RECENT NEWS
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...
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...
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...
GMAC Provides $13Mln in Financing for Charlotte, N.C., Hotel
May 30, 2001 CHARLOTTE, N.C. – GMAC Commercial Mortgage Corp. has provided $13.3 million in adjustable-rate financing to Charlotte Uptown R.I. LLC for a hotel property.The 11-story, 125,000-square-foot Residence Inn consists of 150 rooms. GMAC's Hospitality Industry Division...
Mills to Develop $300Mln Retail/Entertainment Complex Near Madrid, Spain
May 30, 2001ARROYOMOLINOS, Spain – The Mills Corp. (NYSE:(NYSE: MLS) plans to develop a nearly 2 million-square-foot, $300 million retail/entertainment center 13.6 miles from Madrid, the capital of Spain.Construction on 1.2 million-sf Phase I of the Madrid Xanadu...
Southeast Regional Digest (5/30/01): Properties sold near Dadeland Mall for $10.7Mln
May 30, 2001 Industry News: Properties sold near Dadeland Mall for $10.7MlnDaily Business ReviewDADE COUNTY, Fla. - Lo Curro Development LLC has bought several parcels of land and rental units at 7200 to 7250 SW 83rd Street Plaza...
Inland Empire Warehouse Sells for $31.5Mln
May 30, 2001 Special to Commercial Real Estate DirectAmerican Realty Advisors has purchased the 817,750-sf Commerce Way Distribution Center in Fontana, Calif., for $31.5 million, or about $38.50/sf, according to local real estate sources.The Commerce Way property, which...
Fitch Upgrades CSFB, 1995-WF1, Classes C & D
May 30, 2001 NEW YORK - Fitch has upgraded two classes of Credit Suisse First Boston Mortgage Securities Corp., 1995-WF1. The deals other classes were affirmed.The $19.5 million class C was upgraded to double-A-plus from double-A, and the...
Banyan Strategic Initial Liquidating Distribution Of $4.75/shr
May 30, 2001 CHICAGO - Banyan Strategic Realty Trust (Nasdaq:BSRTS) has authorized distribution of $4.75/share on June 28 to shareholders of record as of June 13.The REIT said this is the initial liquidating distribution pursuant. The company decided...
GMAC Provides $42Mln of Acquisition Financing for Ariz. Multifamily Complex
May 30, 2001 SCOTTSDALE, Ariz. – Investor James Almon, acting as Pillar Scottsdale LLC, received $42 million in fixed-rate acquisition financing for a 539-unit luxury multifamily complex from GMAC Commercial Mortgage. The Jefferson at Scottsdale, which sits on...
Prudential Mortgage Capital Names Jesse Chancellor Principal
May 30, 2001 MCLEAN, Va. - Prudential Mortgage Capital Co. has named Jesse Chancellor a principal to oversee the company's affordable housing lending efforts.Chancellor will be responsible for providing specialized product expertise to the company's nationwide network of...
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