RECENT NEWS
Jon Wittemyer Joins Insignia’s San Francisco Office
July 2, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterJon Wittemyer, a leasing and investment-sales broker who had been with Cushman & Wakefield's San Francisco office for 12 years, has jumped to Insignia/ESG's upstart local office.The...
Summit Properties Sells Apartments for $26.3Mln
July 2, 2001 CHARLOTTE, N.C. – Summit Properties Inc. (NYSE:SMT) has recovered $26.3 million from the sale of two apartment properties.The properties, Summit Arbors, built in 1986, and Summit Radbourne, built in 1991, have a combined 345 units.The...
Southeast Regional Digest (7/2/01): Jacksonville, Fla., mall to be built by 2004
July 2, 2001 Jacksonville, Fla., mall to be built by 2004The Business Journal of Jacksonville (Fla.)JACKSONVILLE, Fla. - Simon Property Group is helping Ben Carter Properties develop its $60 million, 1.2 million-square-foot Southside upscale mall. The plans for...
Fitch Revises Commercial Net Lease Outlook to Negative
July 2, 2001 NEW YORK – Fitch has affirmed its triple-B rating for Commercial Net Lease Realty Inc. (NYSE:NNN), but revised its outlook to negative from stable.The negative outlook stems from the REIT's announced intention to acquire Captec...
GMAC Conduit May Price After Holiday
July 2, 2001 Commercial Real Estate Direct Staff ReportThe $755 million GMAC Commercial Mortgage CMBS conduit deal (2001-C2) currently being shopped might not price until after the Independence Day holiday on Wednesday, sources said.With price guidance out last...
Rob Maguire Said to Be Near Deal With Equity Office
July 2, 2001Maguire Partners is in talks to sell a majority stake in its portfolio to Equity Office Properties, according to a report in the Los Angeles Business Journal.The newspaper said the giant REIT would pay slightly more...
Duke-Weeks Realty Changes Name to Duke Realty
July 2, 2001 INDIANAPOLIS - Duke-Weeks Realty Corp. (NYSE:DRE) has changed its corporate name to Duke Realty Corp.The name change comes as part of the July 2, 1999, merger between Indianapolis-based Duke Realty Investments and Atlanta-based Weeks Corp.Duke-Weeks...
Kimco to Provide $75Mln Credit Facility to Ames
July 2, 2001 ROCKY HILL, Conn. - Ames Department Stores Inc. (Nasdaq:AMES) is in the final arrangements with Kimco Realty Corp. (NYSE:KIM) for up to $75 million in funding for general corporate purposes.Kimco will provide Ames up to...
Equity Office, Spieker Properties Merger Approved by Shareholders
July 2, 2001 CHICAGO - The $7.3 billion merger of Spieker Properties Inc. (NYSE:SPK) and Equity Office Properties Trust (NYSE:EOP) was approved by shareholders of both companies and is expected to close today.The company will operate under the...
S&P Affirms Commercial Net Lease’s Rating
July 2, 2001 NEW YORK – Standard & Poor's has affirmed Commercial Net Lease Realty Inc.'s (NYSE:NNN) triple-B-minus corporate credit rating. The rating agency also said the REIT's outlook is stable. S&P's affirmation comes on the heals of...
Moody’s Upgrades Salomon Brothers Mortgage Securities VII, 2000-FL1
July 2, 2001 NEW YORK – Moody's Investors Service has upgraded five classes of Salomon Brothers Mortgage Securities VII Inc., 2000-FL1, because of improved subordination levels due to loan maturities, prepayments and amortization.The rating agency upgraded the deal's:–...
ProLogis Forms $210Mln North American Properties Fund
June 29, 2001 DENVER – ProLogis (NYSE:PLD) has formed a $210 million industrial properties fund, its third to target distribution facilities in North America.First Islamic Investment Bank E.C., a Bahrain-based investment bank, together with its clients and affiliates,...
Southeast Regional Digest (6/29/01): Publix picks Pelham, Hoover, Ala.
June 29, 2001 Publix picks Pelham, Hoover, Ala. The Birmingham (Ala.) NewsPELHAM, Ala. - Publix Super Markets Inc. chose a vacant Delchamps in Pelham and a spot on Hoover's busy Alabama 150 corridor as sites for its first...
PRICE TALK: $755 Mln GMAC Commercial Mortgage Securities, 2001-C2
June 29, 2001 Class Amount Sub. Rate Rating Fitch Rating S&P Avg. Life Price Talk Benchmark A-1 143.6 23 AAA AAA 5.7 +43-44 Swaps A-2 437.7 23 AAA AAA 9.75 +46-47 Swaps B 34 18.5 AA AA 9.93...
Correctional Properties Subsidiary Raises $57.5Mln to Buy, Refinance Facilities
June 29, 2001 BAYBORO, N.C. – Correctional Properties North Carolina Prison Finance, a subsidiary of Correctional Properties Trust (NYSE:CPV), has raised $57.5 million through the sale of taxable mortgage revenue bonds.Proceeds from the bonds have been used to...
Summit Properties Sells N.C. Apartment Communities for $26.3Mln
June 29, 2001 CHARLOTTE, N.C. – Summit Properties Inc. (NYSE:SMT) sold two apartment communities for about $26.3 million, or $76,200 per unit, to an undisclosed buyer.The communities, formerly known as Summit Arbors and Summit Radbourne, consisted of 345...
Canada Digest (6/29/01): CREIT JV buys office building in Halifax
June 29, 2001 CREIT JV buys office building in HalifaxTORONTO – Canadian Real Estate Investment Trust (TSE:REF.UN) has teamed with a Canadian pension fund to buy Metropolitan Place, a 198,000-square-foot office tower in Halifax, Nova Scotia. CREIT and...
Multifamily Sector Still Thriving in Southern Calif.
June 29, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterThe apartment sector in Southern California's still-booming Inland Empire region continues to strengthen, despite the slower national economy and the slumping tech sector's effect on the state's...
Fluor Sells Houston-Area Office Campus
June 29, 2001 Commercial Real Estate Direct Staff ReportSUGAR LAND, Texas – Fluor Corp. (NYSE:FLR) has sold its Sugar Land office complex and signed a 20-year lease for more than 750,000 square feet of office space at the...
Staubach Names 2 Executives to Top Posts
June 29, 2001 DALLAS - The Staubach Co. has named Ka Cotter vice chairman of the board of directors, and Elysia Holt Ragusa has been named president of the newly formed Real Estate Services.In addition to her newly...
PMC Capital and Affiliate Sell $75Mln of Notes Through Structured Financing
June 29, 2001 DALLAS - PMC Capital Inc. (AMEX:PMC) and its affiliate, PMC Commercial Trust, have completed joint structured financing of fixed-rate notes.A portfolio of loans secures the notes, which carry an interest rate of 6.36 percent. Moody's...
Cabot Industrial Trust Expands JV Development Program With TIAA-CREF
June 29, 2001 BOSTON - Cabot Industrial Trust (NYSE:CTR) has expanded a previous joint venture with Teachers Insurance and Annuity Association – College Retirement Fund.The venture has committed an additional $20 million in equity to the fund. They...
Bass Proposes Name Change to Six Continents
June 29, 2001 LONDON – Bass PLC has decided to change its name to Six Continents PLC, pending shareholder approval.The company sold the name Bass and the red triangle trademark along with the Bass Brewers business in August...
AmeriVest Offers 2Mln Shares
June 29, 2001 DENVER - AmeriVest Properties Inc.(NYSE:AMV) filed a registration statement with the SEC to offer 2 million shares of its common stock.Ferris, Baker Watts Inc. will manage the offering. The company granted the underwriters an option...
Shareholders OK Simon Property Group Merger
June 29, 2001 Shareholders of SPG Properties Inc. have approved the merger of the company into its parent, Simon Property Group Inc. (NYSE:SPG). The merger, effective July 1, is meant to streamline Simon Property Group by eliminating SPG...
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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.
