RECENT NEWS
Federal Realty Closes on Construction Loan for Mixed Community
April 18, 2001 ROCKVILLE, Md. - Federal Realty Investment Trust (NYSE:FRT) has closed on a $295 million construction loan for the development of its Santana Row property in San Jose, Calif.The urban mixed community, on 40 acres, will...
Hines, GM Unit Complete Buy of Atlanta Financial Center
April 17, 2001 ATLANTA – A partnership between Hines and General Motors Asset Management has completed its purchase of the Atlanta Financial Center. The 900,000-square-foot building was originally slated to be purchased by Hines and General Electric's pension...
Criimi Mae Emerges From Bankruptcy
April 17, 2001ROCKVILLE, Md. – Criimi Mae Inc. (NYSE:CMM) is back in businesss.The once-dominant player in the subordinate CMBS market today completed its reorganization and emerged from bankruptcy.The company now owns a fraction of the CMBS it owned...
Franchise Finance Lends $50Mln for Gas Stations
April 17, 2001 SCOTTSDALE, Ariz. – Franchise Finance Corp. of America (NYSE:FFA) has provided $50 million of fixed-rate mortgage financing to the Wills Group for its purchase of 78 Shell and Texaco gasoline outlets.The outlets are all dealer-operated...
Skechers to Take Over eToys Warehouse Lease in Southern Calif.
April 17, 2001 Special to Commercial Real Estate DirectSkechers USA is about to take over the lease on a huge warehouse in the heart of southern California's booming Inland Empire distribution hub that is being vacated by bankrupt...
Southeast Regional Digest (4/17/01): Nextrom signs lease with ProLogis in Atlanta distribution park
April 17, 2001 Nextrom signs lease with ProLogis in Atlanta distribution park ATLANTA - ProLogis has signed a multiyear lease with Nextrom for 51,600 square feet of industrial space in ProLogis Park Sugarloaf. The company will occupy the...
UBS Realty Hires Midland to Service Mortgages
April 17, 2001 KANSAS CITY, Mo. – UBS Realty Investors LLC has outsourced the servicing of its $534 million commercial mortgage portfolio to Midland Loan Services Inc.The addition means Midland services a portfolio of 3,600 loans totaling $11.5...
IRT Buys Orlando, Fla., Retail Center for $8Mln
April 17, 2001 ORLANDO, Fla. – IRT Property Co. (NYSE:(NYSE: IRT) has acquired a 102,985-square-foot shopping center in the city's Winter Park area for about $8 million.The Unigold Shopping Center is 97 percent leased and anchored by a...
Bass to Build 2 Crowne Plaza Hotels in Dominican Republic
April 17, 2001 DOMINICAN REPUBLIC – Bass Hotels & Resorts (NYSE:BAS) will build two Crowne Plaza hotels here, one in the capital, Santo Domingo, and one in Santiago.The $16 million Crowne Plaza in Santo Domingo, on El Malecon...
San Francisco’s BofA Building Off the Sales Block
April 17, 2001 The owners of the Bank of America building in downtown San Francisco have reportedly pulled the trophy office tower off the sales block.The Shorenstein Co. and BofA are looking for other ways to recapitalize the...
AmeriVest to Buy Its Shares
April 17, 2001 DENVER - AmeriVest Properties Inc. (NYSE:AMV) will purchase shares of its common stock for its dividend reinvestment plan.The purchase will be in the open market for its first-quarter dividend of $0.125/share, payable to shareholders of...
GMAC Unit Buys Property Inspection Firm
April 17, 2001 BILLERICA, Mass. – McCracken Financial Software Inc., an affiliate of GMAC Commercial Mortgage, has acquired FASRE Field Services Inc., a large commercial property inspection firm.The purchase gives McCracken, whose software is widely used by servicers...
Investcorp Buys Apartments in Ga., N.C, Valued at $85Mln-plus
April 17, 2001NEW YORK - Investcorp has purchased two apartment properties with a combined value of more than $85 million.The company bought The Gardens of Dunwoody Apartments in a joint venture with Shelter Properties of Baltimore. The complex...
Kennedy-Wilson Buys 320,130-sf Office Portfolio for KWI Property Fund I
April 17, 2001 HOUSTON - Kennedy-Wilson Inc. (NYSE:KWIC) has completed the acquisition of a suburban office portfolio consisting of three properties for the company's KWI Property Fund I LP.Terms of the deal were not disclosed.KWI Property Fund I...
So. Calif. Apartment Building Fetches $21.8Mln
April 17, 2001 DIAMOND BAR, Calif. – Pacific Gulf Properties Inc. (NYSE:PAG) has sold Daisy 7-11, the last of its properties in its southern California apartment portfolio, for $21.75 millionThe $106,617/unit price that Eagle Real Estate Group paid...
Public Storage Repurchases Additional Shares
April 16, 2001 GLENDALE, Calif. - Public Storage Inc. (NYSE:PSA) has increased the number of common shares it will repurchase to 25 million from 20 million.The shares may be repurchased periodically on the open market or in privately...
American Industrial Sets Shareholder Meeting to Vote on Sale
April 16, 2001 IRVING, Texas - American Industrial Properties REIT (NYSE:IND) will hold a special meeting of shareholders on May 14 to approve the REIT's agreement to sell itself to Developers Diversified Realty Corp. (NYSE:DDR)In addition, shareholders will...
Equity Office Files to Sell $3Bln in Debt
April 16, 2001 Equity Office Properties Trust (NYSE:EOP) has filed to sell up to $3 billion of unsecured debt.The REIT's operating limited partnership filed a shelf registration with the SEC to sell the debt securities and warrants.The REIT...
Merrill, Deutsche Provide $263Mln of Debt to Criimi
April 16, 2001 Commercial Real Estate Direct Staff ReportCriimi Mae, which said it would emerge from bankruptcy tomorrow, is getting $263 million of financing from Merrill Lynch and Deutsche Bank.In addition, the REIT – Criimi will remain a...
Investment Firm Buys Raw Land in Downtown LA
April 16, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterTerrapark Inc. has purchased a development site in downtown Los Angeles – the first such deal in the area in a decade.The New York firm purchased the...
Film School Relocates Unit to Ventura, Calif.
April 16, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterThe prestigious Brooks Institute of Photography in Santa Barbara, Calif., is expanding and relocating its film division with the lease of a 73,000-square-foot studio in Ventura.Terms of...
G&L Realty Agrees to Exec-Led Buyout
April 16, 2001 BEVERLY HILLS, Calif. – G&L Realty Corp. (NYSE:GLR) has agreed to sell its outstanding shares of common stock to its chief executive officer and its president.Under the healthcare REIT's agreement with CEO Daniel M. Gottlieb...
Criimi Mae to Emerge From Bankruptcy, Sees Increasing Loan Delinquencies
April 16, 2001ROCKVILLE, Md. – Criimi Mae Inc. (NYSE:CMM) is slated to emerge from bankruptcy tomorrow, April 17.The REIT, which had been arguably the most active buyer of subordinate CMBS before 1998, said all the key parties to...
Kramont Sells Anneslie Shopping Center in Baltimore
April 16, 2001 BALTIMORE – Kramont Realty Trust (NYSE:(NYSE: KRT) has sold the Anneslie Shopping Center to a local office developer for $6.3 millionThe 173,000-square-foot retail center contained a vacant 94,000-sf, three-story department store building that formerly housed...
PNC Taps JBS to Sell $20Mln of Loans
April 16, 2001 CHICAGO – PNC Bank has hired JBS & Associates of Chicago to market for sale some $20 million of nonperforming and charged-off commercial loans. JBS plans to sell the loans to the highest bidders via...
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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.
