RECENT NEWS
Carrier Hotel Firm Moves Into Co-Location Business
June 30, 2000 MIAMI – Terremark Worldwide Inc. (AMEX:TWW) has formed a unit, ColoConnection Inc., that will lease space in Terremark carrier hotels and build it out for use by small Internet service providers, Web-hosting companies and small...
Wells REIT Buys Fully Leased Office Building in Michigan
June 30, 2000 ATLANTA – Wells Real Estate Funds has purchased a fully leased, single-tenant office building in Troy, Mich., for $19.8 million, or about $185/sf.A subsidiary of Delphi Automotives Systems Corp. has signed a seven-year lease for...
CSFB, United Dominion Team to Develop Apartments
June 30, 2000 RICHMOND, Va. – Credit Suisse First Boston and United Dominion Realty Trust Inc. (NYSE: UDR) have formed a joint venture that will invest about $105 million to develop five apartment communities.CSFB owns a 75 percent...
Keystone Properties Taps New Vice President of Investor Relations
June 30, 2000 NEW YORK – Jennifer R. Wall has been appointed as vice president of Investor Relations by Keystone Properties Trust (AMEX:KTR).Wall will be responsible for developing and implementing an investor relations program and will oversee corporate...
Kennedy-Wilson Lands $48 Mln of Corporate Financing
June 30, 2000 BEVERLY HILLS, Calif. – Kennedy-Wilson Inc. (Nasdaq:KWIC) has raised $48 million of unsecured corporate financing through institutional investment and credit facilities.The financing includes $15 million of six-year senior unsecured notes and $33 million of two-year...
CalPERS, Newland-IHP Ventures Complete $223 Mln Genstar Buy
June 30, 2000 SAN DIEGO – A subsidiary of British American Tobacco PLC (AMEX:BTI) has closed on its sale of Genstar Land Co. to Newland-IHP Ventures in a deal valued at $223 million.Newland Communities and Institutional Housing Partners,...
Forest City Acquires $82 Mln Residential Community in Alexandria, Va.
June 30, 2000 CLEVELAND – Forest City Enterprises Inc. (NYSE:FCEa) has acquired a 1,387-unit apartment complex in Alexandria, Va., for about $82 million, or $59,120 per unit.The company acquired the Mount Vernon Square in a tax-free exchange resulting...
Southeast Regional Digest (6/30/00): Developer of $2 Bln Atlantic Steel project still pending
June 30, 2000 Developer pending at Atlantic Steel siteThe Atlanta Journal-Constitution, June 30ATLANTA – Jacoby Atlantic Redevelopment may build the office component of the $2 billion Atlantic Steel mixed-use project. Two major office developers are also being considered....
Southeast Regional Digest (6/29/00): Charlotte mall makes space for four specialty shops
June 29, 2000 Union County mall to get a makeoverThe Charlotte Observer, June 29CHARLOTTE, N.C. – The Monroe Mall on U.S. 74 is expanding its space to make room for four new specialty stores and an expansion of...
Salomon Upgrades AIMCO to Buy, Sets $52 Target
June 29, 2000 (NewsTraders.com) – Apartment Investment & Management (NYSE:AIV) was upgraded to "buy" from "outperform" today by Salomon Smith Barney analyst Jonathan Litt, according to a source at the brokerage concern.The analyst has a $52 price target...
Wyndham Sells Mid-Priced Hotel Portfolio to Milestone, Regency
June 29, 2000 DALLAS – Milestone Hotel Investments Inc. and Regency Hotel Management Inc. have purchased a portfolio of eight Clubhouse Inn hotels and six Wyndham Garden Hotels, as well as the Clubhouse Inn brand, from Wyndham International...
Directors Quit Transcontinental Realty, Income Opportunity Boards
June 29, 2000 DALLAS (Primezone) – Richard Douglas and Larry Harley have resigned from the boards of Transcontinental Realty Investors Inc. (NYSE:WYN) and Income Opportunity Realty Investors Inc. (AMEX:IOT), effective June 15 and June 19, respectively. In a...
Grubb & Ellis to Manage IBM Center in St. Louis
June 29, 2000 NORTHBROOK, Ill. – A unit of Grubb & Ellis Co. (NYSE:GBE), has been hired as facilities manager for IBM's 1 million-square-foot e-commerce call center in St. Louis.The unit, Grubb & Ellis Management Services Inc., now...
Duke-Weeks to Start Construction of Offices In Jacksonville, Fla.
June 29, 2000 By Paul Gereffi, Commercial Real Estate Direct CorrespondentJACKSONVILLE, Fla. – Duke-Weeks Realty Corp. (NYSE:DRE) is planning to develop 200,000 square feet of office space in Southpoint, an office complex in Jacksonville.The $20 million project, Gemini...
Jack Spound Joins AEW
June 29, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorJonathan "Jack" Spound, a veteran Southern California real estate executive, has joined AEW Capital Management as director of AEW Partners in Los Angeles.Spound previously was with JER...
FINAL PRICING: $785.3 Mln COMM 2000-FL 2
June 29, 2000 Go To Initial Price Guidance.The following table shows final pricing for the top eight tranches of a 32-tranche floating-rate deal – a variant of the "A-B" structure, in this case an "A-B-C" structure (see figure...
Four Have Ambitious Plans for European Real Estate Portal
June 29, 2000 CHICAGO – CB Richard Ellis, Jones Lang LaSalle, DTZ and Reed Business Information have teamed up to develop a European commercial real estate portal, which is code named Project Pathway.The portal's focus will be on...
Captec Eyes Possible Sale, Hires Pru Securities as Adviser
June 29, 2000 ANN ARBOR, Mich. – Captec Net Lease Realty (Nasdaq:CRRR) has retained Prudential Securities Inc. to explore ways to increase shareholder value, including a sale or merger of the company.The move follows the company's announcement last...
Shareholders Okay Merger of Carey Diversified With WP Carey
June 29, 2000 NEW YORK – Shareholders of Carey Diversified LLC (NYSE:CDC) have approved the company's proposed merger with W.P. Carey & Co.The resulting company, W.P. Carey & Co. LLC will be listed on the New York Stock...
Southeast Regional Digest (6/28/00): Turner Broadcasting to spend $1.2 Bln on construction projects
June 28, 2000 Turner Broadcasting plans $1.2 billion growth spurtThe Atlanta Journal-Constitution, June 28ATLANTA – Turner Broadcasting System will spend $1.2 billion on construction projects downtown and midtown during the next five years. The plans call for adding...
Developers Diversified Ups Size of Credit Facility to $550 Mln
June 28, 2000CLEVELAND – A lending syndicate led by Bank One has increased the size of Developers Diversified Realty's (NYSE:DDR) unsecured credit facility to $550 million from $375 million.The facility, which now matures on May 31, 2003, carries...
AIMCO to Buy Oxford Realty Financial in $301 Mln Deal
June 28, 2000 Apartment Investment and Management Co. (NYSE:AIV) has agreed to buy the remaining stock of Oxford Realty Financial Group Inc. for $301 million.Under the deal, Aimco will pay $241 million in cash and $60 million in...
Reggie Leese Leaves Citizens, Joins State Street Research
June 28, 2000 By Orest Mandzy, Commercial Real Estate Direct Managing EditorReggie Leese, portfolio manager for commercial mortgage-backed securities at Citizens Financial Group, has joined State Street Research of Boston.Leese fills the post vacated last March when Steve...
Trucker Buys Four Industrial Properties Near Los Angeles
June 28, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorWatkins & Shepard Trucking has paid $11.6 million for four industrial buildings with 238,100 square feet in Santa Fe Springs, Calif.The Missoula, Mont., trucking company plans to...
St. Joe Buys Tampa Office Property
June 28, 2000 TAMPA, Fla. – The St. Joe Co. (NYSE:JOE) has completed its purchase of a 125,000-square-foot office building in Tampa's Hidden River Corporate Park.Terms of the purchase from SPP Investment Management of Greenwich, Conn., were not...
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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.
