RECENT NEWS
West Regional Digest (5/14/01): Glenborough partnership to build $800Mln condo/office development in
May 14, 2001 Peninsula bets on high-rise housing; Glenborough joins forces for $800M condo development San Francisco Business TimesSAN FRANCISCO – Glenborough Realty Trust Inc. and Pauls Corp. plan to build 33 condo towers, consisting of 1,300 units,...
Southeast Regional Digest (5/14/01): LEO Steel weighing options for Ky. facility
May 14, 2001 LEO Steel weighing options for Ky. facilityBusiness First of Louisville (Ky.)JEFFERSONVILLE, Ky. - LEO Inc. is planning to locate a $176 million steel operation at either Jefferson Riverport International or Clark Maritime Centre. The company...
State Agency Signs $175Mln Sublease for Office in Sacramento, Calif.
May 11, 2001 WEST SACRAMNETO, Calif. – The State of California's Department of General Services has signed an 18-year sublease for 319,484 square feet in West Sacramento's Ziggurat Building.The $30/sf lease is worth more than $175 million, according...
Suburban Apartment Complex in Wash. for Sale
May 11, 2001 By Susanna Potter, Commercial Real Estate Direct Staff WriterA regional apartment developer in Washington is looking to sell a new 181-unit multifamily property just outside Tacoma for $15.3 million.SEB Inc. has retained Kidder, Mathews &...
Southeast Regional Digest (5/11/01): New York company selling Coral Gables, Fla. office building for
May 11, 2001 Gables' Omni Colonnade close to being sold for $60MlnDaily Business ReviewCORAL GABLES, Fla. – The New York-based owner of Coral Gables' Omni Colonnade building, which includes a hotel with 157 rooms, 130,000 square feet of...
Brookfield Continues Consolidation of Office Properties
May 11, 2001 NEW YORK – Brookfield Properties Corp. (NYSE:BPO) has agreed to buy a further 5.4 percent of its New York and Boston assets owned through Brookfield Financial Properties.The Toronto-based company is paying an affiliate of Citibank...
G&L Realty Reaches Merger Agreement
May 11, 2001 BEVERLY HILLS, Calif. – The board of directors at G&L Realty Corp. (NYSE:GLR) will sell all outstanding shares of common stock to the firm's chief executive officer and its president for $12/share.After Daniel M. Gottlieb...
1st Qtr Earnings Recap
May 11, 2001 1st Quarter 2001 1st Quarter 2000 Company FFO (Mln) FFO/shr (diluted) Net Income (Mln) Net Income/shr (diluted) Revenue (Mln) FFO (Mln) FFO/shr (diluted) Net Income (Mln) Net Income/shr (diluted) Revenue (Mln) Associated Estates Realty Corp....
Hilton Completes $400Mln Bond Sale
May 11, 2001 BEVERLY HILLS, Calif. – Hilton Hotels Corp. (NYSE:HLT) has completed the sale of $400 million of seven-year senior unsecured notes.The notes – rated Baa3 by Moody's and triple-B-minus by both S&P and Fitch – carry...
Insurer Buys Tokyo Office Project for $30Mln
May 11, 2001 An unidentified U.S.-based insurance fund has bought a turn-key office building being developed in Tokyo for about $30 million, or $655/sf.Revlon sold 2-11-16 Minami Aoyama, an 11-story, 45,800-square-foot office tower that is rising in the...
FINAL PRICING: $1.44 Bln TrizecHahn Office Properties Trust, Series 2001-TZH
May 11, 2001 Class Amount Sub. Rate Rating S&P Rating Fitch Rating Moody's Avg. Life Price Talk Revised Talk* Priced Benchmark A-1FL 256.6 38.4 AAA AAA Aaa 4.92 +28-30 +28-29 +28 Libor A-2 74.9 38.4 AAA AAA Aaa...
Post Properties Sells Nashville, Dallas Communities for $26.4Mln
May 11, 2001NASHVILLE, Tenn. – Post Properties Inc. (NYSE:PPS) has sold two apartment properties, one in Tennessee and one in Texas, for $26.4 million. The Post Lee, in Nashville, has 80 units, and was sold to an affiliate...
PRICE TALK: $215 Mln Banc of America Large Loan, Series 2001-1166
May 11, 2001 Collateral is a first mortgage lien on nine floors of commercial condominiums in the 44-story 1166 Avenue of the Americas building in Midtown Manhattan, securing a loan of $215 million. Class Amount ($mln) Rating Fitch...
Health Care Property Investors Offers 3.5Mln Shares of Common Stock
May 10, 2001NEWPORT BEACH, Calif. – Health Care Property Investors Inc. (NYSE:HCP) is selling 3.5 million shares of common stock, from an existing shelf registration, for $122 million, or $34.80/share. Proceeds of $115 million will be used to...
Pacific Property Co. Sells Apartments for $17.8Mln
May 10, 2001PACIFICA, Calif. – Pacific Property Co. has sold a 98-unit apartment complex in Pacifica for $17.8 million, or $181,122/unit. A private investor from Santa Clara County bought the Summit at Skyline complex, formerly known as the...
Western Realco Receives $37Mln Financing for Calif. Industrial Park
May 10, 2001 ONTARIO, Calif. - Western Realco has received $37 million in construction financing from Times Square Real Estate Investors for a proposed industrial park. Mission Business Park will consist of three industrial buildings totaling 1.1 million...
Hayman Co. Hires Sanford Aaron as VP, Business Development
May 10, 2001 TROY, Mich - The Hayman Co. has named Sanford Aaron vice president of business development.Aaron previously worked with KPMG in its Washington, D.C., national tax office in the real estate and pass-through entity division. Prior...
Fitch Rates Starwood Hotel & Resorts Convertible Notes
May 10, 2001CHICAGO - Fitch has assigned a triple-B-minus rating to Starwood Hotel & Resorts Worldwide Inc.'s zero-coupon convertible senior notes. The outlook is stable.The notes, which mature in 2021, will be issued in two tranches: $200 million...
Pension Fund Invests in 2 Boston-Area Apartment Communities
May 10, 2001 GE Capital Investment Advisors has invested in two luxury-apartment communities in the greater Boston area on behalf of one of its pension-fund clients. The firm in February acquired Jefferson on the Park, a 240-unit apartment...
S&P Lowers Morgan Stanley’s 1998-CF1 Ratings
May 10, 2001NEW YORK – Standard & Poor's lowered its ratings on three classes of Morgan Stanley Capital I Inc.'s series 1998-CF1, and affirmed other classes it rates.The ratings are as follows: class G lowered to single-B-plus from...
FINAL PRICING: $365.3 Mln G-Wing Ltd. (GMAC 2001-WH1 mezzanine loans)
May 10, 2001 Class Amount Sub. Rate Rating S&P Avg. Life Price Talk Priced Benchmark A 198.5 56.5 A NA +140 area +140 Libor B 166.8 20.1 BBB NA +275 area +275 Libor The seller, GMAC Commercial Mortgage...
New Merrill Canadian CMBS Deal Being Shopped
May 10, 2001Commercial Real Estate DirectA new $248.7 million (US$161.1 million) CMBS transaction in Canada is in the market from Merrill Lynch, that country's leading real estate securitization firm. The deal, Merrill Lynch Financial Assets Inc. Series 2001-Canada...
Fitch Upgrades SASCO Floating-Rate Trust, 1998-C3
May 10, 2001 NEW YORK – Fitch has upgraded SASCO Floating-Rate Commercial Mortgage Trust, 1998-C3, because amortization and loan payoffs have resulted in a "significant" increase in subordination levels.The rating agency upgraded the issue's:– $27.5 million class D...
S&P Lowers Ratings on Asset Securitization’s 1996-D2
May 10, 2001 NEW YORK - Standard & Poor's has lowered its ratings on three classes of Asset Securitization Corp.'s 1996-D2 commercial mortgage pass-through certificates. The deals other classes have been affirmed.Class B-1H has been lowered to triple-C...
FelCor to Buy MeriStar in $2.7Bln Merger; May Seek $1.6Bln Re-fi
May 10, 2001IRVING, Texas – FelCor Lodging Trust Inc. (NYSE:FCH) has agreed to buy MeriStar Hospitality Corp. (NYSE:MHX) in a transaction, valued at $2.7 billion, that will result in FelCor becoming the largest U.S. lodging REIT. The merger...
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