RECENT NEWS
ProLogis to Sell European Cold-Storage Unit
June 4, 2001 DENVER – ProLogis (NYSE:PLD) has agreed to sell its European cold-storage unit for 42 million euros ($36 million).The Denver industrial REIT will sell Frigoscandia to Nordfrost GmbH, a leading provider of temperature-controlled distribution facilities throughout...
JP Morgan Provides $27Mln in Financing for Colo. Office Property
June 1, 2001ENGLEWOOD, Colo. – A private developer received $27 million in permanent financing from J.P. Morgan Chase for a 206,000-square-foot Class-A office property in Englewood, Colo.Fiddler's Green is at 6399 S. Fiddler's Green Circle and is 100...
Clarion Commercial Holdings Liquidation Plan Approved
June 1, 2001 NEW YORK – Shareholders of Clarion Commercial (NYSE:CLR) have approved the company's liquidation plan and dissolution."It became clear to us that with the stock market not properly valuing our assets, some alternative strategy would have...
First Union Moves Up in CMBS Bookrunner Ranking
June 1, 2001 By Christina Caprio, Commercial Real Estate Direct Staff WriterFirst Union moved up this week to ninth place from 11th in Commercial Real Estate Direct's CMBS bookrunner ranking, as a result of the pricing of the...
Prudential RE Investors Hires New Head of Latin America Operations
June 1, 2001 PARSIPPANY, N.J. – Prudential Real Estate Investors has appointed Roberto Ordorica as its vice president for Latin America.Ordorica will oversee the expansion of the firm's Latin American operations, including its Brazilian real estate advisory joint...
CDC Mortgage Provides $180Mln Financing to Denholtz
June 1, 2001 NEW YORK – CDC Mortgage Capital has provided $180 million of floating-rate financing, allowing Denholtz Associates to buy a 27-property portfolio of office and flex/industrial space from Banyan Strategic Realty Trust (Nasdaq:BSRTS).Denholtz paid $186.3 million...
Crestline Sells 10 Residence Inn Hotels for $119Mln
June 1, 2001 Crestline Capital Corp. (NYSE:CLJ) has agreed to sell its portfolio of 10 Residence Inn hotels, in a deal valued at $119 million.Apple Hospitality Two Inc., a REIT based in Richmond, Va., has agreed to buy...
L.A. County Pension Fund Invests $30Mln in UrbanAmerica
June 1, 2001 The Los Angeles County Employee Retirement Association has committed $30 million to UrbanAmerica LP, a real estate investment company that acquires and develops commercial properties in inner-city areas."This investment is a milestone for UrbanAmerica, as...
Southeast Regional Digest (6/1/01): Affiliates of ANC Rental sell properties in Miami for $15.6Mln
June 1, 2001ANC Rental subsidiaries sell, lease back facilities in MiamiDaily Business ReviewMIAMI - CBT-Airport Owners LLC and WF-Airport Owners Ltd. have purchased properties from Alamo Rent-A-Car LLC and National Car Rental Systems Inc., affiliates of ANC Rental...
Red Mortgage Provides $14.8Mln of DUS Financing to San Diego Apartments
June 1, 2001 COLUMBUS, Ohio – Red Mortgage Capital Inc. has provided $14.8 million of financing under Fannie Mae's delegated underwriter servicer program for a San Diego apartment complex.The mortgage bank provided the fixed rate loan for El...
NZ Corp. Closes $12.5Mln Sale of Real Estate in Sedona, Ariz.
June 1, 2001 SEDONA, Ariz. – The NZ Corp. (AMEX:NZ) has completed the sale of about 136 acres of land known as Seven Canyons to Sedona Development Partners, a company formed by the Pinnacle Group and Cavan Investments,...
Deutsche Provides $28Mln in Financing for Clarity Building
June 1, 2001 BEVERLY HILLS, Calif. – Deutsche Bank has provide $28 million in permanent financing to a private investor for the 103,000-square-foot Clarity Building. The 10-year, fixed-rate loan has a 30-year amortization schedule and carries an interest...
SSR Realty Buys GE Capital Investment Advisors
June 1, 2001 WHITE PLAINS, N.Y. – SSR Realty Advisors has purchased GE Capital Investment Advisors, the pension fund advisory arm of GE Capital Real Estate that has $1.7 billion of assets. The purchase gives SSR Realty a...
Nationwide Health JV to Invest $130Mln in Long-Term Care
May 31, 2001 NEWPORT BEACH, Calif. - Nationwide Health Properties Inc. (NYSE:NHP) and an institutional investor have formed a joint venture that will invest least $130 million in the long-term care field.Nationwide will manage the joint venture, which...
Lowe Enterprises Starts Work on $49Mln Ariz. Office Park
May 31, 2001 CHANDLER, Ariz. – Lowe Enterprises Commercial Group has begun construction on Phase I of a $49 million, 375,000-square-foot business park.Chandler Commons Office Park will sit on a 25.75-acre site at the southwest corner of Chandler...
TrizecHahn Adds 3 Office Properties to Portfolio for $180Mln
May 31, 2001 TORONTO - TrizecHahn Corp. has purchased three office properties for about $180 million.The properties, totaling 818,000 square feet, include Two Ballston Plaza in Arlington, Va., 550 West Washington in Chicago and 1225 Connecticut Ave. in...
Public Storage Places 830,000 Depositary Shares
May 31, 2001 GLENDALE, Calif. - Public Storage Inc. (NYSE:PSA) has placed 830,000 of its depositary shares at $24.45/shr.Each share represents 1/1,000 of a share of the REIT's series A equity stock.Comments? E-mail Dyanne Moon , or call...
FINAL PRICING: $1 Bln First Union National Bank Commercial Mortgage Trust, Series 2001-C2
May 31, 2001 Class Amount Sub. Rate Rating Moody's Rating S&P Avg. Life Price Talk Priced Benchmark A-1 190.8 22 Aaa AAA 5.7 +41 area +44 Swaps A-2 593.8 22 Aaa AAA 9.6 +46 area +48 Swaps B...
FelCor Names Richard J. O’Brien as CFO
Correction (June 4, 2001): Richard J. O'Brien served as CFO of the Americas business unit of GE Capital Real Estate prior to serving as managing director. The story below listed an incorrect title for the executive while he...
FASB Extends Deadline for FAS 140 Q&A Comments
May 31, 2001By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterThe Financial Accounting Standards Board has extended its deadline from today to June 7 for comments on its latest question-and-answer document regarding FAS 140, the new set...
Corporate Office Properties Buys 3-Building Md. Portfolio
May 31, 2001 COLUMBIA, Md. – Corporate Office Properties Trust (NYSE:OFC) has acquired a three-building, 142,000-square-foot office portfolio from State Farm Insurance for an undisclosed amount. The office buildings are at 6700, 6708 and 6724 Alexander Bell Drive...
Harvard Pays $162Mln for Watertown Arsenal Outside Boston
May 31, 2001 Harvard University, which confirmed in February that it was in talks to buy the Watertown Arsenal in suburban Boston, has closed on its purchase of the mixed-use property. The university paid $162 million to O'Neill...
Summit Properties Building $56Mln Multifamily Project in Miami
May 31, 2001 MIAMI – Summit Properties Inc. (NYSE:SMT), in partnership will BAP Development Inc. and an institutional investor, plans to build a $56 million apartment community in the city's Brickell Village area. Summit will provide about 30...
Southeast Regional Digest (5/31/01): Work on Lowe’s set for the summer in Charlotte, Va.
May 31, 2001 Work on Lowe's set for the summer in Charlotte, Va.Charlotte ObserverCHARLOTTE, Va. - Lowe's Cos. Inc. is planning to break ground on a $90 million regional distribution center in Northampton County. The 1.3 million square...
Lower Manhattan Office Building Gets Refi
May 31, 2001 Commercial Real Estate Direct Staff ReportNEW YORK – The owners of 100 William St. have replaced the acquisition financing they took out on the Lower Manhattan office building with two loans totaling $61.3 million.Credit Suisse...
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