RECENT NEWS
CalSTRS Scouting for Real Estate Fiduciaries
August 28, 2001 The California State Teachers' Retirement System is soliciting proposals from qualified firms that can serve the pension fund as real estate independent fiduciaries.The chosen firms will provide CalSTRS evaluation and due diligence services for commingled...
Lend Lease Buys Calif. Apartments for $23Mln
August 28, 2001 Special To Commercial Real Estate DirectLend Lease Real Estate Investments has purchased the 245-unit Rancho Valencia Apartments in Garden Grove, Calif., in central Orange County, for $23.15 million, or about $95,000 per unit.Renovation specialist Bascom...
Insignia Financial Group to Acquire Paris-Based Groupe Bourdais
August 28, 2001 NEW YORK – Insignia Financial Group Inc. (NYSE:IFS) has agreed to acquire French commercial real estate services company Groupe Bourdais for $30.7 million.Founded in 1954, Paris-based Bourdais has a staff of 350 and operates eight...
Moody’s Upgrades SASCO Floating Rate 1998-C3
August 28, 2001 NEW YORK – Moody's Investors Service has upgraded the ratings of four classes of SASCO Floating Rate Commercial Mortgage Trust 1998-C3 and affirmed classes A2 at Aaa.The upgrades are as follows: class F to Aaa...
Sacramento Army Depot Redevelopment Gets $28.5Mln Boost
August 28, 2001 Special To Commercial Real Estate DirectFischer Properties has received $28.5 million in bridge financing to continue its redevelopment of the former Sacramento Army Depot in Sacramento, Calif.J. Jay Brooks of George Smith Partners, a mortgage...
Southeast Regional Digest (8/28/01): Mid-America sells Miss. Apartments
August 28, 2001 Mid-America sells Miss. multifamily propertyJACKSON, Miss. – Mid-America Apartment Communities has sold the Advantages Apartments, a 252-unit community, for $6.9 million. Proceeds were used to pay down debt, according to a company statement.Acadia sells SC...
Canada Digest (8/28/01): RioCan to entice American retailers to Canada
August 28, 2001 RioCan to entice American retailers to CanadaThe Toronto StarTORONTO – RioCan REIT, which has entered into a joint venture with Kimco Realty Corp., plans to entice more American retailers to come to Canada. The Toronto-based...
Lend Lease Buys Half Stake in Chicago Office Building
August 28, 2001 CHICAGO – Lend Lease Real Estate Investments Inc. has closed on the purchase of a 50 percent interest in 225 W. Washington St. from a partnership of four pension funds.Lend Lease purchased the property on...
C&W Appoints 2 Former Cushman Realty Execs to Houston Office
August 28, 2001HOUSTON – Cushman & Wakefield has appointed two Cushman Realty Corp. executives to oversee its Houston office.C&W, which acquired Cushman Realty this summer, appointed Tim D. Relyea vice chairman and a member of the board of...
Hilton Completes Bond Sale of $200Mln Unsecured Notes
August 28, 2001 BEVERLY HILLS, Calif. – Hilton Hotels Corp. (NYSE:HLT) has completed the sale of $200 million of 30-year senior unsecured notes.Proceeds were used to retire all outstanding debt under Hilton's original 1996 $1.75 billion revolving credit...
Shorenstein Raises $600Mln Investment Fund
August 28, 2001 LOS ANGELES – Shorenstein Co. has raised a $600 million investment fund to buy $1.7 billion worth of downtown and suburban office buildings, according to a report by Bloomberg News in The Los Angeles Times.This...
Lexington Partnership Places Debt on Va. Distribution Center
August 27, 2001 WINCHESTER, Va. – The New York State Common Retirement Fund and venture partner Lexington Corp. Properties Trust (NYSE:LXP) have placed an $11 million mortgage on the Kraft Food Distribution Center. The 10-year loan carries a...
Nearon Enterprises Places $18.5Mln Debt on Calif. Business Park
August 27, 2001 SAN RAMON, Calif. – Nearon Enterprises has received $18.5 million in financing for a two-story office building in its Sunset Business Park from an undisclosed life insurance company. The six-year loan has a 25-year amortization...
Principal Provides $16Mln Loan for Pa. Retail Property
August 27, 2001 KING OF PRUSSIA, Pa. – Principal Capital Management has provided $16 million of permanent financing for the Henderson Square Shopping Center in King of Prussia, a suburb of Philadelphia. Henderson Square LP, controlled by retail...
Prime Retail Shareholders OK Reverse Stock Split
August 27, 2001 BALTIMORE, Md. – Prime Retail Inc. (NYSE:PRT) shareholders have approved a reverse stock split.Under the proposed split, each 10 outstanding shares of common stock will be automatically converted into one share of outstanding common stock,...
Fitch Upgrades Asset Securitization Corp.’s 1997-D4 Certificates
August 27, 2001 NEW YORK – Fitch has upgraded one class in Asset Securitization Corp.'s 1997-D4, and affirmed other classes it rates. The ratings on the $28.1 million class A-2 were raised to triple-A from double-A-plus. The upgrade...
GMAC Provides $26Mln for Conn. Hotel
August 27, 2001 GROTON, Conn. – GMAC Commercial Mortgage Corp. has provided about $26 million in floating-rate financing for the Mystic Marriott Hotel and Conference Center. The 285-key hotel, which opened in June, is at 625 North Road...
SSR Realty Buys San Jose, Calif., Office for $10.5Mln
August 27, 2001 SAN JOSE, Calif. – SSR Realty Advisors Inc. has purchased a newly completed 42,000-square-foot office building for $10.5 million from Kennedy Associates on behalf of a client.Kennedy Associates sold the building on behalf of a...
RioCan, Kimco Form Fund, Strike Up Strategic Alliance
August 27, 2001 TORONTO – RioCan Real Estate Investment Trust (TSE:REI) and Kimco Realty Corp. (NYSE:KIM) are forming a joint venture that will acquire and develop retail properties in Canada and will pool their retail power in Canada...
Pacific Gulf, FountainGlen Complete Merger
August 27, 2001 NEWPORT BEACH, Calif. – Pacific Gulf Properties Inc. (NYSE:PAG) has completed its merger with FountainGlen Properties LLC.Under the terms of the transaction, Pacific Gulf shareholders will receive about $3.13/share, while the company will assume about...
Nordstrom to Sell Interest in Seattle HQ to Developer
August 27, 2001 SEATTLE – Nordstrom Inc. (NYSE:JWN) is selling its interest in its new headquarters building in downtown Seattle to the developer it partnered with to build the property.Though Nordstrom is selling its 49 percent stake in...
Southcentral Regional Digest (8/27/01): TXU searching for 200,000 sf in Dallas
August 27, 2001 TXU hunting for 200,000 sf in DallasDallas Business JournalDALLAS – TXU Corp. is searching for 175,000 to 200,000 square feet of office space here. It's one of the biggest corporate searches in Dallas-Fort Worth so...
Southeast Regional Digest (8/27/01): North American Properties plans $100Mln mall in McDonough, Ga.
August 27, 2001 North American Properties plans $100Mln mall in McDonough, Ga.Atlanta Business ChronicleMCDONOUGH, Ga. – North American Properties Inc. plans to build a more than 1 million-square-foot mall on a 200-acre tract on the northwest corner of...
Lend Lease Provides $11.9Mln for Calif. Apartments
August 27, 2001 FRESNO, Calif. – Lend Lease has provided $11.9 million in fixed-rate financing for the Mirage and the Lakes Apartments, through its Fannie Mae Delegated Underwriter and Servicing program.The 10-year loan bears a 6.9 percent interest...
Boardwalk Equities to Sell Common Shares
August 27, 2001 CALGARY, Alberta – Boardwalk Equities Inc. (NYSE:BEI) plans to sell up to 358,800 common shares from its combined holdings.Controlling shareholders own or have control over about 16.8 million common shares of Boardwalk, which represents about...
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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.
