RECENT NEWS
Whitbread Secures Parcel for Hotel at Heathrow Airport
May 21, 2001 LONDON – Whitbread Hotel Co. plans to develop a 614-unit budget hotel on a prime site near Heathrow Airport.The company has signed a long-term ground lease for a prime 6.5-acre site on Bath Road from...
Gazit-Globe to Consolidate U.S. Operations in $280Mln Deal
May 21, 2001Equity One Inc. (NYSE:EQY) has agreed to buy Centrefund Realty Corp.'s (TSE:CFE) wholly owned U.S. subsidiary in a stock-for-stock deal valued at $280 million, including transaction costs.Both companies are controlled by Gazit-Globe (1982) Ltd., an Israeli...
Midwest Regional Digest (5/21/01): Oneida tribe gets $22.7Mln loan to expand Green Bay, Wis., hotel
May 21, 2001 Oneida tribe gets $22.7Mln loan to expand Green Bay, Wis., hotelGREEN BAY, Wis. – A group of local banks, co-led by Bay Bank, has provided a $22.7 million taxable loan to Oneida Airport Hotel Corp.,...
Gables Extends $225Mln Unsecured Credit Facility
May 21, 2001 ATLANTA – Gables Residential (NYSE:GBP) has extended its $225 million unsecured revolving credit facility to May 2004 from May 2003. Pricing on the facility depends on the senior unsecured debt ratings of the company and...
Corrections Corp. of America Completes Reverse Stock Split
NASHVILLE, Tenn. - Corrections Corp. of America (NYSE:CXW) has completed its reverse stock split of its common stock at a one-for-ten ratio. As a result of the split, every ten shares of the company's common stock issued and...
Kennedy-Wilson Buys More Office Property in Japan
May 21, 2001 Kennedy-Wilson Inc. (Nasdaq:KWIC), through its Kennedy-Wilson Japan subsidiary, last month acquired five offices in Japan for about $80 million.The 350,000 square feet of acquisitions brings the firm's Japanese property portfolio to more than 1.2 million...
West Regional Digest (5/21/01): Insignia buying Calif. office building for $124Mln
May 21, 2001Insignia buying Calif. office building for $124MlnLos Angeles Business JournalCENTURY CITY, Calif. – Insignia/ESG Inc. plans to buy the 486,000-square-foot office tower at 1888 Century Park East for $124 million. According to Westside real estate sources,...
Northeast Regional Digest (5/21/01): Senator’s commission to recommend new office space in 3 N.Y. ne
May 21, 2001 Schumer panel targets 3 areas for new spaceCrain's New York NEW YORK – Sen. Charles Schumer's economic development commission is expected to recommend creating office space in three neighborhoods: Manhattan's far West Side, downtown Brooklyn...
German Bank Provides $37Mln to Refinance Manhattan Office/Retail Building
May 21, 2001NEW YORK – A German bank has provided 200 W. 57th Street Associates with $37 million in financing for a 151,125-square-foot, 14-story plus office and retail building across from Carnegie Hall. The seven-year loan, which amortizes...
Southeast Regional Digest (5/21/01): Graybar finds 208,000-sf home at Parkway Center in Tampa Bay, F
May 21, 2001Graybar finds 208,000-sf home at Parkway Center in Tampa Bay, Fla.The Business Journal of Tampa BayTAMPA BAY, Fla. - Crescent Resources LLC is building a 208,000-square-foot distribution center at Parkway Center at Oak Creek for Graybar...
$1Bln First Union-Merrill Lynch Conduit Out, Carries Large Multifamily Piece
May 21, 2001 Commercial Real Estate Direct Staff ReportFirst Union National Bank and Merrill Lynch Mortgage Capital are in the market with a $1 billion conduit containing a large chunk of multifamily loans in its collateral pool.The multifamily...
Southeast Regional Digest (5/21/01): Graybar finds 208,000-sf home at Parkway Center in Tampa Bay, F
May 21, 2001Graybar finds 208,000-sf home at Parkway Center in Tampa Bay, Fla.The Business Journal of Tampa BayTAMPA BAY, Fla. - Crescent Resources LLC is building a 208,000-square-foot distribution center at Parkway Center at Oak Creek for Graybar...
FINAL PRICING: $908.3 Mln Prudential Mortgage Capital Funding, ROCK Series 2001-C1
May 21, 2001 Class Amount Sub. Rate Rating Moody's Rating Fitch Avg. Life Price Talk Priced Benchmark A-1 183.7 20.75 Aaa AAA 5.7 +41 area +41 Swaps A-2 536 20.75 Aaa AAA 9.6 +46 area +46 Swaps B...
Bass Boosts Hotels Presence in Hong Kong
May 21, 2001 LONDON – Bass PLC, the operator of the Holiday Inn and Inter-Continental hotels, is paying $344.4 million for the 514-key Regent Hong Kong Hotel from New World Development Co. Ltd.The Regent is to be renamed...
Grubb & Ellis Research Reports Deteriorating Conditions in U.S. Office Market
May 21, 2001NORTHBROOK, Ill. - Office vacancies increased nationwide during the first quarter while net absorption decreased, according to research published by Grubb & Ellis Co. (NYSE:GBE).The vacancy rate increased to 10.34 percent in the first quarter 2001...
Mid-Atlantic Regional Digest (5/21/01): Woodbridge Crossing plans fall opening at DeVry site in Unio
May 21, 2001 Woodbridge Crossing plans fall opening at DeVry site in Union, N.J.UNION, N.J. – The redevelopment of the former DeVry Institute should be completed and the building opened by the fall. The 283,000-sf complex has been...
Southcentral Regional Digest (5/21/01): Houston attorney backs Trammell Crow development
May 21, 2001Attorney delivers pinch-hit funding for stalled project in HoustonHouston Business JournalHOUSTON – Houston attorney John O'Quinn is teaming up with developer Trammell Crow Co. to build a downtown's skyscraper – the 34-story Ballpark Place development across...
Burnham Pacific Sells Bellevue, Wash., Retail Center for $14.3Mln
May 21, 2001 SAN DIEGO – Burnham Pacific Properties Inc. (NYSE:BPP) has completed the sale of the Design Market center in Bellevue, Wash., for $14.3 million, or $161.60/sf.The Design Market is a specialty shopping center focused on the...
Glimcher Sells Stock; Buys Remaining Stakes in 2 Malls
May 21, 2001 COLUMBUS, Ohio – Glimcher Realty Trust (NYSE:GRT) has completed the offering of 5.175 million common shares at a price of $15 apiece and used some of the $77.6 million of proceeds to buy the interests...
S&P Places AML Leasing Trust Commercial Paper Program on Watch Negative
May 18, 2001 NEW YORK - Standard & Poor's has placed its single-A-1 rating to the $109.1 million AML Leasing Trust commercial paper program on credit watch negative.The rating follows the placement of Aetna Life Insurance Co.'s credit...
Northeast Regional Digest (5/18/01): $500Mln resort planned for Kiamesha Lake, N.Y.
May 18, 2001 Resort to rise on Concord siteThe New York TimesKIAMESHA LAKE, N.Y. – The developer who owns the 1,600-acre Concord property on Kiamesha Lake signed a deal with a hotel operator to build and manage a...
Nomura Taps Lend Lease as Servicer on Japan Loan
May 18, 2001 NEW YORK – Nomura Capital Investment Co. Ltd. has selected Lend Lease Real Estate Investments Inc. as primary servicer for a $120 million loan backed by 11 office and residential properties in Japan.Lend Lease Japan...
Southeast Regional Digest (5/18/01): 50% stake in tower at Ravinia up for sale in Atlanta
May 18, 2001 50% stake in tower at Ravinia up for sale in Atlanta The Atlanta Journal-ConstitutionATLANTA - Royal Dutch/ Shell Group's pension fund wants to sell its 50 percent stake in 3 Ravinia Drive. The price tag...
Southeast Regional Digest (5/18/01): 50% stake in tower at Ravinia up for sale in Atlanta
May 18, 2001 50% stake in tower at Ravinia up for sale in Atlanta The Atlanta Journal-ConstitutionATLANTA - Royal Dutch/ Shell Group's pension fund wants to sell its 50 percent stake in 3 Ravinia Drive. The price tag...
Mid-Atlantic Regional Digest (5/18/01): Industrial parts plant to set up in Portsmouth, Va.
May 18, 2001 Industrial parts plant to set up in Portsmouth, Va. The Virginian-PilotPORTSMOUTH, Va. - Hanmi International Corp. will build its plant at the PortCentre Commerce Park. The manufacturer of industrial parts and transporters plans to invest...
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