RECENT NEWS
United Overseas Land Subsidiary Buys Asian Hotel Portfolio for $82Mln
May 1, 2001 SINGAPORE – Hotel Plaza Ltd. has paid $82 million for the joint venture and loan interests in three Southeast Asian hotels from the Singapore-based CapitaLand group.The portfolio consists of the 359-unit Yangon Equatorial in Myanmar,...
Revenue Properties to Sell 7.8Mln shares
May 1, 2001TORONTO - Pan Pacific Retail Properties Inc. (NYSE:PNP) has filed to sell 7.8 million of its common shares held by Revenue Properties Inc. (TSE:RPC).Pan Pacific is a wholly owned subsidiary of Revenue Properties.The closing price of...
27 Acres in Southern Calif. Office Park Sold
May 1, 2001 Special to Commercial Real Estate DirectOne of the biggest real estate players in southern California's Inland Empire region has formed a team to buy the last 27 acres in the Centrelake Business Park in Ontario.The...
Commercial Real Estate Markets Stabilizing, According to NAR
May 1, 2001 WASHINGTON – Though commercial market sectors slowed during the last three months of 2000, a general improvement is expected during the second half of this year, according to the National Association of Realtors' Commercial Real...
Archon Adds Retail Division, Names VP
April 30, 2001 IRVING, Texas - Archon Group LP has added a retail division to focus on acquisitions and asset management in that sector.The company also has named Steve Lipscomb as senior vice president of Archon Retail. Prior...
GMAC Provides $16Mln for Ariz., Texas Hotels
April 30, 2001 GMAC Commercial Mortgage Corp. provided $16 million in permanent financing for three hotel properties, two in Texas and one in Arizona. BMRI Hotel Property Ltd. received $6.3 million in adjustable-rate financing for the three-story, 102-unit...
Deutsche Provides $12Mln for Pa. Shopping Center
April 30, 2001 RIDLEY, Pa. – Harper Associates has received a $12 million conduit loan for the Ridley Shopping Center from Deutsche Bank Mortgage Capital LLC. Proceeds will be used to refinance the retail center, at the intersection...
Prudential Closes $116Mln Loan for Outrigger Enterprises Hotels
April 30, 2001 WAIKIKI, Hawaii - Prudential Mortgage Capital Co. has provided $116 million of mortgage financing for five Outrigger Enterprises hotels in Waikiki, Hawaii.The refinancing is comprised of three loans: a $72.3 million loan on the 883-room...
Jones Lang LaSalle Hotels launches Digest Europe 2001
April 30, 2001 LONDON, England – European hotel investment increased last year for the seventh consecutive year, posting a 20 percent increase in activity to 2.3 billion euros (US$2.1 billion).Investment was concentrated in Continental European markets, which had...
Glimcher Offers Common Shares
April 30, 2001 COLUMBUS, Ohio – Glimcher Realty Trust (NYSE:GRT) is offering 5 million common shares of beneficial interest.The last sale price of the common shares as reported on the New York Stock Exchange on April 26 was...
Wexford Bancgroup Names Aaron Abelson Assistant VP
April 30, 2001 CHICAGO - Wexford Bancgroup has named Aaron T. Abelson assistant vice president/investment officer. Abelson will be responsible for originating commercial mortgage loans for the company's conduit, bridge and hard money programs. He previously worked for...
Continental Development Buys L.A.-Area Shopping Centers
April 30, 2001 Special to Commercial Real Estate DirectAffiliates of Continental Development Group have purchased two fully leased Los Angeles-area community shopping centers for $15.8 million, or $126.56/sf, according to Grubb & Ellis, which brokered the deal.The two...
Calif. Industrial Building Pre-Leased
April 30, 2001 Special to Commercial Real Estate DirectPremier Industries, which makes plastic and foam products for packaging and construction, has pre-leased 136,585 square feet at an industrial building now under construction in Lathrop, Calif.The 12-year lease is...
Southeast Regional Digest (4/30/01): Jacksonville may grant $75Mln to redevelopment project
April 30, 2001 Jacksonville may grant $75Mln to redevelopment projectThe Business Journal of Jacksonville (Fla.)JACKSONVILLE, Fla. - Jacksonville's $782.4 million riverfront redevelopment is seeking $75 million in incentives. The project, built in three phases over 10 years, consists...
PRICE TALK: $1 Bln Bear Stearns Commercial Mortgage Securities, Series 2001-TOP2 Trust
April 30, 2001 Class Amount Sub. Rate Rating Fitch Rating S&P Avg. Life Price Talk Benchmark A-1 325.9 15 AAA AAA 5.7 +43-44 Swaps A-2 529.7 15 AAA AAA 9.7 +47-48 Swaps B 26.4 12.375 AA AA 9.9...
Joint Venture closes on $134Mln Quaker Tower
April 30, 2001 CHICAGO - A joint venture has closed on the purchase of Quaker Tower from Shuwa Corp for $134 million, or $159/sf, according to the Chicago Tribune.The venture included J.P Morgan Chase & Co., New York...
Ernst & Young Names Mark Smith Head of Global Corporate Real Estate Advisory Service
April 30, 2001NEW YORK - The Real Estate Advisory Services Group of Ernst & Young LLP has named Mark A. Smith head of its global corporate real estate advisory service practice. Smith previously headed the Real Estate Advisory...
REVISED PRICE TALK: $455 Ten Affiliates of Strategic Hotel Capital, Series 2001-SHC1
April 27, 2001 Class Amount ($mln) Rating Moody's Rating S&P Avg. Life Pricetalk Revisedtalk Benchmark A 154.8 Aaa AAA 5 +28 area +30 area Libor B 105.5 Aaa AA 5 +40 area +43 area Libor C 86.8 A1...
Canada Digest (4/27/01): 2 Montreal apartment towers planned
April 27, 2001 2 Montreal apartment towers plannedThe Montreal GazetteMONTREAL - Local investors are planning to build two projects which will add as many as 461 units of high-end rental construction downtown. One project will be 1445 Stanley,...
Investor Buys Calif. Home Depot Store
April 27, 2001 Special to Commercial Real Estate DirectO'Hearn Trust has acquired the Home Depot store in San Fernando, Calif., for $14.65 million.The property sits on an 8.7-acre site. Home Depot is expanding the store and related facilities...
LaSalle Provides $29Mln in Permanent Financing for Milwaukee Office Building
April 27, 2001 MILWAUKEE – Schlitz Rivercenter LLC received $29 million in permanent financing from LaSalle Bank for a 470,000-square-foot office building.The four-story Rivercenter Office Building also includes warehouse space.The 10-year loan has a 30-year amortization and carries...
TOP2 CMBS Deal Near Launch; 1166 Ave. of the Americas Securitization Expected Soon
April 27, 2001 Commercial Real Estate DirectThe anticipated $1 billion conduit transaction from Bear Stearns, Wells Fargo Bank, Morgan Stanley Dean Witter, Principal Commercial Funding and John Hancock Real Estate Finance is now in the market.Presale reports for...
Former Cushman & Wakefield Vet Don Shaver Joins Insignia/ESG
April 27, 2001 Special to Commercial Real Estate DirectInsignia/ESG has beefed up its San Francisco Bay Area brokerage operation with the recruitment of Don Shaver, a veteran broker with Cushman & Wakefield who most recently was president of...
Nationwide Provide $17.7Mln in Financing for Memphis, Tenn., Warehouse
April 27, 2001 MEMPHIS, Tenn. – AF Memphis LLC has received $17.7 million in permanent financing from Nationwide Life Insurance Co. for a 1.1 million-square-foot warehouse building.The 10-year fixed-rate loan has a 25-year amortization and carries an interest...
1st Qtr Earnings Recap
April 27, 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) Agree Realty Corp. $3.1...
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Commercial Real Estate Direct is the only source -- in print or otherwise -- that keeps close tabs on the entire real estate capital markets industry. It provides up-to-date market intelligence on the mortgage business, equity raising, investment sales and CMBS.
