RECENT NEWS
Southeast Regional Digest (4/5/01): Brookhill Group refinances Ala. Shopping Center
April 5, 2001 Brookhill Group refinances Ala. Shopping CenterBIRMINGHAM, Ala. - The Brookhill Group refinanced its Hoover Square community shopping center with a $6.3 million loan from Column Financial, a division of Credit Suisse First Boston. The 94,000-square-foot...
Long Vacant Thrift HQ in Orange County, Calif., Sells for $18.5Mln
April 5, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterA Los Angeles investment group, Hudson Properties, has acquired a long-vacant office property in Costa Mesa, Calif., for $18.5 million, or about $130/sf.The luxurious Orange County complex,...
NetStruxr Adds Execs to Management Team
April 5, 2001 NetStruxr, an online leasing system, has added three senior executives as it builds out its operation.The San Francisco company has hired Jonathan Coun as vice president of its Spacedirect lease management application and Patrick Foy...
Praedium, Birtcher Pay $13.5Mln for Southern Calif. Offices
April 5, 2001 LAGUNA NIGUEL, Calif. – The Praedium Funds has teamed with Birtcher Real Estate Group to pay $13.5 million, or just over $87/sf, for Buena Park Commerce Plaza in Buena Park, Calif.The team purchased the 154,747-square-foot...
AMI Capital Closes $13.8 Mln Apartment Loan in California
April 5, 2001 UPLAND, Calif. – AMI Capital provided a $13.8 million refinance loan for a 289-unit apartment community to an undisclosed client.The 10-year Fannie Mae delegated underwriter servicer loan has a 30-year amortization with an interest rate...
Keystone Venture Buys Distribution Center in Cranbury, N.J.
April 5, 2001 CRANBURY, N.J. – A venture between CalEast Industrial Investors and Keystone Property Trust (Amex:KTR) has paid $32.3 million, or nearly $40/sf, for a distribution facility.The 813,000-square-foot property, which sits at Exit 8A off the New...
Former Bank HQ in Tampa, Fla., Converted to Telco Hotel
April 5, 2001 TAMPA, Fla. – A provider of Internet services has converted the former Citicorp Bank regional headquarters in east Tampa into a telecom hotel.TelePlace Tampa in October paid $12.5 million, or about $67/sf, for the Class-B...
Compass Sells 2 Hotel Brands in Deals Totaling $1.5Bln
April 5, 2001Compass Group PLC sold the Posthouse Hotel and the Heritage Hotel brands in two transactions totaling $1.5 billion.The Posthouse Hotel chain, which consisted of 79 properties in the United Kingdom and Ireland, was sold for 810...
Gables, JP Morgan Expand JV
April 4, 2001 ATLANTA - Gables Residential (NYSE:GBP) and J.P. Morgan Investment Management have been involved in a series of transactions involving 1,323 apartments in five communities valued at about $157 million.The transactions include Gables contributing three development...
Deed-in-Lieu Sought for Loan in 1996 Merrill Lynch Conduit Deal
Correction (April 4, 2001): Burnham Pacific is seeking a deed-in-lieu of foreclosure on a loan that was included in the collateral pool of Merrill Lynch Mortgage Investors, 1996-C1. The story below identified the wrong transaction.April 4, 2001Commercial Real...
Lexington Realty Advisors Buys Alliance, Texas, Property for $10Mln
April 4, 2001 NEW YORK - An affiliate of Lexington Corporate Properties Trust (NYSE:LXP) has purchased a property in Alliance, Texas, for $10 million.The property contains a two-story, 50,000-square-foot office building and a 70,000-sf distribution facility on 7.7...
SEC to Launch Proceeding Against JDN Realty
April 4, 2001 Commercial Real Estate Direct Staff ReportThe investigation of JDN Realty Corp. (NYSE:JDN) that the SEC launched last August has turned into a full-blown proceeding.According to the Atlanta-based shopping center REIT, the SEC disclosed on March...
Correction: Glimcher sells Fla. plaza to pay down debt
April 4, 2001 A story in yesterday's Southeast Regional Digest, "Glimcher sells Fla. plaza to pay down debt," incorrectly listed the sale price of the Perdido Point Plaza. The plaza sold for $2.6 million.
Correction: Deed-in-Lieu Sought for Loan in 1996 Merrill Lynch Conduit Deal
April 4, 2001Burnham Pacific is seeking a deed-in-lieu of foreclosure on a loan that was included in the collateral pool of Merrill Lynch Mortgage Investors, 1996-C1. A story published earlier today identified the wrong transaction.
Fitch Upgrades Mortgage Capital Funding Series 1995-MC1 P-T
April 4, 2001 NEW YORK – Fitch upgraded two classes in Mortgage Capital Funding Inc.'s series 1995-MC1 P-T, and affirmed other classes it rates.The rating agency raised the $12.6 million class A-3 and interest only class I-3 to...
SunTrust Building in Jacksonville, Fla., Hits the Block
April 4, 2001Commercial Real Estate Direct Staff ReportThe SunTrust Building in downtown Jacksonville, Fla., has been put up for sale, and its owners could see a price of just under $100/sf, or about $24 million.SB Jax of London...
Pacific Gulf Sells 2 Industrial Properties to CalWest
April 4, 2001 NEWPORT BEACH, Calif. – Pacific Gulf Properties Inc. (NYSE:PAG) has closed on the sale of two of its remaining industrial properties to CalWest Industrial Properties LLC for about $9.7 million.The sale of the Geneva property...
Starwood Takes Full Ownership of Toronto Hotel
April 4, 2001 Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT) has paid C$75 million (US$43 million) for the 50 percent interest it did not already own in the Sheraton Centre Toronto, a 1,377-key hotel it manages in the...
Southeast Regional Digest (4/4/01): Another office park in works on Philips in Jacksonville, Fla.
April 4, 2001 Another office park in works on Philips in Jacksonville, Fla.Florida Times-Union (Jacksonville)JACKSONVILLE, Fla. - Brownfields Properties LLC is clearing a site along Philips Highway for a $15 million office center. Plans call for a development...
Pacific Property to Acquire Calif. Apartment Community for $22Mln
April 4, 2001 MILPITAS, Calif. – Pacific Property Co. will buy a 137-unit apartment community for $22 million.The company plans to invest $2 million to renovate and upgrade the Suntree Garden apartment complex, which is 100 percent occupied....
Ventas Extends 10-K Filing Deadline
April 4, 2001 LOUISVILLE, Ky. – Ventas Inc. (NYSE:VTR) is obtaining a 15-day filing extension for its 2000 annual report in order to coordinate the filing with Vencor, its primary tenant, which is emerging from bankruptcy. Vencor is...
Entertainment Properties Denies BRT Realty Trust’s Tender Offer, Again
April 4, 2001 KANSAS CITY, Mo. – Entertainment Properties Trust (NYSE:EPR) has denied BRT Realty Trust's (NYSE:BRT) proposed purchase of up to 1 million shares for $18/share.In response to BRT, the company issued a statement saying the offer...
Shurgard Retires $122.5 Mln Secured Debt
April 4, 2001 SEATTLE – Shurgard Storage Centers Inc. (NYSE:SHU) has retired $122.5 million in mortgages that were scheduled to mature June 1.The net payoff amount was about $115.2 million. With the payoff, all 85 properties used as...
Parkway Properties Sells Equity Interests in REITS
April 4, 2001 JACKSON, Miss. - Parkway Properties Inc. (NYSE:PKY) has sold its equity interests in other REITs held through its REIT Significant Value Program initiative.A nonrecurring gain of about $1.6 million, or $0.17 per diluted share, will...
HRPT Properties Trust 4th Qtr FFO $0.34/shr vs $0.37/shr
April 3, 2001 HRPT Properties Trust 4th-Qtr 00 4th-Qtr 99 12-mos 00 12-mos 99 FFO (Mln) $48.9 $52.5 $200.1 $241.0 FFO/shr (diluted) $0.34 $0.37 $1.39 $1.68 Net Income (Mln) $57.2 $13.0 $142.3 $113.9 Net/shr (diluted) $0.43 $0.10...
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