Tenn. – CBL & Associates Properties Inc. has planned a two-phase renovation of its 1.2 million-square-foot Hickory Hollow Mall, which should be complete in about one year....
German Fund Pays $97Mln for Dallas Offices
September 18, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterA closed-end fund managed by German investment syndicator BGP Bavaria has acquired a 526,000-square-foot net-leased office property in Dallas for about $96.5 million, or about $183.50/sf. The...
FINAL PRICING: $177.7 Mln Freehold Raceway Mall Trust, 2001-FRM
September 18, 2001 Class Amount Rating Moody's Rating Fitch Rating S&P Avg. Life Price Talk Priced Benchmark A-1 22.5 Aaa AAA AAA 5.49 +28-30 +35 Libor A-2 85.1 Aaa AAA AAA 9.8 +40-42 +45 Libor B 4.8 Aa1...
Equity One Closes Sale of 650,000 Shares for $7.1Mln
September 17, 2001NORTH MIAMI BEACH, Fla. – Alony Hetz Properties & Investments Ltd. has exercised a warrant to buy 650,000 shares of Equity One Inc. (NYSE:EQY) common stock for $10.875/share.The $7.1 million deal completes Alony Hetz's agreement to...
Host Marriott Says 2 NY Hotels Damaged, Both Insured
September 17, 2001 BETHESDA, Md. – Host Marriott Corp. said its Marriott World Trade Center hotel suffered "catastrophic damage" by the terrorist attack on the World Trade Center.In addition, the Marriott Financial Center hotel, just south of the...
Boston Properties Sets $100Mln Stock Buyback
September 17, 2001 BOSTON – Boston Properties Inc. (NYSE:BXP) said its board has authorized a $100 million stock buy-back program. The company said its purchases would be made from time to time in open-market transactions at market prices...
Southeast Regional Digest (9/17/01): Trammell Crow moves ahead with $75Mln development plans in Tamp
September 17, 2001 Trammell building in TampaBusiness Journal of Tampa Bay (Fla.)TAMPA, Fla. – Trammell Crow Co. plans to move ahead with redevelopment of the old Tampa Port Authority headquarters. Plans for the 40-acre tract near the southeast...
Park Place Delays Caesars Hotel Tower Project in Vegas
September 17, 2001 LAS VEGAS – Park Place Entertainment (NYSE:PPE) has postponed construction of a $475 million hotel project in Las Vegas due to the anticipated effects that last week's terrorists attacks will have on tourism.The company is...
Prime Group Realty Gives Potential Buyer 2 More Weeks for Due Diligence
September 17, 2001 CHICAGO – Prime Group Realty Trust (NYSE:PGE) has extended to Oct. 12 the time by which a group led by Prime Group Inc. and Cadim Inc. has to negotiate terms of an acquisition.The group had...
Cornerstone Buys 2 Atlanta Area Apartment Communities for $34.7Mln
September 17, 2001 KENNESAW, Ga. – Cornerstone Realty Income Trust Inc. (NYSE:TCR) has purchased two adjacent apartment communities totaling 524 units for $34.7 million. The 324-unit Poplar Place Apartments complex consists of 18 building on nearly 27 acres....
Urstadt Biddle May Sell, Buy Back Stocks
September 17, 2001 GREENWICH, Conn. – Urstadt Biddle Properties Inc. (NYSE:UBP), a shopping-center REIT, said it is considering a public offering of about 4 million common shares.At today's price, the offering would allow the REIT to raise nearly...
Data-collection Firm Expands Space in Calif.
September 17, 2001 Special To Commercial Real Estate DirectScantron Corp., a data-collection specialist, has outgrown its Tustin, Calif., headquarters and will expand into 110,000 square feet, mostly research and development space, within the nearby Irvine Spectrum master-planned community.The...
LoopNet Unveils Premium Listing Service
September 17, 2001 SAN FRANCISCO – LoopNet Inc. has substantially upgraded its popular LoopNet online property listing service, adding a host of features to users who opt for the site's subscription-based premium service.LoopNet, which merged with PropertyFirst.com last...
Allianz Unit Buys Wal-Mart Store in Calif.
September 17, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterAllianz of America has purchased Wal-Mart's 775,137-square-foot distribution center in Mira Loma, within southern California's huge Inland Empire distribution hub.The Cushman & Wakefield brokerage team representing the...
Golf Trust Sells West Palm Beach, Fla., Course for $16.9Mln
September 17, 2001 WEST PALM BEACH, Fla. – Golf Trust of America Inc. (AMEX:GTA) has sold the Emerald Dunes Golf Club for $16.9 million to Emerald Dunes Golf Group LLC, an affiliate of the existing tenant.Emerald Dunes Golf...
CMBS Spreads Widen in Wake of Terrorist Attack
September 17, 2001 Commercial Real Estate Direct Staff ReportBids for CMBS on the secondary market widened sharply at the end of last week as a result of the terrorist attack on the World Trade Center.The few banks that...
Public Storage to Raise $800Mln
September 17, 2001GLENDALE, Calif. – Public Storage Inc. (NYSE:PSA) plans to raise $800 million from the sale of its common, preferred and equity stock as well as its depositary shares and warrants.Proceeds will be used for investments, developments,...
Southeast Regional Digest (9/14/01): Weingarten buys Winter Park, Fla., shopping center
September 14, 2001 Weingarten Realty buys Fla. shopping centerWINTER PARK, Fla. – Weingarten Realty Investors has purchased the Winter Park Commons Shopping Center from Winter Park Associates Ltd. for an undisclosed amount. The 102,000-square-foot center sits on nine...
Secondary Offering of iStar Financial Common Stock Postponed
September 14, 2001 NEW YORK – Starwood Mezzanine Investors LP and Starwood Opportunity Fund IV LP – which had planned to sell 15 million shares of iStar Financial Inc. (NYSE:SFI) – have delayed the offering indefinitely, due to...
MeriStar Shareholders to Vote on FelCor Merger
September 14, 2001 WASHINGTON – MeriStar Hospitality Corp. (NYSE:MHX) will hold a shareholder meeting to vote on the proposed merger with FelCor Lodging Trust Inc. (NYSE:FCH).The REIT will hold the meeting on Thursday, Oct. 11, at 9 a.m....
Brookfield Again Confirms Soundness of Lower Manhattan Building
September 14, 2001 NEW YORK – Brookfield Properties Corp. (NYSE:BPO) said it has received confirmation from structural engineers that One Liberty Plaza, its 2.2 million-square-foot office building across the street from the World Trade Center, has not been...
Hilton: Millenium Hotel in NYC ‘Standing’
September 14, 2001 Hilton Hotels Corp. today said that the Hilton Millenium it manages near the fallen World Trade Center in lower Manhattan is still standing.The company said tests for structural integrity continue and added that it expected...
CMSA Escapes Tragedy; Expects to Be Back at Work Monday
September 14, 2001Commercial Real Estate Direct Staff ReportThe Commercial Mortgage Securities Association, whose offices were housed at 30 Broad St. – a block from the World Trade Center – said its offices were evacuated safely. The group, which...
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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.
