RECENT NEWS
Silverstein Scrambles to Save World Trade Center Deal
April 26, 2001 NEW YORK – A group led by developer Larry Silverstein, which had been negotiating with the Port Authority of New York and New Jersey over a 99-year lease for the 10.6 million-square-foot World Trade Center,...
Boston Properties Completes Citigroup Center Buy
April 26, 2001NEW YORK – Boston Properties Inc. (NYSE:BXP) and Allied Partners will pay $755 million for Citigroup Center in Manhattan, once closing and other costs are factored into the deal. The REIT and its partner paid $725...
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...
$1.14 Bln GE Capital Conduit to Price Today
April 25, 2001 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterThe $1.14 billion CMBS conduit deal from G.E. Capital (Series 2001-1) is due to price this afternoon, traders say. Price guidance, shown below, is said to...
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
Lender, Bank Form Investment Team
April 25, 2001 NEW YORK – Nissho Iwai American Corp. has formed an alliance with Whiteweld, Barrister & Brown Inc. to provide capital for real estate investments.The alliance would serve as a co-investor on deals originated by other...
CalSTRS Joins CalPERS as Investor in CIM Urban Investment Fund
April 25, 2001 LOS ANGELES – California State Teachers' Retirement System has committed to invest $45 million into the California Urban Real Estate Fund, a vehicle that aims to invest in commercial and residential developments in urban areas...
Boardwalk Equities Proposes Share Sale
April 25, 2001 CALGARY, Alberta - Boardwalk Equities Inc. (NYSE:BEI) intends to sell up to 410,000 common shares from their combined holdings.The controlling shareholders own or have control of more than 17.2 million common shares, representing about 34.4...
Keystone to Raise $93.9Mln in Stock Offering
April 25, 2001 Commercial Real Estate Direct Staff ReportKeystone Property Trust has filed to raise $93.9 million from a secondary stock offering of 7.5 million shares.Keystone will use proceeds of about $64.5 million to repay debt under its...
Washington REIT 1st Qtr FFO $0.47/shr vs $0.42/shr
April 25, 2001 Washington Real Estate Investment Trust 1st-Qtr 01 1st-Qtr 00 FFO (Mln) $16.9 $14.8 FFO/shr (diluted) $0.47 $0.42 Net Income (Mln) $10.7 $10.9 Net/shr (diluted) $0.30 $0.31 Revenue (Mln) $35.3 $32 Shares Outstanding (Mln) 36.2...
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...
Construction Begins on $250Mln Colo. Shopping Center
April 24, 2001 LAKEWOOD, Colo. - The Mills Corp. (NYSE:MLS) has begun construction at its $250 million Colorado Mills.The 1.2 million-square-foot retail and entertainment shopping center is located on 130 acres at the intersection of I-70, Colfax Avenue...
Moody’s May Downgrade Merrill Lynch Mortgage Investors, 1998-C3
April 24, 2001 NEW YORK – Moody's Investors Service is reviewing for possible downgrade four classes of Merrill Lynch Mortgage Investors Inc., 1998-C3.The rating agency said its action stems from the collateral pool's deteriorating performance. Six loans totaling...
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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.
