RECENT NEWS
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...
Health Care REIT to Offer More Shares
June 28, 2001 TOLEDO, Ohio - Health Care REIT Inc. (NYSE:HCN) will offer an additional 450,000 common shares at $22.75/share.The shares were added to the REIT's offering of 3 million common shares when the underwriters of the offering...
SNH Issues 3.2Mln Common Shares
June 28, 2001 NEWTON, Mass. – Senior Housing Properties Trust (NYSE:SNH) has priced a public offering of 3.2 million common shares of beneficial interest for $13/share.The settlement is expected to occur on July 3.In addition, SNH has granted...
Jamestown Completes $375Mln Buy of One Federal in Boston
June 28, 2001 BOSTON – Jamestown has completed its $375 million, or $341/sf, purchase of One Federal Street in Boston. The property was purchased from Clarion Partners, which owned it on behalf of the IBM Retirement Fund. The...
Keystone to Sell Industrial Asset for $35Mln
June 28, 2001 TETERBORO, N.J. – Keystone Property Trust (NYSE:KTR) has agreed to sell a 332,352-square-foot distribution center for $35 million to an undisclosed buyer.The sale is anticipated to close in August. The property is at 200 Industrial...
Grubb & Ellis Finds Continued Softening in Manhattan Offices
June 28, 2001 The Manhattan office market continues to soften and for the first time has seen a decline in asking rents.According to New York City Office Market Trends by Grubb & Ellis, another 1.3 million square feet...
SEC Signs HQ Lease in DC
June 28, 2001 WASHINGTON – The SEC has signed a lease valued at no less than $365 million for a new headquarters that will be built in Washington.Louis Dreyfus Properties LLC of New York will develop the building,...
Vendome Rome Buys Stake in Cresa Affiliate
June 28, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterNorth America's Cresa tenant representation network now has even greater access to Europe-based space users – and vice versa.France-based European brokerage services giant Grope Vendome Rome has...
Principal Capital Provides $15Mln Debt for Fla. Industrial Complex
June 27, 2001 Special to Commercial Real Estate DirectPrincipal Capital Management has provided PM Realty Advisors with $15 million in acquisition financing for a 441,876-square-foot industrial complex within the 112-acre Pompano Business Center in Pompano Beach, Fla.Atlanta-based Industrial...
FASB Phone Connection Re-established
June 27, 2001Commercial Real Estate DirectThe meeting of the Financial Accounting Standards Board and its staff is now audible – although just barely – in listen-only mode via its 800 number. The call-in number is (800) 846-4717 at...
Fitch Upgrades Asset Securitization Corp., 1995-D1
June 27, 2001 NEW YORK – Fitch has upgraded Asset Securitization Corp., 1995-D1, because amortization and loan payoffs have resulted in increased subordination levels. The rating agency has upgraded the deal's $12.7 million class A-2 to double-A-plus from...
O&Y REIT Closes C$150Mln IPO; Makes Property Purchases
June 27, 2001 TORONTO – O&Y Real Estate Investment Trust has completed its initial public offering of 15 million limited voting units at a price of C$10 per unit, resulting in total proceeds of C$150 million.The limited voting...
Extended Stay America Places $300Mln of Senior Sub Notes
June 27, 2001FORT LAUDERDALE, Fla. - Extended Stay America Inc. (NYSE:ESA ) has completed the private placement of $300 million of 9.875 percent senior subordinated notes due 2011.Proceeds will be used to repay debt under existing credit facilities....
Smith Residential Begins Secondary Offering of Common Stock
June 27, 2001 ARLINGTON, Va. - Charles E. Smith Residential Realty Inc. (NYSE:SRW) has begun a secondary public offering of 2.3 million shares of common stock.The preferred shares and units were purchased in September 1999 for about $90...
Commercial Capital Provides $10.8Mln of Financing for Texas Mall
June 27, 2001 ROUND ROCK, Texas – GMAC Commercial Mortgage's Commercial Capital Initiatives has provided $10.8 million in financing for a 183,547-square-foot retail center.The Renaissance Square Shopping Center in Round Rock, which is outside of Austin, was built...
CB Richard Ellis Names Calvin Frese COO for Americas
June 27, 2001 LOS ANGELES - CB Richard Ellis has named Calvin Frese chief operating officer/Americas.Frese will oversee the financial planning and strategic operations of all business units within the Americas with exception to CB Richard Ellis' independently...
Minshall Stewart Properties Receives $26.9Mln Financing for 3 Office Buildings
June 27, 2001 Minshall Stewart Properties has received $26.9 million financing from Bear Sterns and CIBC World Markets to refinance three office buildings in Ohio, Denver and Maryland.The financing consisted of a $15.5 million loan from Bear Sterns...
Spencer Haber Named President of iStar Financial
June 27, 2001 NEW YORK – Spencer B. Haber, chief financial officer of iStar Financial Inc. (NYSE:SFI), has been named to the added post of president of the mortgage REIT. Haber joined iStar in 1998. He previously was...
Patronis Group, LNR Buy Texas Apartments for $34.5Mln
June 27, 2001 AUSTIN, Texas - An investment team involving the Patronis Group and LNR Property Corp. has completed the $34.5 million purchase of the Spraddle Creek Apartments.The luxury apartment complex, at 500 West Parmer Lane, is comprised...
Southeast Regional Digest (6/27/01): Office-retail center will rise at Huntersville, N.C., interchan
June 27, 2001 Office-retail center will rise at Huntersville, N.C., interchange The Charlotte ObserverHUNTERSVILLE, N.C. - Construction has begun on the Northcross Business Center at Interstate 77 and Sam Furr Road. The initial building will have 23,000 square...
GMAC Institutional Advisors Names Linda M. Hart CFO
June 27, 2001 HORSHAM, Pa. – GMAC Institutional Advisors LLC has named Linda M. Hart as chief financial officer, and appointed four other executives.Hart, who was previously responsible for client services at Berwind Property Group, will be responsible...
Technical Problems Keep CMBS Industry at Bay During FASB Meeting
June 27, 2001By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterToday's scheduled meeting of the Financial Accounting Standards Board and its staff (9:30 a.m. to noon) is being made available in listen-only mode via a $0.75 per...
Owner of Upscale Hotel in Puerto Rico Files for Chapter 11
June 27, 2001 Green Isle Partners Ltd. SE, the owner of an upscale hotel in Puerto Rico, has defaulted on its debt obligations and filed for Chapter 11 Bankruptcy protection.The Weston, Fla., firm's case is now pending in...
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