RECENT NEWS
Edward V. LaPuma Named President of Carey Institutional Properties
April 26, 2001 NEW YORK – W.P. Carey & Co. LLC (NYSE:WPC) has appointed Edward V. LaPuma as president of Carey Institutional Properties. LaPuma will be responsible for strategic and capital market decisions; he will continue as a...
Meeting on World Trade Center Sale Set for Today
April 26, 2001 Commercial Real Estate Direct Staff ReportThe Port Authority of New York and New Jersey is meeting at 2:30 this afternoon to decide the future of the World Trade Center. Late last night, the Authority was...
Canada Digest (4/26/01): RioCan enters leases agreements with U.S. retailers
April 26, 2001 RioCan REIT enters lease transactions with major U.S. retailersTORONTO - RioCan REIT has entered into lease agreements with Old Navy and HomeSense. Three Old Navy stores are involved in the deal: A 20,000-square-foot store at...
BentleyForbes Buys Colo. Office Building for $11Mln
April 26, 2001 ENGLEWOOD, Colo. – BentleyForbes has acquired a Class-A office building from RSA Cos. Inc. for $11 million.The property consists of a four-story, 65,179-square-foot building on 5.3 acres in the Southfield Business Park.RSA has signed a...
World Trade Center Deal Struck
April 26, 2001 Larry Silverstein, Westfield America Inc. (NYSE:WEA) and investor Lloyd Goldman have just clinched a lease on the World Trade Center, Manhattan's biggest real estate trophy.The 99-year net lease on the 10.6 million-square-foot office and retail...
Bell Selling $136Mln in Residential Properties to Berwind
April 26, 2001 GREENSBORO, N.C. – Steven D. Bell & Co. is selling 12 apartment properties in the Southeast to the Berwind Property Group of Philadelphia in a deal valued at more than $136 million.Bell, a real estate...
CAP REIT Purchases 2 Apartment Buildings
April 26, 2001TORONTO – Canadian Apartment Properties Real Estate Investment Trust (TSE:CAR) has acquired two apartment buildings in Ontario – one in Mississauga and another in Toronto.CAP REIT paid C$11.2 million (US$7.2 million, or $52,852/unit) for the 137-suite...
Colony Capital Buys Atlantic City Hotel
April 26, 2001 Sun International Hotels Ltd. (NYSE:SIH) has sold the Resorts Casino Hotel to an affiliate of Colony Capital LLC for $144.5 million in cash and notes. Under the deal, Sun International received about $127 million in...
Keystone Looks to Gain $86Mln From Offering
April 26, 2001 WEST CONSHOHOCKEN, Pa. – Keystone Property Trust (AMEX:KTR) has priced 7.5 million shares at $12.20/share, or $86.1 million. Proceeds of $29.4 million will be used to complete the purchase of 2.5 million shares and units...
$883.8 Mln GNR 2001-16 (Ginnie Mae Multifamily REMIC; CSFB)
April 26, 2001 The table below shows pricing released today on Credit Suisse First Boston's Ginnie Mae project deal from mid-March, scheduled for settlement this coming Monday. The first pay date is May 16. Collateral is composed of...
FINAL PRICING: $1.14 Bln GE Capital Commercial Mortgage Corp., Series 2001-1
April 25, 2001 Note: The price guidance seen below is originally from April 19. Talk was said to have tightened on some classes since that time. Class Amount Sub. Rate Rating Moody's Rating Fitch Avg. Life Price Talk...
Highwoods to Repurchase Additional 5Mln Shares
April 25, 2001 RALEIGH, N.C. - Highwoods Properties (NYSE:HIW) will repurchase up to an additional 5 million shares and units of its current 61.9 million outstanding common shares and operating partnership units The shares will be purchased through...
LaSalle Bank Provides $15Mln for Austin, Texas, Retail Property
April 25, 2001 The Chicago office of LaSalle Bank has provided $15 million in acquisition financing to Lake Creek Partners Ltd. for Lake Creek Festival, a 285,355-square-foot shopping center in Austin, Texas.Lake Creek paid a private pension fund...
Reis Initiates Commercial Real Estate Forums
April 25, 2001 NEW YORK - Reis Inc. has launched online commercial real estate forums for Atlanta, Chicago and Dallas at its Web site.The forums assist investment professionals with information on market conditions and transactions.The discussions allow real...
SL Green to Sell 1412 Broadway for $92Mln
April 25, 2001 NEW YORK – SL Green Realty Corp. (NYSE:SLG) has agreed to sell 1412 Broadway to an affiliate of JER Partners, a subsidiary of J.E. Robert Cos., for $91.5 million.Under the terms of the transaction, SL...
O&Y Properties, CB Richard Ellis Form Partnership
April 25, 2001 TORONTO, Ontario - O&Y Properties Corp. (TSE:OYP) and CB Richard Ellis Ltd. have formed a partnership to develop facilities management and corporate real estate services in Canada.The venture, O&Y CB Richard Ellis Facilities Management, will...
Chicago-Area Hotel Hits the Sales Block
April 25, 2001 By Susanna Potter, Commercial Real Estate Direct Staff WriterPrudential is looking to sell the Sheraton North Shore Hotel, a 386-unit property just outside Chicago in Northbrook, Ill.The insurance company has hired the New York office...
Column Provides $55Mln Loan for Pasadena, Calif., Offices
April 25, 2001 By Susanna Potter, Commercial Real Estate Direct Staff WriterColumn Financial has provided $55 million of mortgage debt to the owner of two office buildings in the Old Town area of Pasadena, Calif.The borrower, a large...
Southeast Regional Digest (4/25/01): Fort Lauderdale, Fla., hotel site could get condos
April 25, 2001Fort Lauderdale, Fla., hotel site could get condosThe Sun-Sentinel (Fort Lauderdale, Fla.)FORT LAUDERDALE, Fla. - Developers are proposing to tear down the six-story Art Deco Lauderdale Beach Hotel and replace it with a 28-story condominium. The...
Houston Office Leasing, Sales Slow to Near Halt
April 25, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterHouston's office market lost a bit of ground in the first quarter – no surprise given the nationwide economic uncertainty.Space absorption slowed to a near halt as...
WinShip Receives $28Mln in Financing for Park Plaza Hotel in Calif.
April 25, 2001 BURLINGAME, Calif. - WinShip Properties has received $28 million to upgrade the 302-room Park Plaza Hotel at 1177 Airport Blvd.The five-year loan was provided by Fremont Investment & Loan.Cohen Financial arranged the transaction.Comments? E-mail
Houston Office Building On the Block
April 25, 2001By Susanna Potter, Commercial Real Estate Direct Staff WriterAn institutional quality Class-B building in downtown Houston hit the market this week with an asking price of $13.3 million, or about $126.50/sf.Rusk Partners has hired Trammell Crow...
Monmouth Buys Industrial Building in Md. for $9Mln
April 25, 2001 BELTSVILLE, Md. – Monmouth Real Estate Investment Corp. (Nasdaq:MNRTA) has acquired an industrial building from Scannell Properties #19 LLC for $9 million.The 109,735-square-foot structure is net leased to FedEx Ground Package System Inc. for 10...
Fitch Upgrades Salomon Brothers, 1996-C1
April 25, 2001 NEW YORK - Fitch has upgraded four classes of Salomon Brothers Mortgage Securities VII Inc.'s 1996-C1 mortgage pass-through certificates.The following classes were upgraded:- $14.8 million class C to triple-A from double-A-plus- $9.5 million class D...
Cornerstone Realty 1st Qtr FFO $0.32/shr vs $0.32/shr
April 25, 2001 Cornerstone Realty Income Trust 1st-Qtr 01 1st-Qtr 00 FFO (Mln) $17.2 $18.3 FFO/shr (diluted) $0.32 $0.32 Net Income (Mln) $0.5 $24.6 Net/shr (diluted) $0.01 $0.65 Revenue (Mln) $35.9 $37.1 Shares Outstanding (Mln) 34.5 38.0
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