RECENT NEWS
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...
Vornado to Sell Office Asset in Harrison, NY
June 29, 2001 HARRISON, N.Y. – Vornado Realty Trust (NYSE:VNO) has entered into an agreement to sell an office building in upstate New York for about $95.75/sf.The REIT is selling its leasehold interest in 550/600 Mamaroneck Ave., a...
Jones Lang LaSalle Opens Office in Taiwan
June 29, 2001 TAIPEI, Taiwan – Jones Lang LaSalle (NYSE:JLL) has entered Taiwan with the acquisition of property consultancy firm Investec Taiwan Ltd.Calvin Wang, president of Investec, has been appointed managing director of Jones Lang LaSalle Taiwan and...
Patrick J. Cassidy, D.C. Broker, Dead at 55
June 29, 2001 Commercial Real Estate Direct Staff ReportPatrick J. Cassidy, chairman of the board and managing director of brokerage firm Cassidy & Pinkard, died today, June 29, after a two-year battle against brain cancer. He was 55...
David J. Rupert Named CEO of HQ Global Workplaces
June 29, 2001DALLAS – HQ Global Workplaces has named David J. Rupert chief executive officer of the company, effective July 3. He replaces Gary Kusin, who is leaving after three years at HQ to pursue a position at...
Sale of Brown Brothers’ HQ Nears
June 29, 2001 A New York investment firm has agreed to buy 63 Wall St. in downtown Manhattan, according to the New York Post.But the firm, Kingston Investors, which is led by Peter E. Krulewitch, is waiting to...
Ray Weeks Resigns from Duke-Weeks
June 28, 2001INDIANAPOLIS - Ray Weeks has resigned his position as vice chairman of Duke-Weeks Realty Corp.'s (NYSE:DRE) Board of Directors.There are no plans to fill the vacancy. The resignation has resulted in a board with 13 members,...
Rouse Hires Merrill Lynch to Market Hughes Center in Vegas
June 28, 2001 The Rouse Co. (NYSE:RSE) today confirmed that it is looking to sell the Hughes Center, a massive, Class-A mixed-use business park in Las Vegas.The Columbia, Md., retail REIT has retained Merrill Lynch & Co. to...
Fremont Provides $13.6Mln Bridge Loan for Wash. Retail Center
June 28, 2001 LAKE TAPPS, Wash. – Fremont Investment and Loan has provided $13.6 million in floating-rate bridge financing for the redevelopment of the Market at Lake Tapps Shopping Center, owned by Time Equities Inc. and William Felton...
Equity Office Buys 87.5 Percent Interest in L.A. Office Complex for $74.3Mln
June 28, 2001 LOS ANGELES – Equity Office Properties Trust (NYSE:EOP) has purchased a 87.5 percent equity interest in a joint venture with Maguire Partners to develop a 450,000-square-foot office complex.The total cost for the purchase of the...
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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.
