June 28, 2000NEW YORK – Standard & Poor's has revised its outlook on Mack-Cali Realty Corp. (NYSE:CLI) and its operating partnership to negative from stable. The rating's change comes in light of Mack-Cali's intention to acquire unrated Prentiss...
June 28, 2000(NewsTraders.com) – A.G. Edwards & Sons has downgraded Prentiss Properties (NYSE:PP) to "reduce" from "buy" in light of the company's agreement today to be acquired by Mack-Cali Realty Corp. (NYSE:CLI).Under the terms of the $2.3 billion...
June 28, 2000Mack-Cali Corp. (NYSE:CLI) has agreed to buy Prentiss Properties Trust (NYSE: PP) in a $2.3 billion transaction. Mack-Cali, which is based in Cranford, N.J., would pay $975.8 million in stock and assume $1.3 billion of Dallas-based...
June 28, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorIndustrial users so far this year have committed to lease more than 7.5 million square feet of space that is being developed within Southern California's booming "Inland...
June 28, 2000 NEW YORK – One of the first opportunity funds to be formed has completed its liquidation and its returns have been impressive.Lend Lease Real Estate Investments' Value Enhancement Fund I sold its last property, the...
June 28, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage has confirmed that it will provide $1.3 billion of construction financing for the redevelopment of Columbus Circle.The financing – GMAC says it is the largest ever single construction loan...
June 28, 2000 CHICAGO – Jones Lang LaSalle has named M.G. (Jerry) Rose vice chairman of the firm. Rose, who started LaSalle Properties' tenant representation division in 1978, most recently served as chief executive of the JLL's Global...
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...
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...
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...
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...
June 27, 2000 NEW YORK – Fitch has upgraded the $6.3 million class B of Prudential Securities Secured Financing Corp. 1995-C1 to triple-A from double-A-plus.The $7.4 million class C and $4.2 million class D are upgraded to double-A-minus...
June 27, 2000 LOS ANGELES – Union Bank of California has hired Kennedy-Wilson Inc. (Nasdaq:KWIC) as facilities manager for two of its properties.Kennedy-Wilson will manage the Mercury Court Complex, a 125,000-square-foot service center, and a 100,000-sf data center...
June 27, 2000 LOS ANGELES – Diana Laing is leaving Arden Realty Inc. (NYSE:ARI) after three years at the REIT to join an Internet company.Liang has resigned her position as executive vice president and chief financial officer in...
June 27, 2000 PALM BEACH GARDENS, Fla. – Correctional Properties Trust (NYSE:CPV) has tentatively agreed to buy the Rivers Correctional Institution, a 1,200-bed facility that Wackenhut Corrections Corp. is developing in Winton, N.C.Construction of the low-security prison is...
June 27, 2000 NEW YORK – A shareholder of First Union Real Estate Investments (NYSE:FUR) has launched a class-action suit against the REIT, saying its planned sale of assets is unfair to shareholders and represents a breach by...
June 27, 2000 NEW YORK – CapitalEngine.com has raised $8 million of venture capital financing from Sigma Partners, a Menlo Park, Calif., early-stage venture capital firm.CapitalEngine.com, which was formed by Greenwich Group International, is an online real estate...
June 27, 2000 BOSTON – MGI Properties' (NYSE:MGI) proposed sale of two Tampa, Fla., properties has fallen through. The two properties were among the last in MGI's portfolio. The REIT adopted a plan of liquidation two years ago...
June 27, 2000Charlotte building boom still going strongThe Charlotte Observer, June 27CHARLOTTE, N.C. – Childress Klein Properties is launching its third building in LakePointe Corporate Center. The four-story, 115,000-square-foot structure will be started in August and finished in...
June 27, 2000 Loblaw's big-box store draws debateThe Globe and Mail, June 27OTTAWA – A proposed 97,000-square-foot Loblaw's store on the site of an abandoned paper factory is the focus of a community dispute and headed to the...
June 26, 2000 SAN DIEGO – Shareholders of Burnham Pacific Properties (NYSE: BPP) have requested that the company publicly agree to unseal court records regarding a 1999 class action lawsuit against Burnham's directors and senior management.This request comes...
June 26, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage Corp. has arranged a $130-million credit facility for General Growth Properties Inc. (NYSE: GGP).The interest-only bridge loan secures the REIT's national headquarters in Chicago as well as five retail...
June 26, 2000 NEWARK, N.J. – Prudential Mortgage Capital Co. LLC has completed its merger with The WMF Group Ltd. (Nasdaq: WMFG).Prudential, the commercial mortgage lending arm of The Prudential Insurance Co. of America, had acquired about 96...
June 26, 2000 FORT LAUDERDALE, Fla. – Castillo Grand LLC plans to build a $146 million hotel and condominium residences on a 1.76 acre parcel it acquired for $11 million,or $144/sf.The planned 23-story tower, on Castillo Street and...
June 26, 2000 (NewsTraders.com) – Uri Harkham, a director of Public Storage Inc. (NYSE: PSA), recently filed paperwork with regulators to register 399,734 common shares of the REIT for sale.The shares have an estimated market value of nearly...
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