RECENT NEWS
Cendant Buys Fairfield Communities for $690Mln
April 2, 2001NEW YORK – Cendant Corp. (NYSE:CD) has completed the purchase of Fairfield Communities Inc. for about $690 million in cash. The transaction is expected to immediately increase the company's earnings.At the same time, Fairfield transferred its...
Brookfield Closes $337Mln Sale of Stake in 2 Boston Offices
April 2, 2001 Brookfield Properties Corp. (NYSE:BPO) has closed the sale of a 49 percent interest in its two Boston office properties to a subsidiary of Deutsche Bank AG.Deutsche Grundbesitz Management GmbH paid $168 million in cash and...
JDN Realty Receives $300Mln Senior Secured Credit Facility
April 2, 2001 ATLANTA – JDN Realty Corporation (NYSE:JDN ) has received a $300 million secured credit facility from a bank group led by Fleet National Bank.The facility consists of a $150 million loan and a $150 million...
Banyan, Denholtz Extend Due Diligence Period
April 2, 2001 CHICAGO – Banyan Strategic Realty Trust (Nasdaq:BSRTS) has extended the due diligence period for Denholtz Management Corp.'s agreement to buy all of Banyan's assets.Denholtz in January agreed to pay $226 million for all of Banyan's...
Fremont Hires Lend Lease Rosen to Advise on REIT Fund
April 2, 2001 SAN FRANCISCO – Fremont Investment Advisors has hired Lend Lease Rosen Real Estate Securities LLC as the new sub-adviser of its Fremont Real Estate Securities Fund.Lend Lease replaces Kensington Investment Management as the fund's sub-adviser.Fremont...
ProLogis Forms $240Mln North American Properties Fund
April 2, 2001 DENVER – ProLogis (NYSE:PLD) has closed a $240 million properties fund, its second to target distribution facilities in North America.First Islamic Investment Bank E.C., a Bahrain-based investment bank, has arranged and funded about $57 million...
Corporate Office Properties Trust Prices $25Mln Public Offering
April 2, 2001 COLUMBIA, Md. – Corporate Office Properties Trust (NYSE:OFC) has priced 1 million shares of its 10.25 percent series E cumulative redeemable preferred shares that will be offered under an existing shelf registration.The company expects to...
FelCor to Buy Hotel Leases from Bass Hotels, to Take $125Mln Charge
April 2, 2001 IRVING, Texas – FelCor Lodging Trust Inc. (NYSE:FCH) is buying back lessee interests in 88 hotels from Bass Hotels & Resorts Inc.Bass will continue to manage the properties under long-term contracts. FelCor will contribute the...
Southeast Regional Digest (4/2/01): Somerset complex in Raleigh, N.C., to be sold for $40Mln
April 2, 2001 Somerset complex in Raleigh, N.C., to be sold for $40MlnThe Business Journal (Raleigh/Durham)RALEIGH, N.C. – The six-building Somerset complex is under contract to be sold for about $40 million, significantly below the price sought just...
Upscale Hotel in Japan Sells for $70Mln-plus
March 30, 2001 A joint venture between Soros Real Estate Partners and Westmont Hospitality Royal Hotel Ltd. has paid between 8.5 billion and 9 million yen (about US$70 million) for a 548-key hotel adjacent to the New Tokyo...
Keystone Sells Industrial Property in Harrisburg, Pa., Region
March 30, 2001 MECHANICSBURG, Pa. – Keystone Property Trust (AMEX:KTR) has sold a distribution center to an unidentified major institutional investor for $27 million, or $45/sf.Hershey Foods Corp. occupies the 597,100-square-foot facility at 101 Commerce Drive under a...
Liberty Property Trust Plans $50 Mln Development in Pa.
March 30, 2001 MALVERN, Pa. - Liberty Property Trust (NYSE:LRY) has purchased the 60-acre Quarry Ridge site at the corner of Route 29 and Swedesford Road. Plans for the site call for a $50 million development, which will...
W.P. Carey Renews $185Mln Credit Facility
March 30, 2001 NEW YORK - W.P. Carey & Co. LLC (NYSE:WPC) has closed on a $185 million unsecured revolving credit facility.J.P. MorganChase & Co. led the facility, and Bank of New York was syndication agent. PNC Bank...
Corporate Office Properties Prices $25Mln Preferred Shares
March 30, 2001 COLUMBIA, Md. - Corporate Office Properties Trust (NYSE:OFC) has priced $1 million shares of 10.25 percent series E cumulative redeemable preferred shares to be sold in an underwritten public offering raising $25 million of gross...
Roberts Realty Investors Plans Multifamily Development in Atlanta
March 30, 2001 ATLANTA - Roberts Realty Investors Inc. (NYSE:RPI) will buy 10.7 acres located on Northridge Parkway in north Atlanta.The company plans to construct a $23 million 220-unit upscale apartment community at the site, located next to...
Tampa, Fla., Office Tower Fetches $43 Mln
March 30, 2001 TAMPA, Fla. – A joint venture between USAA Real Estate Advisors and SITQ Immobilier, a unit of Caisse de depot, has bought the First Union Center for about $43 million, or nearly $111/sf.Mass Mutual provided...
Lane Realty Buys 2 Properties for $26Mln
March 30, 2001 ATLANTA - Lane Realty Advisors has purchased two apartment communities in Conyers, Ga., and Ocean Springs, Miss.The company bought Keswick Village in Conyers for $18 million from Horse Park Partners LP. The 284-unit community was...
GE Capital to Buy Franchise Finance Corp. for $2.1Bln
March 30, 2001 DANBURY, Conn. & SCOTTSDALE, Ariz. – GE Capital has agreed to buy Franchise Finance Corp. of America (NYSE:FFA) in a deal valued at more than $2.1 billion.The acquisition is subject to approval by FFCA's shareholders.The...
United Dominion Names Mark Wallis Senior Exec. VP
March 30, 2001 RICHMOND, Va. – United Dominion (NYSE:UDR) has named Mark Wallis as senior executive vice president.Wallis will be responsible for the company's corporate strategy, legal issues, acquisitions and development.He was the president of Golden Living Communities,...
Southeast Regional Digest (3/30/01): Planners reject more retail stores at Beaumont Centre in Ky.
March 30, 2001 Planners reject more retail stores at Beaumont Centre in Ky.Lexington (Ky.) Herald-LeaderLEXINGTON, Ky. - The Lexington-Fayette Urban County planning commission has denied requests for additional retail development at Beaumont Centre. The proposals would have allowed...
Fitch Upgrades SASCO, 1996-CFL
March 30, 2001 NEW YORK – Fitch has upgraded Structured Asset Securities Corp., 1996-CFL because of increases in subordination levels.The rating agency upgraded the deal's: – $96 million class E to double-A-plus from single-A-plus,– $57.6 million class F...
Southeast Regional Digest (3/28/01): More than $22Mln advanced to fund condo project in Miami Beach,
March 29, 2001 Industry news: More than $22Mln advanced to fund condo project in Miami Beach, Fla.Daily Business ReviewMIAMI BEACH, Fla. - BOV Development Corp. has received $22.19 million in development funds from Commercebank for a 98-unit hotel...
Boston Properties Proceeds With Citigroup Center Buy
March 29, 2001 BOSTON – Boston Properties intends to buy the Citigroup Center in Manhattan through its controlling interest in Skyline Holdings, regardless of the outcome of a lawsuit filed against Allied Partners, the other principal in the...
Canada Regional Digest (3/39/01): Cadillac Fairview to build $70Mln office tower in downtown Vancouv
March 29, 2001 Cadillac Fairview to build $70Mln office tower in downtown VancouverTORONTO - The Cadillac Fairview Corporation Ltd. will begin developing a 20-story, Class-A, multi-tenant office tower in the city's downtown waterfront area. Formerly known as Pacific...
Federal Realty Investment Trust Promotes 4 Executives
March 29, 2001 ROCKVILLE, Md. - Federal Realty Investment Trust (NYSE:FRT) has promoted four managers.Jan Sweetnam was named vice president and chief operating officer, Western Region. Sweetnam joined Federal Realty in 1997 as acquisitions director.Pamela Brady was named...
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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.
